Forex Brokers Analyzed (3 added 7 total)

[tnis0612]

This is a little information about various brokers mentioned that i compiled. PLEASE if you are using a different broker for demo/live list it here and i will update our list of brokers and info. Also if you are using any of these accounts tell why you like it or don't like it regarding platform tools and ease of use. If you think benefits they give put it above the others please tell us about that.

Forex.com www.forex.com
Eurusd- 3 pips
Usdjpy- 4 pips
Eurjpy- 4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-5 pips

Hours- Sunday 5pm – Friday 4:30pm
Leverage – up to 200:1
Minimum Deposit - $250

Interbankfx www.interbankfx.com
Eurusd- 2 pips
Usdjpy- 3 pips
Eurjpy- 4 pips
Usdchf- 4 pips
Usdcad-5 pips
Gbpusd- 4 pips
Hours- Sunday 5pm – Friday 4:30pm
Leverage – 200:1
Minimum Deposit - $500

Fxcm www.fxcm.com
Eurusd- 3 pips
Usdjpy- 4 pips
Eurjpy- 4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-5 pips

Hours – Sunday 2pm-Friday 4pm
Leverage – up to 200:1
Minimum Deposit - $300

IFX Markets www.ifxmarkets.com
Eurusd-2 pips
Usdjpy-2pips
Eurjpy-4 pips
Usdchf-3 pips
Usdcad-4 pips
Gbpusd-3 pips

Hours - Sunday 5pm – Friday 4:30pm
Leverage – up to 100:1
Minimum Deposit - $500

CMSfx www.cmsfx.com
Eurusd-3 pips
Usdjpy-3pips
Eurjpy-4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-4 pips
Hours - Cant find hours
Leverage - up to 400:1
Minimum deposit - $200

Oanda www.oanda.com

Oanda has variable spreads meaning they are costantly changing. From what i can see their spreads range anywhere from 2 on the eurusd, 3 on the usdjpy and up to 6 on many of the others. This is depending on market liquidity. My numbers are from last week. In a more liquid market at peak hours i believe it can be lower than what i quoted. Claim a 1.5 typical spread on the eurusd but i have never used so i cant say for sure. If im wrong here someone correct me.

Hours- Always open however the spreads are considerably higher on weekends.
Leverage - 50:1
Minimum Deposit - $100

GFT www.gftforex.com
Eurusd-3 pips
Usdjpy-3pips
Eurjpy-4 pips
Usdchf-4 pips
Usdcad-5 pips
Gbpusd-4 pips
Hours – Couldn’t find
Leverage – 100:1
Minimum Deposit - $2500
In my opinion this is one of the best platforms I have seen. Very advanced. Probably too advanced for me. Gives you tons of options. I think people very familiar with the Forex market would really like this platform.


So far of these, i have mainly used forex.com and interbankfx for my demo accounts. I am by no means a Forex expert. I am new and learning but iv done a good bit of research. In my opinion forex.com is easier and quicker to use and has better economic information releases and a running commentary that you can look at to see how things are looking overall. Interbankfx has considerably better spreads however. I just discovered IFX Markets and will look into that soon because of how tempting those spreads are. I also like GFT because of how nice and professional their platform is however iv only looked through it and havent traded with it yet. They seem to be more of a platform geared towards high dollar traders. All of you others that post a lot about forex please chime in. Wolf, stockjock-e, xspowerx, STOCKD3VIL, Stockgod, darthtrader, RPM, WallstreetAlert, stesta to name a few that post frequently, would be great to hear your inputs on the topic. Thanks

[Darth_Trader_HSM]

http://www.find-a-broker.com/forex-brokerI found this site yesterday, I was checking some of them out.

[Darth_Trader_HSM]

and this one

http://www.fxstreet.com/nou/brokers/senseframestaula.asp

[RPM]

I LOVE INTERBANKFX..............i am used to their platform, orders and everything else.

also note:

www.cmsfx.com (best charting by FAR!!!!!!!!!!!)

www.oanda.com (best spreads in the Business)

[Jayson_Wonder]

Hi All,

I am in Canada and I used this company Refco to test my demo account. I am now completeing my forms so I may set up a MINI account with them. If all goes well I should open and funded by Friday.

http://www.refco.ca/ForeignExchange.refco

GLTA

[xspowerx]

wow thanks for this.

When I first started this I looked for a company that I knew wouldnt collapse on me, with good earnings, considering these accounts aren't insured.

Instead, I learned the hard way that this broker is nothing but a thief. That is fxcm.

I am now with interbank. I love them.

[Tekfreak]

what does the 2/3/4 pips mean next to each fx rate for each broker signify? i know what a pip is now, but i dont understand why its listed out liek that.

<----sorry, is new to forex and am trying to absorb everything liek a sponge so i can make money at night :D

[Fishmasterdan]

That is the spread charged for trading.
Let say you open a position at 50.55 long
The charged amount is 3 pips
When it gets to 50.58 you are even

The spread is based on the currency your are trading

[Jayson_Wonder]

what does the 2/3/4 pips mean next to each fx rate for each broker signify? i know what a pip is now, but i dont understand why its listed out liek that.

<----sorry, is new to forex and am trying to absorb everything liek a sponge so i can make money at night :D

That pip number is the spread for that currency and is in effect the commission you will pay to enter a position in that currency.

[ShadowStalker]

I don't know if this should be a thread in itself but I thought that atleast we could put it here in conjunction with the above brokers listed. I've been using a demo acct. with GFT, and as Tnis0612 said, very advanced technical analysis tools. I've really enjoyed using it and the broker that I dealt with that actually called me up was very nice and has been very helpful. These are the PIP Spreads for 4 of the major currencies that I've been focusing on. Can anyone tell me if any of the other Forex brokers have tighter spreads or not? Also, before I forget, there are no commissions when one trades with GFT. Apparently, it's built within the spread, like a lot of other brokers. What I'm wondering is if some of the other brokers have less of a spread which might be more beneficial. Can someone help me here?
Broker: GFT
EUR/USD 3 PIPS
USD/CHF 4 PIPS
GBP/USD 4 PIPS
USD/JPY 3 PIPS

[mister_doodi]

dont forget fxsol.com with their nice windows platform and 400:1 margin.

"Our industry-leading Charting Package provides Pattern Recognition, which identifies common market patterns, such as Three White Soldiers and Inverted Hammers, based on the trader's selection. Identified patterns help the trader to better recognize potential trading opportunities.

The Charting Package also allows traders to trade directly from the charts; the Buy/Sell toolbar has real-time prices."

[tnis0612]

Shadow if im not mistaken your question is answered right at the top...im not sure what your asking but if your asking for brokers with better pip spreads i have listed the spreads from various brokers on the first post of this thread

[ShadowStalker]

Sweet Mother of Mercy Tnis0612, that's exactly what I was looking for. Damn, right in front of my friggin eyes the whole time. Thanks for bringing it to my attention. Shadow.

[vetvetter]

You guys should check out fxdd.com They have 2 pip spreads on USD/JPY and Euro/USD, 3 pips on USD/CHF and GBP/USD. 4 on USD/CAD and AUD/USD. From what I have found their spreads are the best in the business. Plus they have a mini acount you can open with just $500 with a 200:1 margin.

Also they have a GREAT platform that is their own, and they also use the metatrader platform just like Interbank.

From what I have found, they seem to have the best of everything. My account is with them. You just can't beat the spreads.


Vetvetter

UPDATE: They also do not charge anything for incoming or outgoing wire transfers either!!! WOW!!!

[vetvetter]

Upon checking the broker thread I don't think you guys are aware of fxdd.com Their spreads are the best in the business from what I have found. Just a heads up.... You guys helped me so much with stocks and now forex I figured I would give a little back from something I don't think any of you have found yet. Here is my post from the broker thread:

You guys should check out fxdd.com They have 2 pip spreads on USD/JPY and Euro/USD, 3 pips on USD/CHF and GBP/USD. 4 on USD/CAD and AUD/USD. From what I have found their spreads are the best in the business. Plus they have a mini acount you can open with just $500 with a 200:1 margin.

Also they have a GREAT platform that is their own, and they also use the metatrader platform just like Interbank.

From what I have found, they seem to have the best of everything. My account is with them. You just can't beat the spreads.


Vetvetter

[wolf825]

Vetvetter--Thanks for the information. I will add this post to the Broker thread very shortly, so all may benefit when they go searching for info on a Forex broker. By adding this info to the broker thread, everyone interested in brokers can find all the info and reviews in one location.

-w

[StockPicker]

I am going to try out some Forex trading . Anyways, I looked into interbankfx, but they seem to charge a commission. Is that the way it is or am I reading it wrong? I also noticed they don't start trading till 6 pm on Sunday instead of 5 PM. Any input on this broker would be appreciated.

[redsheetz]

i like interbankfx's metatrader charting software
all you pay is the spread, theres no order commisions

[StockPicker]

Ok thanks. They don't do a very good job of verifying that. Anyways, I already sent in my application, here we go. :D

[StockPicker]

I have been demo trading on InterbankFX's site and I did notice that I was getting commission charges. I bought 5 lots of USD/JPY@ the ask of 18.03. I sold @ the bid of 18.11 and it only showed 33.87 profit. What gives? My math figures I should have made $40.00 profit. :(

[StockPicker]

Well I did a transaction where I lost money and didn't see any commission. So I think they only take the money if you make a profit. I went down 4 pips and lost $20.00. That makes sense, but when I make money they are taking some of my profit. :mad:

[StockPicker]

Ok I talked with a customer service rep. from interbankfx and they explained to my newbie self that it was the SWAP interest rate I was paying when I made the profit.

[StockPicker]

Well it ended up being that I didn't understand that I had to calculate the value of each pip before I figured what I made. My bad. I thought each pip was 1 USD. :LOL: I guess that's true if your trading EUR/USD. Live and learn. :p

[woore]

what broker did you guys stay with (liked the most)

so wich one are you guys using and why ?

