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Broker/Dealer Informaition


Personal Brokers

OANDA

  • Positive
    • Good, solid broker. Allows trading in any lot size.
    • Lots of good trading platforms, including their proprietary platforms and MT4
    • Has many resources available for traders. It is worth exploring their website to find all the tools, apps, research, etc.
  • Negative
    • Personally, I have not had any bad experiences with OANDA. If I had to pick one thing, I would say that the process of funding an account could be more user-friendly. Even that has improved greatly over the last year.
  • Broker Tricks
    • I have used OANDA for several years and have not experienced any real tricks from them.


TradersWay

  • Positive
    • High leverage available (1:1000).
    • Plenty of funding options
  • Negative
    • Charges commission on trades
    • Spreads seem to be large for a broker that also charges commission on trades
    • Swap rates seem kind of large
    • Be sure to use ECN account. Other types of accounts have frequent re-quotes and making trades can be difficult.
  • Broker Tricks
    • I have not used broker long enough to become familiar with its tricks.


FX Choice

  • Positive
  • Negative
  • Broker Tricks


Capital City Markets

  • Positive
  • Negative
  • Broker Tricks
  • Notes
    • They are scheduled to receive U.S. clients from Tallinex on March 31, 2017.


Other Previously Used Brokers

Tallinex


This is a broker based in Estonia that somehow accepts U.S. Clients. It is hard to get a good understanding of the broker if you are in the U.S. There is an interesting mini-review on the Last Bear about Tallinex. Be sure to read the whole review, including updates and comments.
  • Positive
    • ECN broker that allows hedging. No FIFO. High leverage allowed.
  • Negative
    • Broker does not have an office in the U.S. and may not be technically be allowed to operate in the country.
    • Received notice from Tallinex on March 6, 2017 that they are finally giving up fight for U.S. clients. They are transferring all their U.S. clients to Capital City Markets on March 31, 2017
  • Broker Tricks
    • Tends to greatly expand spreads at the end of the week in the final minute. GFT used to do this too. Other brokers may do the same thing but to a lesser extent than Tallinex.


FXCM

  • Positive
    • Have used FXCM the longest among my current set of primary brokers. Previously used GFT and IBFX. However, since those brokers have left the U.S., FXCM has become my longest tenured broker.
    • The Trading Station is very good. It has a lot of functionality and is has a good user interface. Personally, I prefer the Trading Station over MetaTrader. Trading Station seems to be easier to use for trading where MT4 seems clunky.
  • Negative
    • FXCM nearly went under when the Swiss bank removed the CHF peg with the Euro. FXCM took an emergency loan, which does not have the best terms. I believe the company will have to do some things to survive that may not be in the best interest of traders. FXCM seems to making progress in paying the loan. Business appears to be improving. I believe FXCM will survive. The CEO seems to really know how to manage the company.
  • Broker Tricks
    • Broker used to have a reputation for various broker tricks but their reputation has been fairly good.
    • And then this happens... The CFTC has served FXCM a death sentence in U.S. by accusing FXCM of not disclosing FXCM's financial interest in a Liquidity Provider. This went on for years where FXCM was claiming not to have a dealing desk and thus no conflict of interest with clients. The CFTC determined that FXCM did indeed have an indirect conflict of interest by getting payments from the LP that was created by FXCM.


  • Global Forex Trading (GFT)
  • FX Solutions
  • FOREX.com
  • Interbank FX
  • thinkorswim


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