Best Broker ? / Best Fees ?

[TrendTrader44]

I'm looking for a FOREX Broker / Dealer.
Looking for one that has THE BEST FEES / Commissions ??
3 pip IN + 3 pip OUT = $60 ! ! TOO HIGH ! ! !! !
Can anyone recommend some good brokers ?
WOuld help if they also have a good charting package...
Bruce
tradethetrend@sympatico.ca

 

[katesdp]

PIP spread is IN and OUT not each way.

3 pip spread is not 3 in and 3 out

 

[Chood]

Quote from TrendTrader44:

I'm looking for a FOREX Broker / Dealer. . .
Can anyone recommend some good brokers ?
. . .

It might work out better to ask which forex retailers, aka brokers (a misnomer, by the way), to avoid. The process of elimination may be more efficient. Let's see.

Take the account agreement forex retailers require customers to sign. The agreements you should avoid, i.e., the brokers who operate by them, often have provisions in common that give discerning readers fair warning. Here are some examples, expressed in plain language, camouflage stripped out, boilerplate omitted:

1. After opening an account with us, you can withdraw some or all of your funds any time we can afford it. (RefcoFX).

2. If your account turns profitable, you may withdraw the profits at any time, subject to paragraph no.1, provided that such profits are not the result of scalping or sniping – conditions that we define and identify – and further provided that profitable trades are not the results of misquotes, which we also identify as a service to our customers. (FXCM, Saxo, most others).

3. What we say about ourselves on our website, and what others say about us on third-party websites, is true, provided such third-party sayings promote confidence in our honesty, and provided that all such sayings, whether our own or someone else’s, aren’t untrue. (This one is common to all retailers.)

 

[Eagle Eye]

Quote from TrendTrader44:

I'm looking for a FOREX Broker / Dealer.
Looking for one that has THE BEST FEES / Commissions ??
3 pip IN + 3 pip OUT = $60 ! ! TOO HIGH ! ! !! !
Can anyone recommend some good brokers ?
WOuld help if they also have a good charting package...
Bruce
tradethetrend@sympatico.ca

Chood is right on the point that you should scrutinize the terms of the broker in question. But I would also add:

1. There are too many hidden things in terms and conditions that you need to check.

2. As far as Saxo is concerned, then stay away from them. One example of the term in the agreement is that they have no limit on maximum spread. This resulted in 98% of the trades having wider spreads. don't forget that will happen only when you enter a trade and you are winning. Also they have some unbelievable terms relating to their role as a Market Maker and the conflicting interests.

3. If you don't like something in terms then don't just ignore it by saying "brokers only protecting themselves" or " they all have the same terms". remember non of it is true because there is substantial difference between brokers protecting themselves and broker giving themselves all possible rights and same time taking your rights away.

Good luck

 

[Chood]

Here are some more provisions common to the account agreements forex retailers (aka brokers) require customers to sign – again, with camouflage stripped out, and translated into plain language:

1. The quotes we push to your PC will differ from the quotes any other retailer pushes to the PCs of its customers, except when the stop-loss orders of our customers are concentrated at or near the same price of the stop-loss orders of the other retailer’s customers. In that case, the quotes we push to your PC will be the same as the quotes of the other retailer.

2. The quotes we push to your PC will differ from the quotes we push to the PCs of some of our other customers. This individualized pricing is example of the care and attention we give each customer’s account.

Quote from Chood:

It might work out better to ask which forex retailers, aka brokers (a misnomer, by the way), to avoid. The process of elimination may be more efficient. Let's see.

Take the account agreement forex retailers require customers to sign. . .

 

[Eagle Eye]

Quote from Chood:

2. The quotes we push to your PC will differ from the quotes we push to the PCs of some of our other customers. This individualized pricing is example of the care and attention we give each customer’s account. [/B]

Lol, Yes the broker is right in giving individualized attention to each customer, except it will not be attention for the benefit of the client but for the benefit of broker.

I seriously do not understand how those brokers get away with such an abuse of consumer rights??? Oh, yes, SAXO by the way expressly exempts themselves from the Danish Consumer Protection Laws.