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Author Topic: US Brokers  (Read 9592 times)

Offline miket

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US Brokers
« on: March 31, 2009, 08:40:03 PM »
I have been running demos on about 23 broker accts. Alpari UK, FXCH, and Tadawulf seems to be the best performers of all them. Many of the other brokers have increased their spreads so one does not even get any trades!

Unfortunately both Alpari UK and FXCH do not allow USA residents to open accounts with them. FXCH referred me to 2pipsforex as an affiliate member.

Donna - Do you have any suggestions for brokers that USA residents can use. I have looked into Alpari US and they are definitely not as good as Alpari UK. First their spreads go to 5 for both EURGBP and EURCHF and they don't claim to be an STP like the UK branch.

Any broker suggestions to try would be very much helpful especially those that can open live accts for USA residents!

I hope today's Fap meeting points us in some direction as far as brokers!

Offline admin

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Re: US Brokers
« Reply #1 on: March 31, 2009, 11:21:01 PM »
I have seen people doing well on Alpari US, although admittedly not as well as on Alpari UK.

Try GallantFX- their spreads are variable but within reason i believe.

If you are not a newbie (this broker doesn't like newbies) and you have $10,000 or more, then go to www.swissfxbroker.ch and check them out. I have spoken a fair amount to one of the guys that works there and they are a nice bunch (refunded a client complaint i was dealing with)- but as i said, they don't like newbies much nor all the newbie questions that come along with them. Infact, if you tell them you are a newbie you might get a surprisingly rude response, for this reason i do not recommend them as a matter of routine, but they do have very very low spreads and welcome FAPT users.

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Offline miket

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Re: US Brokers
« Reply #2 on: April 01, 2009, 04:58:36 AM »
I will give them a shot. Running 15 different brokers on demo now to try and pick one. Certainly takes some work picking the right broker especially these days where most brokers are increasing their spreads!

What do you make of 2pipsforex.com? Their spread is always 1 (at least on demo). Been getting a lot of trades with them. Made $319 in fake money ;-) in 2 days! (5k acct running 10 LRR on EURGBP and EURCHF). They are an affiliate of FXCH! They recommended them when they said they could not open live accts for USA residents!

Offline Goldfinger

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2pipsforex
« Reply #3 on: April 01, 2009, 02:57:11 PM »
They are in Belize - who knows what that might mean.  I read on the Forex Peace Army site that a few people have had bad experiences with them.  So far, don't see any reason to trust them.

Offline admin

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Re: US Brokers
« Reply #4 on: April 01, 2009, 03:38:18 PM »
Yeh i'd stay away from that broker (or perhaps only run a tiny account like $100 or $200). If you do a google search you will find a whole lot of customers having huge problems. Not a good sign. Not worth it, not even for a 1 pip spread.
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Offline Slupton

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Re: US Brokers
« Reply #5 on: April 02, 2009, 03:03:47 AM »
Testing Gallant FX for the past 2 days.  So far so good. 

Doing OK with Alpari US  also.

Offline Goldfinger

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Re: US Brokers
« Reply #6 on: April 02, 2009, 02:14:41 PM »
I also ran 7 identically setup demos for 3 weeks, including FxPro, Alpari UK, Alpari US, Tadawul, FOREX.Com, IKON GM-ROYAL, TradeView FX.  Each of them had EUR/GBP & EUR/CHF setup with FapTurbo, same starting date and balance.  Without going into specific detail, I can say that at the top was Alpari UK, followed by Tadawul, & Alpari US.  The others were quite a bit less productive, with FXPro at the bottom of the pack.

Maybe in a competative enviroment, we'll see a reputable broker create a truly low spread environment that will make these EA's more effective.  When you think about it, with FapTurbo trying to pick up 5 or 6 pips, it's often paying 5 pips right off the bat to the broker.  That means a 5 pip win must correctly predict a 10 pip move.  I'd like to see a 2pip fixed spread.  That would make FT more profitable, and over time it would trade more frequently, helping to make fore the reduced spreads for the broker.

Still, even with 3 and 5 from Alpari, FT seems to work - hopefully they do not increase their spreads or move to floating values.

