kibitzer

In your opinion, which is the best broker using MT4 platform? Why?

Thanks for your inputs.

allinvain

as long as they don't have a dealing desk, then they're almost all good brokers...

If you have the cash and are willing to learn a new platform I'd strongly suggest going with ECN brokers (google Forex ECN brokers)

Oh, and um if you absolutely want MT4 I heard that FXCM has now moved 99% of their clients to a no-dealing-desk setup, so you might want to look them up.

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klaslok

the non-dealing desk of FXCM is even worse ...

Go with EFXgroup or Oanda

allinvain

Hmm..you may be right. I haven't traded live on FXCM's platform so I am not qualified to judge. As for Oanda, I know they are your typical forex broker (dealing desk) and they're quite popular from what I read. What I really like about Oanda is the sheer amount of currency pairs you can trade - it's phenomenal!

I am thinking of opening an account with MBTrading. Anyone have experience with them?

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JoseLeon

My experience with them is only in a demo account until now but it's great. I only have real accounts in IBFX (my account) and FXCM (my girlfriend)

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Optional

I'm only repeating this from reading it elsewhere... but apparently MT4 was developed as a dealing desk ONLY platform interface.. so any broker that supports MT4 is always using a dealing desk to manage client orders. (not sure how that fits with the FXCM claim of ECN style trading with MT4)

Lavatrading, Currenex, Hotspot and FXall are other ECN network brokers that sound like they are worth investigating from the reviews I have read.

Also... I realised that even though they have really tight spreads, in most cases an ECN broker is going to cost more in fees than a fixed spread spot broker.. but the real advantage is that an ECN isn't trading against you and therefore has no incentive to see you lose like dealing desk spot brokers.

Optional

I always heard people slag off North Finance so never really looked at them as a live broker option... but I have been using their demo platform for ages and have noticed the spreads always seem on par if not better than CMS or FXCM and I get disconnected a lot less too.

I want to try an MT4 system EA so have been thinking about funding a live account there for that.


If anyone knows more about NF or has a better suggestion, I'm all ears too

allinvain

That alone in my opinion makes it worthwhile to pay extra in commission fees to the ECN broker. And don't worry as more and more ECN's brokers enter the market commission rates will surely drop as competition increases.

Umm, also can you provide me with a link to where you read that MT4 can only operate as a dealing-desk platform? I'm just curious.

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Optional

I wish I could recall where I read it too... I think it was in a forexfactory thread and was an explanation from someone that sounded like they knew what they were talking about rather than any offical source.

They went into enough detail about the mechanics of dealing desks -v- ECNs that what they said stuck with me though.

allinvain

hmm..I'll look into it some more when I have some spare time...now as far as the mechanics of dealing desks v ECNs I like to think of it this way

A dealing desk broker is akin to Wal-Mart or some other major retailer - they set the prices and control things, if you don't like it, too bad, you have to go somewhere else. You can't make them an "offer" or haggle with them.

ECNs - Like a bazaar - you directly influence the price at which a certain comodity is being sold/bought for (in this case currency).

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