Thanks, but which futures broker besides IB and MB would you recommend for currency futures (around the size of MFGlobal)?
Which Futures & Forex Brokers are recommended for more than $100K?
- Thread starter virtualmoney
- Start date
Thanks, but which futures broker besides IB and MB would you recommend for currency futures (around the size of MFGlobal)?
Virtual Money,
Is your main concern the size of the company? If so, then go here:
http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0108.pdf
Just check each FCM's capitalization and go from there. I think this is the best route.
I can tell you that RCG is practically the same as Man (at least for retail clients). Platforms are comparable for the most part. IB is another option, but if you don't like them for some reason, then it will be hard to find a comparable variety of available markets at the retail level from any FCM.
Is your main concern the size of the company? If so, then go here:
http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0108.pdf
Just check each FCM's capitalization and go from there. I think this is the best route.
I can tell you that RCG is practically the same as Man (at least for retail clients). Platforms are comparable for the most part. IB is another option, but if you don't like them for some reason, then it will be hard to find a comparable variety of available markets at the retail level from any FCM.
Excellent. Thanks.
I had an online chat with Deutche Bank. They claim the orders are not routed through FXCM and are just using similar technology. They even offer raw pricing(no spread just comm) for larger accts and volume. However, they said they are not ECN and no banks are, does it mean 'they trade against you' like a market maker?
Based on the above pdf document, it seems like they are well capitalized but many have bad experience with them. What are the main reasons?
So you know 'senior traders' trading 1 MM... but you're on an anonymous message board asking which broker is best for you?
Gotcha.
Some senior traders may not know much and trade like gamblers. And knowledgeble traders are not necessary winners which is why there are so many seminars gurus. Likewise, trading well & being profitable doesn't mean you are a winner if the broker plays dirty.
Hi Virtual Money,
Let me try and initiate a somewhat more adult conversation with you about your question, in contrast to the some of the responses you received on the message board.
Let me first say that this is a common dilemma and you are not alone. Especially now, when the credit markets are crazy you have every right to be concerned, I know I am.
You don't quite fall into the big boys category, yet you aren't planning on opening a 400 buck retail fx account. This puts you into a bit of a gray zone.
I am currently looking into Dukascopy.com, since they allow for a Bank Guarantee (20% kept at the broker, 80% at a bank). They are unique in the fact that you can have a BG with only 250k. Usually this would require a 7 figure account with other brokers.
Oanda states clearly on their website that in the event of default, clients may not be able to get their money back.
IB does seem to have some good protection procedures. Read this carefully and make sure this also applies to the FOREX:
http://www.interactivebrokers.com/en/general/education/faqs/safetyFAQ.php?ib_entity=llc
As far as going by who is well capitalized, Refco was well capitalized and all went wrong for spot fx account holders. They were only general creditors.
Then there is the option of fx futures. What I don't like about them is that some of the pairs I like to trade are very illiquid in their futures form (since, as you know, futures are usually initiated by parties that want to hand business risk to somebody else. So if there is no business necessity like with the EUR/AUD there will be no offers.) But they are centrally cleared and Refco futures account holders came out fine.
Fx is still the wild west of trading and in a way immature. I am still on the look up for a better deal.
If somebody couldn't give you a half-way good answer, it is because they had no clue about this. It is still a novel area.
Good luck and all the best.
scexglobal
Let me try and initiate a somewhat more adult conversation with you about your question, in contrast to the some of the responses you received on the message board.
Let me first say that this is a common dilemma and you are not alone. Especially now, when the credit markets are crazy you have every right to be concerned, I know I am.
You don't quite fall into the big boys category, yet you aren't planning on opening a 400 buck retail fx account. This puts you into a bit of a gray zone.
I am currently looking into Dukascopy.com, since they allow for a Bank Guarantee (20% kept at the broker, 80% at a bank). They are unique in the fact that you can have a BG with only 250k. Usually this would require a 7 figure account with other brokers.
Oanda states clearly on their website that in the event of default, clients may not be able to get their money back.
IB does seem to have some good protection procedures. Read this carefully and make sure this also applies to the FOREX:
http://www.interactivebrokers.com/en/general/education/faqs/safetyFAQ.php?ib_entity=llc
As far as going by who is well capitalized, Refco was well capitalized and all went wrong for spot fx account holders. They were only general creditors.
Then there is the option of fx futures. What I don't like about them is that some of the pairs I like to trade are very illiquid in their futures form (since, as you know, futures are usually initiated by parties that want to hand business risk to somebody else. So if there is no business necessity like with the EUR/AUD there will be no offers.) But they are centrally cleared and Refco futures account holders came out fine.
Fx is still the wild west of trading and in a way immature. I am still on the look up for a better deal.
If somebody couldn't give you a half-way good answer, it is because they had no clue about this. It is still a novel area.
Good luck and all the best.
scexglobal