Answers
I want to start trading forex, but i've noticed there are several trading brokers/platforms. Can you please tell me which ones are the best to use and why? And more importantly, your experience with your choice.
Thanks
jackson
I use Interbank FX and GFT. I don't find their spreads to be any better or any worse than anyone else but I appreciate their customer service and user friendliness of their apps.
InterbankFX has another cool feature and that is the ability to use their credit or debit cards in order to quickly access money from your account. One word of caution is that all brokers make it very each to put money in....and many make it extremely difficult or time consuming to get money out. I guess they like that float.
The third reason that I like Interbank FX is that they have actually developed an EA for us that monitors my account balance and automatically closes all my positions and locks in my profits using either a profit target or a trailing stop setup. It is very cool waking up and seeing that you have just made $800 while you were asleep.
Lastly, we have negotiated institutional interest rates with both of these firms that are not available to other retail clients.
I hope this helps.
paul
www.ForexCoachingPros.com http Stephen gives his suggestions for the best ECN brokers that he knows. When you are ready to begin live trading, the ...
I am thinking about Forex Trading. Is Omni Forex a reputable broker or what are some good ones to use?
I do not have experience with Omni Forex. I suggest you to try out few different forex brokers. All are offering free demo account now, you can try out their trading system before deciding.
Do sign up with a forex broker that with offices in your location. Good luck.
Which is the best forex broker to start Forex Trading?
Hi everyone!
I am new to forex and have only just found out about all these automated forex robots and such that are supposed to really take a lot of the risk out of forex trading. I need an real working automated forex robots, automated forex system that really works. Can anyone suggest a good one?
Thank you!
Like I read in one of the forums that when you trade forex your broker's networks are the ones who create your data feed and the chart you see. So if he can 'see' my trades, won't he try to track and 'manipulate' them in some way? I'm really new to FX but curious to understand how the trading jungle functions.
If you want to know if a forex broker is manipulating your trade, download two forex platforms and use them simultaneously. Their quotes must be approximately the same, if not, one is manipulating. I know and use a broker's platform that doesn't manipulate, visit http://easysolar.blogspot.com
Interview with the National Futures Association (NFA)
In 2007, NFA President Dan Roth testified at a hearing before the Subcommittee on General Farm Commodities and Risk Management Committee on Agriculture regarding the need for a higher minimum capital requirement for forex dealers. He stated, “The second trait that marks the problem firms in retail forex is that most, though not all, have been thinly capitalized. Congress long ago recognized that acting as a dealer involves greater risk than acting as an agent in futures trading, the way a traditional FCM does. That is why Congress in 1978 imposed a $5 million net worth requirement for firms granting dealer options and why the CFTC created a $2.5 million capital requirement for leverage transaction merchants in 1984. Congress should amend Section 2(c) of the Act to require FCMs acting as counterparties to retail forex transactions to maintain minimum capital of at least $20 million. NFA has raised the capital requirements for forex dealers several times but this congressional action could ensure that firms can meet their obligations to their customers and have a significant financial stake in their business.” Subsequently, the CFTC Reauthorization Act of 2008 imposed a $20 million capital requirement on retail forex counterparties that are Retail Foreign Exchange Dealers or that are FCM-only firms primarily or substantially engaged in on-exchange futures activities. Following the requirements outlined in the legislation, NFA amended its Financial Requirements to increase Forex Dealer Member capital requirements to $20 million, on a gradual basis, by May 16, 2009.
Forex Trading Platform: What You Should Know | BLOGFINDS
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