I'm thinking of putting myself through the Free Prop Trader Training Course and would like to open an account with a Direct Market Access provider. I've applied for one with Velocity Futures since they seem to be recommended in the Free Prop Trader Training Course. I have plenty of experience in spreadbetting but not with DMA.
In contrast to spread betting companies it seems that the DMA providers are very US centred. Does this mean that (a) when I deposit funds they have to be converted to USD (incurring conversion charges and currency exposure) and (b) prices for UK shares are converted to USD? Both would seem rather unsatisfactory but I couldn't see any option to open a GBP account with Velocity.
Also I'm not quite clear on the difference between a DMA provider and a futures broker. They seem to be two separate options here, but what's the difference?
Thanks for any help.
In contrast to spread betting companies it seems that the DMA providers are very US centred. Does this mean that (a) when I deposit funds they have to be converted to USD (incurring conversion charges and currency exposure) and (b) prices for UK shares are converted to USD? Both would seem rather unsatisfactory but I couldn't see any option to open a GBP account with Velocity.
Also I'm not quite clear on the difference between a DMA provider and a futures broker. They seem to be two separate options here, but what's the difference?
Thanks for any help.