FX Brokers

[jamus]

Hi everybody. I just wanted information on the best FX brokers around, websites and minimum deposit etc as I want to trade currencies for real and not just spread bet. Any input from anyone would be much appreciated

 

[JonnyT]

Hi Jamus,

I've had look at IBs offering today.

Spread for the Euro/Dollar is 1 pip and $12.50 per pip.
Spread for the $/£ varied from 3 to 8 and is $6.25 per pip

You need around £1000 per contract for a day trade

JonnyT

 

[one/two]

jonnyT

what exchange are the euro future contracts on
e.g. eur/gbp
thanks.

 

[JonnyT]

CME/Globex

JonnyT

 

[Miki]

www.oanda.com

Spread for the Euro/Dollar is 2 pips and $your choice per pip.

 

[al-motor]

Miki,

Been playing the FX game on oanda- seems good- the only thing is the margin seems high- To control 100k units, it is telling me i need about 7900$ , whereas the future for the same amont ( 2 contracts ) would only require about 1700 $ ?

Any ideas ??

 

[JonnyT]

Hi Al,

Al,

£5000 to control £100,000 is 200-1 leverage, as advertised.

The futures are different. If you want to day trade the only future I think you stand a chance with is the EUR/USD. The GBP/USD is too thin

JonnyT

 

[Miki]

It is for your own good, Al, fast moves can wipe you out very quickly.

 

[al-motor]

Jt- I realise the thin mkts and i think the futures are really meant for positional trading................

Miki- i understand that, but since i would always trade with fairly tight stops and those stops are guarateed ( as i understand no slippage), therefore it still seems too much - but i guess we cant argue !!

thanks

 

[JonnyT]

Al, you don't have to trade with 200-1 leverage. Just deposit more in your account or trade lesser values.

JonnyT