Saturday, December 24, 2011

A New Forex Broker

Ever since MF Global went tis up, I’ve been on the hunt for a new broker.

Here's my deal;
I use Interactive Brokers, they don't do MT4 though.

I had an account with MF Global, through their Canadian office who were members in the Canadian Investor Protection Fund (CIPF). When they went tits up I didn't have to worry, the CIPF covered me 100% up to a million bucks, I got my full $$ back in the form of a cheque with the help of the courts and KPMG.
Then, I opened a mini account with Oanda a while back, found out they don't allow MagicNumbers and they write a reference number in the comment field. Never thought to check the demo account, I mean why would a criminal do something stupid like like?? Live and learn boys and girls. They suck because of that, money is being withdrawn.  Losers.

After MF Gobal
So now I needed a new criminal....

Rather than reading reviews, I first started looking for a criminal that actually had what I wanted, a little tougher here in Canada. I want a criminal to be CIPF registered. I found the only by asking FXCM if they had a Canadian office. When I was using MF Global, they used Boston Technologies for MT4 as do FXCM. So I think I'll be OK with FXCM, I'm going trough the Canadian criminal, Friedberg Direct. Account opening is in progress.
I opened an account with PFGBest a while back, funding is in progress.

I called IBFX to ask them a bunch of questions and fill out my "criminal research sheet" and they said, since TradeStation acquired them, they don't accept Canadians. Now I hate TradeStation even more than I did 6 months ago.  They are scared of Canadian regulations, they can go f*#% themselves.

In the end this is how I want my accounts to be setup:

Interactive Brokers - trade ETF's (index) longer term and some futures (Asia)

FXCM - 0.01 lot size - EA's that have proven to be profitable and bug free on demo are promoted to this account on a low risk setting, trading Live. One reason for this is I notice demo services puke quite often, all kinds of errors and order time outs at normal times of the day. If this account makes $$ I transfer to an account with larger lot sizes. They also offer to reimburse for VPS, account minimum has to be met. I use my home PC right now with cable modem and low downtime - Pentium 4 humming along running 4 MT4's at a time, each with between 3 and 10 charts open.

PFGBest - lot size 0.1 - use for EA's that have graduated and proven themselves to be bug free and profitable. They have a Canadian office but I elected to use the US office and also trade futures. I'll probably change this to the Canadian office and ditch the option to trade futures. Still pondering this.

I’ve almost settled and I’m pretty sure I’ll be OK with PFG and FXCM. I want two separate brokers with 0.1 lots and 0.01 lots. When an EA show promise on demo it graduates

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