Who is the best broker? - Page 9

holyguy7 · #81 (**permalink**) 02-10-2008, 05:33 PM

Quote:

Originally Posted by duyduy

Anyone use this broker? www.fxcl.biz - Trading-Terms < Forex Trading | FxClearing
It has micro lot, leverage 1:500
Spread just 1 pips

hmmm.... it sounds to good to be true

It is too good to be true:

Note: Due to regulations, accounts for Canadian and US residents may not be opened at this time.

buddhi · #82 (**permalink**) 02-10-2008, 06:01 PM

trying to find an honest mt4 broker is the real holy grail of trading.

everytime i find a least worse one, i read a post that tells me to keep looking.
many variables to consider and you do not get honest answers from the sales people.

mt4 is stealing desk software, that is why mt4 brokers are all crooks. all of them. was at a bucket once (can't say their name) and the dealing desk guy was jumping around yelling, "got you, sucker!!" and "come to daddy..." they have profit targets and that is their job. it is also a lot of fun for them.

i've decided to primarily use a hedging approach now to avoid placing stops and TPs. these are juicy targets.

some brokers are now advertising mt4 with stp, but have not heard from anyone with actual experience trading this setup (aleccoh, tradeview, fxcm). is it real or a sales tactic? didn't efx try this and totally fail? i know where to get the api, just have not seen it working for real.

had an account at royal (rfxt.com) but left when their spreads went wild after the ikon acquisition. have one account with oanda and they seem really rather good, but no hedging and no mt4. so am still looking. i always check the capitalization first. i do not care about spreads (except if they widen 50 pips in a flat market). note that advertised spreads are always fiction.

new stringent legislation will come online this summer - i think the brokers will all go out of business so they are now milking everyone before that happens. this legislation will go beyond the $20 million capitalization requirement into business practices with big penalties, similar to what futures brokers now have.

strange, though, that an honest mt4 broker does not exist - even with the mt4 dd setup specifically designed to allow brokers to steal our accounts (metaquotes' customers are the brokers, not us traders).

i'd think that the broker does not need to steal all of our money. i say this because, with the internet, reputations and the client base expand and contract very fast. a good honest mt4 broker would put the other brokers out of business and get lots of accounts.

they can profit very well with honest business practices. each trade gives them about $10, so 2000 accounts with just one trade a day is $20,000 per day. and they only need about 10 employees. maybe that's what i should do; forget trading and start an honest forex brokerage. $400K per month less the $50K salary expense = lots of $$$

buddhi · #83 (**permalink**) 02-10-2008, 07:48 PM

Quote:

Originally Posted by buddhi

start an honest forex brokerage

as i think twice about that profit potential, could be a really great idea - call it "HonestFX".

heck, i have a multi-page international forex client list, know how to set it all up, and know where to get an ecn/mt4 api...anyone have funding?

Borevesnikov · #84 (**permalink**) 02-10-2008, 08:21 PM

what about "AdmiralMarkets"

Admiral Markets

low spread eur/gbp;eur/usd;usd/jpy;gbp/usd

moninoel · #85 (**permalink**) 02-14-2008, 06:00 AM

Quote:

Originally Posted by buddhi

trying to find an honest mt4 broker is the real holy grail of trading.

everytime i find a least worse one, i read a post that tells me to keep looking.
many variables to consider and you do not get honest answers from the sales people.

mt4 is stealing desk software, that is why mt4 brokers are all crooks. all of them. was at a bucket once (can't say their name) and the dealing desk guy was jumping around yelling, "got you, sucker!!" and "come to daddy..." they have profit targets and that is their job. it is also a lot of fun for them.

i've decided to primarily use a hedging approach now to avoid placing stops and TPs. these are juicy targets.

some brokers are now advertising mt4 with stp, but have not heard from anyone with actual experience trading this setup (aleccoh, tradeview, fxcm). is it real or a sales tactic? didn't efx try this and totally fail? i know where to get the api, just have not seen it working for real.

had an account at royal (rfxt.com) but left when their spreads went wild after the ikon acquisition. have one account with oanda and they seem really rather good, but no hedging and no mt4. so am still looking. i always check the capitalization first. i do not care about spreads (except if they widen 50 pips in a flat market). note that advertised spreads are always fiction.

new stringent legislation will come online this summer - i think the brokers will all go out of business so they are now milking everyone before that happens. this legislation will go beyond the $20 million capitalization requirement into business practices with big penalties, similar to what futures brokers now have.

strange, though, that an honest mt4 broker does not exist - even with the mt4 dd setup specifically designed to allow brokers to steal our accounts (metaquotes' customers are the brokers, not us traders).

i'd think that the broker does not need to steal all of our money. i say this because, with the internet, reputations and the client base expand and contract very fast. a good honest mt4 broker would put the other brokers out of business and get lots of accounts.

they can profit very well with honest business practices. each trade gives them about $10, so 2000 accounts with just one trade a day is $20,000 per day. and they only need about 10 employees. maybe that's what i should do; forget trading and start an honest forex brokerage. $400K per month less the $50K salary expense = lots of $$$

I think, we should also read this article about how forex brokers, even banks are milking us.

Forex - beaten by the spread

riffster · #86 (**permalink**) 02-18-2008, 12:16 AM

Quote:

Originally Posted by duyduy

Anyone use this broker? www.fxcl.biz - Trading-Terms < Forex Trading | FxClearing
It has micro lot, leverage 1:500
Spread just 1 pips

hmmm.... it sounds to good to be true

Lol, the link is dead now... One more bucket shop bits the dust...

winters · #87 (**permalink**) 02-19-2008, 03:27 PM

Quote:

Originally Posted by duyduy

Anyone use this broker? www.fxcl.biz - Trading-Terms < Forex Trading | FxClearing
It has micro lot, leverage 1:500
Spread just 1 pips

hmmm.... it sounds to good to be true

Yes, just becasue "This page is hosted free, courtesy of GoDaddy.com®"

maxvre · #88 (**permalink**) 03-04-2008, 08:49 PM

Are there ANY metatrader brokers out there that don't try to get you to close your account if you constantly make money?

Anybody found one? Please list them below......if they exist.

The fact that they do this seems to indicate that they have a flawed business model? Does it mean that if all their clients made money on a regular basis, they would go broke from paying them? Forgive my ignorance as a noob but if this is the case, where does the money come from to pay clients? Company funds? The banks? Other members funds? Help me understand..............

I just am reading so many stories about people getting the hang of trading and then being told to bugger off by the broker ???

blackgoblin · #89 (**permalink**) 03-04-2008, 09:56 PM

Quote:

Originally Posted by maxvre

Are there ANY metatrader brokers out there that don't try to get you to close your account if you constantly make money?

Anybody found one? Please list them below......if they exist.

The fact that they do this seems to indicate that they have a flawed business model? Does it mean that if all their clients made money on a regular basis, they would go broke from paying them? Forgive my ignorance as a noob but if this is the case, where does the money come from to pay clients? Company funds? The banks? Other members funds? Help me understand..............

I just am reading so many stories about people getting the hang of trading and then being told to bugger off by the broker ???

Most of the time, your profit comes from others losses and others' losses come from broker's pocket so technically, you're sharing the broker his profit. General idea about bucket shops (brokers you're talking about) come from the principle that 95% of traders loose money. Just like insurance, when you insure your car, most of the time it's probably you won't need the insurance company, but in forex brokerage you make more money.

dustovshio · #90 (**permalink**) 03-08-2008, 12:32 AM

If you trade out of a swiss based account, is it possible to avoid paying capital gains taxes? Dustin

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