[palmtops]

:) I really like InterbankFX:

http://www.interbankfx.com/

The things I like:


Low spreads (2 pips for EUR/USD)
Uses the MetaTrader Platform (desktop client with lot's of customizable features)
They have no policy against scalping which many brokers don't allow (scalping is lots of small trades trying to get a few pips each)
If you have a question, you can use live online chat with a customer service rep. I've never had to wait more than 30 seconds to ask a question)
Orders execute fast with almost no requotes
And the biggest plus is that the support and offer the MetaTrader Mobile platform for both Palm and Pocket PC so you can trade from your PDA while on the road.


The only issues I've had is that the news on MetaTrader doesn't update very well, so I'm using other news sources.

Hope that helps.

[woore]

BUMP

[XxLessoxX]

Im using cmsfx right now and they have been great. the best charting tools I have seen and most customizable and easiest interface. also you can make trades directly from charts so its super fast
.

[Leigh77]

Any other opinions on the best platform, that also allows you to demo. What's a really good platform with good tools and charting? Charting that has MFI?

Wolf, any recommendations?

[XxLessoxX]

CMSFX has just about any tool you can think of, as do most of the platforms. A lot of folks like interbankfx on here though. I use CMSFX because I can get 400:1 lev. if I want it.

[wethepeople777]

I am curious what everyone here thinks about mbtrading.com. They were voted this year by Barrons as the number one technology trading company for 2006, have no deal desk fee, free software,400.00 to get started and they do not differentiate between a mini and standard account. They call it a Universal Account. Comments on the pros and cons of this company and any software that should be used in conjunction would be greatly appreciated.

[Leigh77]

I am curious what everyone here thinks about mbtrading.com. They were voted this year by Barrons as the number one technology trading company for 2006, have no deal desk fee, free software,400.00 to get started and they do not differentiate between a mini and standard account. They call it a Universal Account. Comments on the pros and cons of this company and any software that should be used in conjunction would be greatly appreciated.

I am not familiar with them, but for what it's worth I break it down this way. I scour and search and read everything I can about the brokers and I weed out any that have had some questionable reviews. Then I check to see who they are reported/regulated by. Wolfe825 just made a great reply to Guapo regarding stop losses and brokers here:
http://www.hotstockmarket.com/forums/showthread.php?p=373741&page=3

I am really picky person when it comes to software, so the next thing I look at is their platform. I want the ability to set a true trailing stop loss in any increment. A good news feed is also a plus. I love the GFX platform and they are very reputable, but hey that's just my preference.

The final thing that I look for is to see if they are Metatrader based. GFX is NOT by the way, so I'm playing with two at the moment. From what I can see, there are really two main platform types. Metatrader and inhouse/custom so to speak. Metatrader based allows you to run Expert Advisor scripts which is a whole topic on it's own. If you don't need the Meta's ability then mbtrading may be a good way to go for you. Since they have been recommended by Barons I would image it's a reputable company. Everybody's different and has their favorite brokers and platforms, so it's really up to you. You can set up a free demo account, which I do, not to trade but to test the platform out. I figure that if I'm going to be married to this thing, I better be really happy with the way it works.

The other thing you may want to double check out is how the platform is based. There are java, web and client side based platforms. Client side is nice, but you will not have the ability to log into any computer and trade. They install on your home/base machine and run only from that location. Web based let's you log in from any machine at any location and your good to go. Java based also allows you to do this and is good from a security standpoint.

Please remember that I'm still new at this too. There are many more experienced people here that can chime in, I just wanted to throw out my views.

[pghTrader]

Does anyone follow along with the NFA?

They posted the following news today about FX Trading LLC http://www.nfa.futures.org/news/newsRel.asp?ArticleID=1604

Anyone using FX Trading LLC ? Had any issues with them?

[wolf825]

Does anyone follow along with the NFA?

They posted the following news today about FX Trading LLC http://www.nfa.futures.org/news/newsRel.asp?ArticleID=1604

Anyone using FX Trading LLC ? Had any issues with them?


Nice article there! I keep up with the NFA but I only check the site every few weeks. FX Trading LLC I have seen but I have never done business with them or know anyone who has. Thanks for posting that info!!

Everyone--if your broker is not an NFA/CFTC member in good standing--run away... Take the example of RefcoFX as a prime example of what can happen when a company closes shop with your account money unprotected. Check out your broker at the NFA website....

-w

[pghTrader]

You can sign up for email notification of thier press releases : http://www.nfa.futures.org/news/subscribe.asp

[General_Solid]

I am curious what everyone here thinks about mbtrading.com. They were voted this year by Barrons as the number one technology trading company for 2006, have no deal desk fee, free software,400.00 to get started and they do not differentiate between a mini and standard account. They call it a Universal Account. Comments on the pros and cons of this company and any software that should be used in conjunction would be greatly appreciated.

Thanks for posting this trader. I looked around their site and did not find information reguarding the scalping trading technique (which I prefer). So I tried out their live chat and asked the question. Here is the transcript:
<<<>>>
Chris Field: Welcome! How can I assist you today?
Aaron: Yes, I was looking around your site and am interested in forex trading and would like to know your policies on the scalping trading technique
Chris Field: We engourage it
Chris Field: We do not restrict your trading in anyway
Aaron: That is good to know I will probably be opening a demo account soon then. Thankyou very much.
<<<>>>

They look very good and were quick to get support from.

[Drown021]

Hey fella's.I'm starting to check out Forex and have an uncle who trades a lot.
I've been talking to him through email and had told him I opened a demo trading acct with CMSFX (wich I like). He told me to go to this website where they have some broker reviews http://forexbastards.com/broker_reviews.shtml and he stated I might want to check out their reviews. I thought I would pass this along because now I'm not to sure what to think.

It was kinda scary to read some of the reviews pertaining to some of the brokers.All I wanna do is trade and not worry about being ripped off.

Anyways,I still need to read up on forex and learn.

[mister_doodi]

.

[XxLessoxX]

:LOL: Nice

[Morpheus]

Just don't sign up with Interbankfx. They disconnect you a few times per day at least. Error messages every day. It takes 5 tries to put in stoploss.

[palmtops]

Just don't sign up with Interbankfx. They disconnect you a few times per day at least. Error messages every day. It takes 5 tries to put in stoploss.

I've had nothing but good luck with InterbankFX and the service keeps getting better. I've used them for about 8 months now (live account).

[XxLessoxX]

Has anyone checked out gft? 400:1 margin

[techno791]

Anyone hear of Speedforex?
Same name and add a dot com on the end.
Personally, I don't know what the deal is with companies and "Islamic accounts", but they're saying on the website you can open an account with $25 dollars. Some other interesting things like "freeze your rate" and such.
But I'm missing something on their website. Wondering if anyone has thoughts on them.

[Drown021]

I'm not sure you could do much with $25..?..??
Never heard of them,I'll check out their site though.

[techno791]

North Finance Ltd.
Anyone know anything about this broker? I was using their demo account, got the hang of Metatrader and everything seems to work fine. Think it's russian, and has english and hebrew link on the homepage. Great spreads and everything. Sounds all perfect.

It's all working fine on the demo, but something about it is fishy to me. Belize bank account with office in Cyprus. All their stuff is circulating the whole world.
Gotten used to Metatrader and would like to use it. Anyone else use Metatrader? I'm trying to go through all the brokers right now and hate to get scammed or learn a new software. :(

Can't find any other reviews anywhere. All I see is things telling me to stay away from dealing desk brokers.

Looks like COESfx uses metatrader for their demo and maybe their mini-accounts. But they might use another software for their bigger account....

[Morpheus]

Only ones that I've heard that are worth a darn are interactive brokers (minimum $5000 to start account), Oanda and some are saying that mbtrading is pretty good. I've also heard that if a broker is offering you 400:1 margin, that pretty much means it's a possible scam. The more legitimate ones you usually max the leverage out at 50:1. I've been hearing rumors about Oanda getting upset with Felix Homogratus from forexbastards. This is what Felix said. He said that CEO of Oanda called him and told him that he was destabilizing forex with his new news service that he's offering. He's supposedly getting the numbers to his customers in record times. This could all be more propaganda from Felix though in an effort to drum up more business for him. I wouldn't put it past him. I wouldn't sign up for Felix's service , by the way. I just don't like how it discusses business. Saying that he's planning on increasing the monthly fee until he's charging $5000/month ? Who says that? Why would you tell people that even if you were going to do that?

[techno791]

Thanks for the response.
I think CMS does the 400:1 margin thing, aside from forexbastards' claims they don't look like a scam to me.
I couldn't stand the site, makes you not want to use ANY service, and too many conflicting "posts" or obvious fakes. Couldn't find any other similar review site either. :(

I figure that for 100-300 or so dollars to open these mini-accounts, at least I can check them out to see if their scams and work my way up. That'd mitigate the risk. That is if I don't lose more money in the pennies in the next two weeks :)

As far as 400:1 margin goes, if they can close the position when my account hits zero, no risk for them right?

Plus, I'm not sure if a scam would be around since 2001 either. Someone would've cracked down...I'd hope.

Edit: check out a site called felixbastard while your at it.

[Morpheus]

I agree. You should check out everybody including felix. I mention Felix because he has helped me in the past to steer me to Oanda but he's not exactly not-for-profit. If $200 - $300 isn't a lot to you, go for it. To me, it's more about the annoyance of having to withdraw money and go through the whole process.

EDIT: Just read the link you gave me. What bugs me is that they diss Tom Yeoman. I don't really know much about Felix but I did read Tom Yeoman's book. As far as investment books go, Tom's book came off as the most real book of any that I have read so far. That website sounds to me like a counter site to felix's in an effort for the scammers to stay in business. If you think Felix's site is full of it, by all means join Interbankfx or FXDD and find out for yourself.

[techno791]

I just found the site after I posted. I only saw his broker reviews, which makes all brokers sound crappy. Hard to follow when you have one person give 1 star or "scam" and another who gives 5 stars, and some of the reasons in the posts conflict. Some don't. It's hard to tell.

