Hello all,

Please tell me with your live experience that, which broker is more honest and reliable for FOREX trading. Please guide me.

1) Alpari.co.uk

or

2) MBTrading.com

Thanks to all of you in advance, who post replies or even read and close the window

Good Luck all........!
Arsenic786.

depend on your platform most like ...alpari using MT4(dealing desk) and mbtrading has its own platform but based on ECN (interbank quotes/no dealing desk ).
but for me I'm prefer using MT4

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Forex Indicators Collection

Thanks prasxz! I will also prefer MT4

Wait for more comments.
Good Luck.

just deposit for both broker..then you will know which one you most prefer

Thanks for the suggestion DarkKiller,

by the way, did you used any of them or both of them ? and what experience you had? Thanks in advance.

Best Regards.

Hi all,
I'm a newbie and plan to going live soon. How about Oanda? Is it also an ECN broker (without dealing desk)?

Thanks..

Oanda is the best and they are very honest so far...

I trade with efxgroup

They are an ECN. THERE IS NO FIXED SPREAD IN FOREX.

You can google and find out what I really think about "FIXED SPREAD BANDITS".

I'll leave it at that so I don't get banned.

How do I avoid the spread?

I explained this to someone yesterday in an IM.

With EFX you pay a commission rather than having a "FIXED SPREAD".

It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.

Let's say the current bid/ask is 1.5010 x 1.5015

The current spread is 5 pips.

You want to SHORT.

You SHORT at 1.5010.

You set a TP at 1.5005.

Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.

At EFX, you will get filled if the bid is 1.5005 and someone TAKES your offer.

Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.

Note: the ASK never reached 1.5005. THIS IS IMPORTANT!

If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!

The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.

DO YOU GET IT?

If not, then read this over and over and over again until the LIGHT BULB goes off!!

The day I found out about EFX is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.

The simplest thing to do is to load up a demo account at EFX Group and see it with your own eyes.

When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.

The point is with EFX your offer gets hit.

With FIXED SPREAD BROKERS you have to wait to hit their offer.

Maybe this might help:

First:

1.5010 x 1.5015

and price drops...

1.5009 x 1.5014

1.5008 x 1.5013

1.5007 x 1.5013

1.5006 x 1.5012

1.5006 x 1.5011

1.5005 x 1.5011 You may get hit

1.5005 x 1.5010 You may get hit

1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT

AND LET'S CONTINUE

1.5003 x 1.5008

1.5002 x 1.5007

1.5001 x 1.5006

1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.

Does that make it clearer??

What about the commission cost?

The commission varies depending on the pair trading.

It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.

From the EFX site:


Commission Rates

Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have “no commission”, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.

Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.

Commissions are based on total dollar amount traded: $5 per $100,000 traded.


__________________

Oanda once had over 100pip spread for Cable on NFP. Don't think that's very honest.

__________________
Ash's Free Signals

Hey all,


When it comes to picking a broker one of the most important things to know is how they work. Most brokers offer fixed spreads (with the exception of news times) while the rest charge a commission per trade. Some do both.


Fixed Spread Retail Brokers-


First the Pluses

Fixed Spreads (except news time)

Guaranteed Stops & Limits (except news times)

Guaranteed fills (excepts news times)

Low initial deposits

Now the Negatives-

Way to much leverage

Many re quotes

Low initial deposits

Encourage traders to over trade

Trade against you

ECN or commission based Brokers

Pluses

Very low spreads during non-news times

small initial deposits

Don't trade against you

No re quotes

Live interbank feeds allowing you to set your own price. Trading between spreads.

Negatives-

Commission can nullify spread savings

No guaranteed fills at anytime

No guaranteed stops or limits at anytime

Gaps in price will murder you.

These are the two main types of brokers. There are hybrids emerging these days. You want to do your due diligence in choosing a broker. If they are based in the USA check them out with NFA @ National Futures Association - NFA is a regulatory service provider for the derivatives markets & ask fellow traders.

Make sure that are have been around for at least 5 years & have a solid track record with the NFA & the CFTC. This is your money, protect it.

Now I never recommend brokers. It just a policy. However I can tell you some that I know have a solid financial statement & have been around for 5+ years. You may find better deals on spreads & the like but would you rather pay a little more in spread & feel more secure or pay the lowest possible spread but not be sure if they will be around tomorrow. The NFA & CFTC have new requirements that will knock out a majority of these brokers. So be sure you know who you are giving your money to & how safe it is.

Oanda is a very good broker. They have low spreads but they float., max 50:1 margin, guaranteed stops & limits, trade as low as $1, open an account for $10, trade mini micros, many many tools for traders, no re quotes, unlimited Fxgame (demo) account, interest on funds paid daily, swap accrues second by second, true 24/7 trading including weekends, deposit in GBP, USD, JPY, AUD,CAD,CHF & EUR. Also there is no software to download, You can trade from anywhere you have a on line connection. All you need is Java. There are so many more reasons. You should really check them out.

Their spreads are based on liquidity. When each market opens you can see the spreads change. These are the spreads for the majors. They have over 20 but theseare the most heavily traded. The chart attached below excludes news times in which spreads become very high.These are approximate. They do change slightly from time to time. I really think its a perfect blend of forex broker.



As for Alpari UK, they do not do business with private traders in the USA. I do however have a few trader pals who swear by them. As a rule I never trade on the same platform as my indis. I dont personaly trust MT4 based brokers but thats just me. i use them for the great charting but trade live with Oanda.

take care & watch your funds.

Bear-