Im looking for a broker thats safe with large deposits, and has good GJ Spreads
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Thread: Im looking for a broker thats safe with large deposits, and has good GJ Spreads

  1. #1
    I am going to be trading 100k IRA account with Millennium confidence as my IRA account holder. I typically exchange the GJ and EU using a typical entry of $5 per/pip and make about 50 trades each week using a goal of 15-30 pips. I have been trading using oanda for the past year with fantastic effects, but they don't let IRA accounts so that I need a new broker. My main concern is security of my deposit. If anyone has any suggestions, or experiences they'd like to discuss it would be greatly appreciated. Thanks Beforehand.

    That is a list of brokers that Millennium functions with that I need to pick from.

    FOREX CAPITAL MARKETS (FXCM)
    PEREGRINE FINANCIAL FX
    TRADESTATIONFX
    VELOCITY4X
    IFX CAPITAL MARKETS
    GLOBAL FOREX TRADING
    FX SOLUTIONS
    FOREX DIRECT DEALER
    INTERBANK FX
    GFS Forex Futures
    Royal Forex Trading
    ODL Securities
    Gain Capital

  2. #2
    Quote Originally Posted by ;
    I am going to be trading 100k IRA account with Millennium confidence as my IRA account holder. I typically exchange the GJ and EU with a normal entrance of $5 per/pip and make about 50 trades per week with a target of 15-30 pips. I have been trading with oanda for the last year with great results, but they don't allow IRA accounts so I need a new broker. My biggest concern is security of my deposit. If anybody has some ideas, or experiences they'd like to discuss it would be greatly appreciated. Thank you in advance.

    Here is a listing of brokers that Millennium works with that I want to choose from.

    FOREX CAPITAL MARKETS (FXCM)
    PEREGRINE FINANCIAL FX
    TRADESTATIONFX
    VELOCITY4X
    IFX CAPITAL MARKETS
    GLOBAL FOREX TRADING
    FX SOLUTIONS
    FOREX DIRECT DEALER
    INTERBANK FX
    GFS Forex Futures
    Royal Forex Trading
    ODL Securities
    Gain Capital
    ODL have a good name

  3. #3
    Quote Originally Posted by ;
    ODL possess a fantastic title
    Does anybody know anything about ODL? I downloaded their demo and it seems like they've a fixed 6 pip spread with GJ, but does anybody have some experience using them?

  4. #4
    If you would like to play it safe, then open several accounts several brokers to spread out your risk.

    FXCM likely has the largest capital reserve from the brokers you listed making it among the safest. Spreads on GY aren't ideal though. I would also consider IBFX and Tradestation because I think both are healthy brokers with a respectable history.

  5. #5
    Quote Originally Posted by ;
    If you want to play it safe, then start several accounts at several brokers to distribute your risk.

    FXCM likely has the largest capital reserve out of the brokers that you recorded making it among the safest. Spreads on GY are not ideal though. I would also consider IBFX and Tradestation because I feel both are healthy brokers with a respectable history.
    Thanks to the advice, the one problem with that is scale and scalp into positions, therefore it's extremely difficult to exchange several platforms at the same time.

  6. #6
    Have you Really Looked at Interactive Brokers? Member of SIPC is about as safe as you can get in the trading world. Of course, the spread and platform may not be to your liking.

  7. #7
    I agree with Frank. I have a lot of accounts, however, if I had been trading my IRA and had to select one broker, I'd proceed with TradeStation. My core account is using them and I've been happy. If you want to dabble in different markets you are able to do all of it at TS. You exchange far more than sufficient to acquire the platform charge waived. Their charting package is light years ahead of Oanda's, however to be honest, Oanda's platform is sufficient for scalping.
    Just wondering... Should you utilize Millennium Trust as your own IRA custodian and exchange using a broker, will your IRA be managed (by Millenium and chosen broker) in a more secure manner than a standard cash account? Seems like dealing with an IRA custodian and also a retail broker will give you another layer of protection, or possibly another element of risk. I'm presuming an IRA will be protected by insurance with Millennium.

  8. #8
    Another choice is to start an account in a broker which offers 400:1 leverage such as IBFX and FXCM Micro.

    This permits you to exchange your preffered lot sizes however to keep most of your money on your FDIC Insured account and just send your broker enough money to meet the minimum account size. Only watch your free margin though....

    I am doing so currenty and it makes me feel safer.

  9. #9
    'Nother great point. All your trading funds does not need to be with your broker. It is a jungle out there at this time. Anything can happen at any moment.

  10. #10
    I think your choices ought to be narrowed to PFG, Gain, ODL, and GFT. All financially sounds firms and should provide you decent support. I would have a look at PFG and ODL's currenex first, and if you dont like this, then I would go with the GainPro, and then finally with GFT's variable spread model, which is kind of , but does conquer most of the other choices Millenium gave you.

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