Truthful Brokers...Please!!!

innvestfx · 01-06-2009, 02:29 PM

I have a live account with FXCM and they are always changing the spreads. Also as I trade fundamentals, it’s impossible to set a good entry with them. I’m planning to close that account but I haven’t found any good broker yet. I looking for a truthful broker who can keep the spread they are offering. Please! I would really appreciate if anyone has a good advice.

albertg1 · 01-06-2009, 07:25 PM

keep in mind spreads may change according to the market performances. Then, it doesn’t always depend of the broker but of the market. there are many brokers as Oanda, Tradeview, ACM, you should take a look to their website and start trading on their platforms and check their services out. Albert

mayorspread · 01-07-2009, 01:49 PM

Albert
You can get a requote or a change in your order setup for many reasons and that would depend on market’s behavior. But when the spread change that’s just cruel. I think we must call for a specific spread no matter if it’s tight or not.

StxyLo · 01-07-2009, 03:47 PM

I'm using demos account at the moment.
I'm trying with Tradeview, Oanda and E-Toro. But I'm planning to download some more demos before opening a real account. Tradeview and Oanda's spread are the most serious ones. However, I have to check even more, but you can check in their websites or by phone.
Quality of execution determines whether you actually receive small spreads from your forex broker. For example, the screen shows a tight spread, but your trade is filled a few pips to your disadvantage or is mysteriously get rejected — it shows that your broker is displaying tight spreads but is effectively delivering wider spreads. It means that your broker is showing tight spreads but in effect delivering wider spreads. Be aware of such rejected trades, and delayed execution, which are strategies to deceive the traders.
Brokers like FXCM or ACMarkets have been offering spreads as low as 1 pip. They actually have a list of their spread and it’s amazing how low they fix the spread. But if you check closer, at the bottom of the page they have a small note:
“NOTE: FXCM strives to provide traders with tight, competitive spreads; however, there may be instances when market conditions cause spreads to widen beyond the typical spreads displayed here. Additionally, typical spreads may not be applicable to Japanese-yen-denominated accounts or client accounts of referring brokers. Certain currency pairs may not be available for all account types.”
So what is more important to you is not a broker with 2 pip spread but an honest small spread broker who will pay you the spread he quotes. Make sure there is no slippage or requites. The broker must be regulated and must have proof of past success rates. Oanda and Tradeview Forex offer a set of trading services and they have built a good reputation so far. Oanda actually has a real time forex spread next to their quote.

innvestfx · 01-07-2009, 04:22 PM

Hey check this threat about FXCM

http://www.forexfactory.com/showthre...=1#post2454447

24Angel · 01-07-2009, 04:36 PM

Quote:

Originally Posted by StxyLo

Quality of execution determines whether you actually receive small spreads from your forex broker. For example, the screen shows a tight spread, but your trade is filled a few pips to your disadvantage or is mysteriously get rejected — it shows that your broker is displaying tight spreads but is effectively delivering wider spreads. It means that your broker is showing tight spreads but in effect delivering wider spreads. Be aware of such rejected trades, and delayed execution, which are strategies to deceive the traders.

That’s something NFA should stop. When choosing a broker you must take under consideration NFA regulations. You have to be sure that your broker is under regulations.

joelpips · 01-07-2009, 06:46 PM

Another thing must be the fact of getting a platform built on a logical manner. A good platform like MT4 is essential when talking about a good strategy.

couscous · 01-08-2009, 02:31 AM

I guess looking for a broker with fixed spreads is just pointless and if they do exist I won't rely on them. The fact of changing spreads is all due to lack of liquidity by some brokers or banks at the particular moment of your transaction. So that's why I stuck to my account on Tradeview since they are supported by 5 or even more banks.

AngyTrix · 01-08-2009, 03:52 PM

Quote:

Originally Posted by couscous

I guess looking for a broker with fixed spreads is just pointless and if they do exist I won't rely on them. The fact of changing spreads is all due to lack of liquidity by some brokers or banks at the particular moment of your transaction. So that's why I stuck to my account on Tradeview since they are supported by 5 or even more banks.

A good broker must be supported by some banks to avoid lack of liquidity. That’s quality of executions and that’s how they can get good spreads. That way they don’t need to change the spread. However, some brokers say they are supported by 5 or more banks but they actually change their spreads. I have a real account with Tradeview and a demo with Oanda and they have requotes as many brokers just because of market conditions but they don’t change their spread like FXCM.

couscous · 01-14-2009, 01:08 AM

Quote:

Originally Posted by AngyTrix

A good broker must be supported by some banks to avoid lack of liquidity. That’s quality of executions and that’s how they can get good spreads. That way they don’t need to change the spread. However, some brokers say they are supported by 5 or more banks but they actually change their spreads. I have a real account with Tradeview and a demo with Oanda and they have requotes as many brokers just because of market conditions but they don’t change their spread like FXCM.

Thanks for the data; I also have my demo with Tradeview. It's good to know liquidity is all about the financial entities that support the broker, so far I haven’t had any troubles.