any good offshore brokers to recommend? im using oanda but its overnight interest rates are ridiculous. if you long eur/usd, eur/jpy, gbp/jpy, gbp/usd and hold it overnight, you have to pay. if you short, you also have to pay.
Max: I would say Oanda is a quite very good broker. I would rate them as one of the most honest market maker around. And if you need it, their support is very good. Don't know what you mean by 'Offshore' as Oanda is a US company and they opearte in US, UK and SG. That's not really Offshore :) What I don't like with Oanda is the 1:50 margin and no hedge (even in UK) policy.
I understand you about EUR longs, but it's now the case with many, many brokers since last ECB rate cut. On markets, USD is actually paying more interest than EUR ! In fact, you start to find more and more brokers that pay positive interest rates on EUR/USD shorts now ... You were used to get interest on EUROS, this time is over for now, until Europe situation gets better (if it will one day, lol) and ECB raise again its interest rates.
It depends of what you're searching for. *FxPro* has nice swaps but not that good spread. *LMAX* has pretty good swaps and very good spreads + one the best execution you can dream of, but as an ECN you will have fees to pay (you can see them compensated by the low spread, I mean with other brokers you pay them too, you just pay them with the spread, but it can change psychologically). *FxPrimus* is not bad, and is Offshore if it's what you seek (They are great, but I would say, beware of swap changing if you take large positions and plan to keep them with FxPrimus)
*ThinkForex* in NZ and *Fxcc* in Cyprus seem not bad, but I never was with them. And their swap aren't very good. They are better on the spread and execution side. So for people who don't keep their positions too long.
*Dukascopy* in Switzerland seems very good, but no MT4, or you have to pay an external provider to have MT4 (additional fees). Never was with them either, but only heard good things about them.
Oh, check *Armada Markets*. Just be careful as they are quite new and their regulation is not very known. But I was with them, and everything was fine (very small account I admit). They use LMAX to hedge their trades, and *** they are now still paying positive swap on EUR/USD ***, seems to be what you're looking for ! Excellent execution, high leverage, but some fees to pay, as your trades go to an ECN
Just avoid SCAM brokers like Exness ;) Don't be attracted by their fake spread or swaps, as it doesn't reflect the reality, and they will scam you if you're a winning trader, as I feel they can't do anything else with such too-good-to-be-true conditions.
I'm very happy to see all the quick reactions about Jeevan's absurd comment. Thanks everybody. On his page, this guy recommends two of the best known SCAM brokers, lol.
Oh, a last thing Max: Check the reviews on FPA before opening an account with a new broker.
Mevo: Awesome review! Appreciate it. I'm actually satisfied with Oanda. But their spread are gradually widening in the past year. It just makes me sick that they are resorting to the oldest trick in the book.
The reason why I am looking out is because MAS (in Singapore) is planning to reduce leverage of 1:50 to 1:20 or even lower. I will have to open a FX account with an offshore firm. And the most pressing concern is the fact that most of them are denominated in USD. And we all know, USD is shit now.
FX Primus - I've heard good things. May give it a try sometime soon.
I feel that Oanda widened a little their margin on swap too. Most of their interest rates are not as good as before. Seems to be the lower volatility on the forex market that make brokers earn less (less trades from customer I guess), and they are searching money on wider spreads and higher margin on swaps.
You can ask Oanda to transfer your account to the UK. Maybe you were more confident to have a fund protection from SG than from UK. Singapore has more debt than the UK, despite what many people think ... Or maybe you don't want to have an account in the UK for other reasons. And with Oanda, you will have access to their fxMoneyTransfer system in the UK which is great, and not available in SG (If you have to do wire transfers in other currencies)
With FxPrimus, you can have an account with USD, EUR, GBP, AUD and SGD as base currency.
trading forex with this broker for over a year,never faced any major problem barring requotes and delayed reply to ur queries,apart from that they are ok ,far more better than others in this industry,, yes ,i agree that few of the traders face problem but if you take your issue properly your problem will be resolved for sure, hope my words had not hurt anyone,,, all the best ,trade well
hwlm posted: Jeevan: show us some real statements from Exness before you continue to make a fool of yourself.
ya sure,, i have nothing to hide, but let me tell you one thing , i have no commercial gain in speaking pro exness here, i personally feel satisfied with them and so have given a positive feedback,, pls find the attachment,hope it clears ur doubt,,, remember i am trader like you, i am interested only in the welfare of our well being,, constructive criticism are welcome
I have accounts with Oanda and FXCM. A bit off topic here, but OANDA does not allow hedging with the same currency pair (having opposite trades with the same pair). FXCM does. I think they are both good, though. I'm not going to stop my account with OANDA because of this, but I may invest more with FXCM. It's ok if they take a bit more by way of spreads, as long as they are honest about it. At least they are regulated. I have not withdrawn anything from either yet.
God forbid anyone having an experience like Mevo's.
Mevo: I believe it is NOT your fault. You have invested the time, money and energy for those profits. You trusted them, and they betrayed your trust. Forget bonuses, but I do think you should get back your capital + profits in it's entirety.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
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Les performances passées ne sont pas indicatives des résultats futurs.