Forex brokers

[Xmen2]

hi, i m using Oanda now for fx trading, but given the recent MF global incident, i m thinking of open another fx trading account to diversify my counterparty risk ... can anybody provide some feedback on IG markets please?

btw, i m only looking at MAS approved forex brokers, i have tried the demo accounts from DBS Vickers, KE, Saxo. IG markets does not offer demo account unless u open a live account first.

 

[frozened]

hi, i m using Oanda now for fx trading, but given the recent MF global incident, i m thinking of open another fx trading account to diversify my counterparty risk ... can anybody provide some feedback on IG markets please?

btw, i m only looking at MAS approved forex brokers, i have tried the demo accounts from DBS Vickers, KE, Saxo. IG markets does not offer demo account unless u open a live account first.

Have you tried GFT Asia? Minimum 3.5k deposit.
There's also City Index Asia, but using marketmaker platform.
CMC Markets has their own flash based web platform but they deal with CFDs however they also have fx included.

 

[Xmen2]

Have you tried GFT Asia? Minimum 3.5k deposit.
There's also City Index Asia, but using marketmaker platform.
CMC Markets has their own flash based web platform but they deal with CFDs however they also have fx included.

i m looking at IG markets because it is from UK ... GFT is a US broker, right? and so do City Index and Oanda ... for me i want to open another account with a non-US broker to diversify my risk ... where is CMC Markets from?

 

[frozened]

i m looking at IG markets because it is from UK ... GFT is a US broker, right? and so do City Index and Oanda ... for me i want to open another account with a non-US broker to diversify my risk ... where is CMC Markets from?

CMC is a local brokerage. Theres one more brokerage which i cant remember but you need a larger capital of 50k and above.

 

[GenerationX]

i also wan to know....

 

[Shiny Things]

i m looking at IG markets because it is from UK ... GFT is a US broker, right? and so do City Index and Oanda ... for me i want to open another account with a non-US broker to diversify my risk ... where is CMC Markets from?

I think you're confusing "where the parent company's located" with "where the local company's regulated". For example: IG and City Index are both UK-based companies. But if you open an account with them, you'll be dealing with their Singapore-based subsidiaries, which are both regulated by the MAS.

 

[Xmen2]

I think you're confusing "where the parent company's located" with "where the local company's regulated". For example: IG and City Index are both UK-based companies. But if you open an account with them, you'll be dealing with their Singapore-based subsidiaries, which are both regulated by the MAS.

you are partially right ... taking MF Global for an example, they have a local subsidiary incorporated in Singapore which is regulated by MAS, and when the US parent company got into trouble, the Singapore subsidiary was also affected, why? ... because Singapore market is so small and any local subsidiary of a foreign company will not be able to survive on its own without the support from the parent company ... Borders book store is another good example.

so by dealing with Singapore-based subsidiaries of these brokerage firms, you get the assurance that they are regulated by MAS, but MAS will not guarantee you that they will not close shop when their parent companies get into trouble.

 

[agenda]

I thought MAS has a regulation for these brokers to seperate their business accounts from their client's

But guess when sh!t hits the fan, these regulations count for nothing?

 

[tanko55]

hi, anyone try www.plus500.sg/ ? Any comments of this company for trading?

 

[frozened]

hi, anyone try www.plus500.sg/ ? Any comments of this company for trading?

bucketshop dont trust it. too shady imo.

If you want to be so kiasu, then go with Kim Eng, Citibank, Dbs vickers, Phillips Capital.

Dont need to ask for recommendations bro. Makes this thread pointless since MAS Regulated + Local is limited.

Citibank is too large to fail no worries but i guess you dont have the captial to start an account there.

Kim Eng needs $10k i think. You might have a chance.

Phillips capital is the only one that will suit your needs. Minimum $100.

 

[stevetan2010]

just curious what about the foreign banks that have branch in singapore? anyone knows any?

 

[jarlaxle1771]

i don't know about the local brokers but you may want to do more research into what you want.To me the most important criteria:

1. ECN i.e non market making(too many bad stories about freezing trades/spread manipulation/stop loss hunting)
2. regulated by some credible body
3. good execution and spreads.

personally i find dukascopy very much to my liking

 

[stevetan2010]

i don't know about the local brokers but you may want to do more research into what you want.To me the most important criteria:

1. ECN i.e non market making(too many bad stories about freezing trades/spread manipulation/stop loss hunting)
2. regulated by some credible body
3. good execution and spreads.

personally i find dukascopy very much to my liking

dukascopy hhhmmm..... read some negatives stuff online in regards to it though. anyway thanks for the info.

 

[Xmen2]

i don't know about the local brokers but you may want to do more research into what you want.To me the most important criteria:

1. ECN i.e non market making(too many bad stories about freezing trades/spread manipulation/stop loss hunting)
2. regulated by some credible body
3. good execution and spreads.

personally i find dukascopy very much to my liking

actually i am trying out the dukascopy demo account now, here are my observations:

pro:
1) ECN, can view market depth in realtime
2) good charting package come with the platform
3) can automate trading strategy (similar to MT4) under JForex platform
4) tight spread, EUR/USD is around 0.8 - 1.2 pips

con:
1) platform takes quite a while to load
2) slipage could be a problem in live account due to ECN
3) commission seems a bit high for small account size
4) during rollover, if there is an unrealised loss, it will be realised and hit the account equity
5) no interest on account balance

 

[kmtkmt]

Experience with CMC Singapore

Was initially impressed, but now very disappointed. Do not trust them anymore.

I was happy experimenting with CMC.

However, they have suddenly added a minimum commission, and disguise it as a "platform" upgrade. What it means is that while you have initiated a contract (CFD) with them, they have changed the term of the contract.

I think they are hard-up for commission, and does not really care about their customer.

It is surprisingly for an "established" company to suddenly change its price structure. Perhaps they are not doing well and need such a drastic change.

My advice is trade using someone you can trust.

 

[Pluvius]

fx brokers

I know this thread has been unresponsive for a while, but the truth is every broker around the world have bad and good reviews. Brokers are just tools by the FX to whack anyone who thinks of making $ thru FX.

The truth is, FX is manipulated by the big boys. Technicals are dependent on fundamental which are manipulated. They will up/drop the price of any crosses when they want to prevent a huge payout to retail traders only to let it go back to where it is before. Statistics show that only 5% to 15% will ever make a profit of FX.

I have many evidences of such cases as well.

If anyone wants to know more, just PM me.

Meanwhile, research on counter trading by brokers etc.

 

[MuppeJack]

Statistics show that only 5% to 15% will ever make a profit of FX.

Just do what these % are doing, don't follow the herd.

 

[GenerationX]

was googling for fx brokers in singapore and got this thread. So conclusion is?

 

[Shiny Things]

was googling for fx brokers in singapore and got this thread. So conclusion is?

The conclusion is don't trade FX. Retail FX brokerage is glorified gambling.

But if you must, either use a broker that's approved and regulated by the MAS - one of the brokers on this list - or use Interactive Brokers.

 

[act333]

The conclusion is don't trade FX. Retail FX brokerage is glorified gambling.

But if you must, either use a broker that's approved and regulated by the MAS - one of the brokers on this list - or use Interactive Brokers.

Trade futures, not forex.