ForexMeta and other brokers

[kon]

Hello All,

In Dean Saunders FAQ, he strongly recommended ForexMeta. It seems at first glance the spreads aren't as good as I see advertised on other sites.

http://www.forexmeta.com/pips/

I know that LMT is for dealing with large movements, making a few pips inconsequential, but I am still curious why he is endorsing ForexMeta.

What other brokers does everyone use? Alx, I think you mentioned in another thread that you don't use a MetaTrader compatible broker.

Thanks.

Kon

[chris]

Hi Kon,

I think ForexMeta might offer some remuneration to people introducing others to their company.

I'm using MB Trading for my live acct. and I have a demo account with FXLite and IBFX.

Cheers,
Chris

[kon]

Hi Chris,

Thanks, I will take a look at those brokers. MB Trading has small spreads, although I did notice they charge commission (although it is small).

Kon

[chris]

Hi Kon,

They charge commission because they are an ECN broker (ECN: Electronic Communication Network). That means they just route your trades through and don't trade against you.

Unlike some other brokers, they only make money on commissions when you place a trade. Many other brokers actively trade against you and make money when you lose.

But definitely spend a little time with their Navigator platform on demo before opening a live account because it takes some getting used to.

[kon]

Chris,

After doing a lot of research, I understand what you mean.

Do you know if hedging is allowed on MB Trading?

Thanks.

[chris]

Chris,

After doing a lot of research, I understand what you mean.

Do you know if hedging is allowed on MB Trading?

Thanks.

No, they don't allow hedging. You would have to go with a broker that isn't affected by these US regulations.

[baboon]

Hi Kon, I believe that Forex Meta had a decent deposit "bonus" - i.e. they would give you a certain percentage of funds for depositing with them. I assume this is still the case.

Forex Meta are an introducing broker for FXDD, so they make their money by adding extra spread as their profit.

I use IGIndex, it's a spread betting platform which means that all profits are tax free if you live in the UK. I strongly recommend this if you live there: just use a free MT4 or other charting package and place your trades on their platform. They are regulated by the FSA in the UK, meaning they won't try and cheat you and the spreads are fine on majors.

Otherwise, don't get too hung up on spreads - good customer service and the broker not trading against you are far more important.

[kon]

Chris, Simon,

Thanks for your replies. I am a US Citizen. I was able to open and FXCM UK account though which does allow hedging. Suppose you go long an LMT daily signal for EUR/USD (a position that can be open for a week), but see an opportunity to short a couple pips, the new FIFO rules won't let you.

Also, I opened and MB Trading account to see how that works as well.

I appreciate everyone's feedback.

Kon