Which Forex Broker ?

kroxobor said:
What do you mean by trade receipts? How do you verify that they are genuine. Fake LP report can be generated easily since there are no proper and known verification procedures.
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In Australia an employee would not commit fraud and risk losing his job or face imprisonment so I expect a trade receipt to be genuine.

But if someone is concerned, it wouldn't be hard to check the authenticity by contacting the LP.
Anyway, most people don't need to know who takes the other side of their trades so they don't have to worry about this.
 
I trade using FP Markets and the main advantage compared to the other brokers is the number of Instruments available to Trade, they have over 10000 different products.

Even though i mainly trade Forex with them, they have a huge list of global stocks and commodities to trade with. FP Markets is regulated by ASIC and are in operation since 2005
 
billv said:
In Australia an employee would not commit fraud and risk losing his job or face imprisonment so I expect a trade receipt to be genuine.

But if someone is concerned, it wouldn't be hard to check the authenticity by contacting the LP.
Anyway, most people don't need to know who takes the other side of their trades so they don't have to worry about this.
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Right, I really don't understand why some traders are so concerned about who is the counterparty. Conflict of interest with broker is one of the mentioned reasons, but why conflict of interest with LP (any other counterparty) can't be the reason to offer you less attractive entry/exit conditions by them?

Market makers make money on volume so on the one hand they want to to put you in disadvantageous position in terms of spreads and execution but on the other side they NEED you, so it makes sense to offer you competitive conditions. Am I right?
 
kroxobor said:
Conflict of interest with broker is one of the mentioned reasons, but why conflict of interest with LP (any other counterparty) can't be the reason to offer you less attractive entry/exit conditions by them?
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Yes they could slip us too but they won't stop there. If we trade large volume the LP will notice us and if we win often they can refuse to fill our order or they will partially fill it. My broker has told me that they use several LP's for this reason. I don't know the exact process of a broker's server but I'm guessing that in the case where a trade is not filled or it is partially filled, their server will look for other LP's to fill our order.

kroxobor said:
Market makers make money on volume so on the one hand they want to to put you in disadvantageous position in terms of spreads and execution but on the other side they NEED you, so it makes sense to offer you competitive conditions. Am I right?
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In my opinion no, I don't believe the commissions are enough for a LP to want to keep accepting our trades.
They do need us in the sense that they also use our SL and TP as liquidity but whether they like us or not would depend on the frequency of our trading what instruments we trade, where (on the chart) we place our trades and our trade size.
 
Considering to go Live soon, My Trading strategy is mainly scalping.

Any recommendations for an ECN Regulated brokers that offer high leverage?
 
I’m into scalping and looking to open an account with an ECN broker and have shortlisted FP Markets.

Anyone trading long-term with them, does FP Market ECN account charge a flat commission irrespective of the pair traded? or how does it work?
 
David.E said:
I’m into scalping and looking to open an account with an ECN broker and have shortlisted FP Markets.

Anyone trading long-term with them, does FP Market ECN account charge a flat commission irrespective of the pair traded? or how does it work?
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I believe it charges a flat commission irrespective of pair like most brokers. It won't bite if you open demo account with them and get to known how it works and let us know here. I am also into scalping, with Fxview broker and it's good.
 
I've been trading in a demo account for the past three months and have decided to trade live. Anyone currently trading with an experienced broker with ASIC regulation, since I'm from Australia it would be an advantage for me.
 
Jasper21 said:
I've been trading in a demo account for the past three months and have decided to trade live. Anyone currently trading with an experienced broker with ASIC regulation, since I'm from Australia it would be an advantage for me.
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First I would use Globalprime, and then Pepperstone and ICMarkets (in this order)
but please note that only Globalprime is a true A book broker and will provide trade receipts. (you can get to your individual trade receipts when you login to the client portal)

One thing to note is that ASIC regulated brokers will reduce their leverage available to clients in April 2021 and the implication is that you will need to maintain a bigger size account. There is also -ve balance protection and some other bells and whistles aimed at boosting trader protection.

However, you can get around the ASIC leverage limitation.
Now most Aussi brokers opened a subsidiary in some exotic country so they can move your account outside ASIC jurisdiction if you so wish.

I would open an account using the link found on the HFT website and you will get a discount on commissions. There are more brokers there.
https://www.hftgroupfx.com/
 
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