Right now the 200 bucks kinda is a lot to me, but you have to be a real crap of a company to mess around for my 200 bucks! I anticpate getting some mileage out of it at least if I did switch.

[closdubois]

which broker has the best charts?

[mister_doodi]

Capital Market Services or any Metatrader broker.

[Drown021]

I use CMS and really like their charting.Their demo doesnt expire so you can DL it and mess with it for as long as you like.Or use a different broker for your trades and just use their demo for the charting.

[amohedas]

I just opened a Demo account with FXDD and downloaded their software.

It seems ok, but on the charts I can't seem to make the indicators take up less space than the candles .... hmmm

Just made my first trade didn't know what the heck I was doing, but made $50 :LOL:

Below is what I did. Very fast trade. Does the DEMO take into account commission?

http://img177.imageshack.us/img177/9884/forex1kx1.png

http://img206.imageshack.us/img206/6351/forex2bn6.png

[redsheetz]

thats the ultimate scalp there amohedas
commission of 2 pips is accounted in that since u always buy at the ask and sell at the bid, so u just pulled 1 pip.

i highly reccomend switching to the Meta Trader 4 platform, it may be more user friendly and offer more customization options.

the broker im usin is InterbankFX and id reccomend them also, but try a few different programs and see which one fits your preferences.

[amohedas]

Also does FX just use 5 min charts. No 1 min charts?

[redsheetz]

FX has 1min and 5 min.

just a word of caution tho trading on a 1 min scale is real tricky, indicators fall to a very low % accuracy at a minute time frame.

[amohedas]

thats the ultimate scalp there amohedas
commission of 2 pips is accounted in that since u always buy at the ask and sell at the bid, so u just pulled 1 pip.

i highly reccomend switching to the Meta Trader 4 platform, it may be more user friendly and offer more customization options.

the broker im usin is InterbankFX and id reccomend them also, but try a few different programs and see which one fits your preferences.

I guess on that scalp I was essentially being like a MM in stocks. Some dude sold to me at the BID and I turned around and sold it right back at the ASK :LOL:

I've seen some video of Metatrader platform and it looks slick. Can I open a demo account?


I just learned a major lesson....leverage cuts both ways :LOL: Good things its only play money....:eek:

[redsheetz]

ya they have free MT4 demo over at InterbankFX.com
just download the software and click file/open account

fill out the nfo and theyll shoot you back your login and password

[karma729]

does anyone have any experience with the GFT charting software? how does it compare to MT4?

[closdubois]

has anyone tried Interactive Brokers?

[mister_doodi]

GTF charting is ok, not as good as MT4. But, it's better than what most brokers like FXCM and FXDD offer.

If I remember correctly, FXDD did not have a charting on their main software untill recently. I heard they were offering a plugin to e-signal.

[pghTrader]

.

[cire2222]

anyone out there using a MAC computer and trading forex? what platform works well with a MAC, im trying the forex.com and the Java based program seems to work okay but it has its glitches. any suggestions?

[cire2222]

ended up signing up for forex.com because they have a Java app that works well on a MAC. if anyone plans to sign up for forex.com give me a PM and we can get some free $$, referal program gives both you and me $ between $50-$250 depending on your deposit

[bohogirl]

Has anyone here tried EFX Group (http://www.efxgroup.com/) - they seem very similar to MB Trading in their pip spread/direct access, but they are one of the 'preferred brokers' on forexfactory, so I was wondering if there was a reason ;)

Btw, big thanks to Mister Doodi for giving me heads up on this forum - I've been stuck in the Twilight Zone for so long, I forgot other forums existed :LOL:

[mister_doodi]

EFX is an introducing broker to MB Trading. That means EFX brings customers to MB Trading for a fee. So in essence EFX is MB Trading. It would be better to trade with MB Trading since they have lower comissions.

MB Trading chages $5 comission on 1 lot with the spread so make sure you calculate that and determine if it's a good deal.

[mister_doodi]

Also, Forex Factory can't be trusted on recommendations on products or brokers because most of them pay to be recommended.

[bohogirl]

Also, Forex Factory can't be trusted on recommendations on products or brokers because most of them pay to be recommended.

Thank you - I was wondering about that :)

[HititUP]

Has anyone here tried EFX Group (http://www.efxgroup.com/) - they seem very similar to MB Trading in their pip spread/direct access, but they are one of the 'preferred brokers' on forexfactory, so I was wondering if there was a reason ;)

Btw, big thanks to Mister Doodi for giving me heads up on this forum - I've been stuck in the Twilight Zone for so long, I forgot other forums existed :LOL:

Hey Bohogirl!

Yea - Forex saved me from that time warp as well :)

Glad to see you around here.

[ghoststocker]

EFX is an introducing broker to MB Trading. That means EFX brings customers to MB Trading for a fee. So in essence EFX is MB Trading. It would be better to trade with MB Trading since they have lower comissions.

MB Trading chages $5 comission on 1 lot with the spread so make sure you calculate that and determine if it's a good deal.


they have the best spreads i have seen. i am running gtf forex and efx side-by-side right now and USD/JPY is showing 54/55 for EFX and 55/58 with GTF...commissions are 5/100k traded. and i believe charting costs extra- but the spreads are razor thin.

[bohogirl]

Hey Bohogirl!

Yea - Forex saved me from that time warp as well :)

Glad to see you around here.

Good to see you here too.
I finally summoned the courage, after months and months and months of practicing, to open a real account (actually, I'm just about to do it after I post here and fund it tomorrow) - guess I got tired of telling bf I made xyz amount in forex and then having him remind me 'you mean, 'fake' money?' :LOL:

Not going to risk much right now, only $500 and take it from there, as my confidence builds.
So... happy forexing everyone and thanks for all the great posts here :)

[techno791]

Good to see you here too.
I finally summoned the courage, after months and months and months of practicing, to open a real account (actually, I'm just about to do it after I post here and fund it tomorrow) - guess I got tired of telling bf I made xyz amount in forex and then having him remind me 'you mean, 'fake' money?' :LOL:

Not going to risk much right now, only $500 and take it from there, as my confidence builds.
So... happy forexing everyone and thanks for all the great posts here :)

You know what's worse than bragging about fake money? Bragging about mini lots. I give up explaining that if I make $20 bucks on a Sunday night with 4 mini lots, that it's the same as $200 with 4 standard lots. Goes right over their head!

[maknak]

ended up signing up for forex.com because they have a Java app that works well on a MAC. if anyone plans to sign up for forex.com give me a PM and we can get some free $$, referal program gives both you and me $ between $50-$250 depending on your deposit

you should try interactive brokers, works well on mac, very cheap commission...

[cire2222]

interactive brokers eh?

[mister_doodi]

I'm not a big fan of IB. Lots of people seem to like them though if you go to professional message boards. There is a simulated demo on their site.

[cire2222]

looks good, they seem to pay a nice interest rate. commisions seem low. the platform works well when using safari browser on a MAC?

[maknak]

looks good, they seem to pay a nice interest rate. commisions seem low. the platform works well when using safari browser on a MAC?

The platform is a java application, not a java applet. So it runs outside of safari. Yes, it runs nicely.

You can try the demo here: http://www.interactivebrokers.com/en/software/demo.php?ib_entity=llc

[cire2222]

wow, that mite take some time to get used to. do you happen to trade futures or forex on that plat form?

i couldn't get the demo charting tool to work. are you happy with that charting?

[mister_doodi]

http://img260.imageshack.us/img260/1687/03102007132543vl1.png

[mister_doodi]

IB does not specialize in charts. There are companies that make chart platforms that use IB's data feeds like Sierrachart.com or Ninja Trader for an extra fee. I doubt they are compatable with Macs though.

[cire2222]

i like the fees and interest paid thru IB. however Think or swim seems to also work with a MAC and seems to be a better choice for an actual trading platform

[cire2222]

think or swim seems to trade futures but not forex, unless im missing something

[mister_doodi]

I have an account with them also. Don't like their order management system. They don't have forex, only futures.

http://img444.imageshack.us/img444/6648/wwdt9.gif

[cire2222]

what platform do you use?

[mister_doodi]

Ninja trader 6.

[Morpheus]

interactive brokers or Oanda is my recommendation for any newbies. I'm with Oanda right now. Been with them for about 6 months or so. I'm happy with them.

[cire2222]

oanda is forex only. I already have a forex platform but was looking for an integrated platform. IB seems to be the only all-purpose platform

[mister_doodi]

If your looking for all purpose platform then there are a lot of them out there. One of my favorite is Tradestation (not very good for Forex though). Then there is E-signal, MBT, and Saxobank (most diverse platform ever built it has about 15,000 things you can trade with that platform defineatly great for trading junkies).

[Sheldon]

I've always wondered about Saxobank. Might have to check that out.

[mister_doodi]

Lol Interbankfx misplaced my $4,000 wire and they don't know where it is. It is already withdrawn from my account of course. Will keep you updated.

[Sheldon]

Lol Interbankfx misplaced my $4,000 wire and they don't know where it is. It is already withdrawn from my account of course. Will keep you updated.

Brutual!

[techno791]

I had that once with a stock broker. I waited two days or so when it's supposed to be the next day. All I had to do was shoot over an email with a FED ID number or something, and it was credited very quickly.

[mister_doodi]

Interbank's customer service is not so friendly. I'm sure problems like this happen time to time but they keep me going around in circles with differnt departments and my bank.

[mister_doodi]

Yay they finally found my money. It should be posted today. Their lack of communication is killing me. I had to call in today after my email I sent them on friday dident get a response.

[sirensiren]

Does anybody know if Oanda can send alerts to your phone?

[mookie9920]

....

[wallst.neil]

i like oanda, they have good charts

[sirensiren]

....

...

I've heard of other brokers/programs allowing you to send alerts to your phone when certain set ups happen. Maybe i'm just dreaming.

[mister_doodi]

I don't think Oanda has that feature unless you go API.

[techno791]

I downloaded API for VTrader. Is that stuff anygood? Might try to learn to program it, it's been awhile since I played with computer languages. Could be fun if they give any documentation.

