Currenex, EBS or HotSpot FX Brokers for a .5M account.
First of all thanx to everyone for the invaluable posts in T2W. I have been reading these boards for years, its been great help! This is my First post so hope this goes well...
After 6 years of trading I finally seem to be consistently profitable. My concerns now are NOT about my trading system, charting software etc but the security of my funds. Some brokers offer segregated accounts but still if the company isn’t solid enough and goes bankrupt you will have a very tough time getting your money back.
So, is FOREX a real, serious way to make a living?? I have my doubts mainly because I can’t find serious, all round, well established brokers like you can for futures, bonds, stocks, option etc... e.g. Charles Schwab, TD Ameritrade Holding Corp. and E*Trade Financial Corp.
Recently I found a preview of a report by FOREX MAGNATES Retail Forex Industry Report for Q1 2011
http://forexmagnates.com/wp-content/uploads/2011/04/Forex_Magnates_Q1_2011_preview.pdf where a list of the biggest brokers by volume of trades is shown. Of the top 5 brokers, I believe 4 are market makers. Deutsche Bank is gone and Citifx is essentially a white label of Saxo Bank… (not sure thats a bad thing but it makes me wonder about this market.)
Also, I usually read that professionals trade through Currenex, EBS, Lava, HotSpot etc but I don’t think any of these platforms are offered by the brokers on that list. So then where do pros trade?? Maybe they mainly trade in regulated exchanges like Futures??
I am in the process of raising capital with relatives and family friends to make my own little fund to manage. I am hoping to get about $500,000USD. Being borrowed money I want to put it with the safest broker possible. Any help will be greatly appreciated. (I am not trying to say that any of the brokers on that list are good or bad, just that the whole FX broker thing doesn’t seem to make sense… and BTW, sorry if my English is not perfect I tried my best :| )
First of all thanx to everyone for the invaluable posts in T2W. I have been reading these boards for years, its been great help! This is my First post so hope this goes well...
After 6 years of trading I finally seem to be consistently profitable. My concerns now are NOT about my trading system, charting software etc but the security of my funds. Some brokers offer segregated accounts but still if the company isn’t solid enough and goes bankrupt you will have a very tough time getting your money back.
So, is FOREX a real, serious way to make a living?? I have my doubts mainly because I can’t find serious, all round, well established brokers like you can for futures, bonds, stocks, option etc... e.g. Charles Schwab, TD Ameritrade Holding Corp. and E*Trade Financial Corp.
Recently I found a preview of a report by FOREX MAGNATES Retail Forex Industry Report for Q1 2011
http://forexmagnates.com/wp-content/uploads/2011/04/Forex_Magnates_Q1_2011_preview.pdf where a list of the biggest brokers by volume of trades is shown. Of the top 5 brokers, I believe 4 are market makers. Deutsche Bank is gone and Citifx is essentially a white label of Saxo Bank… (not sure thats a bad thing but it makes me wonder about this market.)
Also, I usually read that professionals trade through Currenex, EBS, Lava, HotSpot etc but I don’t think any of these platforms are offered by the brokers on that list. So then where do pros trade?? Maybe they mainly trade in regulated exchanges like Futures??
I am in the process of raising capital with relatives and family friends to make my own little fund to manage. I am hoping to get about $500,000USD. Being borrowed money I want to put it with the safest broker possible. Any help will be greatly appreciated. (I am not trying to say that any of the brokers on that list are good or bad, just that the whole FX broker thing doesn’t seem to make sense… and BTW, sorry if my English is not perfect I tried my best :| )
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