Favorite FX Broker

[CrazyTrader58]

Hello!

I've been reading this forum for a couple of days now and I have to admit, this is the best forum about trading i've seen so far! Everybody are willingly sharing their knowledge and it give great ressult!

So I have a question for you FX guys: After some research it appear to me that we can find and equal amount of pros and cons for every broker. I've seen some of you are using EFX...how does it perform? Do you like it? FXCM? And what about Gain Capital...I've seen that this was the worst broker...but that's the one John Carter is using so i suppose it can't be that bad. So i'm wondering which one are you using?

Cheer like walterw would say!

[torero]

I think the best answer is to test drive them all when the free fake accounts. But be aware that the test accounts won't be exactly as the real accounts, there are miles apart from the two. But two things I check for, the quotes, and the speed of the execution (especially when it's AT THE MARKET, for what the current last price was and what you got and how long it took to be executed). If the spread is wider than another, put it as a con. If it executes longer than expected (even at Market), double con. If it executes at prices way out last prices (exception is at the news announcement, all bets are off), triple con. If they all hold up, then you have a decent platform on your hand.

So I've done this and had experienced with real accounts with a few out there. I'm currently using MBTrading, which uses the same platform as EFX. No complains from me so far. Been using for more than 1 year. I won't mention names, but the bigger and popular the brokers, then you know you're not dealing with highly personal customer rep service or decent platform (slaughterhouse). These are the ones the amateurs and uninformed first go when they see an ad all over the place. Do due diligence and see through the smoke and mirrors and judge for yourself.

Hope that helps.

[Art Krantz]

	Quote:	torero
	I'm currently using MBTrading. Been using for more than 1 year.

These are the new? naked, multi-stream (bank), tell it like it is spot operators in town aren’t they? I guess 12 months is a reasonably decent guage/trial period.

How do they cope with layered size torero? You shoving much size through there at varying times during the London & New York shifts?

We're informed they got one or two foot soldiers out there on the retail forums banging their drum, not sure if that's good or bad

It’s difficult to obtain a true reading on these guy’s. Ross & Steve Demarest sure have (positive) history out there, but it would be interesting to hear how this engine holds up against all the chatter & jawboning.

I only know one semi-serious player running tickets through them, but he's a whack job (& no, it’s not milliard – though he’s certainly a whack job lol), so I disregarded the conversation.

They appear? to offer an alternative to the dirty laundry masquerading as legit spot brokers out there, just wondering if their walk matches their talk.

[torero]

This is from my experience after using various brokers, and from what I see so far, they are better (I never said they are the ultimate retail broker). I'm not a big gunslinging size trader compared to the institute so I can't say if they can handle size. So trading a few standard size contracts don't pose a problem for me during rush hour. The contracts execute fairly quick.

I'm aware that EFX has a guy out there on the forums educating or jawboning like you say to differentiate themselves from the no-commission brokers. I'd rather take the comms to the spread they offer. There's a level II on MBT where you can see the size a few levels on each side, so it look like the real market to me, I place an order, and I can my order on the Level II right away. FXCM and others only offer the spread quotes the last time I dropped them. They have more than others for me at the moment. If there are others out there that can offer more, let me know, I'm always looking out for new improved platform.

I don't promote or condemn any brokers, just my personal observation and opinion and I mentioned earlier, just try them all and see for yourself and don't take my word as the truth because the truth is only what each person sees it.

[Sparrow]

Hi Guys,

I'm at the moment with MB Trading FX which is a nice broker. I'd like to get a better broker though because commissions aren't exactly cheap at 10USD per 100k lot per round trip compared to what is being offered on futures. Someone I knew got them down to 8, and there are some people out there who claim to be able to get you a 25% refund, but in a way that I don't like. Other than that I am very happy with MB FX.

The only alternative of non dealing desk brokers seem to be Hotspot FX(6USD) and Dukascopy(max 4USD). Of course spreads, slippage and execution platform are also vital, unfortunately I have no idea how they compare in that respect.

OANDA seems to be ok too, they're not on top of my list though.

It would be great if someone could share their experience.

Cheers

[milliard]

Not wishing to ignore your above post there Sparrow, but unfortunately I can't add much of any use to your request for sharing re; Brokers.

Same goes for Anna-Maria & Krantzy too. I doubt you'll get a comment from them now anyway, they packed their toys away end Nov & aren't active again till end Jan 08.

We trunk thru Prime Broker ops... therefore don't utilize retail supply at all.

[torero]

No wonder the forex threads have been quiet lately. Wish them happy holidays on my behalf. Milliard, you're not allowed to leave yet?

[milliard]

Hey torero,

Yeah I drew the short straw!

I fly home with a couple other stragglers Thursday. I'll be sure pass on your best wishes when I catch em for a few beers at the the other end next w/end.

You winding things up your end? You fella's generally run your orders right into Xmas week?

[torero]

Yeah, we all just wishing to squeeze a few more $$ to get a few more presents before it all ends. (Either that or a few less presents! Yikes!).

Good luck and happy new year!

[milliard]

	Quote:	torero
	(Either that or a few less presents! Yikes!). Good luck and happy new year!

Oh for sure. Take care to wear adequate footware, it'll start getting awful slippy after this week as the volumes dissipate.

Our reps are more interested in chasing the skirt round the offices with bunches of mistletoe than work the orders. Waste of time trying to dodge the snipers when the lack of cover (liquidity) gets whacked.

Same to you, enjoy the holidays, & don't get crushed in the last minute shopping madness

Catch y'all in Jan hopefully!