ETORO vs INTERACTIVE BROKERS vs OANDA vs CORE SPREADS
Hi guys, just want to compare brokers. I am looking for a broker that allows users here in the philippines I want to open an account to trade in the global market. I've been using ETORO for some months already and there's a lot of negative reviews with regards to their withdrawal process/fee. Then the trader that I am following uses Core Spreads which is why I want to consider it. I also saw Interactive Brokers allows API calls which is also good since I also want to automate my trades. I see OANDA from some posts here and they say it's also good. What you think guys? Pros and Cons? EDIT: I am now reviewing this brokers: pepperstone, IG and Forex.com. Those brokers had the best reviews made by pinoy bloggers
Seriously.. I´ve been with FxPro, they are ok i guess? but still reading some bad reviews about them and being a Cyprus broker is not the best thing either.. So i went with Fxcm tried out their platform with a small deposit, was about to deposit more when i read an email about "Account termination" so apparently they just terminated my account without giving any reasons.. So i check out Oanda where this youtube trader trades.. i read they are a pure market maker.. and i just cant see myself trading knowing they are loosing from my winnings.. Then we have the other 100billion forex brokers, Freshforex, Hotforex, Coldforex, insertrandomnameForex.. Fake reviews, deposit bonuses, ECN, this and that.. Why cant this be easy? I dont need bragging "spreads" "amazing execution speed that beats speed of light" i dont need hot chicks on front page, nor Barcelona sponsorship.. Here i am planning on living of Forex, i´ve solved all the problems after 3 years I have a winning strategy I have a winning mentality Who would have guessed that finding a honest/genuine broker is the Holy Grail.. So far ive only managed to find 1 honest broker(i think), Global Prime from Australia.."We are the only broker in the world where all clients can ask for a trade receipt at any time which shows which liquidity provider took their trade" they seem to have a low key website, no bonuses, or contests.. Other than that there´s Interactive Brokers.. And thats about it.. The other 100000 brokers seem to all have some defect.. Discuss, (Also if you are a profitable trader, and does withdrawals please share your broker)
ECN. Used most by professional traders. Difficult platform for beginners
Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
No minimum deposit
Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
ECN. Largest retail FX brokerage in the US
Minimum deposit $2000
Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
ECN. Mid-sized retail FX brokerage
Minimum deposit $400
International Only- -LMAX (whitelabel DarwinEx) *DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified -Dukascopy *ECN based in Switzerland, but available elsewhere depending on local regulations. *Tight spreads *Minimum deposit $100 *Fairly well diversified -IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified -Pepperstone *ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified Software / Apps: Desktop/mobile
Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
Terminology/Acronyms: www.forexlive.com/ForexJargon - Common terms and acronyms FAQ: I need to exchange money, how do I do it? This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee. I have money in one currency and need to exchange it into another sometime in the future, should I wait? Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it. I have an FX account, should I start trading demo or live? This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance. What’s money management? Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered. More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp www.swing-trade-stocks.com/money-management.html What about automated trading? Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams. What indicators are best? That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc. What timeframe should I trade? Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades. Should I trade using fundamental analysis (FA) of technical analysis (TA)? This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint. I’ve heard trading Binary Options is an easy way to make money? The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX. Am I actually exchanging currencies? Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another. Why didn't my order fill? Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
Interactive Brokers offers TWS web and mobile trading platform. InteractiveBrokers.com offers stocks, futures, options, ETFs, forex, CDs, bonds etc. for your personal investment and trading options. Forex Brokers Stocks US Stock Broker. Other websites of this company include www.interactivebrokers.co.uk. Add your review 🔎 Broker details >> ⭐ Traders Reviews >> Questions & Answers ... A must-read Interactive Brokers Review before trading on their platform. An unbiased overview with clear pros & cons by an EXPERT panel. Our interactive brokers review team observes that the broker supports over 24 different forex trading pairs. Any of their clients can trade these currencies with the help of the interactive broker’s FXTrade tool that’s integrated into the discount broker’s Trader Working Station (TWS). On this platform, spreads for major currencies start from 1.0 pips. Our Interactive Brokers forex review rated the spreads as an ‘ECN broker’ as they quote prices based on the sixteen largest exchange dealers. This is 60%+ market-share of the interbank market-making EUR/USD spreads from 0.1 pips. To clarify, spreads are not marked-up and the foreign exchange broker makes its money from commissions. Forex Signals: Interactive brokers partners with Zulutrade to provide traders with access to the best forex signal providers in the world. What we think about Interactive Brokers. Interactive Brokers with 36 years of experience in financial markets. It offers a state-of-art trading platform – Trader Workstation (TWS) that is equipped with everything and anything you may need for your ... Read our in-depth Interactive Brokers review 2020 covering Interactive Brokers licenses, forex spreads, trading leverage, deposit & withdrawal and user reviews. Interactive Brokers's forex fees are ... we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers. Forex benchmark fee of a $20,000 30:1 long position held for one week Interactive Brokers Saxo Bank DEGIRO; EURUSD benchmark fee: $17.9: $15.7-GBPUSD benchmark fee: $13.6: $14.8-AUDUSD benchmark fee ... Interactive Brokers is known for large selection of tradable securities, low commissions and quality trading platform. It's a favorite among active traders. Instead of marking up spreads, Interactive Brokers charges a commission per trade ranging from $16-$40 per million round turn ($8-$20 per side). This pricing is comparable to brokers that offer commission-based forex trading with agency execution. Active traders: For active traders, there are applicable discounts that depend on meeting monthly trading volume minimums. For example, if you trade ...
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