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**FOREX EDUCATION: Forex Brokers Analyzed (3 added 7 total)**

post #1 of 259
12/31/05 at 5:58pm
Thread Starter 
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
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post #2 of 259
12/31/05 at 9:11pm
http://www.find-a-broker.com/forex-brokerI found this site yesterday, I was checking some of them out.
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post #3 of 259
12/31/05 at 9:14pm
and this one

http://www.fxstreet.com/nou/brokers/...ramestaula.asp
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post #4 of 259
12/31/05 at 9:16pm
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)
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post #5 of 259
1/3/06 at 7:45pm
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
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post #6 of 259
1/4/06 at 6:43am
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.
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post #7 of 259
1/9/06 at 4:08am
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
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post #8 of 259
1/9/06 at 4:29am
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
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post #9 of 259
1/9/06 at 2:12pm
Quote:
Originally Posted by 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
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.
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post #10 of 259
1/28/06 at 4:00am
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
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post #11 of 259
1/31/06 at 12:23am
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."
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post #12 of 259
1/31/06 at 2:43am
Thread Starter 
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
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post #13 of 259
1/31/06 at 2:49am
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.
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post #14 of 259
2/2/06 at 5:36pm
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!!!
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post #15 of 259
2/2/06 at 6:50pm

A better broker.....

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
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post #16 of 259
2/2/06 at 10:01pm
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
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post #17 of 259
2/19/06 at 10:44pm
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.
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post #18 of 259
2/19/06 at 10:47pm
i like interbankfx's metatrader charting software
all you pay is the spread, theres no order commisions
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post #19 of 259
2/20/06 at 12:47am
Ok thanks. They don't do a very good job of verifying that. Anyways, I already sent in my application, here we go.
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post #20 of 259
2/20/06 at 4:02am
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.
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