~Rich

Offline miket

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Re: US Brokers
« Reply #7 on: April 02, 2009, 03:56:31 PM »
FXCM seems to have low spreads and a lot of good (and bad for that matter) comments out there. The problem with them is they are not allowing demo accts at the moment. Can't wait to demo them out. Seems like a reliable company!

I have been demoing with 12 (started with 23 and now am down to 12) brokers. Brokers that are clearing houses seem to give me the most out of my fake money, but their reputations seem to be tarnished out there.

I am very disappointed that Alpari US is not giving some of the same spreads as Alpari UK! Running demos on both and Alpari UK far exceeds the profits it makes compared to Alpari US.

Tadawulfx seems a little better than Alpari US, but not as good as Alpari UK.

Any other suggestions?

Offline admin

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Re: US Brokers
« Reply #8 on: April 02, 2009, 05:39:53 PM »
FXCM is a good broker, regulated in multiple countries (USA, UK), is large, and has been going for a while. However their spreads are variable- i expect them to be similar to GallantFX (i believe FXCM provide liquidity for GallantFX's STP -but i'm not 100%).

Can't think of any other brokers right now but i'll let you know if i do. I mentioned swissfxbrokers earlier, their spreads are very small - with the conditions i also mentioned above though, so be careful.

FAPTurbo seem to have a lot of FxOpen users also. I haven't explored this broker-- any experiences anyone? My feeling is that they are doing okay, since there is a LOT of them out there yet we don't hear many complaints (either on forum or via my email).
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Offline mrparrot

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Re: US Brokers
« Reply #9 on: April 04, 2009, 07:34:31 PM »
I'd like to toss in a little something that might put
complaints about some brokers in the proper perspective.
After 20+ years in the auto parts industry, where
customer service plays a LARGE roll on the retail
side of it, I've learned something and came up with
my own little analogy.
Yes Donna, I'm at it again  ;D

When it comes to customers,
good experiences walk around the block.
Bad experiences hop on a plane and
rack up frequent flier miles...


If you have 500 customers, and 2% have a bad
experience with you, that 2% will create 98% of
your publicity, while the other 98% of your customers
will create only 2% of your publicity.

If brokers would keep a running tab of how many clients
they have, and keep it posted on their website,
maybe the 2% wouldn't have such a negative impact
on how potential clients see them.

I'm not trying to defend any of the brokers here.
If a broker sucks, they suck.
I just feel that they should all have a fair chance
to prove themselves one way or another...
Ask me about your GMT_Offset.

Offline LMStuff

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Re: US Brokers
« Reply #10 on: April 29, 2009, 05:59:26 PM »
FXCM seems to have low spreads and a lot of good (and bad for that matter) comments out there. The problem with them is they are not allowing demo accts at the moment. Can't wait to demo them out. Seems like a reliable company!

I have been demoing with 12 (started with 23 and now am down to 12) brokers. Brokers that are clearing houses seem to give me the most out of my fake money, but their reputations seem to be tarnished out there.

I am very disappointed that Alpari US is not giving some of the same spreads as Alpari UK! Running demos on both and Alpari UK far exceeds the profits it makes compared to Alpari US.

Tadawulfx seems a little better than Alpari US, but not as good as Alpari UK.

Any other suggestions?

I trade live right now on Alpari US (Yes I had to raise my MS to 6 on the EURGBP recently) and Forex.com Pro.   Both have been trading pretty slow over the last couple weeks, but do make do trades.

I have been looking to replace my Alpari US account.  They still trade well even with the raised MaxSpread but I need to find a broker that has lower spreads so I can get more trades and trade in and out of tight ranges more efficiently.

I have looked at and demo'ed GallantFX, CMSfx, CollectiveFX and FXCM.      Gallant seems to trade well, CMSfx was trading well a while back, I haven't ran a demo in a while.  CollectiveFX trades great ( they are brand new, no certification and have that tier structure) and are the exact same prices and spreads as you will get with a FXCM active trader MT4 account (See my posting under Brokers/CollectiveFx for more details on it).  

