Does anyone use a reliable FX broker?

victorycountry said:
I have seen DBpheniox a few month ago on ET but he is not active now
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He's back at Traders' Laboratory only now; his last post there was yesterday in fact. It seems he got tired of arguing with marketsurfer and a few revolving trolls in every single thread that dared mention "price action" or "technical analysis". (I'll admit, that trolling also got me to take a good 6+ month absence from here.) A good example of the few spoiling it for the many. Glad to see @Baron is moderating more forcefully this year.
 
VPhantom said:
He's back at Traders' Laboratory only now; his last post there was yesterday in fact. It seems he got tired of arguing with marketsurfer and a few revolving trolls in every single thread that dared mention "price action" or "technical analysis". (I'll admit, that trolling also got me to take a good 6+ month absence from here.) A good example of the few spoiling it for the many. Glad to see @Baron is moderating more forcefully this year.
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Thanks VPhantom, DBpheniox is one of my favourite contributors on ET, and thanks to his topic on Price & volume as well as straight line series , I got to know about price action etc.
 
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Chubbly said:
Also Dukascopy handled the EURCHF debacle well and did not go after clients with negative balances like other brokers. It decided to forgive them.
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Yup. However from my post from January 2015 on this issue:

[...] unlike Dukascopy which is making a graceful (and presumably expensive) gesture here to preserve retail trader confidence, market makers like Oanda, FxPro and FXCM have forgiven negative balances because their user agreements say so explicitly.

Oanda - Point 15 (also seen in USA and Europe versions):

Maximum Losses. OANDA warrants and represents that the fxTrade System has been designed so that your total aggregate Realized Loss can never exceed the sum of the total aggregate deposits made to your Account and your total aggregate Realized Profit.
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FXCM, interestingly they seem to have written to clients with negative balances asking to pay up. However, informed clients will know they can simply refuse to pay, because among other places, http://www.fxcm.com/legal/trading-execution-risks/ under "Marign Calls and Closeouts" describes the CHF scenario:

account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative. This is especially true during market gaps or volatile periods. FXCM will not hold traders responsible for deficit balances in this scenario, but clients should be cognizant that all funds on deposit in an account are subject to loss.
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There's an interesting essay on Seeking Alpha about possible legal ways FXCM might manage to collect though.

FxPro - Point 5.1 is the clearest of the three:[/QUOTE]

[...]However, it should be noted that FxPro operates on a 'negative balance protection' basis; this means that the client cannot lose more than his/her initial investment.
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Of all four brokers, Oanda never confirmed that negative balances would never be collected, in chat attempts, and it seems FXCM is trying to weasel out of the rule, so FxPro is probably the safest of the bunch. Dukascopy is a serious broker but is making no such promises whatsoever.
 
victorycountry said:
Hey guys, what brokers are you using at the moment? I am not happy with my broker in Australia. I am thinking of changing to either a UK or US one. Does anyone know a reliable broker there in terms of withdrawing money, no slippage, and a good speed in initiating and closing positions?

I'll certainly look at recommended brokers' review and consider good ones
Thanks in advance.
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Well I trade with Hotforex and FXCM, both are good in terms of execution speed, but sometimes I prefer Hotforex more because of flexibility in trading account options (fixed, floating, zero spread etc.). These both are huge broker with hundreds thousands of traders so I think you may give them a try
Good luck
 
VPhantom said:
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Of all four brokers, Oanda never confirmed that negative balances would never be collected, in chat attempts, and it seems FXCM is trying to weasel out of the rule, so FxPro is probably the safest of the bunch. Dukascopy is a serious broker but is making no such promises whatsoever.
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I recommend any forex broker who has a prime or prime of prime broker relationship. Global Prime Au clears with BNP. Any Swiss broker should be fine as you must have a banking license to deal in fx over there. ATC Brokers in the UK (not sure if they still use FXCM Pro to clear), FxOpen ECN (have UK, Au, and NZ branch), Lmax. I'm not too fond of FXCM, but they seem to have almost pulled themselves out of the sh*tstorm of SNB announcement in Jan2015. If you are going to use a MM broker, it might be best to stick to larger ones like Gain Capital or Oanda. Offshore, you might want to consider Exness (instant withdrawals and deposits).

No A-book broker in their right mind would offer negative balance protection for their clients. FXCM was not in their right mind when they switched to agency model and paid for it dearly post SNB, requiring a $300MM bailout loan from Leucadia

No need to come into USA....although at least they do actively guard against asymmetric slippage. There is no forced segregated accounts for USA forex accts like there is for futures brokers.
 
Chubbly said:
Is that supposed to be sarcastic?
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i have been with FXCm since 2004 - they improve every year in execution speed, platforms, service and spread. Have had many other brokers and always find them the best for forex. I use IB for futures and stocks of course.
 
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