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Hello.
I login into the forum to start a thread about this and i just read the post. So, is not sense to start another.
After the FOMC news of today, in all forums and groups people are talking about the spreads problems, execution problems.
But this problems are not new. Last friday same things happened.
Today in the morning one large retail forex broker send an email to their customer with the advice of not gurantee executions durings the news.
Another brokers have expressed the same. Some of them send and advice to their customer, meanwhile other keep hidding what they would do during the news.
Problems are serious, some people lost money because the broker do not fill the stop loss. Others, do not win money because the broker do not fill the entry orders.
Concerning about that, concerning about what the broker are doing with my money I started a research looking for a good broker.
Another big problem is the MT support because if you´re using this platform to trade, the best you can find is a broker which support them.
Personally I consider the dealing desk another problem. And I think the DD is the big guilty when your orders are not filled or the spreads widen more than the simple ECN volatilty.
Maybe here, we can find the best broker if all of our start a search and put here what they find.
My focus to the ideal broker is:
A futures broker (in the US) because:
.Futures are full regulated (Forex don´t).
.When I give my money to them, the broker must keep into a segregated account.
.The regulations are hard and have years.
.Futures brokers are audited by the cftc, nyse, cme, etc.
.Their could be or not members of the NFA (a)
The Refco case: All futures traders of refco can withdraw their money, meanwhile forex traders losed almost all.
I have contacted some brokerage houses. Some of them answer the question and others have a nice trap ready (b)
Interactive Brokers: you need 7500 to get your IRA. Do not support Metatrader and their own platform isn´t good. No DD. Low comissions. 1/2 pips spread.
Infinity Brokerage (Introducing Broker): you need 3500 to get your IRA. Do not support Metatrader and their own platform is good. No DD. Low comissions. 1/2 pips spread. BUT if you want to trade forex you need to open an account with FXSolutions.
MAN FX: you need 100000 to get your IRA (1 and 5 ceros). Do not support Metatrader and their own platform is good. Has DD. Low comissions. 1/2 pips spread.
MB Trading: waiting for the answer. Their plan to support MT in a future. EFX Group suppose to be the forex arm but, I preffer some answer from this guys.
(look the answer in the bottom)
Orion Global: you need 3000 to get your account. Support Metatrader. Seems to have DD for forex. No comissions for forex. 4/5 pips spread. BUT I donñt know in what country are located, seems to be switzerlad..
Thay have the best feed for futures.
Alpari-IDC (Russia): many traders here are using it. Better then than me to qualify. (c)
Neuimex (Germany-Switzerland): you need 2000 to get your account. Support Metatrader. Seems to have DD for forex. No comissions for forex. 4/5 pips spread. (c)
(a) A futures broker can be only NFA member (most of IB brokers are) but the federal law and regulation is valid for all.
(The NFA membrecy is an act of wishes).
(b) Some brokerage houses (Gain Capital, Peregrine Financial Group) sends you to another company which is "part" of the holding. Be "part" is not equal to "play with the same rules".
(c) In the demo, the quotes of silver, gold and futures has a hughe difference with the CME.
I keep searching.
About my answer to MBTrading:
Dear ******:
Thank you for your interest in MB Trading. Our platform, the MBT Navigator, is used to trade both Forex and equities (futures). As equities accounts are held separately from Forex accounts, you would need to open two accounts.
Raymi Chretien
MB Trading
I want to be clear with this: maybe there are some good brokers in another countries than in the US. But I don´t know anything about their regulations. I don´t know how FSA (UK) controls the forex brokers, maybe they do a better job than NFA or CTFC. I don´t know anything about regulations in other countries (Russia, Germany, Switzerland, etc) than in US because is where I have the accounts. I´m not living in the US.
Last edited by Linuxser; 08-09-2006 at 12:45 AM.
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