Who in the UK

[cube101]

Hi There, Im looking to open a forex account but want to limit to micro lots (max) at the moment as im still pretty inexperianced in trading and very new to forex. Can anyone recommend some good accounts for a UK based trader... I was looking at OANDA? any good Do these account allow funds in GBP rather USD or would i have to trade in USD and hedge the risk?

 

[JTrader]

alpari is one

 

[cube101]

cheers they look good, I do really like OANDA's platform and min trade size (as a newbie)
does anyone know if they are FSA regulated? what kind of protection would a UK user have with them?

 

[TheBramble]

cheers they look good, I do really like OANDA's platform and min trade size (as a newbie)
does anyone know if they are FSA regulated? what kind of protection would a UK user have with them?

OANDA do not provide any protection at all for your funds.

 

[Jack o'Clubs]

do a search and you'll find a recent thread on this - there were some concerns at client money segregation IIRC.

 

[cube101]

are they a pretty big player in the forex market?

 

[TheBramble]

Yes. Very big. Do you want big or safe?

 

[cube101]

sorry, answered my own question, seems they are second only to GFT according to an older post. Thanks for you help! amazing that search button :cheesy:

 

[cube101]

well... safe, but i was equating size to safty (perhaps not a good idea) do GFT offer more protection then?

 

[TheBramble]

No idea about GFT. IB offer $30M.

 

[Trader333]

......... IB offer $30M.

I understand that this no longer adequate for your trading requirements


Paul

 

[TheBramble]

I understand that this no longer adequate for your trading requirements


Paul

That was privileged information.

I’ve since split the account.

 

[cube101]

Again thanks for the comments, Im having a play with Oandas demo and I have to say I love their platform... so easy and intuative to use and I particularlly like their order system, being able to see what your stops equate to in real cash (i know you can easy work it out but hey im all for an easy life) and then having them show on the charts is great. Only thing lacking so far is trailing stops.
Im sure there are other platforms equally as good! (did like GFT's but it a bit overly complex.)
I shall check out IB and see how they compair.

 

[TheBramble]

Again thanks for the comments, Im having a play with Oandas demo and I have to say I love their platform... so easy and intuative to use and I particularlly like their order system, being able to see what your stops equate to in real cash (i know you can easy work it out but hey im all for an easy life) and then having them show on the charts is great. Only thing lacking so far is trailing stops.
Im sure there are other platforms equally as good! (did like GFT's but it a bit overly complex.)
I shall check out IB and see how they compair.

You're in for a treat with IB!

OANDA has the easiest and quickest front-end I've seen for FX. My concerns with them are purely related to the lack of protection for their clients' funds.

 

[cube101]

no kidding thats one complex front end... ill stick with it see if i can get my head round it.
Tottaly understand your concern and from the previous posts the implication is your trading with large accounts ... as ill only be starting out with very small by comparison - i think the small risk v's a good platform that doesn't get in the way of my trading whilst i learn the ropes is the most important thing.

 

[TheBramble]

There are numerous front-ends for TWS that take a lot of the pain away (TSIM+, Buttontrader, Visualtrader, bracketrader etc.). Operability is one of your major requirements when starting out, but for all out functionality, bare TWS is hard to beat.

Certainly I'd recommend trading using a platform or front-end that meets your operational needs, but also suggest you spend idle or down time just playing with the bare TWS screens and features. It'll reward you in time.