I haven't read good reviews about any Forex brokers

Re: Futures - futures are great but not everyone is capitalized enough to trade futures. But I agree that for taxes and for being free from BS (ie they have low commissions and tight spreads), they cannot be beat.

Are there any Forex ECNs that let you trade $0.01 per pip?

I've used an Oanda demo many times and I do not like the platform. I love OEC's platform but their Forex sucks (GAIN) and they only go as low as $1/pip. I am really looking for $0.01/pip for right now.
 
Quote from 1a2b3cppp:


Are there any Forex ECNs that let you trade $0.01 per pip?
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Buddy, i have done that very same exercise you suggest. Fact is

a) IB is almost spot on with EBS (Bloomberg) and Reuters fx feeds.

b) Oanda spiked sometimes by an extra 50-100 pips during unexpected news events.

PLUS Oanda still fails me several times and that on a daily basis. Quite unreliable. True, IB is not the most user friendly/intuitive trade input platform but if you need handholding like kids then you should maybe really look at Oanda and the likes that advertise by equating success with the capability to trade off charts.....


Quote from cabletrader:

Of course the odds are in favor of the house, an alleged 90% of retail traders haven't got a clue what they're doing or why they're doing it! Every bucketshop on the planet knows that the vast majority of their underfunded overleveraged clients will lose money in the long term without any help from them.

I have also traded on IB's FX Trader back in May '07, it was about the most unreliable, user-unfriendly platform I think I've ever had the misfortune to trade on, plus spreads and quotes during 'normal' market conditions were comparable to Oanda's and CMC's, in fact when you take IB's commission into account Oanda were actually cheaper on Eur/Usd!

Here's an exercise for you if you're really interested in the truth, run Oanda's FXTrade alongside a Reuters 3000 Xtra feed during normal market conditions, you'll be surprised at just how close they are.

Bottom line is you've got to trade where you're comfortable and with a firm who offers the best deal for your trading style. Oanda suit me just fine......for now.
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NO THEY ARE NOT, they use MT4 but their feed is an ECN feed. DUDE, you really should do some more research before you drop such ill-researched bombs.....come on.....


Quote from cabletrader:

Mini lots, no micro that I could see, plus they're an MT4 bucketshop
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I trade forex spot with IB and Ninzatrader almost a year now...
works perfectly...i love to trade from the chart and see-manage my orders on it.

regards
Kon
 
Quote from IluvVol:

NO THEY ARE NOT, they use MT4 but their feed is an ECN feed. DUDE, you really should do some more research before you drop such ill-researched bombs.....come on.....
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lol, I wouldn't trust any MT4 bucketshop, period, no matter what their sales pitch!
 
Quote from IluvVol:

Buddy, i have done that very same exercise you suggest. Fact is

a) IB is almost spot on with EBS (Bloomberg) and Reuters fx feeds.

b) Oanda spiked sometimes by an extra 50-100 pips during unexpected news events.

PLUS Oanda still fails me several times and that on a daily basis. Quite unreliable. True, IB is not the most user friendly/intuitive trade input platform but if you need handholding like kids then you should maybe really look at Oanda and the likes that advertise by equating success with the capability to trade off charts.....
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Funny, I rarely get disconnected any more. Sure they had problems a while back but for the past >6 months things have been fine.

If you were seeing spikes of "50-100 pips during unexpected news events" on Oanda but not on Reuters then you should have taken advantage of the obvious arb opportunity. Spikes on unexpected news events or economic data aren't unusual in the market though, in fact it would be a surprise not to see some, are you sure there weren't any? What was the actual news event? Maybe you got disconnected from Reuters like you do from Oanda!

I can't see the point in trading on a platform I don't like when I can trade on one I do like, especially when they're comparable for everything else. Like I said before Oanda suit me just fine in pretty much every respect. I don't use their charts but I imagine being able to trade off a chart would be extremely useful, but maybe not impressive or realistic enough for those who want to play big City trader :D

Another important benefit of trading with Oanda is the ability to place and/or manage trades over the weekend. Look at the events that occur over a weekend, Iraq, Saddam, G20....just to name a few.
 
Quote from cabletrader:

Funny, I rarely get disconnected any more. Sure they had problems a while back but for the past >6 months things have been fine.
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I think this statement sums the title of the thread up well. Almost every forex trader has tried a bunch of forex shops in the past (i.e. greater than 6 months ago and had some type of issue - like software, quotes freezing, customer service, etc...) But some of the issues that the trader had, don't exist anymore. i.e. above post. I personally think if someone hasn't used a broker in over a year then they should not comment. Just my .02.

BTW, I think the forex shops are getting better not worse....
 
I have had several disconnects with Oanda in the last few days. Execution has been slow a couple times. This has happened before, and has cleared up on its' own. More often now, I chart with Metatrader and execute through Oanda, (3 hour chart? weird)as I don't yet trade full 100k lots. At some point, I expect an issue will arise where I will feel slighted. This can happen with any broker, whether electronic or by phone, but I'll worry about it when the time comes.
 
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