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What to do… » FXCM/UK

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Posts Tagged ‘FXCM/UK’

Lowered Cashback at Alpari UK.

March 1st, 2010

I got a email from the guys at Cashbackforex stating that Alpari UK have lowered the cashback for them, so now they are just able to give 0.1 pips / lot back. Alpari is motivating the change by saying that they’ve lowered the spreads. Sure they we’re lowered a bit last fall, but not really 0.32 pips in average I think. This unfortunatly makes Alpari UK quite uninteresting as a broker (it was just okay before).

So, what’s the best alternative? I would say FXCM/UK via Cashbackforex. They offer microlots now (at least if you sign via the guys at Cashbackforex and deposit at least $1000. Follow the instructions at the site). They have good spreads and you get 0.6 pips / lot back. FXCM also has great support. I will start an account at FXCM/UK and start unwinding my Alpari UK account.

Author: admin Tags: , , ,

Forex.com/UK account up, others will follow

July 1st, 2009

I’ve finally opened and funded an account at Forex.com/UK, I will trade it parallel with my Alpari UK account as before. I will start out with just MegaDroid on it, but will get another license for GridBot eventually (when they release the hedging function). Forex.com/UK has somewhat higher spreads at EURUSD than Alpari UK (2-3 vs fixed 1.8), but Alpari UK is going to start offering floating spreads soon (perhaps July). I think this will mean higher spreads for EURUSD, but perhaps lower for GBPJPY, AUDNZD and the likes that now have quite high fixed spreads. Forex.com/UK is offering better spreads almost all the time in GridBots main pairs.

It is still my strategy to have 3-4 live accounts running at the same time, as a way to hopefully diversify enough to eliminate broker manipulation. I am currently running demo at FXCM/UK (I have applied for a live account there also, but haven’t funded it yet). FXCM/UK offers floating spreads with 5 decimals, but for some reason I don’t get my EAs (FAPT, MD and GD) to trade very well there (on the demo). Don’t know why. The spreads are low during the day, but about the same as Forex.com/UK during the Asian session.

I have a demo at MB Trading that is doing great with FAP Turbo (even in GBPCHF) but they’re still in Beta and isn’t accepting new live customers right now. They take commission, but the spreads are amazing.

I am also looking at FxOpen and FXDD, will start demos there soon. I think that FxOpen is more like Forex.com/UK and FXDD more like Alpari UK. Of course I wouldn’t open accounts without the cashback offered by cashbackforex.com, that’s like throwing money away.

On the FAPT Swiss side I’ve found a new website offering 33.33% rebate on commissions, but it isn’t as well known as cashbackforex.com so I don’t know if I’ll sign there yet. Cashbackforex is huge and old in the game, the chance they close down and stop paying you is minimal. The new site there’s no telling with of course. So I still recommend to sign with the 30%  cashback. But sure, 11% more in the pocket is real money…