[mister_doodi]

If you want to code than the best thing you can do is learn EL (easy language). That thing is easy and powerful, you can be coding after like a week of learning.

[mister_doodi]

http://img107.imageshack.us/img107/4995/livetradehv2.gif

Interbank is starting to piss me off. Lost potential 9 pips on my live account so far because they wont let me enter a trade.

[reggiek1112003]

Has anyone here had any experience with COESFX?

[mister_doodi]

Check the useal plances first.

1. NFA website. http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0358427&case=06MRA00003&contrib=NFA (Coesfx and Spot FX are same company) It looks like Coesfx is having customer cash account problems.

2. Search google using the following context. Coesfx review
Check out links from forexbastard and fx-review but don't put too much weight on it.

3. Go to http://www.elitetrader.com/br/ and read more professional reviews.

[Blooey]

Has anyone tried using IB for forex? I use IB for stocks and thought if they're any good, I might give them a try for a bit of dabbling in forex. I don't really understand their commission structure though. Seems they charge a very small pip spread, plus either 1 basis point, or 0.2 basis points, depending no the platform you're using. Assuming I end up using the expensive of the two and end up paying tight spread + 1 basis point (1 basis point=0.0001), is that a rip off or is it good?

Also, is there a $25k minimum account balance requirement to pattern day trade in forex, or does that only apply to stocks and futures?

[wolf825]

Has anyone tried using IB for forex? I use IB for stocks and thought if they're any good, I might give them a try for a bit of dabbling in forex. I don't really understand their commission structure though. Seems they charge a very small pip spread, plus either 1 basis point, or 0.2 basis points, depending no the platform you're using. Assuming I end up using the expensive of the two and end up paying tight spread + 1 basis point (1 basis point=0.0001), is that a rip off or is it good?

Also, is there a $25k minimum account balance requirement to pattern day trade in forex, or does that only apply to stocks and futures?


No daytrading rules apply in Forex and you can go long or sell short as much as you wish:Booyah: ...and account minimums will vary by broker but you can make 50 or more trades per day on a $250 mini acct for most of them.. As long as you have the margin unused you can trade 24hrs to your hearts content.

The comission spread is normal and built into your trade for most brokers--and is by the pip spread between the buy/sell quotes...once you are in profit and trading and you will not notice it at all...

Be careful--Forex trades and moves waay faster then stock stuff...may want to practice on the free demo accounts first that every broker offers. Best of luck and if you have any questions or need help--just ask...

-w

[Blooey]

Thanks for the reply Wolf.

About the commissions, IB seems to have a different take on things. Their pip spreads are very small. For example, right now EUR/USD is 1.3458/1.3459, USD/JPY is 123.8400/123.8500, etc...

These are 1 pip spreads, right? However, as I said they charge a 1 basis point commission on top of that. 1 basis point = 0.0001, but I'm not entirely sure what that means. Anybody know?

Say I buy 20000 EUR at 1.345 and then sell them at 1.36. The buy and sell alone would mean I made $300, but I don't know exactly what this 1 basis point commission means. Is that 0.0001 the same value as one pip?

[wolf825]

Thanks for the reply Wolf.

About the commissions, IB seems to have a different take on things. Their pip spreads are very small. For example, right now EUR/USD is 1.3458/1.3459, USD/JPY is 123.8400/123.8500, etc...

These are 1 pip spreads, right? However, as I said they charge a 1 basis point commission on top of that. 1 basis point = 0.0001, but I'm not entirely sure what that means. Anybody know?

Say I buy 20000 EUR at 1.345 and then sell them at 1.36. The buy and sell alone would mean I made $300, but I don't know exactly what this 1 basis point commission means. Is that 0.0001 the same value as one pip?


I am not familiar with the basis point commision setting... Interactive Brokers has this page to describe things.. http://www.interactivebrokers.com/en/accounts/fees/commissionForex.php?ib_entity=llc

While you may get a tighter spread--I am not a fan of or familiar with how these additional commissions are calculated..whether its off your trade or trade size or profit, or off the days volume or only when you have rollovers or what.... But think of it this way--if you are trading a mini-account with a regular broker, and you are trading EUR/USD who's pip spread is 1.3456/1.3459 is a 3 pip spread--you "pay" that 3 pips or $3 on a mini acct--the pair needs to move that spread plus an additional pips for you to see profit...why should you pay that spread plus a percentage...? I'm fine with spread commissions..but then my pip profit tarets area 30pips-150 pips in profit target per trade I do..

Perhaps someone else can provide better detailed answers on additional basis point commissions and how they are calculated...cause I am just not familiar enough with its reasoning.. to me, a pip is a basis point--and why add more commission fees to the already existing spread unless its to make SOUND like you get a better deal when you are really paying the same as every other broker with a higher spread.
-w

[Blooey]

Yeah, I don't understand it either. However, I did notice that when I bought 20,000 EUR, I paid 2.50 in commission. Same when I sold it. So, that was the one pip spread plus the $5 in commission to buy and sell. Not sure this is such a good deal.

Also wanted to add that while I love IB prices for big board stocks (and pennies if you play small lots), their customer service is not only practically non-existent, they are ignorant jerks too. Every time I need some help in trying to figure out their crappy software, they never explain things properly. I swear it's as if they don't even understand the questions. Ah, I so want to reach through the computer and strangle the hell out of these a$$holes!!!!

[wolf825]

Yeah, I don't understand it either. However, I did notice that when I bought 20,000 EUR, I paid 2.50 in commission. Same when I sold it. So, that was the one pip spread plus the $5 in commission to buy and sell. Not sure this is such a good deal.

Also wanted to add that while I love IB prices for big board stocks (and pennies if you play small lots), their customer service is not only practically non-existent, they are ignorant jerks too. Every time I need some help in trying to figure out their crappy software, they never explain things properly. I swear it's as if they don't even understand the questions. Ah, I so want to reach through the computer and strangle the hell out of these a$$holes!!!!


:LOL: Yeah I run into that a lot from some brokers..clueless some of them are.

When it comes to Forex trading--there are a wide variety to choose from and many are very reputable and good to deal with and very simple for you to use.. Every Forex broker you deal with should be listed by the Commodity's Futures traders Assoc...and should have a clean record. Stick with the major brokers if you can, who are in the US and have regs to abide by, and make sure you check them out with other members as well as test their platforms and service before you give them a dime. Places like GFI, Forex.com, FXCM, InterbankFX and several others here listed in this thread are your better choices IMHO for strictly Forex trading.... There is waay too much money to be made in Forex trading to give in to an overseas or shady or higher priced broker just to get a tighter spread. If you play Forex well and smartly--the spread you pay per trade in a pair is infitecimal to the amounts of $$ you can make in a good solid trade...


-w

[Blooey]

Oh my God! IB suuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuucks!!!!!!!

I was doing forex and all of a sudden my screen went blank. I'm like wtf? Of course, these bastards don't do customer service after market close, so I check the website...

Depending on which market you use, ideal or idealpro, the market shuts down either for 2 hours or for 15 minutes.

Is this normal?

[mister_doodi]

I had IB for a little while, although they are great for stocks and options I find that they are terrible for futures and forex. Their streaming quotes is not really streaming and their leverage is too low for my taste.

You shouldent be using Ideal, only Idealpro. Don't know much about Forex ECNs but futures shut off for 15 minutes to few hours depending on the type of futures.

[privatebanker]

guys, i use FXDD. i have had IBFX and GFX or something like that, i can't remember. I haven't had any problems out of FXDD. IBFX got so bad i about lost it. I am not having problems with FXDD like that and I have been trading with them for months on end.

[Blooey]

I downloaded the demo account for forex.com today. The interface looks nice, but two problems. EUR/USD is 3 pips while IB gives me 1/2 pip spread + $2.50 commission. Seems IB is cheaper, but I'll have to do more to see how much I need to buy before that $2.50 increases. I bought $40k at that price.

Other thing is, I couldn't find a way to set a stop-buy-limit order. IB let's you do that. Forex.com charts are nice though. Might be worth opening a mini account just to get the charts. IB charts suck ass.

[mister_doodi]

Ask the account executive for a Ninja Trader demo, it has better charts.

[Blooey]

Ask the account executive for a Ninja Trader demo, it has better charts.

What's that? Is that with IB?

[Blooey]

Well, I have no idea how you guys make money. I've made about 10 or 12 trades now to see how it is (using real money, though not much, to factor in emotion). I have gotten shaken out every single time. Oh, that's a lie. I had ONE successful trade. Playing breakouts, etc., nothing seems to work for me. The most I ever got up on any trade was about 10 pips before it turned around a flew off the chart in the opposite direction on me.

Although, I guess you might consider me a genius if you were just to follow me and make the opposite trade. LOL

[mister_doodi]

forex.com

[Drown021]

ninja's are wicked cool.

[mookie9920]

is there any broker where you can click on the chart to open a limit buy/sell order like in OEC software for futures?

[Jonathan]

is there any broker where you can click on the chart to open a limit buy/sell order like in OEC software for futures?

You can do that in Oanda. Check it out in their demo first to make sure it's what you are looking for.

[mookie9920]

You can do that in Oanda. Check it out in their demo first to make sure it's what you are looking for.

:Thumbsup: aight thanks, you said you have liked Oanda so far right?

[hustlehard420]

I downloaded the demo account for forex.com today. The interface looks nice, but two problems. EUR/USD is 3 pips while IB gives me 1/2 pip spread + $2.50 commission. Seems IB is cheaper, but I'll have to do more to see how much I need to buy before that $2.50 increases. I bought $40k at that price.

Other thing is, I couldn't find a way to set a stop-buy-limit order. IB let's you do that. Forex.com charts are nice though. Might be worth opening a mini account just to get the charts. IB charts suck ass.


Did you figure out how to set stops on IB yet? Lol it's been a while so I assume so. But when you set your order, it appears in the order dialogue box above the currency quotes. Where it shows LMT for limit order, just click that and a drop box appears and you can select limit. :Thumbsup:

I'm just messing around right now, but if I can do my thing, I'm going to attempt to scalp 1-2 pips all night with IB's tight spread.

