You are using an out of date browser. It may not display this or other websites correctly. You should upgrade or use an alternative browser. Discussion in ' Forex Brokers ' started by fissure , Feb 27, Log in or Sign up.
Hi, I've been looking to get into trading fx, tried a demo account for about a month with one of the large brokers and did quite well, would like to try a live account with a small stake to start.
I'm still a relative newb to forex but I do know that I would feel a lot more comfortable being with a no dealing desk broker, I've read too many accusations on boards that I don't want to have to second guess anything regarding my trades.
Currently I'm looking at MBT and Oanda.
Two problems though, MBT doesn't appear to be available to Canadians as Canada is not listed in their account opening process And the other is that I have not been able to determine if Oanda takes the other side of client trades or not, searched their site and couldn't find a clear answer, forum posts have not been clear either, any input is appreciated. Canadian residents cannot trade spot fx with mbt http: Oanda will attempt to match orders in house and will aggregate trades.
Yeah, as the other poster said, MBT doesn't take Canadian clients. Oanda is great for their spreads but they tend to get wide during non-active times.
They say it's because liquidity drys up in the market, but a few different ECNs I trade with have great liquidity during these times.
Dealing Desk vs. No Dealing Desk Forex Brokers | DailyForex
Plus, it's a tad annoying when they widen their spreads to 10 pips on the majors during news releases I understand why they do this, and how it fits in their system, so I don't blame them I just find it annoying. As a bonus and you don't have to be an Oanda user to view it there's Oanda's fxLabs: All that aside, some people find their leverage a bit limiting, and the widened spreads during news and non-active sessions outright blows for news trades or scalpers So I usually point out a great Australian broker that accepts Canadian clients called Pepperstone Their spreads on their Razor account are from Integral's ECN grid so there's a commission charge but the total cost in pips is lower than Oanda during high liquidity times and blow Oanda out of the water during news and low liquidity times A number of brokers call themselves Non-Dealing Desk.
The problem is, one can't see the actual path of orders.
Brokers can easily lie about it and most likely they do. On the other hand, even true Non-Dealing Desk just forwards your orders to a bigger broker, and this bigger one may be nothing but a big bucketshop. So I think the only thing that matters is quality of order execution, spreads and some regulation to prevent fraud.
Whether it is DD or NDD doesn't matter at all. He's a total virgin to FX in general and some of you guys are telling him to open a futures acct? You must log in or sign up to reply here. Your name or email address: Do you already have an account?
Beware of No Dealing Desk (NDD) Forex brokers | Forex Crunch
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