Aurix Exchange

Sharing about my "right" Broker of choice

Arktech

Member
Dear Everyone,
Before jumping straight to the conclusion, I like to share my thoughts about brokers. There are thousands of brokers, i hate to say they are good or bad because it is vague to say that, but i believe there still have the "right" broker for your trading style. I do not consider myself a experience trader but I spent months and months looking for the "right" broker for my trading style. This is what i like to share with everyone.

Please keep in mind that:
1) I'm not promoting or against anyone or any broker.
2) Bear with my lengthy posts, may have to make many posts. Excuse me if i can't post them all at once in a day or in few days.
3) I will try to answer questions as much as i can for those who is in need, if not. I'm sorry.


I hope this thread can help others that are struggling as i did before.
 

saambasp

Member
somany traders waiting for right broker.we appreciate your experince with brokers around the world.sofar i used market makers.force to plan change to ecn broker.my first try is hotforex with small amount.if any one have experiance with hotforex ,please share your experince.sofar i used avafx ,liteforex,instaforex.avafx is some more better,remaining liteforex and instaforex are real scammers.
 

Arktech

Member
Part #1

Part #1

It all started with money, my hard earn money. I kept thinking many questions i like to get answers from my broker. If i'm a broker, my 1st job priority is to promote my business to attract customers and their money. These are my income, my "money tree", my commission; customer service, dealing desk, spread, etc...these are not as important to "get them in, first!", there is a funny slogan saying "get in first, talk about it later". One realistic and funny thing is that I had asked one broker's agent question: "Do you have a live trading account trading with your own broker?" well, sadly I did not get an answer from him.
This brings next to "advertisement" and packaging. I think many of as heard enough with "as low as x pips", "get $$ bonus by opening a real account". These statements look "eye catching" at beginning, but if you ask yourself: what does it mean "as low"? what about "as high"? and how high?, what do you mean "real"? where is the "real" bonus $$ came from? your pocket? I don't think so, must be from some one's pocket.
 

Arktech

Member
Part #2

Part #2

If my hard earn $$ becomes someone else "bonus"....hell, not!

Dear friends, stop searching for "perfect broker", not because there is none, but the perfect broker is not accessible to tiny traders like us. Perfect broker is for huge transaction traders so that a small mistake is not allowed to happen, timing, spreads, access, execution, etc.. has to be perfect or "get fired". My friend, don't get me wrong that I'm posting these to discourage people because I'm not. I'm trying to illustrate what options are available to us so we have to work within these options in conjunction to our trading style/habit/systems.

Back to $$. If opening a live account, I need to really know where my $$ is going to. My broker's account? hmmm...:eek::eek:, my broker's bank account? :eek:, what bank? if is a "never heard of it bank name" :eek::eek::eek:, sorry friends, we need to do more homework on that. Get more information about that bank, call that bank about their relationship with this broker, any question you can think of not to drive them crazy but reasonable way to protect your $$. My understanding is that I should have my own bank account solely with my own money which I have rights to move in and out.
 

Arktech

Member
Part #3

Part #3

I need to know my $$ is in a good reputable bank where access is always available.

Demo vs Live account.
Like I mentioned in the early post, I could never understand how each broker define "Demo" and "Live" or "Virtual" and "Real". To me, they should be the same except the money part. If a broker can provide you bad execution or spread in live account, they can do the same for the demo account or vise versa, if they can provide you good execution or spread in demo account, they should do the same way in the live account. If they can't, they are doing very well on "packaging" their trading system how good they are but, when you realized you are on the wrong boat, you are already in the middle of the sea! A "right" broker should let his client experience a transparent trading atmosphere in either demo or live account without inconsistency except the money.
Secondly, i'm quite amazed that some brokers they offer accounts that you can fund with $1. If you can fund with $1 and trade micro lots in micro account, why i can't try trading $1 in the demo account?
 

Arktech

Member
Part #4

Part #4

Customer Service.

What kind of communication available to you to your broker? email? phone? text? There are many ways but are they efficient and productive?
Before choosing a broker, start with "how they will treat you as a client." There are hundreds of brokers out there, why this broker is better? what do you expect from a broker to provide you? Is the representative knowledge and patient enough? I don't mean to confuse people by asking tons of questions, but my goal is to make sure i'm putting my hard earn money in the right broker's hand. Just like buying or selling a house, will you willing hire a broker/agent without knowing enough about him/her?

