Forex MegaDroid review - 12 brokerages

[Ken Long]

Originally Posted by hotsawce

I'm going to be purchasing Megadroid sometime this month, and I will be demoing immediately after and then opening a live account.

I have a few questions, though. What is the best broker for US citizens at the moment that isn't NFA regulated? I want to take full advantage of the bot.

Secondly, I'm going to have a little bit of money to play with in the live account, but I'd like to use more or roll over some money from an IRA. Does anyone know if forex brokers or firms will roll over money from an IRA? I'm having trouble getting information on this. I know my current broker doesn't even have an option for forex, and I'd like to put the money to use in something more sure and profitable, as I am over the "stocks" craze

FXDD, they are not necessarily the best broker , thats impossible to say. They maintain a 2 pip spread on the EURUSD, they welcome scalpers and scalping robots, they have arrangements with several IRA holding companies for self managed IRA's, I dont know any Forex company that manages IRA's on their own, they have several trading platforms besides Metatrader, in case you would prefer to manual trade in a position based platform like most online stock brokerages, and they are registered with the NFA and CFTC, yet they are not restricted by the NFA regulations like the other Metatrader brokers are. Its all on their web site. I personaly think they are one of the best Metatrader brokers available. There are a few others, such as pgfbest and FxPro, that offer better spreads, but the spreads are not fixed and can sometimes varry wildly.

[Pietpatat]

Originally Posted by PipCop

Very nice, and welcome to the site. Those spreads are unbelievable, I am going to have to check them out. How do you like ATC? Any issues?

Thanks. I have only been with ATC for 1 month but so far so good. Fast 24/7 chat support and they don't have a problem with MD. And they were nice enough to check if my VPS is good enough to run an EA.

[PipCop]

Can you tell me what their spread is on the AUD/NZD and EUR/CHF? I use RoboMiner so those are my two target pairs and Forex.com has a 12 pip+ spread which kind of sucks...

[hotsawce]

Originally Posted by Pietpatat

I'm trading MD with ATC and there spread is always below 1 pips, useally 0.6-0.8. I noticed it takes more trades then other brokers ( Alpari, ODL ) because of the low spread .

Here are my results:
http://www.myfxbook.com/members/Pietpatat/atc/8695
It started 8 december and took a 3 week break during the holidays. So far no losing trades.

Great to have you on board.

JadeFX and IAMfx have similarly low spreads. In some cases, I think they are lower. JadeFX charges a .5 commission , IAMfx a 1.0 commission , and I'm pretty sure ATC charges a .8 commission . The thing I'm most concerned about are the swaps. How are the swaps with ATC? Does megadroid even hold trades open long enough for swap fees to be relevant? If one of these brokers offer swap free accounts I think that will push me towards a decision, but right now I don't know. Have also heard that "OneCorp FX" is good, but it's a little more sketchy than the others.

[hotsawce]

Originally Posted by PipCop

Can you tell me what their spread is on the AUD/NZD and EUR/CHF? I use RoboMiner so those are my two target pairs and Forex.com has a 12 pip+ spread which kind of sucks...

I've been following IAMfx spreads and the AUD/NZD pair's highest spread was 9, and I've seen it hanging mostly around 6 to 8.5. for EUR/CHF it's been about 1.1-1.8. 1 Pip commission with IAMfx. I'm not sure if the lower spreads help robominer or not.

[rsmereka]

Originally Posted by PipCop

Can you tell me what their spread is on the AUD/NZD and EUR/CHF? I use RoboMiner so those are my two target pairs and Forex.com has a 12 pip+ spread which kind of sucks...

According to this, ATC does not even offer AUDNZD.

Rick

[PipCop]

Originally Posted by rsmereka

According to this, ATC does not even offer AUDNZD.

Rick

I know it's a Friday Rick, but I think you better check your eyes because I see it right there in their list.

[rsmereka]

Originally Posted by PipCop

I know it's a Friday Rick, but I think you better check your eyes because I see it right there in their list.

Oopps,

When I was snooping around the ATC site, I was unable to find a page that detailed the spreads.

Rick

[PipCop]

Neither could I, so I was hoping he could just open a chart and take a quick look to give me a quick idea.

[Pietpatat]

Originally Posted by hotsawce

Great to have you on board.

JadeFX and IAMfx have similarly low spreads. In some cases, I think they are lower. JadeFX charges a .5 commission , IAMfx a 1.0 commission , and I'm pretty sure ATC charges a .8 commission . The thing I'm most concerned about are the swaps. How are the swaps with ATC? Does megadroid even hold trades open long enough for swap fees to be relevant? If one of these brokers offer swap free accounts I think that will push me towards a decision, but right now I don't know. Have also heard that "OneCorp FX" is good, but it's a little more sketchy than the others.

I never got charged swap with ATC. I don't know if this is because my longest trade was only 2 hours or if ATC doesn't charge swap , but you can ask ATC about this.

Another reason I chose ATC is because Bravehoststamps said it was an ECN broker . Which is better for megadroid because it has a direct connection with the market or something. And IamFx is not a ECN broker but a STP , I don't know what all this mean, but it is something to look into.

I'm looking forward to seeing someone running MD with IamFX, because it really seems to be a good broker for my friends who have less then $5k to invest. ( especially with the free VPS )

@Pipcop; Aud/NZD is currently at 4.6 pips spread , and Eur/CHF 2.6 pips spread .