Broker with best spread...

Quote from Jurij12505:

I would recommend dukascopy They have interbank spreads. And their spreads are fantastic. As they earn only from commission then I am sure that they are not cheating traders, you can even see who is your counterparty
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If you are a European trader you would want to look at a firm like Dukas, but if you are a US trader you would want to find a broker that is NFA/CFTC regulated. 2 popular, low spread firms with relatively low opening account minimums are HotSpot (a division of Knight Trading) and IB. You can open an account with less than 10k. The above mentioned firm from the 1 post spammer requires a minimum 50K US to open.
 
Quote from hanzahar:

what surprise me it
TS @ gain capital

http://www.gaincapital.com/gainpro-forex-trading.html

you dont have to pay any commission to enjoy the tight spread wherelse TS charges $5 R/T :confused:

wonder if their spread sucks companre to MBT and IB
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When you can find 0-1.5 pip spreads on the majors on IB, then yes, their spreads suck.

Just a reminder to all those looking for a Forex broker, remember to do you due diligence on anyone you are going to give money to. Check their NFA and/or NASD records for any disciplinary actions, check their CTFC financials for financial sound worthiness, and get and listen to the advice of people who have traded with them. If you put your money at a shit firm, the only one to blame is yourself if things don't go the way you want.

BTW, if you trade with Gain, you are still going thru a dealing desk, not ECN trading, which means that if you are a news trader and like to get in and out within 30 secs, they will put you on manual execution
 
Quote from NZDSPeCIALISt:

My understanding from what I've read on the Oanda forums (no-one seems to have given a full and proper explanation to date) is that if you are arbing Oanda they will give you a warning to change your trading tactics. Lets say a trader had access to the top data providers (or other platforms to compare prices) and using that info to get into a trade just before Oandas servers and algorithms can process that price change, and then as soon as price moves, you get out for a few pip profits, this they don't like, as you are taking advantage of a system inneficiency and they end up losing money on the transaction. They hedge nearly all transactions, but if you are getting in and out before they can properly hedge, than they are effectively not making the spread. Apparently they have programs that can monitor this sort of (in their words) "naughty trading".

Now if you are getting in early and holding for a "significant" time period (lets say more than 5 minutes or going for at least 5 - 10 pips, different story, you are taking on market risk and you primary profits are coming from taking that risk (as oppossed to your primary profits coming from a broker inefficiency).

What difference does it make if it takes 5 minutes or 5 seconds to hit target? I have not heard of a proper explanation to that question, suffice to say, that they will find out what your intentions are and give a warning to change your trading tactics. At the end of the day it's their platform and they can choose to whom and how they will offer that service.

It very rarely happens that someone is kicked off as if they were to do so that person could be a public relations nightmare for Oanda, and to be successful in arbing them is easier said than done. Better to do it the old fashion way if you ask me.
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Guys does this still happen nowadays, I can't believe Oanda can't speed up thier servers to keep up with prices.
Has anyone else experinced this with other firms.

I knew a few guys that exploited some brokers with delayed stock prices.
 
I am very satisfied with the spreads and with the service of my broker MIGFX.CH -- with 5 majors at 2 pips (EURUSD, USDJPYJ, AUDUSD, EURGBP EURCHF) and with a few at 3 pips (USDCHF, USDCAD, EURJPY, CHFJPY for example). They also offer 200:1 leverage, and a unique way of enforcing margins only on week ends. They do require a minimum deposit of $2,000 US, but in my opinion you need this much anywhere to trade profitably.

I prefer brokers located in Switzerland like MIG as that country tightly regulates Forex, which we do not in this country. Also Switzerland does not levy any tax on capital gains.

I note they will have a booth in the Las Vegas Forex Trading Expo on 9/15-16 at the Mandalay Bay Resort. I'm looking forward to meet them in person, which I have never done so far.
 
If your broker DOES NOT charge you a commish, then they are a dealing desk and they mark up the spread between the pairs. That's how they make their money. You DO NOT trade directly with the market but rather that broker's dealing desk - they need to offset your trade. So if you are an aggressive trader, having an account with these types of brokers will cost you money because they will put you on manual execution or you will get requote and requote and lose your trade.

MIGFx is one of these firms. They have a dealing desk. If it works for you, great, but if you are a serious currency trader (not forex) then you need to find an ECN, which has spreads tighter than any deaking desk because there is not markup and they don't have to offset your trades. And no requotes.

Again. MIGFx is a dealing desk forex trader that takes the other side of your trade. Think about this (of any broker) if you are looking for a new brokerage to trade with.
 
Quote from cfw123:

Also Switzerland does not levy any tax on capital gains.
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The Swiss may not hit you up with a tax, but if you are a US citizen, then you still have a tax issue. THIS IS US TAX LAW. Ask any tax professional. Or if too lazy, go to DailyFx forums (apologies to Baron) and look thru their tax forum to understand tax implications to US citizens trading currencies.

An in depth disussion of currency taxation can be found here as well:

http://greentrader.typepad.com/greentrader_weblog/2006/07/forex_tax.html
 
I don't know anything except what I see personally. I don't think they advertise fixed spreads, but that's what they have given me all the time I have been with them.

I looked into no-dealing-desk Forex brokers before I chose the one I use now. I didn't like them. Spreads are merely pennies in my trading -- I can't see why they work so cheap.

I don't care if anyone knows my trading strategies. At over two trillion dollars a day, if everyone copied my strategies (never happen!) it still wouldn't make any difference in this market.

Anyway, I teach a class in Forex Trading at our local San Jose, CA Senior Center. I teach them my strategies, and they teach me there's. Nothing could be better in my opinion. Strategy is what it is all about.

Charles Wilkes
 
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