Answers
I've been demo trading for a month now(MGForex), so I decided to check out the application process for when I'm ready to open a live account. The application asks questions about your current finance, education level, etc.
I'm young, low-paying job, no college etc., so my question is: as long as I'm able to open an account with the minimum amount, will a forex broker have any reason to reject my application?
Also, any general advice from experienced traders is appreciated. I've been failing pretty hard at demo trading and I'm in serious need of direction. It seems like forex education sites always assume that you already have all this financial knowledge, then when you try to research a term, you have to research five more terms about that term, then ten more until you end up lost.
no! they will not reject your application!
the only thing you should do is to decide which platform is best for you!
in your case i suggest http://best-forex-trading-platforms.blog spot.com/2009/03/fx-cast-review.html
www.informedtrades.com -- What forex traders need to consider regarding the regulatory environment of the forex broker they trade with.
FXCM Welcomes US Based FX Pro Traders
Over the past year, multiple forex brokers have announced their exit from the US forex market leaving their US traders searching for a new broker. FX Pro became the latest broker to announce their intention to exit the US market.
We would like to welcome FXPro’s US based traders to use the FXCM LTD MetaTrader 4 platform. The FXCM LTD MetaTrader 4 platform uses no dealing desk execution, which means there are no re-quotes. No Dealing Desk execution aims to provide transparent and fair execution by executing every trade back to back with one of the world’s premier banks or financial institutions.
MetaTrader 4 accounts with FXCM LTD have the ability to hedge and individually manage positions. All trading strategies are welcome including scalping strategies.
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FXCM Welcomes US Based FX Pro Traders | Forex Magnates
FX Pro announced its plans to take the US trade in (nothing documented but this was leaked to several Forex forums) and gave all its US clients a information letting them recognize that they should start terminating their positions. I presuppose FX Pro, which is not a NFA registered FCM, firm not to piss someone off the US regulator any longer and resolute to closed its gates.
This makes judgement because it reminds me of what happened with the online gambling energy – some sites kept receiving US gamblers, without thought the legislation. A few of executives were arrested when they stepped onto US mire. Some online sites have recently settled with US regulators which resulted in brawny fees – they are in all probability preparing for a comeback. I judge some Forex brokers pick out not to peril unborn comebacks by pulling out primeval.
Following this intercede FXCM invites all FX Pro’s US clients to exchange with it:
Over the sometime year, multiple forex brokers have announced their escape from the US forex shop leaving their US traders searching for a new broker. FX Pro became the latest broker to presage their aim to gate the US sell.
We would like to receive FXPro’s US based traders to use the FXCM LTD MetaTrader 4 stand. The FXCM LTD MetaTrader 4 stand uses no dealing desk pursuance, which means there are no re-quotes. No Dealing Desk rendition aims to specify direct and cream achievement by executing every truck back to back with one of the mankind’s chief banks or fiscal institutions.
MetaTrader 4 accounts with FXCM LTD have the facility to hedge and one by one succeed positions. All trading strategies are freely permitted including scalping strategies.
MetaTrader4 accounts through FXCM LTD are regulated by the Pecuniary Services Hegemony, one of the preeminent imported quarrel regulators in the rapturous. Additionally FXCM LTD customer funds are segregated in accordance with FSA’s patient ready money rules.
As a chief in the retail unknown unpleasantness peddle, FXCM believes in continually expanding operations in effective locations throughout the faction to recovered overhaul our traders. To describe this, FXCM has expanded operations over the last year with new offices opened in Sydney, Paris and Dubai. FXCM’s message to expanding locations throughout the midwife precisely will go on.
...News
FXCM Welcomes US Based FX Pro TradersDaily FX - Oct 28, 2009
Over the past year, multiple forex brokers have announced their exit from the US forex market leaving their US traders searching for a new broker.Reuters - Oct 26, 2009
having been recognized in 2009 alone by Inc. 500, The American Business Awards and The Money AM Online Finance Awards as a top retail Forex broker.Benzinga - Oct 27, 2009
This will be done by all Forex Brokers collecting increased margin deposits of 1% of the notional value of the positions held in the US dollar, FX Solutions: A Reduction in Leverageall 2 news articles »Business Wire (press release) - Oct 26, 2009
having been recognized in 2009 alone by Inc. 500, The American Business Awards and The Money AM Online Finance Awards as a top retail Forex broker. and more »Reuters - Oct 20, 2009
Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world`s most respected financial authorities.