Hi Every1!!

Can some1 tell me the best FX broker for trading on the news? I tried CBFX, but I got more requotes than fills. I heard good things about Oanda, what do you guys think? The ideal broker should have a low initial deposit as I am only going to test them out at first.

Oanda's execution is ok during news, you just have to watch out for widened spreads. Sometimes that can be harsh depending on the volatility. They also widen at certain times outside of news. For example, at the time of writing towards the end of the US session, the spread on gbp pairs is widened about 0.5 pips.

I think
every broker will extend their pips during the breaking news.
they want to make profit through us anyway..

Yep that's exactly what they do

Most retail brokers don't like people to trade spike on news because the market turns to crazy and they can't hedge the risk in so short time. It will just make them losing more...

You can give mbtrading.com a try, they are ecn.

Oanda is good until you get flagged.. make too much profit in a row and trade with too many lots(10+ already) and you will get requotes there too.

Of course, for the small fish, Oanda is good, but you will still need a good news provider to beat those spikes

InterbankFX has been great for me trading the spike. I have not been flagged yet (thank goodness). I suggest using Metatrader 3 instead of 4 to trade because it does not freeze up as much during news times. Keep your positions open as long as possible and do not trade more then $700k and you should be okay.

What's ecn? Thanks in advance.

Yeah, I have weighed up the pros and cons of brokers from forums like ET along with my own DD and I came up with three brokers.

Oanda, InterbankFX and IFX Markets.

I am interested with InterbankFX with the reason :
1. They use MT4
2. They are member of NFP (correct me if I am wrong, i forgot the abbreviation)

You really don't want to be using a broker who is not single click execution for trading news. That would mean any MT4 broker should be avoided. Stick with single click execution brokers. Oanda, EFX group, but don't use market orders with EFX, and Hotspotfx can be adjusted for single click execution on their platform. The good thing about Hotspotfx is you will never get slipped. You will always get excellent fills with low spread when you get filled. if you can't get filled at the price you want, then Hotspot won't fill you at all.

Oanda so far is the best except for their spreads increasing on the GBP/USD up to 15 pips on some UK reports. I trade GBP/USD for US and UK reports because the range is so much bigger compared to EUR/USD. If you get in quick on a GBP/USD UK report and even if the spread is 15 pips and the move is 40 pips, you still net 25 pips nicely. Most US reports stay around 10 pips and under on GBP/USD, and AUD/NZD can get up to 25 pips on some New Zealand/ Australian reports so I rather trade NZD/USD which goes up to 12 pips and AUD/USD which goes up to 12 pips. Oanda is single click and if you are trading under 1 million dollar lots you get filled nicely more times than not. Plus their platform is easy to use and open and close positions are fast.

Thanks for the explanation, Lauderdale,
I havent tried Oanda because i am not familiar with their trading platform,
I am already get used to by MT4 and have no problem for me...

an e.c.n. broker (ecn = Electronic Currrency Network) does not have a trading desk that trades against you, they send the order (for standard accounts, meaning trading size of minimum 1.0 lot or 100.000$) direct to the liquidity providers, the interbanks

Strike IBFX off that list. They are oderous, stop hunting, random spread widening crooks.

Arent they all? IBFX is no worse then the rest of them.

Also, you can have single click execution with Metatrader 4 if you set the permissions properly.

How do you do that Jesse?

What do you think about MARKETIVA for trading news?

Just check the "Enable maximum deviation from quoted price" and set it to maximum pips
This will minimize the REQUOTE effect.

Marketiva isn't good for trading the news because it has the 5 min chart,
trading the news is more doable with 1 min charts, since the price doesn't
always sky rocket but too too much or vice versa.

Execution is good and no slippage during news but sometimes they widen spread if got big news.

I think every broker does the same, they will widen the spread when the news come
correct me if i am wrong

Yeah I'm positive they will since the movements are huge during news releases.
Not always huge, this depends on the news released and how strong it will impact
the economy some affect the economy more than others.