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Chris,
I have had a 6 months experience with MatchbookFx.
Here are the pro's:
- very professional with fast fills and small slippage, even when you are
trading by chat (this was my case when I was trading from the office,
because there the firewall prevented me from using their electronic
platform, with which you have the ability to have very small pips, sometimes
2-3 pips)
- very courteous and friendly, with a fast answer to any inquiry. One day,
I complained that they charged me a com for a limit order. No discussion, I
was credited immediatly.
Now the con's:
- they had a comission schedule, which is uncommon for a forex broker. But
this was (more than) compensated by the fact that you have very few slippage
and very small pip (bid-offer spread) so this was not a problem at all. BUT:
- they drastically changed their strategy in August, favouring big
institutional accounts. They announced that for any account below 250,000 $
, a fixed monthly fee of USD 500 would be in order, from which they would
deduct the commissions. For a small account like mine (12,000) generating
around 150 USD/month, this meant an additional USD 350 fixed fee or com
for...nothing !
I was upset and closed my account immediatly.
Then, they made a fair proposal: waiving this 500 USD fixed fee, in exchange
my minimum balance would be 15,000 USD.
Had they made this proposal one week earlier, I would have accepted, but it
was too late, my confidence was a bit hit.
Sometimes, I regret these guys...
Hope this (balanced..!) opinion will help you. Otherwise, if you are located
in Europe, you may want to try MIDAS. I discussed several times with one of
their executives, they look very professional too but they do not give the
possibility to trade by chat or email, and I have this firewall prob...
Carl Vanhaesendonck
-----Message d'origine-----
De : Chris Cheatham [mailto:nchrisc@xxxxxxxxxxxxx]
Envoyé : 23 September 2000 02:35
À : Omega List; RealTraders
Objet : cash forex e-brokers
Anyone done any comparisons of the various internet FX brokers/market makers
out there? Of the ones I have looked at, MAtchbook FX seems the best setup.
Except they say don't pay interest on cash balances unless you maintain a
$50K account.
Anyone have any experience with these firms?
Thanks for any input,
Chris
p.s. There is a list of many of them in this month's Futures if anyone is
interested.
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