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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.
    • They are my primary broker. I use their proprietary platform and MT4.
    • Their proprietary platform uses TradingView for advanced charting.
  • 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 suspect the broker is using the Virtual Dealer plugin, which is a plugin for MetaTrader brokers and really places traders at a great disadvantage.
    • The first trick I have seen is with price/spread manipulation. They will hold a price against you and try to manipulation the spread and price in order to get a margin call. Then they will remove the price hold and allow the price to move freely. This feature (trick) is something that appears native to brokers using MT4. One way to sport it involves paying close attention to the spread before and after you make a trade. Prior to making a trae you will notice that both bid and ask prices will move up and down. The spread between them may get bigger or smaller, but both numbers will change. Then make a trade. Shortly after the trade, you notice that the bid or ask stops changing while the other number continues to change. That is a signal that the broker is at work on manipulation. The bid/ask may start to move against you and both numbers will change against you. However, the numbers gets close your price, one of the numbers will stop changing depending on your position.


FX Choice

  • Positive
    • -
  • Negative
    • -
  • Broker Tricks
    • -
  • Notes
    • This broker has a fairly good reputation in the trading community. I have not been able to fund the account because I live in America.


Other Previously Used Brokers



Capital City Markets

  • Positive
  • Negative
  • Broker Tricks
  • Notes
    • They are scheduled to receive U.S. clients from Tallinex on March 31, 2017.
    • I never really got a good feeling about the broker and did not use enough to form an opinion.


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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