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Thread: Can I trade Forex without a broker?

    09-06-2010,  02:40 AM #1

    Yes, I'm a real newbie! I'm trying to learn as fast as I can, but why do I need a broker? Can't I trade with software direct from Forex? I read this below today at wikihow and it had me a little concerned "Consult a trusted broker. You need to trade through a broker who will not deal against your trades with human dealers or electronically. Most retail FX brokers take the other side of your trade which causes them to gain from your losses. This is a huge incentive for them to run your stop losses and stall the execution of your trades"

    This site is really good I have to say. Have taken a few of the great lessons here already, but I bet after a few months of understanding and demo accounts I won't kid myself into pretending I know more than 1% of what I need to know to do a smart trade.

    Last edited by klrman; 09-06-2010 at02:57 AM .

    09-06-2010,  02:56 AM #2

    Technically you could exchange any currency for any other currency at a bank that exchanges currencies. The rate you pay will suck and you will have to pay to have it changed back and forth, and not be able to use leverage, but yes you COULD trade without a broker. Your other brokerless option is to become your own broker, do you have a few million dollars to make that happen? I know I don't... Most of what you quoted sounds like fear mongering to me. Almost any established broker will be fine. Most people who loose money trading blame their brokers and not themselves that is why some get a bad rep, not because they are doing any of that but because they are simply the most popular with newbies. FXCM comes to mind, and interbankFX. You will find very few if any respected people here complaining about them doing such nonsense. I like and trade with Oanda, they have tight spreads, fast execution, and good customer service. On the other hand I'm sure you can find somebody who said they are a scam because they lost money trading. If you don't like their platform check out the banner ads on babypips for interbankFX, GFT, or FXCM, or one of the 5 or 6 others. All of them should be fine, if your not sure about a specific broker feel free to ask in the appropriate section on this forum, or do a search.

    Make sure you like and can use their platform, and I also suggest calling or emailing them and asking a question or two, see how long it takes them to answer, etc.

    09-06-2010,  03:15 AM #3

    Thanks for the reply Simy, really helpful for me! The reason I am looking at trading on Forex is that the banks in Canada have frustrated me enough to head in this direction. I kind of thought that clip from wikihow looked like fear mongering myself, but really did not know enough to fully doubt it, thanks for the clarification. Ok, will have a look at a few of the brokers you suggest and see which one I feel comfortable with. What I am a little confused about is that I thought I was talking to someone at Forex when I was using the chat box at "Forex.com", but on my web browser address it always bounces to "Forex.com/UK"

    Does that mean that they are another broker too? I'm still confused if I need to use a broker in canada or can use one from any country?

    09-06-2010,  03:25 AM #4

    Simy, I am cautious for good reason, so could you tell me if this scam alert for Oanda has any truth to it or not? "forexscambuster.com/reviews.php/Oanda.com_-_Dont_trade_with_Oanda"

    I have to put quotes around links and remove the www etc until I reach 50 posts otherwise this system won't let me post links.

    09-06-2010,  03:38 AM #5

    As far as I understand, you can use a broker from any country, but always use a highly recommended one, what I would like to know is which currency is best to have your account in, like Oanda for instance, I can hold my account in £ or $, does it make any difference?

    09-06-2010,  03:41 AM #6

    Quote Originally Posted by Kalie66

    As far as I understand, you can use a broker from any country, but always use a highly recommended one, what I would like to know is which currency is best to have your account in, like Oanda for instance, I can hold my account in £ or $, does it make any difference?

    Good to know, thanks! I'm still concerned about the scam

    alert for Oanda though. Would like to know more about it if anyone else has some knowledge if the scam alert has merit or not?

    What is a little disappointing is that FXCM is also under the scam alert at forexscambuster

    Last edited by klrman; 09-06-2010 at04:09 AM .

    09-06-2010,  04:57 AM #7

    Quote Originally Posted by klrman Simy, I am cautious for good reason, so could you tell me if this scam alert for Oanda has any truth to it or not? "forexscambuster.com/reviews.php/Oanda.com_-_Dont_trade_with_Oanda"

    I have to put quotes around links and remove the www etc until I reach 50 posts otherwise this system won't let me post links.

    For one, that is very poorly written. I write bad... very bad. Read some of my earlier posts and try to make heads or tails of it. This is what that is to me. Garbage. From the few details that I can gather he is confusing multiple products, and the comments are even worse. I can go on a point by point with this but it would quite honestly be a waste of time. I don't pretend that Oanda is perfect, but messing with prices? I haven't seen it, nor have I heard of a legitimate complaint about it. Messing with order execution? Same deal.. As far as not offering tools, or not having specific time frames etc. This can be a hangup, Oanda didn't use to offer trailing stops, they do now. They don't have a chart higher then a Daily, and the data doesn’t go back as far as some other brokers. They widen their spreads during low liquidity, and during high liquidity times. They don't hide this though. They will sometimes raise it during news events in expectation of wild price fluctuations. To be honest if they stopped doing this it would mess me up a little bit, if I'm going to enter and the spread keeps getting bigger, I don't.

    Their platform is java, so you need to make sure it will run smoothly on your system, some Windows machines may have speed issues with it. Java and Windows doesn't always mix depending on how its codded and what is running in the background... I don't use Microsoft products so it doesn't bother me. Linux -- FTW

    If you want to code or program an automated trading system Oanda wont work for you unless you meet their requirements for the API access, or pay a monthly fee. Short of that, there isn't a reason to use Oanda, fast execution, was (if not still is) the tightest spreads... Not a lot of fancy tools on their chart, but more then enough to go indicator happy.

    For the record I run the Oanda platform on my trading computer 24/7 which is an old 600Mhz laptop with 128Mb ram or so running a full blown copy of Ubuntu... eventually I'll trim it down... Runs just fine on there, even with multiple chart windows open. Poor computer runs at nearly 100% CPU, but still

    Oanda answers my questions when I ask them, I can get my money in and out quick and cheap with paypal, the platform works for me and I can trade from my phone, so for me they are perfect. If they don't have an indicator your system needs then that may be an issue. If you want to trade automated that may be an issue too. Short of that, I've never had a problem.

    I've had a live account for 3 years I think... I'm doing horrable, but still :P

    09-06-2010,  06:58 AM #8

    klrman, I suggest you to use a broker located in US, where the Forex Market i ased, beside they can't scam you, I've been trading with Wall Street Brokers for 2 years and I've made alot of pips, they're located in the US.
    Hope that helped.

    09-06-2010,  02:12 PM #9

    Quote Originally Posted by adam2010

    klrman, I suggest you to use a broker located in US, where the Forex Market i ased, beside they can't scam you, I've been trading with Wall Street Brokers for 2 years and I've made alot of pips, they're located in the US.
    Hope that helped.

    I have to admit I'm getting cold feet at the moment and need to study a lot more before I even begin to trade. Thanks for all your help. BTW, I never knew Forex was based in the US!

    09-08-2010,  12:26 AM #10

    Anyone have experience with "Dukascopy"? So far, from what I have read, they seem to be a genuine and trustworthy ECN that I feel safe depositing in to start trading.

    I have not heard their name thrown around a lot in any forums so I was hoping some here would have something to say about them from experience?


Category: Forex

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