Share Experiences with your Market Maker
Thanks for giving a new direction to the thread.
As I am an Introducing broker to one of the brokers with Indian office... I will refrain from taking names as that would seem biased and with vested interest. But for the benefit of all I request you all to share their experiences with different brokers here.
MM broadly into two categories,
1. MM with a proprietary trading platforms
2. MM with Metatrader 4
MM with Proprietary trading Platforms:
My experiences with FXCM and Oanda was/is great.
Especially Oanda, the kind of speed with which the orders are executed is a charm to watch. Unbelievable stuff.
Advantages of Oanda:
1. Very tight spread
2. Amazingly fast, rather lightening fast order execution.
3. you can even trade 1 dollar.... man that is awesome and after sometime boring
4. You can trade on saturdays and sundays too..... man!!! those guys are out in a different league altogether.
5. No issues with withdraws whatsoever. If you are on paypal, same day dude...
Disadvantages:
1. Low leverage only 1:50
2.
The FXTRADE platform hangs at news time, Oanda is big time against news traders it seems. I have to re login and wait those anxious minutes to see what is happening.. So if you are news trader, just stay away..
3. Like all they increase the spread during a news release, to discourage news traders ( I don't recommend news trading in the beginning stages, but sometimes we get caught)
4.
They have something like min/max chart, and I seriously think this is their way of chasing stop loses. I got stopped out with a margin of more than 4 pips, when enquired they asked me to look at the min/max chart, which had a high low of atleast 4 pips higher/lower than the candlestick charts.
Having said this things, I think Oanda is the best among the MM with a proprietary platform.
FXCM was good too, they have many great features in the platform. Charting is good, but not great like MT4. But when you compare with other MM with their own platform, FXCM is great. Better than Oanda in charting ( My own personal opinion, you can play around with the charts, and you have a lot of those indicators, which is seldom available in other MMs)
MM's with MT4:
They all are same.... Someone here was asking about a 'FAIR BROKER'.
If "FAIR" is the same as in "FAIR & LOVELY" then look out for a "Caucasian" broker :rofl:, that's the closest you can get to fairness in MM.
Their trade context busy, is a serious profit killer. And some of them have screwed my students big time. like reversing the trades, accusing with high fi jargons, is a common trend there.
Having said that, as long as you are not that big, the MM are not worried about you. just don't keep all your eggs in one basket.
More later, as I have to rush for a meeting
@Edward- I have posted my top reasons for choosing either a market maker or ECN broker.
Could we now discuss about the various MM's and ECN's we have traded with and talk about their merits and demerits?
Regards,
Scalper.