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Brokers => Other Brokers => Topic started by: ForexBenchmark on September 11, 2019, 10:27:52 AM

Title: General brokers discussion
Post by: ForexBenchmark on September 11, 2019, 10:27:52 AM
Thanks for the effort. :)

Just checked the Brokers list, it seems IC Markets still has the best spread.

Is there any particular reason why Circle Markets and other brokers are unable to match the spreads of IC Marketsí? Or is it just because IC Markets is a really big broker now?

Sorry for the late reply.

I think such discussions deserve a own thread, but I will try to answer it anyway.

First of all we added a new (sadly unregulated) broker that seem to have the lowest spreads (RannForex) until now.
And yes, IC Markets has great spread but that doesn't mean they are the best broker for anyone.

Beside this the slippage can be important too, to measure the overall costs (which we can't track). And IC Markets does not provide the best spread for each trading pair at every time period. For example: If you trade around the rollover timeframe (asian scalper), there are better brokers.

And in my opinion IC Markets is only able to provide such spreads, because they don't forward all trades to the LPs. They write the most trades in their own book. As soon as you are profitable you will get higher slippage. I think that is, because only in that case your trades will be executed directly into the market.

At the end the most important thing is not to find only "the best broker" (which by itself should not be choosen by the trading costs alone), but providing a list of many good brokers. We believe that it's the best to split the money on more than one broker. It will reduce the risk, that you could not get back your money in case of a bankruptcy and you will have the chance to use different liquidity pools (especially important for bigger lot sizes when you trade during low liquidity timeframes)
Title: Re: General brokers discussion
Post by: Attractor on September 11, 2019, 11:37:56 AM
Hi,
I splitted the previous message from the forex cyborg discussion, because some comments about brokers were posted and I think this is more important than people think.

At mid term, the edge over the market is a very little amount of pips/trade. Then, only 1 pip of difference in the performance of different brokers can be the 30-40-50% of the profit.

The SFE EAs comes with a log of the opening conditions of the trades. This can be useful for compare the real performance between different brokers.

I would like that we can advance in the knowledge of which are the best brokers. I wait for the comments of the forum users about this question.
Title: Re: General brokers discussion
Post by: Attractor on September 11, 2019, 11:46:40 AM
Thanks for the effort. :)

Just checked the Brokers list, it seems IC Markets still has the best spread.

Is there any particular reason why Circle Markets and other brokers are unable to match the spreads of IC Marketsí? Or is it just because IC Markets is a really big broker now?

Sorry for the late reply.

I think such discussions deserve a own thread, but I will try to answer it anyway.

First of all we added a new (sadly unregulated) broker that seem to have the lowest spreads (RannForex) until now.
And yes, IC Markets has great spread but that doesn't mean they are the best broker for anyone.

Beside this the slippage can be important too, to measure the overall costs (which we can't track). And IC Markets does not provide the best spread for each trading pair at every time period. For example: If you trade around the rollover timeframe (asian scalper), there are better brokers.

And in my opinion IC Markets is only able to provide such spreads, because they don't forward all trades to the LPs. They write the most trades in their own book. As soon as you are profitable you will get higher slippage. I think that is, because only in that case your trades will be executed directly into the market.

At the end the most important thing is not to find only "the best broker" (which by itself should not be choosen by the trading costs alone), but providing a list of many good brokers. We believe that it's the best to split the money on more than one broker. It will reduce the risk, that you could not get back your money in case of a bankruptcy and you will have the chance to use different liquidity pools (especially important for bigger lot sizes when you trade during low liquidity timeframes)

Please, take a look at this useful tool that ForexBenchmark has implemented in this page:   https://forexbenchmark.com/brokers/spreads/ (https://forexbenchmark.com/brokers/spreads/)
I will add this link in my recommended brokers page.
Title: Re: General brokers discussion
Post by: hs on December 10, 2019, 10:59:11 AM
Does anyone know if brokers in general (or maybe one those located in e.g. UK) automatically share yearly client profit results with the authorities in the client residence country?
Title: Re: General brokers discussion
Post by: Castellers de Vilafranca on December 10, 2019, 10:33:21 PM
Does anyone know if brokers in general (or maybe one those located in e.g. UK) automatically share yearly client profit results with the authorities in the client residence country?

I doubt it.
But tbh your best bet would be to actually ask your broker. Whether they tell you the truth who knows. But my guess is that it is more work for both the broker and the clients residence country. Manpower they probably don't want to spend the money on. Most likely they have absolutely no idea how much is in your account and therefore how many losses or profits. BUT obviously when and if you make good solid profits then you eventually have to take the money out, and at this moment your country will definitely know about it because it will arrive in a bank.