neil
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Use Search
Use the "SEARCH" facility on the home page or the "RESOURCES" tab above, then click on "brokers" then "Forex" :|
mfreak said:Hi all !
I need some good and reliable forex brokers to begin . They should have demo account to try .
They have the minimum account and the min deposit should be arround 300 $ or more
thanx for your answer
Use the "SEARCH" facility on the home page or the "RESOURCES" tab above, then click on "brokers" then "Forex" :|
roywheaton
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brokerage
Hi,
I can name one that I have started using, it is not a deal desk but trades direct with the banks and you can trade as little as 50k and 10k increments thereafter. They charge a commission but since there is no deal desk spread it works out a lot cheaper. contact efxgroup.com
$1000.00 will get the account open with a 100:1 margin
Roy
mfreak said:Hi all !
I need some good and reliable forex brokers to begin . They should have demo account to try .
They have the minimum account and the min deposit should be arround 300 $ or more
thanx for your answer
Hi,
I can name one that I have started using, it is not a deal desk but trades direct with the banks and you can trade as little as 50k and 10k increments thereafter. They charge a commission but since there is no deal desk spread it works out a lot cheaper. contact efxgroup.com
$1000.00 will get the account open with a 100:1 margin
Roy
Chris Hood
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mfreak said:Hi all !
I need some good and reliable forex brokers to begin . They should have demo account to try .
They have the minimum account and the min deposit should be arround 300 $ or more
thanx for your answer
Before risk your money anywhere, I suggest you consider my experience, which I recently posted (re-printed below) in another tread this forum in reply to a similar question. The post touches on the lack of trustworthiness of (1) the forex dealers (they're dealers, not "brokers") and (2) the come-ons the dealers use such as demo accounts. Here's the post:
You are not actually trading in the forex market regardless of the type of firm you select, spreadbet book or retail fx dealer. In both cases, you are trading the quote made by the shop. The shop is not laying your position off in the interbank market: it's the counterparty and simply is holding the other side. Your loss is its win. For that reason, the fx dealers make the quote as good for themselves as they can in every instance, including against particular positions of individual customers, regardless of the price they are making at that same instant for other customers in the same currency pair. At least that was my costly experience with Saxo Bank, the retail fx dealer mentioned by the thread starter.
We opened a trading account with Saxo after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices “misquotes.” Saxo's own charts -- showing the prices it made for other customers in the same pairs -- showed otherwise. The charts proved the breaching prices.
Here's an illustration of what we encountered that may be useful to the thread starter:
________
- Man in a casino plunks down three black chips ($300, the size, say, of a fx mini-account) at a blackjack table. The hand is dealt: he gets nineteen.
- Dealer has a ten showing and turns his hole card, an eight, for total of eighteen. Man smiles.
- “Mis-card,” dealer says as he fans the deck, pulls out a ten, and lays it face up squarely on top of the eight. “20” dealer says as he rakes in the three black chips.
________
The above is one trick in the bag of tricks facing customers of fx dealers. It’s the trick Saxo used against us. Now, knowing those are the rules that operate, why would anyone open an account with a fx dealer?
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That is known as credit risk, simply put: don't put all your baskets on one egg.
Can anyone be sure his broker won't close shop tomorrow? Will an exchange close shop suddenly? Not likely but not impossible.
When you put money into a broker in another country and you make $1,000,000 through that broker, even if that broker doesn't cheat, does that country have capital control limiting how much money you can withdraw out of that country or suddenly impose such a control?
A trader doesn't have to worry about credit risk too much if his main duty is trading, but if you are trading as an individual, credit risk is a necessary skill, eg. how to size somebody up, can he pay up, is the company regulated by well-defined and maintained rules and regulations, how is that country's culture and customs, is that country a habitual liar, are its people habitual hypocrites, etc, is he//she/they/that company worth taking a risk on as your counterparty?
Can anyone be sure his broker won't close shop tomorrow? Will an exchange close shop suddenly? Not likely but not impossible.
