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Best Forex Broker?


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Best Forex Broker?

  #1 (permalink)
 
Joseph689's Avatar
 Joseph689 
San Jose, Ca
 
Experience: Beginner
Platform: MetaTrader 4
Broker: Interactive Brokers
Trading: Forex
Posts: 121 since Sep 2012
Thanks Given: 114
Thanks Received: 40

Hello everyone,

Since the Forex Broker landscape is ever changing, and the last thread here dates back to 2011 and 2012, I would like to ask the following. If you have been trading Forex for more then a year, and you're successful in your trading, please respond.

I'm looking for an broker that...

1. Doesn't trade against you or hunt for your Stops.

2. Doesn't freeze your account if you become too successful in your trading.

3. No hassle withdrawals.

4. Accepts US customers.

5. Has good and timely support.

Basically I'm looking for an ethical and honest Forex broker!

Thanks in advance.

Joseph

Note: Looking at ATCBrokers.com and MyFXChoice.com

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  #3 (permalink)
 
missionatsea's Avatar
 missionatsea 
Erie,Pa
 
Experience: Beginner
Platform: Ninja, Oanda
Broker: Oanda-practice demo
Trading: GBP/AUD...wild ride
Posts: 45 since Apr 2014
Thanks Given: 95
Thanks Received: 34


Hey Joseph: In the same boat as you are searching for a broker that won't shut down a profitable trader. Just starting out trading but have done my due diligence twice over and it's old. Looking for cfds on top of currencies but the reality is not much options there. Tallinex claims to be a clean broker handing the trades as an ecn/stp no dealing desk. But the trade off is deposit/withdrawal fees and higher spreads. They do have silver and gold to compliment currencies and their desk was prompt in responding. Finland has been the latest to disqualify U.S. residents from participating. Talk about the almighty U.S. having their way of suffocating the way us individuals can invest living in OUR country. It truly is sad. Good luck and I'll check out the one's your looking at.

Peace,
Tim

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  #4 (permalink)
 
Joseph689's Avatar
 Joseph689 
San Jose, Ca
 
Experience: Beginner
Platform: MetaTrader 4
Broker: Interactive Brokers
Trading: Forex
Posts: 121 since Sep 2012
Thanks Given: 114
Thanks Received: 40

Hi Tim,

I was getting ready to pull the trigger on FinFX! They looked real good, until I found out as of January 30, 2015 they would stop offering its services to US clients.

Interesting article about it:
 
Code
https://leaprate.com/2015/01/finnish-regulations-prompt-finfx-to-stop-servicing-us-clients/
So far the 2 brokers mentioned on my first post are the best I've seen so far. As to Tallinex, (where all US costumers were dumped from finfx), I've see issues being reported by clients...excessive slippage, stop hunting and support issues as well.

Please keep us informed on your research findings, and I'll do the same.

Thanks for the response.

Joseph

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  #5 (permalink)
 
missionatsea's Avatar
 missionatsea 
Erie,Pa
 
Experience: Beginner
Platform: Ninja, Oanda
Broker: Oanda-practice demo
Trading: GBP/AUD...wild ride
Posts: 45 since Apr 2014
Thanks Given: 95
Thanks Received: 34

Joseph,

The almighty U.S. is putting the hammer down. I had settled on Axitrade in Australia, but as of June last year, the American government told them all the money will stay in the pockets of the exchanges here at home. Love my country but fear it's government. Atc looks like a solid choice. I did read some comments where they are the IB broker for fxcm. They are too pricey for my pocket change and 2 1/2 times the margin on oil over a discount futures broker. Seems all the one stop shopping brokers are high in futures. Settling on Oanda to demo, then try some small trades and see where it goes. They do offer 74 pair which does add more markets for setups and do understand is an excellent learning curve broker. They will be after me money as they are a market maker. Heck, with the small unit lots they offer, won't get much. I'll continue to look, but I am afraid the options have dried up as our country pressures the world to do things the American way...greed. By the way, myfxchoice does not accept US residents...noted on the bottom of their home page. This is the beginning of a journey for me and hope the ride never ends. Stay in touch.

Cheers ,
Tim

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  #6 (permalink)
 
Joseph689's Avatar
 Joseph689 
San Jose, Ca
 
Experience: Beginner
Platform: MetaTrader 4
Broker: Interactive Brokers
Trading: Forex
Posts: 121 since Sep 2012
Thanks Given: 114
Thanks Received: 40

Well...I checked out a few other brokers, and NONE of them allow Ninja Trader, so I had to play around with MT4. I HATE MT4 and LOVE NT (multi broker/lifetime license), so the decision is easy, I MUST go with a broker that supports NT!!

