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I need reviews on Advanced Currency Markets. I've a query and really wanted someone and especially all who are actually trading with them, rather than relying on the comments from executives of ACM itself with whom i had a talk last week.
Currently i'm having account with GCI Financials. But for me, they are a crook! There is so much of slippage when trading with GCI, which on asking them before getting an account opened they denied! So i will be getting account closed with them.
I wish to know if there is slippage with AC-Markets though they mention that they do guarantee fills! This is where i need help from anyone who's broker is ACM. If i trade any major economic announcement and put stop buy/sell orders then do they really fill such orders at my designated prices? Or slippage is there? Secondly do they increase the spreads during those times? If yes, then what is their usual increased spread? |
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A humble suggestion
Why don't you look at currency futures? I traded Forex via market makers and I honestly say that one time too many I had problems of re-quoting, stop hunting, etc.
Currency futures broker comissions are lower ($30.00 spread average for EUR/USD if you're trading full lots) versus 4-6 dollars round trip with futures brokers. I believe currency futures quote the pip(contract)@ $12.50.
Just remember, most of Forex brokers outhere, are market-makers. They make the market for you. In other words, you don't have a way to verify if you're price is on real time or the real thing.
I remember once I plotted 3 charts of different brokers to time price action between them. I found levels between 3-5 pips away from each other. I even tried ECN's type brokers and I had problems with them.
Another thing you should consider: Forex brokers are getting filled with all kind of new-traders coming into the market, lured by all the advertising outhere, promising "quick riches" and "this is a 1.5 trillion dollar market a day that never sleeps" things like that. Besides the market itself is not regulated under
SEC act of 1933/1936 and 1940. Brokers can say and, promise you whatever they want. Demand is pretty high for this product. So you now what happens when demand rises.
Don't get me wrong, I believe forex is a wonderful market as I did very well. Not to sound contradictory, I pulled of due the facts I mentioned above(and waking up @2:00AM EST to trade the London Market).
There's some facts about forex, news, slippage and volume that by popular concept is completely wrong and misleading, but I prefer to cut my post in here as I feel it's a little too long.
Regards
Raul