Now with a Standard FXCM account you can get a demo!!  Yes that's right a working demo! (This is the BT Bridged MT4 Standard FXCM Version I just found out and has the standard spreads not active trader spreads)  You need to call them and ask, that's what I did.  I talked the talk and didn't say anything but that I was with Alpari and Forex.com and was ready to move my money over but wasn't sure of the spreads and how my EA would trade on their MT4 system.   The person then said would you like to try a demo of MT4,  I said sure, that would be perfect.   I received an email with a username/pw and download like and have been running it for 3 weeks now and still going.    It has been trading FT very nicely, A few more trades a week than Alpari or Forex.com that add up fast.   It's even has been trading fine with MegaDroid 1.10, no MD losses yet (aggressive off).

So I am probably going to switch over to FXCM but not the US flavor the UK flavor.   Supposedly the same servers and all according to FXCM after a chat.  I will be able to hedge positions still and use EAs that hedge with FXCM UK.   No credit card dep only Bank wire I believe.

I also signed up my Forex.com Pro account through TradersChoiceFX.com and get a decent rebate kickback of about $4-5 /lot I should have at least $1500-2000+ check this last month.   I will be signing up my FXCM UK account through them also if I decide to go that route. (There is a special link for FXCM UK MT4 accounts you have to ask for it.)

I have been working with Patrick at www.TradersChoiceFX.com (NCMFX, Inc. NFA ID:  0367174) his direct email is: patrickf@traderschoicefx.com.   Email him or call their direct 800# on the website and ask for him, tell him you read a post and you want the same deal as Lenny.  He knows me well.  I have spent some time on the phone and email with him going over my options.   They have a very large customer base and have some decent pull over at Forex.com and FXCM.com.   They will take care of you.    I don't mean to sell them but they have really been good to me and Patrick is always on the ball and knows I use Fapturbo and my concerns and works with me.  He called over at forex.com once when I felt I was having issues and said I was going to leave and they put me on a different tier and my spreads seemed to have lowered slightly!  I also have had a big discussion with him on the Rebate and how the spread is not affected by the rebate, he swears on his life that I get the same spread as if someone off the street signed up to either forex.com or FXCM.com.  Forex.com does have different hidden tier you have to request based on your $$ amount and trade volume I learned through this.

Anyway  I hope this help you guys out!  Broker research is mostly long hard and tedious with very little resolve.  But hopefully there is some good light at the end of the tunnel.

Happy, Safe and Profitable trading!

LMStuff :)
« Last Edit: April 29, 2009, 06:26:50 PM by LMStuff »
Happy, Safe and Profitable Trading to all!

Offline yidrasil

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Re: US Brokers
« Reply #11 on: April 30, 2009, 08:44:11 AM »
GallantFX is recommended by Charles Flloyd's team at FAPWinner which I see as a good recommendation.  Can anyone tell me what Gallant's live spreads are on the FAP Turbo pairs at this point in time?


Offline admin

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Re: US Brokers
« Reply #12 on: April 30, 2009, 12:41:33 PM »
GallantFX spreads are variable- they were quite high at one point but i believe they have come down recently. I think a maxspread of 6 should allow most trades through.
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Offline sweetpopcorn

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Re: US Brokers
« Reply #13 on: May 07, 2009, 12:13:16 PM »
FXCM seems to have low spreads and a lot of good (and bad for that matter) comments out there. The problem with them is they are not allowing demo accts at the moment. Can't wait to demo them out. Seems like a reliable company!
FXCM has just RELEASED their MT4 Demo
http://www.fxcm.co.uk/metatrader.jsp

Offline timheyes

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Re: US Brokers
« Reply #14 on: May 08, 2009, 01:01:32 AM »
Just set up an FXCM UK demo account. Spread are dynamic but FAPT has opened a couple of trades (only 1h 20 mins of default FAPT trading left!)


EURCHF  2.6 - 4.5 seen so far.
EURGBP  4.8 - 5.3 seen so far.
GBPCHF  9.5 - 10.3 seen so far
USDCAD  6.8 so far - price isn't moving much.

Antbody know whether the spread is paid on the entry spread or the exit spread value?

Also, I'm not sure if it's significant, but one of the connection symbols is still red on the MT4 platform, however trades are being placed and pricesare beig updated to it seems that there is a good link to the FXCM server.

Tim
« Last Edit: May 08, 2009, 01:11:34 AM by timheyes »

 

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