So, with the above being said, at this moment I have 2 choices, stay with IB for my Forex trading, OR, go with FXCM!!

On the positive side; FXCM is well established, is listed, and has an active representative here at futures.io (formerly BMT). I think I'm going to give them a try.

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  #7 (permalink)
 
missionatsea's Avatar
 missionatsea 
Erie,Pa
 
Experience: Beginner
Platform: Ninja, Oanda
Broker: Oanda-practice demo
Trading: GBP/AUD...wild ride
Posts: 45 since Apr 2014
Thanks Given: 95
Thanks Received: 34

Oanda is simple simon...nothing to play with : ) . Actually that's ok with me, don't play around with indi's much. I was looking at mbtrading a bit...their options for trading platforms are many and also support ninja. Unfortunately, they don't seem to offer demo on their proprietary software, and their customer service goes home after hours. Interesting fee schedule to boot.
Give fxcm a try...it's the only way to find out. If your profitable, you may have to find another anyway. This forex is quite the inside game from all the stories out there to ponder. Really wonder if even half are true.

Tim

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  #8 (permalink)
 
bourgeois pig's Avatar
 bourgeois pig 
asheville north carolina USA
 
Experience: Beginner
Platform: Coinbase Pro, Uniswap
Broker: Coinbase
Trading: crypto currency
Posts: 313 since Sep 2014
Thanks Given: 766
Thanks Received: 274


Joseph689 View Post
Hello everyone,

Since the Forex Broker landscape is ever changing, and the last thread here dates back to 2011 and 2012, I would like to ask the following. If you have been trading Forex for more then a year, and you're successful in your trading, please respond.

I'm looking for an broker that...

1. Doesn't trade against you or hunt for your Stops.

2. Doesn't freeze your account if you become too successful in your trading.

3. No hassle withdrawals.

4. Accepts US customers.

5. Has good and timely support.

Basically I'm looking for an ethical and honest Forex broker!

Thanks in advance.

Joseph

Note: Looking at ATCBrokers.com and MyFXChoice.com

I'm not a successful FOREX trader but i have been trading futures with ATC brokers. I have no issues with them. They always answer the phone when I call with a question. My impression; a majority of their buisness is FOREX.
I read a relly good book "Getting Started in Currency Trading" by Michael Duane Archer and they were first on his list. I went to his website and emailed him an inquiry about them and he got back to me in like 10 minutes and spoke very highly of them. When chatting with Robert at ATC I thought him professional and personable. From our conversation I realized that they were all about the FOREX. They are a no dealing desk with numerous liquidity providers and they advertise the lowest spreads. I would grill them with all of your questions if you haven't already. Also lookup Archer and see if you think he is legit....I do....but don't take my word for it.

"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
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  #9 (permalink)
 
Joseph689's Avatar
 Joseph689 
San Jose, Ca
 
Experience: Beginner
Platform: MetaTrader 4
Broker: Interactive Brokers
Trading: Forex
Posts: 121 since Sep 2012
Thanks Given: 114
Thanks Received: 40

@ bourgeois
I appreciate your reply and your feedback.
FPA has ATCBrokers at 4.5/5 stars for customer satisfaction. They were actually my first choice, got busy looking at others I forgot them totally. I'm getting mixed info on whether they support Ninja Trader or not. I'll check them out again.
I checked out your mentioned book, "Getting Started in Currency Trading", looks interesting. I actually just ordered it on Amazon. Thank you!!
Thanks again, bourgeois!!

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  #10 (permalink)
 
bourgeois pig's Avatar
 bourgeois pig 
asheville north carolina USA
 
Experience: Beginner
Platform: Coinbase Pro, Uniswap
Broker: Coinbase
Trading: crypto currency
Posts: 313 since Sep 2014
Thanks Given: 766
Thanks Received: 274



Joseph689 View Post
@ bourgeois
I appreciate your reply and your feedback.
FPA has ATCBrokers at 4.5/5 stars for customer satisfaction. They were actually my first choice, got busy looking at others I forgot them totally. I'm getting mixed info on whether they support Ninja Trader or not. I'll check them out again.
I checked out your mentioned book, "Getting Started in Currency Trading", looks interesting. I actually just ordered it on Amazon. Thank you!!
Thanks again, bourgeois!!

They're platform offerings are much more robust for FX than for futures. I would actually suggest looking elswhere for a futures trading broker. I did not realize that Ninja was popular amongst FX traders. One platform they do offer that I think looks really nice is MOTIVEWAVE. I think ATC's standard comes for free is MT4.

That book is really good for explaining the innards of FX. Also look up Kathy Lien. She has several really good books about FX.
Good luck!

"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
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Last Updated on June 11, 2015


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