WEEEEEEEEEEEEEE, I'M TRADING FOREX AGAIN! That is until I get my ass handed to me again!! :LOL: :eek:

While I agree IB's charts suck, their not THAT bad, I'm getting used them. I have something else I use for stocks, I'll look into some front end trading systems soon. I like Ninja Trader, but they don't allow you to open multiple charts at once. I emailed them like a month ago and they said they were working on that I think.

By the way, if anyone can answer, I have a demo InterbankFX acccount, that I can use for charting the Forex as well, does the InterbankFX demo's have a time limit for how long you can use it? :confused:

[mister_doodi]

Last I heard it was 30 days but they increased it. You can always create a new user and continue to use it. The software dosent expire but the user will.

[Palmer]

Just came across this thread...new here...

I've been with FXDD for about two years and they recently started a BPS eft system. The only 'real' issue I have with them is that it takes 3 or 4 days to get funds transferred either way. As FXDD is concerned, not enough complaints to change my account to another broker...

http://www.fxtradeblog.com

[maknak]

I noticed everyone focused on pip spreads.

Anybody did research on interest rate spreads ?

IB (which I use at the moment) has terrible interest rate spreads. (2%+)
Oanda seems decent in terms of interest rate spreads. (~0.5%)

I have plans for long term carry trades, so I don't care much about pip spreads, only interest rate spreads.

thanks.

[mister_doodi]

You mean the interest rate differential (IRD)? I run a long term hedge carry trades and most imporant thing I look for is safety of the funds and margin costs. IRD is pretty much the same for most retail brokers.

ECN's pay pretty little interest or they charge you disporportional interest compared to what your credited with. Kind of a semi-crime they are getting away with.

Some firms delay changing their rates after interest rate announcements. CMSFX immediately lowered USD/JPY swap rates by 15% when the fed lowered rates by haft point earlier but InterbankFX hasent changed theirs yet. So you might see rates drop across the board in the future for many brokers.

What I'm saying is just because you see a lower rate for one broker and higher for another it dosent mean it's going to stay that way, look for the overall best broker and go with them if the rates are not outrageously differnt.

[techno791]

I was wondering how that works. Because when NZD, AUD, or JPY raised their rates, I don't think I saw a change in the interest on CMS for about a week.

Probably change it quick when the prices are lower, and raise them slowly when the interest payments go up. Unless I'm completely wrong.

[amohedas]

I noticed everyone focused on pip spreads.

Anybody did research on interest rate spreads ?

IB (which I use at the moment) has terrible interest rate spreads. (2%+)
Oanda seems decent in terms of interest rate spreads. (~0.5%)

I have plans for long term carry trades, so I don't care much about pip spreads, only interest rate spreads.

thanks.

maknak,

How do you like IBs platform, software and overall as a broker?

Looking to switch to IB for versatility trading stocks, options, futures, forex etc.

[maknak]

maknak,

How do you like IBs platform, software and overall as a broker?

Looking to switch to IB for versatility trading stocks, options, futures, forex etc.

didn't trade futures yet.

for stocks & options, commissions are very low and speed of execution, even in the first minute of the 0.5 point rate cut by helicopter bernanke, is quite excellent.

for forex, spread is good, but there is a blind spot every evening between 17h00 and 17h15, and for long term carry trade, as said above, interest rates are not that good (+/- 1-2% instead of +/- 0.5%). for short term play (minutes / hours / days but not weeks), IB's forex is quite good.

charts are okay for simple trendlines, but don't look all that good (I'm sure you saw some of my screenshots), and a bit slow, but hey they work.

overall stability is excellent. I also like to be able to dispatch trade in the blink of an eye.

data feed is usually excellent, but not always. if you do seconds/minute trade, you might want a backup feed just in case. for normal trades it's not necessary. by not perfect I mean data lagging by 2-10 seconds (really bad for very short term trades), or data feed disappering/stuck for a minute (also very bad). If you hold for hours+, it's not a problem.

in summary:
pros: very very cheap, fast, stable, great coverage of markets
cons: you're expected to know your stuff, data feed is not perfect, complex fees structure, interest rate spreads rather big

I think it's worth a try.
- maknak

[techno791]

What's a good demo?
I just need a demo so I can simulate live trades and have a paper record and fix my exits and entries. Therefore I don't even need charts or anything fancy. Everythings taken care of except the mock trades.

The company I have my live account with had a demo that never expires, but that account vanished at some point. Maybe lack of activity.
I'm looking for one that doesn't expire, or at least until end of year. I want one quarter of use, or more if things get crazy like last year's thanksgiving(wow I've been studying this THAT long???).

Anyone familiar with any? I don't think you needed to give a bunch of personal info did you?

[maknak]

for forex, try fxgame on oanda.com

[amohedas]

didn't trade futures yet.

for stocks & options, commissions are very low and speed of execution, even in the first minute of the 0.5 point rate cut by helicopter bernanke, is quite excellent.

for forex, spread is good, but there is a blind spot every evening between 17h00 and 17h15, and for long term carry trade, as said above, interest rates are not that good (+/- 1-2% instead of +/- 0.5%). for short term play (minutes / hours / days but not weeks), IB's forex is quite good.

charts are okay for simple trendlines, but don't look all that good (I'm sure you saw some of my screenshots), and a bit slow, but hey they work.

overall stability is excellent. I also like to be able to dispatch trade in the blink of an eye.

data feed is usually excellent, but not always. if you do seconds/minute trade, you might want a backup feed just in case. for normal trades it's not necessary. by not perfect I mean data lagging by 2-10 seconds (really bad for very short term trades), or data feed disappering/stuck for a minute (also very bad). If you hold for hours+, it's not a problem.

in summary:
pros: very very cheap, fast, stable, great coverage of markets
cons: you're expected to know your stuff, data feed is not perfect, complex fees structure, interest rate spreads rather big

I think it's worth a try.
- maknak


Thanks for that review maknak! :Thumbsup:

[techno791]

I signed up with etoro. :) The software is neat so far. Doing the contest.

It's a nice software actually. I figure you need more than one platform to get the full forex experience anyway.
Disappointed in that they only have the 9 major pairs on this so far. Puts a damper in my random crosses play.
CMC is doing a contest too I think.

[techno791]

I don't think the software for etoro has entry or stop limits. But it does have a good feature in place of the stop.

Example, last night I wanted to place a Cable long at 2.0290. I had no entry limit that I could find. It just asks you to match the pairs, for how much, and execute. Unfortunately the price action was around 2.0330 at the time. It dropped to my entry during London, my trade was at around 10pm-ish NY.
With 400:1 leverage, it stops out when the LOT COSTS go to zero. So you never lose more than you risked. You can't risk an account.
at 400:1 $25 is $1pip, $250 is standard lot, etc. After 25 pips, my $25 lot closed for a loss. Even though we bounced and ended up 70+pips if I had an entry limit. So I'm guessing their not out to steal your money outright. That's a nice feature, if it was in a platform where that was optional.
Whereas typically you set a stop, and it could be your whole account, or blah blah with risk management, you never lose more than the lot cost to you.

[Marty]

Just signed up with forex.com

They put me one some sort of promotion (sales gimic, I know) so that any cash in my account gets 5% interest for the first 90 days, and money market interest there after.

They tossed in an instructor lead trading course for free as well as a 30 minute live session with one of their experts.

Not too bad...

But for now I'm going to spend the next week reading anything and everything I can get my hands on about forex trading strategies.

Any suggestions? :)

[wolf825]

Just signed up with forex.com

They put me one some sort of promotion (sales gimic, I know) so that any cash in my account gets 5% interest for the first 90 days, and money market interest there after.

They tossed in an instructor lead trading course for free as well as a 30 minute live session with one of their experts.

Not too bad...

But for now I'm going to spend the next week reading anything and everything I can get my hands on about forex trading strategies.

Any suggestions? :)


Welcome to Forex!! Check out the threads here--and also go check out www.babypips.com and go to the SCHOOL there for some newb basics and intro stuff..its a FREE school tutorial that does a great job on covering the bare bones basics you need to know to begin and get started.

After that--just bring your questions and issues and problems and charts here and we'll help you get thru them to help you figure out all out! Just remember--Forex LOOKS easy--but it takes a bit of practice and quite a bit of understanding. Its a very fluid market-so I suggest you DEMO trade and paper trade and PRACTICE a TON before you put any money on the line.. over 90% of all newb's lose their whole account in the first 3 months cause they rush into real money trading--so just be careful and take your time. You're not gonna miss the boat on any trading--0Forex is ALWAYS moving, and you won't be lagging behind if you paper trade or demo trade--focus on education and small gains and getting CONSISTENCY down in your trading plans and ideas...its all a valuable education you NEED to gain and understand before going live..

Welcome again..look forward to helping you figure this all out. :)

-w

[Marty]

Many thanks for the warm welcome. :)

I've been using demo accounts for the past month, that's how I settled on forex.com. Sure there are a few others with tighter pip-spreads but I was more concerned about a generally fair spread with an excellent platform.

I think I tired about 7 demo accounts in total... sigh... I'm going to get so much spam now. ;)

No reason why I can't just pick up and move to another forex broker in a month or two if I feel the grass is greener.

And yes, with the demo accounts I quickly learned it's not as easy as it appears... after turning a $50k demo account into $20k within a week, I know for sure I'm not even going to touch my live account unless I fully understand the play I want to make.

Of course, that's the bonus of it, with 5% interest on my balance as it sits there, compounded daily, and no fees for inactivity...I'm going to feel comfortable waiting till the time is right to jump in live.

(BTW, the 5% interest promo for the first 90 days is not advertised by forex.com, it's only given out by the account reps when you call in or start a chat... and even then they only offer it if you're looking to put in under a grand and want to give you incentive to top it up to $1k (which takes advantage of their FOREXpro services that include the training course and half an hour of their one-on-one time)

So for someone switching accounts or even someone new and wanted to open their first account, this might interest them.)

