I am looking for a larger Forex Brokerage firm that does not charge a commission or fee, with tight spreads. Can anybody suggest one that uses Metatrader and Expert Advisors??
As discussed in an another thread, there are serveral reputable brokers:
US: InterbankFX and FXDD
FXDD offers 2 pips spread and no commission for demo accounts. It's not sure whether they offer this to the real money account or not.
Hope this help Dave,
MetaQuotes recently announce that there will be much bigger firms adopting MetaTrader 4, as they have been developing and testing that platform cooperatively for a year now. And, recently FXCM has announced that they will provide new platform soon. Not sure whether they adopt MT4 or their own platform; however, I hope they'll chose MT4.
FXDD sounds promising. Interbankfx is whom I use now. They charge a 1 pip commission. They advertise 3 pip spreads, but in reality it is 4 pip spreads because of the commission (deceptive advertising). 1 pip commission adds up!! Thanks Very Much for your info!
Dave, have you had any problem with interbankfx such as money withdrawal and slippage?
I have not withdrawn any money yet from my account. I know they are expanding in clients. Slipage (None that I have experienced). I have probably 100 trades with them. Trading platform very stable and fast. The 1 pip commission is the issue that bugs me. On the other hand, I have not been in a Payroll reporting period that would ultimately test the slipage fully. I do know that if one gets caught in a Payroll report, probably with most brokerage firms, you will be extremely lucky to even make contact with the firm. I understand that during this payroll period report of 10 to 30 minutes over a trillion dollars gets traded - Don't want to be on the wrong side of that report! I noticed you added that feature to my program. I went ahead and adjusted it to '0' because of the reponse of the trades. When you deal with a firm like FXCM anything goes.
What have you heard about FXDD on slipage and problems with that company? By the way, Interbankfx is partnering with another firm to bring in the newest metatrader etc. etc. They are also opening two branches in California in September. They are presently based out of Utah. One nice thing, you can email the President of the company direct, and he responds!!
I am going to need some slight help to get my program working properly. I realized that even if the 1 hour graphs show no crossover historically, it may have crossed momentarily which closes out my trades, and then the ma crossover 'uncrosses' in the same candlestick. I hope I can can get your help this next week to tweak my program. I just wish there was a course on MQL language, or better instructions on where and how to insert code after your MQL writer does its coding. You and your MQL writer is a major blessing for me!! I still would like to learn this programming so I would not have to interrupt your busy schedule to answer my questions, or write patch coding for me. I am very much in your debt!
While reading all this i thought that despite that forex trading is getting more and more popular , there are still a lot of brokerage companies that don`t provide the quality of service that is needed to traders.
For every brokerage company there are people who are not satisfied with it`s service. Maybe it happens becouse forex trading is a new type of trading ( compared to stocks, and other investment instruments ) and the situation will get better in some time.
More and more people will be trading forex, and more and more brokerage companies will enter the market. The compatition will get rougher and the service will be more and more better.
If to look at this from an another angle brokers and traders are on the one side, and the market is on the other. They charge spreads from our trades. But if wee loose, there will be no trades and ( or ) spreads. So if we win , they win. So logically they must do everything for us to win. Am i right or am i right ? =)
But now the situation seems a little otherwise. =/
Yes, many people are being attracted to forex, but sooner or later most of them will get away because of the extreme difficulty of forex. I read a poll at MoneyTec showing that most of traders have burned their accounts and quited. Forex is difficult, might be because the forex market moves without any reason at all, while the stocks most of the time moves with reasons.
Yes, all brokers do care about the winning and losing of their customers. All of them want their clients to stay longer, so that they can collect for spreads. Oanda, for example, offers a max leverage of 50:1 to help newbies stay longer. All of them oftenly provide all kinds of resources including economic calendar, news, market analysis, daily signals, trades stats, etc.
I believe that there is a reason for everything (including FX price movement ) , but with the stock market it is more visible. This is why forex is more interesting from my opinion. I like puzzles. =)
Yes, you're right. Stock movement is much more visible, as there much less invisible interventions from central banks and government agencies. Global news tend not affect specific stock at all. Unlike forex, everything is taken into account for price movements.