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What do YOU want from your broke-r?
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Author:  Jemook [ Wed Nov 07, 2012 11:15 pm ]
Post subject:  What do YOU want from your broke-r?
Gentlemen and lady friends,

Time for another fun discussion about br0kers AKA 'criminals' :lol:

As forex traders we all need them yet many of us feel ripped off and used by them. Br0kers really don't make it hard for us to feel vindicated by the way they manage things. We don't really know what goes on behind closed doors and we've seen malicious attempts at stop hunting, re-quoting, widening the spread to ridiculous numbers, software disconnects, lagging/fraudulent price quotes, unfilled orders, and account banning.

I'm sure you can see why Steve gently refers to them as crims. After painting such a pretty picture I'd like to pose the following 2 questions to you:

1. What are the top features / offerings you'd want from a br0ker?
2. What would make you run a million miles from a br0ker?

Jem
Author:  Jemook [ Wed Nov 07, 2012 11:31 pm ]
Post subject:  Re: What do YOU want from your broke-r?
I'll start.

What I want from my br0ker
1. Transparency (NO fudging around / no BS)
2. True ECN & STP (no market makers / dealing desks)
3. Safety of client funds (contingency plan for my cash if something goes awry)
4. Fast execution & low spreads / commission (we all want this)
5. Server up-time (backup plan in case server goes down)
6. Low minimum account size (I got no money, honey!)
7. Lifetime demo!! (pet peeve)

What would make me run
1. The slightest hint of manipulation & even more so when I get a whiff of manipulation and confront the br0ker and they cannot prove that they didn't manipulate, I'd run.
Author:  garyfritz [ Wed Nov 07, 2012 11:38 pm ]
Post subject:  Re: What do YOU want from your broke-r?
I'd agree with all those points, though the last two are lower priority for me.

However us unfortunates in the US can't get #3, since we're forced to use NFA-[un]regulated brokers. The PFG debacle demonstrated there is no safety of client funds here. I would move my funds to a Canadian crim (with account insurance) in a heartbeat -- if I could. And I'd avoid the onerous leverage / hedging / FIFO crap in the bargain.
Author:  Jemook [ Thu Nov 08, 2012 8:44 am ]
Post subject:  Re: What do YOU want from your broke-r?
Crazy laws in the US I don't know how you guys do it. Such a shame you can't use international criminals.
Author:  xrismak [ Wed Nov 21, 2012 4:32 am ]
Post subject:  Re: What do YOU want from your broke-r?
Jemook wrote:Crazy laws in the US I don't know how you guys do it. Such a shame you can't use international criminals.
Jem,
I wish one could get a list of some reputable International Criminals, We in the United Kingdom of Great Britain are not restricted from Trading with any Criminal we so wish or Choose to Trade with, it's finding one that conforms to certain Staightforward Financial Ettics that's a Bit of a Problem. :)
Author:  gdr3k [ Sat Nov 24, 2012 10:08 am ]
Post subject:  Re: What do YOU want from your broke-r?
Jemook wrote:I'll start.

What I want from my br0ker
1. Transparency (NO fudging around / no BS)
2. True ECN & STP (no market makers / dealing desks)
3. Safety of client funds (contingency plan for my cash if something goes awry)
4. Fast execution & low spreads / commission (we all want this)
5. Server up-time (backup plan in case server goes down)
6. Low minimum account size (I got no money, honey!)
7. Lifetime demo!! (pet peeve)

What would make me run
1. The slightest hint of manipulation & even more so when I get a whiff of manipulation and confront the br0ker and they cannot prove that they didn't manipulate, I'd run.
I've always wondered why some brokers cancel your demo account.
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