[coorslght1]

I've been demoing Interbankfx and Oanda. Oanda is ok -nothing too great to say. I like the metatrader charts with interbank but seem to find bad reviews all over the place when it comes to order executions and connection problems. I want to give myself more demo time but don't want to switch brokers when I go live because of the different interfaces. Was wondering if anyone using interbank has had problems recently with their live accounts?

Also, opened a demo at mbtrading today. Don't like the commission on top but I'll try the demo. Also the ninjatrader charting - though I'm not quite sure how to get the data feed through mbtrading(i think this is possible - correct me if I'm wrong) *Wolf,Doodi or Techno - since u guys have been around forex longer than me.

There are too many options with forex. All I want is somthing with great charts and excellent spreads. LOL Any other suggestions are welcome.

[cire2222]

I've been demoing Interbankfx and Oanda. Oanda is ok -nothing too great to say. I like the metatrader charts with interbank but seem to find bad reviews all over the place when it comes to order executions and connection problems. I want to give myself more demo time but don't want to switch brokers when I go live because of the different interfaces. Was wondering if anyone using interbank has had problems recently with their live accounts?

Also, opened a demo at mbtrading today. Don't like the commission on top but I'll try the demo. Also the ninjatrader charting - though I'm not quite sure how to get the data feed through mbtrading(i think this is possible - correct me if I'm wrong) *Wolf,Doodi or Techno - since u guys have been around forex longer than me.

There are too many options with forex. All I want is somthing with great charts and excellent spreads. LOL Any other suggestions are welcome.
try FXSOL.com FX solutions. They offer a great charting package That runs separate from the execution platform.

[coorslght1]

Thanks cire, like the interface but I can't get the accucharts to let me log in. Not sure if I need a different password. They didn't send me anything so I'm not sure why it doesn't work.

[coorslght1]

I had a demo with them a couple years ago. They didn't forget like I did. Told me to open a live account if I wanted to use accucharts. Do I have to fund the account before I can use it? I'll let u know

[xxclaymanxx]

what does the 2/3/4 pips mean next to each fx rate for each broker signify? i know what a pip is now, but i dont understand why its listed out liek that.

<----sorry, is new to forex and am trying to absorb everything liek a sponge so i can make money at night :D

Are forex hours different from usual stock market? Im also a forex noob but have been reading about it and also wen't to a university seminar about trading currency. Sounds quite interesting! :)

[wolf825]

I've been demoing Interbankfx and Oanda. Oanda is ok -nothing too great to say. I like the metatrader charts with interbank but seem to find bad reviews all over the place when it comes to order executions and connection problems. I want to give myself more demo time but don't want to switch brokers when I go live because of the different interfaces. Was wondering if anyone using interbank has had problems recently with their live accounts?

Also, opened a demo at mbtrading today. Don't like the commission on top but I'll try the demo. Also the ninjatrader charting - though I'm not quite sure how to get the data feed through mbtrading(i think this is possible - correct me if I'm wrong) *Wolf,Doodi or Techno - since u guys have been around forex longer than me.

There are too many options with forex. All I want is somthing with great charts and excellent spreads. LOL Any other suggestions are welcome.


Howdy! Well....definitions of great charts and great spreads will vary from trader to trader. ;) In my view--what you want to find is a reliable known service that works for you for the times you trade--many times the problems of slow executions arise during big news sessions during the early morning New York session when volume orders can be highest. In my view--don't focus so much on pip spreads in the beginning--if you are demo trading whether you get 5 pips or 4 pips is of little difference--you need to focus on the trading aspect first and get that consistency in wins and methods. Once you get that down--then you can go shopping and get picky for pip spreads. Its like looking for a car with a specific brand of tires first--when you should just buy the car you want and get after market tires later. :D

In all honesty--most brokers if you open up a real account with them for a good size balance (at least $1k) you can get a much better spread than you would with a micro mini or demo account minimum. Call the broker sales guy--negotiate--some (not all) DO have offers and specials and deals for new accounts--and can give you a bit more tightness sometimes on spreads if you are giving them a real account for real trading that is not a mini account minimum. Forex.com for example had a special for a while if you dump in think its $2500 will give you a fixed 2-3 pip spread on most majors and I think another poster pointed out a higher interest rate which is nice on carry trading. Demo's are just for trading practice to get your feet wet and test things out, and to find a platform and interface you like....and when you go live after you have of course practiced for many many months, you want to get yourself an account that is not set up to make you fail. These are often the $250-$500 mini accounts--you can end up risking up to 30% or more of your account on ONE trade which is awful money management--and it puts the broker with the advantage. If you want me to elaborate on this--I will...but in a nutshell--don't put in the minimum balance if its a mini account.. Demo and TEST out til you develop consistency--don't rush it...when you go live it will make your experience much better for the time you spent demo and paper trading...

Other brokers to look at--FXCM, Forex.com, GFT and others....just make sure they are registered with the CFTC/NFA.. :Thumbsup:

-w

[wolf825]

Are forex hours different from usual stock market? Im also a forex noob but have been reading about it and also wen't to a university seminar about trading currency. Sounds quite interesting! :)

Howdy! Forex hours are GREAT hours...they begin Sunday nites at around 5pm EST and trade 24/hrs until Friday at around 4-5PM EST... That is MUCH better than the stock market "bankers hours"... ;)

A University Seminar? Please tell us about it!

Also--since you said you are a noob--check out www.babypips.com and take their FREE "school" tutorial there--takes a couple of hours, but its a GREAT way to get all the basics down for how Forex works..and its FREE and I highly reccommend it. It answers most beginner questions pretty well...and if they are not clear--just ask here and we'll help ya out.

After that--come back anytime and bring your questions and problems or charts--and we'll do our best to help you work out any issues or answer questions... If you are new to Trading or interested I think you will find Forex is FUN and exciting and like nothing else out there..and it can be VERY profitable once you get the hang of it. Its the BEST... :)

-w

[coorslght1]

Thanks wolf and cire - I've got a few more months before I put real cash on the line. Just wanted to find a good broker that I liked so I would be comfortable under the gun. Hopefully this time I'll stick with it!

[Marty]

-check out www.babypips.com and take their FREE "school" tutorial there-

Agreed. Wolf pointed this site out for me (and from my reading in this forum, to many others as well) and quite frankly, it's worth the time to read it "cover to cover".

Even when I was about half way though reading the classes, the improvements started showing quite noticeably...my demo account is seeing nice profits thanks to the basics learned on this site. (before, I was pulling in around 2 losses for every profitable play...and the losses were deep. Mind you, we're talking demo accounts here so half the time I was just screwing around, but still. Now I'm seeing about 3 profitable plays for every loss. This is all thanks to having a greater and deeper understanding of the fundamentals of forex.)

The more I learn the more I'm liking forex over securities. :)

[wolf825]

Agreed. Wolf pointed this site out for me (and from my reading in this forum, to many others as well) and quite frankly, it's worth the time to read it "cover to cover".

Even when I was about half way though reading the classes, the improvements started showing quite noticeably...my demo account is seeing nice profits thanks to the basics learned on this site. (before, I was pulling in around 2 losses for every profitable play...and the losses were deep. Mind you, we're talking demo accounts here so half the time I was just screwing around, but still. Now I'm seeing about 3 profitable plays for every loss. This is all thanks to having a greater and deeper understanding of the fundamentals of forex.)

The more I learn the more I'm liking forex over securities. :)

Hey Marty, GREAT to hear about your trades improving!! :Thumbsup:

Keep things simple...too many times traders have a "feel" to overcomplicate things to "improve" on what already works, by adding in indicators and oscillators by the bucketfull or hearing about some BS "holy grail" method that just adds confusion or an indicator that a trader may not fully understand or know well to use. The baseline info given by Babypips is GREAT and each trader can take that info and build on it to make their own methods and find their niche. Its not all there is to Forex understanding--but the site gives GREAT beginner steps to learning and growing in a Traders Forex education...for the advanced stuff and the polishing--well thats what we are here for to help you all with... :)

Keep letting us know how you are doing! :Thumbsup:
-w

[Marty]

Yup. I think the one thing I learned between reading babypips and your overview is to slowdown and wait the play out. Sooo many times I've caught myself getting antsy and jumping off just before the market switches direction and the play could have been profitable.

[wolf825]

Yup. I think the one thing I learned between reading babypips and your overview is to slowdown and wait the play out. Sooo many times I've caught myself getting antsy and jumping off just before the market switches direction and the play could have been profitable.

Patience and TRUSTING your trades to happen is a hard thing to learn...but with more trades and more practice and experience, you get to develop that. TIME really IS on your side as a Trader... ;)

A great Trade Rule to have for yourself--is once you place a trade and you have planned it out (you DO make Trade Plans and have Trade Rules for yourself--right? ;) ) for your Entry, Exit targets, Validations and Stops--is you will NOT alter it except to move your stop to protect profits and protect your account. You will let your trade play out for however it works as you planned it to work--meaning it will either hit your stop loss for a pre-planned risk managed loss, or a break even trade...or it will hit your targets to bank you pip profits....and once it hits targets you will take steps to protect and bank pips as best as possible to keep a winning trade from becoming a losing trade. If you manually hover over a trade--its like watching a pot boil...you invite emotion, anticipation and anxiety to come in and mess up a potentially perfect and good trade plan. Stops should never be altered unless targets get hit or conditions in a market severely change... It makes your planning and your trades you take much more deliberate and better planned out knowing that you have to commit yourself to a planned trade...and that can make you a really GOOD trader in the end. ;)

Need examples of trade plans--check out my latest posts on GBP/JPY, EUR/JPY or AUD/USD and also the thread here called "Trade Plan Basics 101"...and as always if you have questions I am always glad to help in detail... :)

-w

[mister_doodi]

http://interbankfx.com/Contest/ContestResults.aspx

Doodi's in 4th place. Good for a $500 prize but if you withdrawl money you get disqualifed. What kind of rule is that. I have to withdrawl money so I'll be out of the standings soon. Anyone else doing this with their live accounts with Interbank?