A "right" broker's vision should be to win client's trust and not his money.
 

Arktech

Member
Part #5

Part #5

A "Simple" Trading Atmosphere.

What is our goal to forex trading? Isn't that to find a right and reliable broker and learn to become a better trader? However, sometimes we are driven by other annoying spams, advertisements, noises, etc...that distract us from our focus. In addition, these distractions always interrupt our trading and we are no longer trying to win our trades but win over these traps.
Some brokers may offer many "sweet" traps such as: get xx bonus by investing xx amount, get extra xx by referring, get xx rebates by trading xx lots, etc....These look very attractive indeed, however, have to read the small letters yet? have you fully understood the conditions when you fund your money into this broker? Most of all, how long you have wasted your time trying to understand these conditions?
My friends, let's keep ourselves in focus and keep our trading experience as simple as we can.

A "right" broker should provide a simple and straightforward trading atmosphere to his clients.
 

Arktech

Member
Part #6

Part #6

What kind of broker I need for for trading style? Commission? ECN? STP? No Dealing Desk?

Each trader has his own trading style, this is affected by all possible conditions such as aggressiveness, tolerance, availability, etc.. Some people are position traders that makes very few trades a week, this scenario, a tight spread with commission brokers might not be that important. If I'm a scalper and makes many trades, a ECN and STP with fast trade execution will be very important, but this typically require to pay the commission for these benefits. Most importantly, no one will like to have a broker with Dealing Desk, but how do i know? As I mentioned in the previous posts, for those brokers that can't provide consistent demo and live trading platform to the client, even they say they don't have a dealing desk, they are not my "right" broker. As I said, "transparent" trading environment is what matters, otherwise, manipulation (spread, TP/SL, off quotes, etc..) in your trades are always possible.
If you already have a live account with a broker, try as your broker about the consistency of both live and demo account, their answer can help you identify their transparency to their clients. Secondly, when you trade with your live account, open another demo account with your same broker and compare them (spread, execution speed, price, etc..)

I hope this information can help you.
 

Arktech

Member
Final Part #7

Final Part #7

Again, with all above in my mind, i'm not searching for the "perfect" broker, but i'm serching for the "right" broker that suite my trading habit.

You might have already know this broker: "ATC Brokers"

Few things you have to be aware of:
1) Their minimum is $5000 to start and their minimum trade size is 0.1 standard lot, and then 0.01 after that (0.09 is not ok, but 0.11 and above is ok). However, for a 2% rule, I think is quite risky and difficult. I would recommend at least $7000.
2) They charge commission and is not cheap compared to most of commission brokers. $8 per 1 standard lot for a round trade (buy and sell) for any pair.
3) You have to open another account at FXCM (I call this a money account). This is where the money is going to. Money in FXCM account but trade with ATC Broker's MT4 platform.

Some good things about this:
1) Their office is 15 miles from my place, i went to see their office before, not a fake company.
2) Their spread and execution of their MT4 platform is very good compared to other brokers.
3) Accept US clients, and don't have to worry about FIFO and hedge rule. Go to their website and they will explain why.
4) Customer service very good, you can chat with them within the MT4 platform.
5) Their demo and live MT4 platform are exactly the same. Same spread, same execution, i tried that before. Therefore, i suggest you try their demo and get the feel about how the platform performs. Since their demo and live account is exactly the same (spread, price, execution, feeds, etc..) EXCEPT THE MONEY.

The best thing i like about trading this way is the beauty of "check and balance system". This mean that:
ATC brokers have no control of your money, they only focus on your trades and FXCM has a very large bank institution around the world so that money is always available, but they have no control of your trade because ATC brokers is monitoring your trades.

I know some people had account with bad experiences but they has improved in all aspect of trading needs.
In my opinion, they are "so far" my "right" broker of choice for my trading style and i hope this helps you to make a decision with your trading style.

Best wishes.
 

radicaltour

Moderator
VIP Member
Arktech,
thank you very much for this thoughtful thread.
It's a dumb question, but does ATC give rebates?
I would guess not, since they're an IB for FXCM?
 

Arktech

Member
ATC brokers

ATC brokers

I never asked this question, but I think ATC brokers is a straightforward and broker, I don't think they do. But you can try to ask them this question.

Regards
 

Aurix Exchange
Top