Forex Brokers that Allow Scalping: Research and Results
Submitted by User on June 5, 2007 - 13:56.
The topic of Forex Brokers allowing scalping is very hot.
I was looking for answers in various forums, tried searching with keywords in search engines, tried reading policies and FAQs on the websites of different Forex brokers...
It seemed like I had only guesses, but nothing solid to rely on.
And then I came up with a simple solution - sending customer support inquiries to the different Forex brokers...
My question to all of them was the same:
“Do you allow scalping? By scalping I mean holding a position for less than 1 minute.”
That’s it.
Today, I’d like to share with you what my research has revealed.
So, brokers allowing or not allowing scalping...
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FXDD allows scalping. What's the point of further discussion? Can we hear an official reply from a representative? i guess that's what Thomas meant.
moneyforex does not allow scalping they close my account for violation of scalping what can i do
my email axis123us@netzero.com if any one can help
Nothing. Review their client agreement for the scalping policy. Otherwise ask them to clarify what they mean by scalping and kindly ask for explanations as to why they considered you a scalper.
Hi Edward an all,
Thanks for your really helpful web page.
Now I was trading options only and have account with a Thinkorswim. When researching on the brokers review (Forex peace army) I have come across a lot of comets with a experiance that forex broker do slippage and requoting very often to take advantage of their dealing desk position nad often do not trigger your stop loss orders and limits.
I have opened forex account with Thinkorswim and experience the same stop was 160.53, price went down to 160.25 and then when it reached 160.36 again I was filled. There are a lot of complaints about difficult withdrawals as well.
Please let me know what is your experience and can you recommend good broker so I can trade without thinking about this kind of problems.
Best regards.
Sasa
Hi Sasa,
I have no personal experience with thinkorswim broker. I can only say that they are market makers. Also their spreads are a bit higher than average, so to speak.
I'm trading with OANDA, but I also use other charting software (MT4) to guide my trades. I can't say, they are the best, it just happened that I stuck with them :). By the way, OANDA is a market maker too.
If you are on the move with your broker, I'd recommend reviewing STP and ECN brokers first. This is the best listing of all NDD brokers I came across:
http://www.100forexbrokers.com/stp-ecn-brokers
Hope this helps.
Best regards,
Edward
Hi Edward,
I heard many people say the most reliable brokers are STP and ECN types brokers. However, they always come with commission fee (otherwise from where they will earn money?). The question is if we do scalping, we make many small trades a day. Meaning there will be lots of commission fees per day. Is it still profitable for us to do scalping trades after the commission? Please advise your opinions and suggestions how to solve this problem because I am on process to open an account with an ECN broker with $10 commission fee, but I am worry my trades will not be profitable anymore after commission.
Oh, my question was not for Edward alone. Other friends are welcomed to comment too. Thanks.
I assume it is 10$ per 100k roundturn.
Then you've got a fee equal exactly 1 pip.
The math is simple:
Market maker EURUSD, say - 2 pips fixed
versus ECN, say - 0.5 pips + 1 pip commission = 1.5 pips (keep in mind that spreads with ECN will vary)
Thomas
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