[Marty]

bloody ouch... look at the losses on the bottom ten.

[techno791]

Good job dude. But is that for the month of November, which isn't done yet?

Last week sucked. Stupid USD/JPY not bouncing properly, and stupid Cable never hitting my trendline for a trade. :( And so on.

[Canadian_Psycho]

I'm thinking about getting into fore myself using a scalping strategy. It's absolutely insane though as per how many brokers are out there. I am thinking of just going with my current broker (tradefreedom) but I wouldn't mind seeing if I can't find something better,

I was looking at www.avafx.com but the information I find on them is incomplete or conflicting in terms of reviews. Does anyone know anything about avafx?

Cheers

[wolf825]

I'm thinking about getting into fore myself using a scalping strategy. It's absolutely insane though as per how many brokers are out there. I am thinking of just going with my current broker (tradefreedom) but I wouldn't mind seeing if I can't find something better,

I was looking at www.avafx.com but the information I find on them is incomplete or conflicting in terms of reviews. Does anyone know anything about avafx?

Cheers


Howdy...

AVAFX is not part of the NFA or CFTC that I have been able to determine. This is not a "safe" alternative for a broker IMO. They are an overseas company based in Cyprus and a PO box in another location in the British Virgin Islands..and therefore as not members of the NFA (National Futures Assoc) and/or CFTC (Commodities Futures Trading Commission) they are not subject to any regulation or accountability whatsoever.

The NFA and CFTC have specified requirements for Forex brokers and those companies must meet certain criteria for protection of assets and fair trading for their customers. Additionally--for brokers who are associated members with the NFA and CFTC there are new tighter regulations in the works which go into effect soon which provide even greater accountability and a stronger egulation to protect traders and customers from fly by night scammers. Forex is quickly becoming a very popular "new" trading avenue for many because of the wealth potential and the speed and ease of trading--but it has been until recently a fairly not closely regulated area for traders. This is changing and its GREAT news for Traders.. Unlike stocks--our trades are not protected or insured by the Federal government--nor until the past few years has there been much regulation on protecting traders assets. I posted an article in this forum under the thread title "Important Forex News" which you may wish to check out...

In regards to what benefit is it for Brokers and Customers/Traders to go with a regulated broker by the NFA or CFTC--simple... Do a Google Search for the word: RefcoFX This company was part of Refco Commodities. In a nutshell--this a few years back was a HUGE Forex broker who due to internal theft, imbezzeling and scandal without any announcement just up and closed their doors one day and froze the assets of every customer--tens of millions of dollars in customer funds were frozen and gone. This meltdown in the Forex broker reputations really put pressure on a regulatory means of protecting customers who trade forex. Refco was not an NFA member if I recall--their other half thier commodities & futrues side was, and those folks got their money back..but for those Forex customers--its taken YEARS and lawsuits to try and get some part of their monies back. Refco actually did a good thing--it brought to light how really even with a regulated broker things can go wrong and made Traders ask themselves--what would I do... They were one of the biggest at the time--with the NFA at least there is a course of action that can be taken to try and settle problems and recoup losses. NFA/CFTC regulated brokers--those folks have rules of accountability and minimum requirements they must make and plan for to be a broker.

Not saying you can't go with AVAFX or that they are a scam or a bad broker--I'm just encouraging folks to try to do whatever they can to cover thier butts and look for professional or real companies out there to trade thru--and IMO that is finding a broker how is NFA member and regulated at least. Some folks say you don't want a broker who is regulated cause it makes no difference or you get better spreads or better deals with someone unregulated overseas or whatever....well that may be so--but it may also NOT be so. To me if I get screwed I want a course of action I can take to try and recoup and I want to knwo I am dealing with a company that has been checked out or regulated to some degree...and with the NFA if my broker does something shady I have some place to call and file a complaint or get some action done to keep them fair and honest...but maybe that only makes sense to me. Remember--in the cyberworld--any website can look legit and honorable and say anything on it to get you to sign up and send them a credit card or bank number...but if you want proof of accountability, legitimacy or meeting what they advertise--I would look for a Broker who is a NFA or CFTC member and they are a member in good standing....which tells me that they have been checked out and are for real before I send them a dime to trade with.. Your choice..but I figured I would give you these thoughts to decide upon...

Also check out www.babypips.com if you are interested in learning Forex. They are a FREE site that offers a great FREE basic "school" on what Forex is and how it works. Very good to get familiar with Forex for IMO.

We here at this forum are very happy to answer any Forex or trading questions and help you get started if you wish to find out more or get into it with us here.. I have been trading and into Forex for several years now and I started out knowing zip/nada--but I love it and I and many others on here will gladly help out anyone to any length of info and education and tips they desire.. I certainly find it a better game without the 'drama' or scams of most penny stocks....

-w

[techno791]

Try us, with a 21-day free practice account!
I don't get why these companies skimp on the demos nowadays. I thought you were supposed to learn forex and then open an account.

Ava FX is backed by a large financial institution, which manages over $16 billion in assets. We value your trust and spare no efforts in assuring that your funds are safe and secure with us.

Ava FX was founded to provide the best possible FX trading experience for the online trader. Ava FX is backed by a large financial conglomerate with over $16 billion in assets under management and rated “AA” by a S&P affiliate rating agency.

Don't know who their backed by, if they are that is.
They aren't using the same platform that other offshore questionable brokers are using it looks like.
Based in tax havens.
I think the CEO was head of a OTC stock, unless this broker is that stock. Though that doesn't really mean anything. A lot of major companies you use everyday has been on the pinks or are there right now.
Going through the Management link, looks like some Israeli's, maybe Russian, and an Arab. There's a lot of Middle Easterners in Forex. Of course there's no shortage of anyone else either. I still don't know where they all congregate on the web. There's gotta be more than two forums on the internets. I think etoro had a good idea with their chatroom, though I never see anything going on in it.

Non-regulated brokers can't all be crooks. One or a few has to be honest, just barebone startups I'd think. I personally have a hard time with play money demo's after a while. I do things I don't do with real money. It's good for experimenting, after that, it's not an end all be-all. If I were to open a new account with someone next year to experiment, and I didn't care or expected to lose $100 anyway but I liked the software or broker, I'd give it a try. If you were to put in $10,000, then I'd be hesitant. But for $100 minimal to learn, and maybe lose most of it anyway, I don't think I'd worry that much.

Only issue is who or what type of company are you giving your personal info too. I never opened a micro-account with those Russian companies for this reason.

Good luck. Feel free to post charts or whatever once in a while.

[Canadian_Psycho]

Thanks guys. I am hesitant to touch avafx for the very reasons listed above. What really got me was the claim of being backed by a $16 billion conglomerate of some type but there's no mention of what organization that is. Really if I was looking to open up a "play" account with cash, I would go ahead with em but I suppose I'll skip. I just really like their platform is all..it's the most user friendly platform i have seen so far and that's really what I'm looking for.

All in all, avafx.com looks like it could either be legit' or not. Tough to figure out. I guess I'll be going with someone like CMSFX.

Thanks for the link to babypips. I saw it a while ago and started reading like a mad man before I realized the clock had skipped ahead without my realizing it.


Cheers

[wolf825]

Thanks guys. I am hesitant to touch avafx for the very reasons listed above. What really got me was the claim of being backed by a $16 billion conglomerate of some type but there's no mention of what organization that is. Really if I was looking to open up a "play" account with cash, I would go ahead with em but I suppose I'll skip. I just really like their platform is all..it's the most user friendly platform i have seen so far and that's really what I'm looking for.

All in all, avafx.com looks like it could either be legit' or not. Tough to figure out. I guess I'll be going with someone like CMSFX.

Thanks for the link to babypips. I saw it a while ago and started reading like a mad man before I realized the clock had skipped ahead without my realizing it.


Cheers

That 16Billion dollar thing also struck me as odd and a bit extreme--I mean I would venture to say unless you got a oil field in Saudia Arabia that is hard to do that kind of statement without any bank backing you.... Most Forex brokers I am aware of have anywhere from 10-100million normally in assets...and the new NFA requirements will be minimums anywhere from 2mil to 20 mil in backed assets depending on customer base....

Glad the HSM Forex Forum here could help and provide you some things to consider...sorry we could not provide any more asureity towards AVAFX for you...but its best to be an informed consumer who makes sure they know what to question and what to run away from. Its YOUR money after all---and I am all for you keeping it and not get scammed, learn about trading Forex and learning how to do it well, and making it grow into MORE money..cause IMO this is the best game to play... :)

-w

[techno791]

On the management page:
Y. Abramovitch, Director

Mr. Abramovitch is the CEO of ClaFinance Ltd which manages over $16 billion in assets through mutual funds, provident funds, and brokerage and has over 20,000 customers. He also serves on the board of numerous companies and public bodies. He has an MBA in finance and marketing.
I'm going to assume that's where the 16billion comes from. Sortof like his "private" money. I'm assuming that's not the brokers money, but it's there as collateral. Maybe

Working on finding that company....
I can find a whois (http://www.whois.ws/whois-com/ip-address/clafinance.com/) on a website, but not the website itself. Werid.

[Canadian_Psycho]

Well ok...I have been digging and digging because i really want to find out whether this company is on the up and up or not. I finally found this at the NFA website which you can view via the link below.

It says that membership has been "Principal approved" as of Oct' 2006...that was some time ago eh? So what does "Principal approved" mean from the NFA?

http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0376812&rn=N

Cheers

[Canadian_Psycho]

Well...after looking at a number of platforms and account options, I have decide to go with FXCM. What really turned me on to FXCM was their policy on scalping. When I asked a number of brokers about scalping I found one or two that prohibited it, a couple of others that discouraged it, a couple that ended up putting all of your orders through a human being if you started doing it too often and then I found FXCM. When i asked "Do you have a policy that prohibits scalping" they replied, "Our platform was built for Scalping!"

