Seeking UK based Forex Platform

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aleclaw

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Hello everyone out there.

I'm seeking advice regarding choice of platform to begin Forex trading.
I've run a 4 week practice account with forex.com which I found very easy to navigate, but the technical analysis, news and daily strategies were in American (ET) time zone, which doesn't suit my trading plan. Also, I'm reluctant to wire money to a company in the US given the current volatilty.

So I've downloaded CMC Market Maker, but it's like a ghastly arcade game, and I won't be using it.

So, can anyone recommend a good UK based platform, with point and click order execution, reasonable bid/offer spreads, news, strategies and technical analysis in GMT, and from a reputable company where my hard earned money will be safe and easily accessible if I need to get it out. Other considerations include the availabilty of a practise account - to learn the mechanics, and real time charting?

I'm interested in day trading and scalping GBP/USD and EUR/USD - nothing too fancy to begin with,if that helps.

Any recommendations from experienced traders would be most welcome!
 
Looking for good and professional plattforms

Hello, I am also looking for something similar. I heard about FXCM plattform, that specialise in Forex. I use IG, but not very happy as you end up betting against them and as they are the ones that decide the prices it becomes very difficult to win.

I would welcome any suggestions / recommendations in this aspect.

Thank you

Arnaldo
 
Arnaldo said:
Hello, I am also looking for something similar. I heard about FXCM plattform, that specialise in Forex. I use IG, but not very happy as you end up betting against them and as they are the ones that decide the prices it becomes very difficult to win.

I would welcome any suggestions / recommendations in this aspect.

Thank you

Arnaldo
Click to expand...

Hi Arnaldo,

Good to get a reply!

Thanks for the feedback regarding IG - I will scratch them off my list!

Like I said, I tried a 4 week practice account with forex.com in the States - part of Gain Capital Group. I found it really easy to operate, and the technical advice is by Brian Dolan who is a guru in US Forex circles. Overall a really great package, but my only reservation is sending a big chunk of money overseas, and then trying to get it back later.

I read on this site that someone was having trouble getting money out of FXCM - so beware.

Barx is part of Barclays Bank - a AA rated UK bank, so funds should be safe there - but they don't offer a mini account for learning. Minimum lot size is $100,000, so there's the potential to lose a load of cash before you've mastered their system at £10 per pip

And CMC Markets platform is truly scary for a newbie!

So, what we're looking for is:
UK based
FSA regulated
Offering a 4 week demo account
Offering a mini account in $10,000 lot sizes at $1 per pip
Easy to get money out
Honest
Reasonable bid ask spreads

If you come up with any suggestions let me know - there are a lot of cowboys out there!

Alec
 
FXCM platform is very good. They also do a GBP account with 200:1 leverage. not sure about mini lots tho

also haven't traded forex in a while and correct me if im wrong. but a 100k lot should = about 5quid a point
 
Genics said:
FXCM platform is very good. They also do a GBP account with 200:1 leverage. not sure about mini lots tho

also haven't traded forex in a while and correct me if im wrong. but a 100k lot should = about 5quid a point
Click to expand...

Hi Genics.

Thanks for the reply, and yes you're correct, my mistake I hit the wrong key, $100,000 lot is $10 per pip.

Any suggestions for a UK based platform / broker?
Cheers,
Alec
 
Futures betting will let you trade Forwards. Just majors against the dollar. Minimum is $6.25 - $12.50 per point. It's a good platform for short term and scalping, since you get a level 2 ladder and can join the bid/offer or even go between it. They are not UK based (Gibralter regulated) but your money sits in Lloyds in London.

Hope this helps
Xeno
 
Xeno said:
Futures betting will let you trade Forwards. Just majors against the dollar. Minimum is $6.25 - $12.50 per point. It's a good platform for short term and scalping, since you get a level 2 ladder and can join the bid/offer or even go between it. They are not UK based (Gibralter regulated) but your money sits in Lloyds in London.

Hope this helps
Xeno
Click to expand...

Thanks Xeno for the useful information.

I'll check it out,

Kind Regards,
Alec
 
"and from a reputable company where my hard earned money will be safe ".. that should be easy...

just check that none of the literature contains the words "reputed" or "Bank" or "FSA" ... that should be pretty safe then :)

jokes apart - can vouch for Alpari... seem to be very honest and besides I love the accent of that nice lady on the customer service helpdesk :p

Trying ODL as well now. Will update later on how it goes.
 
Note to self: give Alpari a call.

"Alpari Customer Services, how can I help you?"
"Hi... erm... just say something... talk about going long, bull markets and risk:reward ratios for a bit..."
 
chilltrader said:
"and from a reputable company where my hard earned money will be safe ".. that should be easy...

just check that none of the literature contains the words "reputed" or "Bank" or "FSA" ... that should be pretty safe then :)

jokes apart - can vouch for Alpari... seem to be very honest and besides I love the accent of that nice lady on the customer service helpdesk :p

Trying ODL as well now. Will update later on how it goes.
Click to expand...

Thanks Chilltrader,
That's 2/2 for Alpari then, and no negatives...........will give them a try tomorrow,

Cheers,
Alec
 
Hi
You could try http://www.dbfx.com/dbfx/pages/main.jsp

Have only just started using these people but (from a complete novices point of view!) the system seems pretty straight forward.

I would be interested to know other peoples views on them (I only have a practise account with these at the moment)

Hope this helps

Carl
 
Thanks Erick,

Since posting my original question some months ago, I am now happilly trading through Barclays Stockbrokers - BARX.
They have an excellent Forex platform, they also offer a free demo platform for learning the software.
I have been live trading now for 4 months, and can tell you that the customer service is excellent, they are extremely honest and reliable, and they are part of Barclays Bank, which is the least badly affected of the British Banks in last Autumn's melt down. It retains its AAA rating - so my money is safe!
Hope that helps you in the future,
Regards,
Alec
 
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