Which Forex Brokerage Firm?

IB is the best for tight spreads (eurusd 1 pip: anyone is welcome to beat it) + small commish

Oanda is second best (eurusd 1.2 pip no commish)

both reliable, IB more so

itrader911: IB has been around since 1977, no lawsuits a'la FXCM sofar... It's been in forex since 2005 only, but it won't blow the whole company just to gain a couple pips against your S/L...
 
I never tried IB, but many people have complained about their customer service and very weak tech support, but please, tell me more.....
 
IB is really for the more experienced trader, one who has been trading a while and does not need any hand holdng. If you are new to the game, you would be better served starting small with one of the ubiquitous market makers (bucket shops) to learn and get a feel for the currency markets.

If you feel you have enough experience to trade without a net, so to speak, there are plenty of ECN type trading platforms you can use which give you really tight spreads (because the broker charges you a commish, he does not inflate the spread to make his money) such as IB, HotSpotFx(r), MB Trading, Man Financial, etc. However, on many of these paltforms, particularly the more professional ones, such as Currenex and FxAll and even HotspotFX(i) you need larger deposits to open an account and you ccan't fund them with your credit/debit/paypal account. Those firms that offer that are only after your money any way they can get it.

HotspotFX(r) lets you open an account with 7500, and IB let's you open an account with 5K. Probably the 2 best choices right now for the individual trader who is looking for STP.
 
Quote from hanzahar:

there is always IB and tradestation...

dont tell me they arnt reliable
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Tradestation's forex trading extension has the fun habit of going down every once in a while. If you're going to trade with Tradestation, keep a backup. Of course, we can't blame TS for their forex shortcomings; their price feed comes from Gain's www.forex.com.
 
P.S.

I agree, IB is a bit difficult to use for anyone new to the game. You can check out their demo to see if it is for you. In terms of execution and reliability, though, it's top-notch.
 
Quote from TickJob:

can try IB with smartquant automatic trading system:D
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You can also try it with Smartquant's retail-priced OpenQuant. It's a nice little SDK for developing systems in .NET languages, though in my experience the stability leaves something to be desired.
 
Quote from adrian55:

Go and visit www.Dukascopy.com . The spreads are amazing, and I am planning on eventually trading with them as soon as I get my account large enough to meet their minimum deposit
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Mods, can you please delete this shameless advertising? Post count of three. All three posts are pushing Dukascopy.
 
Dukascopy has TERRIBLE swap rates (as does EFX/MBT). Both brokers charge interest on long yen crosses, which is outright robbery. It's no wonder most FX brokers make you jump through hoops to find out what their swaps rates are..

IB remains the only retail FX ECN with reasonable swap rates. Though if you've got the capital, you're probably better off going with a prime broker Currenex/Hotspot platform.
 
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