Heh heh heh. So there we have it...FXCM it is. Decent platform as well so I'm happy with what they offer.

Cheers

[Canadian_Psycho]

Delete,

Double post

[Jonathan]

I'd just like to say something about Oanda... in the past 6 months of my live Forex trading with Oanda, I've had a few trades come within 0.1 pips of getting stopped out, then the pair goes in my favor and hits my profit target. :)

Point being, is I think it's safe to say there isn't any broker-related manipulation going on there. At least not for stop hunting. I mean, it has come within 0.1 pips! That's insanely close! :LOL:

[DannyB]

Thanks for the summary...I've tried a few different brokers and settled with Oanda...so far they have been awesome!

[MickeyMouse]

What do you think of http://www.ac-markets.com/ ? I've been using the practice account there with $5,000 and made $250 my first night of trading. It's an interesting concept and I enjoy it but I have read where Forex Brokers manipulate the practice accounts to draw you in and then when you are really in, they make margin calls early because that's how they make additional monies.

[wolf825]

Howdy Mickey,
The lure that most brokers use in the Demo's is the high leverages and huge PLAY MONEY levels which allow you to play Forex using FULL size lots where a pip is worth $10 or more...not so much any margin call or stop hunt or whatever. Brokers have to go thru a growingly stingent qualification process now to be a regulated and trusted Forex broker....

But the problems are IMO in the huge DEMO play money accounts and the "false hopes" and unreal circumstances it gives newbies. I mean--most newbies who do not know much about Forex all have the desire to make a fast and easy $$ and big money they hear traders make...the brokers play on this mentality in how they set up the Demo's in my view.. This huge play money account of $100,000 and high leverage or so plays to a persons sense of naive newness to this market AND to their greed--cause we all know the newbie will look at a lucky run or good trade and go "wow--look at all that money in such a short time--and it was so easy!! I'm SOLD--This is it--I can quit my job and be RICH RICH RICH!!" :eek:

The problem is that Folks play along and do Demo's without knowing what they are doing or having any real training beyond the basics--or USING the Demo as the TOOL it should be for TESTING and LEARNING... They see huge money and they think they can do it cause they did great on a few trades in their demo account...and they think they are ready...which is sadly premature to what they are getting themselves into. Make no mistake--Forex takes a LOT of practice.. Forex takes a LOT of discipline..and Forex takes a lot of time to learn. THIS is why most newbies blow out their cash account in less than 3 months on average...the broker has a tiger by the tail in Forex..if someone wants to pet the tiger--who are they to stop them from getting mauled for approaching the tiger from behind...the broker figures you should have known what you are doing and that this is risky to begin with.. Its Caveat Emptor....and the buyer should beware..

The other trick that brokers use against the newbies is the LOW ACCOUNT requirement to get started..some as low as $250 to open an account using ridiculous leverages of up to 400:1. What this then does is a newbie trader then opens a trade or two (still with little experience or knowledge of what they are doing) with such a low account balance to begin with that they end up risking more than 20% of their account sometimes on ONE trade--which any smart experienced trader will tell you is account suicide and just ASKING to be slaughtered. 2-4% is the MAX you should risk...yet you CAN NOT DO THIS in ANY concievable manner with a $250 mini account. They know this..but they also know that YOU don't know this or think it is important--but it IS crucially important. Forex is VERY volitile and very fluid...you need to have an account that not only can take a hit or two without devestation, but you have to have an account balance that can ENDURE the swings the markets will take without forcing a margin call and automatic closing. Add to this, that many times a newbie will take a small hit and loss on a trade, and that gives them even LESS to trade and suddenly the percentage they risk of their account to try another trade suddenly increases their risk to 25-30% for each trade because they now have less in their account due to a loss. It snowballs into a losing scenario...and the brokers KNOW this...and honestly they know that ANY account that is opened with less than $1000-$1500 is seriously in THIER favor, unless the person trading it is VERY disciplined, experienced, saavy, and PLANS their trades and practices some risk management. The smaller the account the more devestation and crippling a swing can be to that account--and the more they know a trader will sacrifice their position to stop the bleeding..if they do not get a margin call or get stopped out because the stoploss was placed too tightly. However--In a very simple description, if a trade is against you--honestly if you can just WAIT it out then most times it will rebound in price and return to your entry for a safe exit, or it will go in your favor--but you have to be able to ENDURE that kind of swing to wait it out, and methodically PLAN and discipline your trading...and plan so if it does turn to a loss its not a crippling one. Very RARELY when I enter a trade does it immediately go into profit and not turn back...there is a LOT of volitility to Forex--you have to expect that and not get psyched out if the trade is against you by 20 or 30 pips or more...not many new folks are disciplined enough to sit back, be confident about their plan, and give it the TIME it may need to play itself out to profit.

So while brokers do some "questionable" things....running a demo differently than a live account is usually IMO not the real problem..its the lack of experience and education and practice that most new traders have that is their undoing in Forex... If a car crashes into a tree on a rainy night--its less likely the cars fault, and moreso the inexperienced driver who failed to be careful. I know this well--I banged my head against a wall for over two years losing my real money accounts over and over and over cause I was stupid, stubborn, niave and didnt really dedicate my self to learning properly what to do and how to trade Forex safely and smartly.. It was only when I did hit rock bottom and learn and discipline myself like never before did it make a world of difference to my results....

Hope this info helps.. :)
-w

[wolf825]

Oh yeah---one more thing.. Any broker you use btw--they should be listed with the CFTC/NFA for proper regulatin and qualifications, and you can go to those websites and check out your broker for any complaints or sketchy practices that have been reported. www.nfa.org and the www.cftc.gov are where you should check out your broker before you send them a dime for real money. Those regulation folks take things very seriously in making sure folks are NOT getting scammed and that each broker is not gonna close up shop overnight and screw you and run off with your money...

-w

[MickeyMouse]

wolf825: WOW! Thanks for all the great info. I learned about Forex from Neil Cavuto (I listen to him everyday, he's great!), so I thought I would do some reading about it first. I went to a nice forum where they had a whole learning area. Once I read quite a bit, I hunted down this Broker that I would try. I setup a bogus training account using only a 5,000 free demo account. I'm using it to play around and learn. I don't do "ANY" trading with any monies that I wouldn't take to Vegas and loose on the 21 table and I currently don't have that sort of expendable cash to lay out for the account. Like I said, it would have to be funds I wouldn't cry about loosing in Vegas.

All of my trades are planned and thought out, I wait until the trade falls into what I am looking for, then I make a trade. I don't use any stop trades because I would be concerned of being taken advantage of by the Broker. I "do" you automated trade at the top end. I wait them out because I'm in no rush, same with my stock trades. It's money that can sit there and I can wait. The info is good and I will continue to learn. I hope you don't mind if I ask more questions as time goes on.

[Drown021]

I agree wholeheartily with Wolf's post two above this one. He nailed it on the head. Anyway's,I noticed CMS FX has added 3 new currencies, ZAR,SGD and HKD. (south african rand,singapore dollar and hong kong dollar). They also lowered their spreads to 2 pips on the eur/usd and jpy/usd which I thought was pretty cool.It's been about a year since I traded FX and was pleased to see this. I've never had a problem with CMS and love the trading software.

[tacguy22]

Think or Swim now has the ability to trade Forex threw there desktop platform. Anybody that knows them should be able to realize they really work there asses off for the customer always trying to improve or make things better. They have live chats every week with people like Tim Knight (founder of Prophet Charts). There spreads are usually 1 pip around US open for the majors and 2 pips during off hours.......check em out at Think or Swim (http://www.thinkorswim.com)

[Reealjrd]

Hello all,

I am Reeal Jordan. I am new to forex and i have searched for many online forex brokers. I have seen AVAFX, etoro, easy forex and many more. How are these brokers. Can any one tell me some thing about them.

[3txseo]

thanks for this wonderful post i am trying to make forex brokers (http://www.fxcaliber.com/category/forex-brokers-reviews) comparison in the forex (http://www.fxcaliber.com) guide i build and this review is really good starting point.

[Reealjrd]

Yes before trading with any broker do compare them with other brokers and doyour home work properly. This will help you to know about all the other brokers as well.

[Tpython]

Soooo... I've been playing Oanda's demo and doing well. I really like the platform and variable spreads; however, they only offer 50:1 margin. Since I will be starting with only $500, I need the additional leverage.

I downloaded Interbank and didn't care for it. Is there another company with a similar platform to Oanda that offers 200:1?

One more thing:
If I start with $500 and a 200:1 margin, will this give me access to $100,00? This is how I a have been practicing and want to make sure.

[mnvestor]

Soooo... I've been playing Oanda's demo and doing well. I really like the platform and variable spreads; however, they only offer 50:1 margin. Since I will be starting with only $500, I need the additional leverage.

I downloaded Interbank and didn't care for it. Is there another company with a similar platform to Oanda that offers 200:1?

One more thing:
If I start with $500 and a 200:1 margin, will this give me access to $100,00? This is how I a have been practicing and want to make sure.

I would go with oanda if you have only 500 to start, using 200:1 leverage will blow-up your account with 1 wrong move...50:1 is pleny of leverage when starting with $500 and can easily be lost with a bad trade. JMO

[Tpython]

That is the confirmation that I was waiting to hear. I am comfortable with Oanda, so leverage aside, it makes sense to stick with them. The money will come in time.

Thanks mnvestor!

[powerplantop]

Howdy Mickey,
The lure that most brokers use in the Demo's is the high leverages and huge PLAY MONEY levels which allow you to play Forex using FULL size lots where a pip is worth $10 or more...not so much any margin call or stop hunt or whatever. Brokers have to go thru a growingly stingent qualification process now to be a regulated and trusted Forex broker....

-w

Prime example sign up for the CNBC challange you get a $100,000 play account. And a funded $25 account.

In the play account I had a $8,000 dollar draw down when I scalled in with 8 trades. Try that with a $25 account.

[Reealjrd]

Prime example sign up for the CNBC challange you get a $100,000 play account. And a funded $25 account.

In the play a