4.05.2012

Looking for a Broker

Recently, one of my most favorite brokers, FXCC, has raised their commission drastically to the double their previous commission charge. By this chance, such high commission soaks up one-third or more of the profits made by my EA, which chases for only 5 to 15 pips. So I stopped trading with them and withdrew all my funds there. Be aware, their commission is now super high. I'm sure they will lose so many clients due to this crazy change.

Now, I tried to open an account with ATC Brokers that gets almost too good reputation here:
http://www.forexpeacearmy.com/public/review/www.atcbrokers.com

However, ATC Brokers forwarded me to FX Pulp website and fill the application form there. Knowing nothing about FX Pulp, I made some research on the net and found some articles that are not looking good:
http://www.forexpeacearmy.com/public/review/www.fxpulp.com
http://forexmagnates.com/fxpulpcrown-forex-ownership-saga-continues

I asked ATC Brokers their relationship with FX Pulp, and here is their answer.
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Our main clearing house is FXCM, however FXCM does not accept clients from certain countries, for this reason FXCM put us in touch with a company called AECN FX, and a few clients that were unable to open directly with FXCM, they would open with AECN FX.

 AECN FX is an IB to FXCM, so clients still use our own MT4, same commissions and spreads.

 About 1-2 month ago, FX Pulp bought AECN FX, so overnight accounts under AECN became Pulp clients.

 I was not aware of Pulp history, I will look into this further.

 What I recommend for you is this; open an account through my second liquidity house, they are located in the US, hence the leverage is 50:1.

 If 50:1 leverage is acceptable, let me know and I will have new accounts send you the on line application link.
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As I don't like 50:1 leverage and FX Pulp either, I declined their offer.

Finally, I've decided to give AxiTrader Pro account a try. I had once been a customer of Axitrader (standard account) and I really liked them at that time. With their standard account, although spreads are not so tight, pricing feed is very natural (probably no dubious plug-ins or bridges) and my EA had kept working fine there.

I have a positive impression about AxiTrader Pro account as they use the same liquidity provider with FinFX. I'm really apprehensive to use FinFX as they are not regulated, however, so many people says positive comments about FinFX. For me, if AxiTrader uses the same liquidity provider, that's much much better because Axi is regulated by Australian authority which is said to be very reliable.

A bit of downside is the minimum lot size of Axi Pro is 0.1 and no micro lots are allowed. This means your initial fund has to be relatively large. But I'll give it a try anyway.

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