When you put money into a broker in another country and you make $1,000,000 through that broker, even if that broker doesn't cheat, does that country have capital control limiting how much money you can withdraw out of that country or suddenly impose such a control?
A trader doesn't have to worry about credit risk too much if his main duty is trading, but if you are trading as an individual, credit risk is a necessary skill, eg. how to size somebody up, can he pay up, is the company regulated by well-defined and maintained rules and regulations, how is that country's culture and customs, is that country a habitual liar, are its people habitual hypocrites, etc, is he//she/they/that company worth taking a risk on as your counterparty?
Chris Hood
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Baruch said:
I contacted Finanstilsynet, which is the Danish Financial Services Authority (FSA), when Saxo burned our account. Saxo states that Finanstilsynet is its regulator, which is dishonest because Finanstilsynet replied to me in writing that it could not and would not provide me with any information about Saxo, on the ground that confidentiality prevented it from disclosing information about Saxo, even to Saxo's own customers. That is not regulation, obviously.
I subsequently learned that Saxo was shut down in Australia by Australia's FSA. It is not registered with the UK FSA or with any USA regulator (like the CFTC) or self-regulating group (NFA, for example). So, Saxo's fx dealing with retail customers is unregulated by ANY authority. It's the Wild Wild West. If you're burned as we were, you'll be as out of luck on that score as we were.
Chris Hood
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Baruch said:
Why, in your view, would Saxo Bank say its retail fx dealing is regulated when in fact the Danish FSA will not or cannot assist Saxo customers who have a complaint? Doesn't that raise a red flag with you? And, concerning your reply, are you saying that the local police can help customers with a complaint when the Financial Services Authority (FSA) cannot? Isn't that far-fetched, not to mention impractical for customers like me who do not live in Denmark?
combotrader
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Interactive
Has anyone used Interactive Brokers for forex ? I trade shares on their account (US only) but was wondering if anyone knew what their fx was like. They say you can deal directly with CME for their futures.
Thanx CT
Has anyone used Interactive Brokers for forex ? I trade shares on their account (US only) but was wondering if anyone knew what their fx was like. They say you can deal directly with CME for their futures.
Thanx CT
QuoteTrader
You can use the free real time trading and charting program QuoteTrader with these forex brokers: IB, FXCM, Gain, MB Trading and Oanda.
Check it out here: http://www.quote.com/quotetrader/
Chuck
You can use the free real time trading and charting program QuoteTrader with these forex brokers: IB, FXCM, Gain, MB Trading and Oanda.
Check it out here: http://www.quote.com/quotetrader/
Chuck
Best brokers
There are many brokers to start with, however you should look for different aspects before dealing with them.
1. Demo Account
2. NFA regulated
3. CFTC registered is a plus
4. Margin choices
5. Fixed Spreads (3-5) pips max for classic pairs
6. Choice of different deposit methods
7. Choice of different withdrawal methods
8. Live support
9. Fills in news times (important for news traders)
I have written in the past an article on how to choose your broker, but I cannot remember where it is. Once I find it I will post it here. In the meantime, have a look at 3 best brokers I have chosen, and PREFERE my self.
Regards
Yanni
There are many brokers to start with, however you should look for different aspects before dealing with them.
1. Demo Account
2. NFA regulated
3. CFTC registered is a plus
4. Margin choices
5. Fixed Spreads (3-5) pips max for classic pairs
6. Choice of different deposit methods
7. Choice of different withdrawal methods
8. Live support
9. Fills in news times (important for news traders)
I have written in the past an article on how to choose your broker, but I cannot remember where it is. Once I find it I will post it here. In the meantime, have a look at 3 best brokers I have chosen, and PREFERE my self.
Regards
Yanni
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whats the advantages of using your charting with say Oanda please Chuck?
daytradingworks
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saxo are prob the best of the internet bunch if you are managing and having to sell your ideas to raise capital to trade. if i was starting out again i would use acm in geneva. chosen them for my private account.
statements, back up and service are excellent. the platform is reliable. and caters for all levels of trader.
statements, back up and service are excellent. the platform is reliable. and caters for all levels of trader.
