Favorite FX Broker

[notouch]

How original! Another "Favorite FX Broker" thread!

Interactive Brokers seem to offer the best spreads and cheapest commissions and they're a STP/ECN broker.

[Sparrow]

I did a bit of research, read a couple of reviews at forexpeacearmy
and currencysecrets.

I suppose both hotspot and dukascopy are good brokers with pros and cons respectively but would have to find out myself by trying their demo accounts to get the complete picture.

I am just exploring my options here, I'll stay with MB FX for some time for sure until I've got enough experience paper trading.

For scalping though commissions, spreads and slippage can make or break a system.

Hope you're all enjoy your vacation, see you next year.

[Sparrow]

	Quote:	notouch
	How original! Another "Favorite FX Broker" thread! Interactive Brokers seem to offer the best spreads and cheapest commissions and they're a STP/ECN broker.

If you can post a good link I'd be very glad.
Thanks for reminding me of IB, i forgot to mention them, but dunno how they compare to the others.

[torero]

I'll heed your advice and maybe it's time to start my tax returns already . What a way to end the year huh?!!!

[torero]

	Quote:	notouch
	How original! Another "Favorite FX Broker" thread! Interactive Brokers seem to offer the best spreads and cheapest commissions and they're a STP/ECN broker.

Hey, nice to see you back at the forum!

[Sparrow]

IB hasn't got cheaper comissions than MB FX as far as I can tell.
They charge normal retail traders 1 basis point * trade value in comissions ( e.g. 100k USD * 0.0001 = 10USD ).

If you trade a lot you can get it down to a tenth of that, but that'd require a bunch of money. Besides their reviews are worse than the others, mostly because of their support.

[Hlm]

I have used many Forex Brokers over the years. I no longer daytrade Forex in a "scalping" manner, but still occasionally enter intraday swings or even longer positions. The only broker I still use for Forex is EFXGroup. They are the Forex only side of MBTrading. The people that work there are very helpful and I have never had an issue with them. If you trade the big pairs during peak hours the spread is practically non-existent and in my opinion cancels the fact that you pay a commission. Their speed is top notch and the spreads are very fair around news events.

I would like to point out, however, that I do not think scalping and news trading is a good idea with Forex. Currency futures is a better choice in my opinion. If you do have a valid and robust strategy for trading Forex, you should take a look at EFXGroup or MBTrading.

Forex Brokers I have had experience with:

• EFXGroup
• Forex.com
• FXCM
• FXDD
• InteractiveBrokers
• Oanda
• Velocity4X

Note: EFXGroup is the only one I have dealt with lately (within the last five months). Like with every broker…uptime, speed, customer support, etc, can change from time to time.

[Sparrow]

Hi Hlm,

thanks for the info, sadly there aren't many real alternatives to EFX/MB FX.
You're right about the scalping, setups really need to be very good otherwise there's no way to make a profit in FX.

[torero]

I agree with the scalping. Forex tend to trend much better than other products so why scalp when you can trend and make more money. I have 2 accounts at MBT, one for swing and the other to use for short term counter-trend trades (not scalping though). As I mentioned in other threads, I never had problems with them so why fix it if it ain't broke?

[notouch]

	Quote:	Sparrow
	IB hasn't got cheaper comissions than MB FX as far as I can tell. They charge normal retail traders 1 basis point * trade value in comissions ( e.g. 100k USD * 0.0001 = 10USD ). If you trade a lot you can get it down to a tenth of that, but that'd require a bunch of money. Besides their reviews are worse than the others, mostly because of their support.

IB are much cheaper than MB. I don't know where you're getting your figures from.