[Request] I was looking for some insight on low spread brokers in the US.
Hey everyone. I’ve been trading crypto for a while and have been out of the forex game for a bit and was hoping to get back into it since the crypto market has been flat for so long but I ran into some trouble when trying to find a new broker. The 2016 ruling on eligible participants put my previous broker out of business and made it impossible for me to trade with certain brokers such as Interactive Brokers. I was looking for a new broker that has low spreads which seem to have all but died in the US. I’m okay with commissions but the spreads at Oanda, forex.com, TD, and Ally are all way too high for my blood; especially for my bread and butter pair GBP/USD. ATC brokers actually seems like a pretty good brokerage for my needs but after some research I found troubling news with their bankruptcy and I don’t quite understand how an introducer brokerage works. (maybe the answer lies with ATC and you guys can take my mind off the drawbacks.) I have a pretty decent strategy that after back testing with commissions and spreads equal to ATC’s under sub-par* conditions has max 30% drawdown, avg 15-20% profit per month, and 1.23 sharpe over 10 years. The downside of this is that with my strategy I have a very tight stop, 6-12 pips most of the time. The larger the spread the worse off I am. A 10$ per lot commission is nothing compared to an additional pip of spread in my case. Can anyone suggest a US brokerage that suits my needs other than ATC or do I have to take the risk on them not going bankrupt again? *Sub-par trading conditions include 3x the avg spread taken into account as slippage, including Friday as a trading day even though the strategy doesn’t work near the weekend, and optimized for a different timeframe and currency pair. TL;DR - Is ATC Brokerage the only low spread broker for the US and are they trustworthy?
So the general idea is that TD is an introducing broker to Gain (Forex.com) and it even says on the sticky info thread here. Thing is, I pulled up both live accounts and Forex.com and TD do NOT have same spreads. TD also has floating margin requirement that is not present on Forex.com. Right now there is 3% margin requirement on EUUSD while Forex.com has usual 2%. Forex.com usually has 1.2 - 1.5 pip spread on EU while TD majority of time is 09 to 1.0 pip spread. USDCAD spread is 0.2 - 0.4 pips worse on TD than Forex. So clearly there is some differences here. Meanwhile ATC is completely identical in everything to Oanda. So what is TD ameritrade??
Some Broker advice for someone that has been out of the markets for five or so years.
I stopped trading about 5 years ago and lost touch with the FX world. Things seem to have changed a lot and I'm not sure, at this point, how to get back in. I've used FXCM in the past and I was planning to go back to them. However, I know there were big issues with them before they went "legit" and now I see that they were bailed out in 2015. It seems their stock has recovered a little but these guys make me a little nervous with their integrity as a dealer (I saw where they "Requested" people pay back their deficits during this period, which just throws red flags on how a FX account even has a deficit...). I also looked into ATC but it seems they had their own problems as well. Forex.com uses a dealing desk from what I remember so I'm kind of skeptical of them for this reason. And so on... I love the FX markets and I enjoy trading them, the fundamentals of this market are interesting to me. Stocks and other instruments, less so. However, I'm leaning toward moving into stocks because the brokers of the FX world all seem like the email African "Prince" that promises you a large sum of money if you will give him your bank account info... Who are you guys using to trade? Are there any legit brokers left out there that aren't under scrutiny for shady dealings or bankruptcies?
Hello! I'm an experienced stock & options trader but am relatively new to Forex. The reason I sought out forex to add to my current trading patterns was the ease of automation. My two passions are trading and computer science, so I became very interested in MetaTrader when I discovered it several months ago. I made an account with Forex.com and have been messing around with MT4 and EAs which I've come to enjoy. I've already made tons of trades using EAs and am constantly learning new things. My EAs got my meager $50 initial deposit to $85 in a couple of days so, obviously, I was inclined to add more. Big mistake. It was too perfect, something was wrong. Enter: Market Maker brokers! It seems I've been duped, which was my fault for being foolish and not digging deeper before giving them money. I'm fairly confident that I've been betting against them and now it's cost me a couple hundred buckaroonies. Oh well. Anyway- now I'm looking at other brokers such as ATC Brokers who claim they're STP, but that still leaves the potential for Market Making. Also looking at FastBrokers, and plenty of others. My question is: should I continue on this route and cross my fingers, or should I abandon spot forex as a US resident? I see sooooo many good reputable true ECN brokers in Australia, etc but sadly they aren't options for me. I hear good things about futures currency trading, but I have yet to explore that. Is there any method for automating forex futures trading? Is that reasonable? Should I still pursue spot forex? Should I try another broker? Should I just go back to stocks & options and accept it? Should I kill myself? I'm kind of at a loss as to how I should proceed, so any opinions are welcome. Thanks :) TL;DR Any worthwhile spot forex brokers for US residents that don't bet against you and/or can I automate futures trading somehow.
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