Selection of a new Forex Broker
I'm in exactly same situation right now.. and I mean exactly! Sort of disheartening to see that no one replied to your questoin in almost two months...
What's the problem????
is that so hard finding good and realiable broker????
if you want see big broker, i doubt if any of them offer fixed spread regarding the forex pricing system that i know.
metatrader,US,fixed spread, not scam,popular on trader environment = interbankfx??
cfw123, please talk loudly with us which US broker that robbed your money!!
My mentor recommends InterbankFX. Since I am new and in the process of opening an account with them after 30 days with their demo, I can't really speak from experience. I did have an account with Forex.com - didn't deliver as promised and had a really hard time working with ESignal, which they supplied. I like MetaTrader much better.
I heard that GAIN Capital (which also operates forex.com) may adopt MetaTrader platform in near future (maybe already?). GAIN Capital is among the biggest brokers registered with NFA in USA, and I think they've just lowered the spread to 1 to 2 pips for majors too.
greetings all: gain through tradestation.com offers a customizable platform- the new 8.3 includes forex, you can use easylanguage the built in autotrading development environment, the bad part is that it will take 5,000 usd to open a account, and you can only trade round lots, no mini. the 8.3 platform is being rolled out but is not available to all customers yet.
in about a month, Forex trading with Alpari. Online foreign exchange trading. Forex news, charts, analysis. will open a us office they use mt4 and allow mini lots, i brought up the problem of pip-price manipulation that plagues the forex industry, and they clearly stated they dont do it at all.
there is no restriction on the use of ea`s -or- news trading, for me it looks like it`s a go when they open in the usa there is many stipulations if you want to open a account with them in the uk that most of us cant meet, you can check there site if you need the details.
I don't have experience with them but from other's experience --IF you have enough $ to invest--go with Dukascopy.
i checked them out and they get excellent reviews from everyone ive heard of, but its just to expensive and they dont use mt4 or another charting program that allows auto trading of some sort so its not really of much use.
trading manually is very difficult at least for me as i cant be at the computer 24 hrs. and i dont seem to be up when a trade should be placed like most of us i guess, but thanks for the recommendation anyway.
gain is not the most reputable, ive noticed they do stop hunt as you see large price splices usually around support and resistance levels they also have allot of various complaints at the nfa, so if you use them dont use stops as it would be a mistake in my opinion as well as other complaints from other people to, its not just me.
i see the nfa closes smaller brokers but not the larger ones judging by there email list, but thats america and it different systems of justice based on wealth and who you know or who you can afford.
like i posted above, its very difficult finding a honest broker, theres so much money involved it clouds there judgment you know how most business people are, no morels at all when it comes to money and power, just greed for both. i would however at this point wait for alpari to open there office in the usa as they seem to have the necessary integrity just from the replys to my questions ( see above ) as far as interbankfx a while ago i asked the same question about pip-price manipulation and the reply was "the price on your screen is the price quoted" this could be different for different people no dought, ask whoever does everyone on the network get quoted the same price ect. ect. see what there answer is, save the reply to in case of litigation later on, or forward to the nfa and hope you get a response but dont count on it if its a large broker, they more than likely wont do anything except the usual slap on the wrist with a small fine, dont count on restitution though.
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I have spent an incredible amount of time trying to find the "perfect" Forex Broker for myself. I've signed up with live accounts with four, only to be disappointed once I was on and really able to see the distinction between live vs demo accounts. Now I'm ready to look some more. It's discourageing.
First I checked with the reviews found in GoForex.com -- which as far as they go are excellent, albeit always negative reviews. Then I look even more, such as BastardForex.com -- but these are the only two sites offering reviews I could find through Google, etc.
The problems were many. First I insist on using the MetaTrader 4 platform -- but many do offer this. Next, I discovered that what I really needed was fixed spreads -- discovered this when I ordered a pair only to have the filled price be up one pip, with the price going back immediately afterwards.
I wanted a US broker, since I worry about getting my money back without hassels -- but am not sure even that is true, since I'm trying without success to get my money back from two of my earlier live accounts all in the US.
Then there are other things promised on their websites that somehow are just not available "yet". Of course each broker has an excellent salesman representative who could convince anyone of anything. But when you do question them closely, you find they are not as experienced as you, when you expected someone who could really help you.
There are many more things. By far the main requirment I have is for a Broker who really practices business ethics -- and that seems far apart these days of corrupt executive options backdaters.
Anyone who can help please do so. I'm even considering going for a broker abroad if I have to, if I can find one without extreme bureaucracy requirements. I've very tired of that!
Charles Wilkes
San Jose, Calif.