Try a demo with onecorpfx. Their web address is onecorpfx.com. They are a local company(AZ) and I know the president. They have the lowest fixed rate spreads I know of; and they are straight through processing: they don't accept deposits; all money is deposited directly to the bank. In any case, check 'em out.
Tim G
Tim G
I have an account with Interactive Brokers that I use to trade the US Stock market. One reason I chose IB was because they offer forex trading, and I have been educating myself on the forex markets hoping to start trading soon. Reading this thread it sounds like most of you do not recommend IB. The one problem I see right away is leverage, my buying power is only 4X my account value, and it looks like many places offer leverage of over 100:1.
Would you recommend I look to open a demo account elsewhere for my practicing and steer clear of IB for forex trading?
Thanks, Brad.
Would you recommend I look to open a demo account elsewhere for my practicing and steer clear of IB for forex trading?
Thanks, Brad.
wildpips
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But watch out for the Spikes in prices in Fxopen!
Had some bad spikes before moving on to my current broker.
IB offer 40:1 not 4:1 on forex. thats all you need really. maxed out leverage is a bit of a myth actually. if you are risking 1% of a $10k account on 1 full lot per trade with a 10 pip stop & have 3 trades on at the same time your margin requirement will be $7.5k, which is an acceptable risk profile i beleive & comfortably within your account size. if you are 200:1 with another broker your margin will be $1.5k. you could argue therefore that i only need a $3k account, but you will be way beyond an aceptable risk strategy.
IB are responsible brokers, they set this ratio to protect you & force you to trade within your means, others aren't and just want you to blow your account, as 90% of new traders end up doing.
jiggly
Well-known member
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oanda have a low margin leverage gear, for this exact same reason.
however as you trade larger size IB could be more cost effective
Give these guys a try
I don't know about them; but I have met some of the people at onecorpfx. Good, honest people and thye will take time to explain stuff to you.
One thing that is extremely important: the demo matches the real account perfectly, according to my experience. And they have the best spreads I have found anywhere.
Best advice: try a demo account with onecorpfx. BTW, their web address is simple:
OneCorpFX | Foreign Exchange Training | currency trading | forex trading | forex broker
Hope this helps.
Tim
I don't know about them; but I have met some of the people at onecorpfx. Good, honest people and thye will take time to explain stuff to you.
One thing that is extremely important: the demo matches the real account perfectly, according to my experience. And they have the best spreads I have found anywhere.
Best advice: try a demo account with onecorpfx. BTW, their web address is simple:
OneCorpFX | Foreign Exchange Training | currency trading | forex trading | forex broker
Hope this helps.
Tim
Hi Tim,
What is the minimum account size at One corp? I've heard good things so far although the bad thing is that they are still quite new and there are concerns about whether they are regulated or not. Any more info on them will be appreciated. I'm looking for a more EA friendly broker and this one might be worth a try.
What is the minimum account size at One corp? I've heard good things so far although the bad thing is that they are still quite new and there are concerns about whether they are regulated or not. Any more info on them will be appreciated. I'm looking for a more EA friendly broker and this one might be worth a try.
Hi Epad,
The minimum account size is $1000. They are responsible to bank regulators: Chase and DeutcheBank. They are a Straight Through Processor(NOT an ECN) using Deutchebank for all trading contracts and you can trade up to several hundred with standard lots with a single click. Try doing that with and ECN: it won't happen due to a lack of liquidity. This should tell you a lot.
Best recommendation I have is to try a Demo Account: and know the Demo matches the Real Account perfectly. The money I deposited with them showed up in my account in a day.
Hope this helps,
Tim
The minimum account size is $1000. They are responsible to bank regulators: Chase and DeutcheBank. They are a Straight Through Processor(NOT an ECN) using Deutchebank for all trading contracts and you can trade up to several hundred with standard lots with a single click. Try doing that with and ECN: it won't happen due to a lack of liquidity. This should tell you a lot.
Best recommendation I have is to try a Demo Account: and know the Demo matches the Real Account perfectly. The money I deposited with them showed up in my account in a day.
Hope this helps,
Tim
All FX brokers are good, in as much as all FX brokers are bad, like everything in life! I am surprised that no one has mentioned ACM yet, I find them good, also in 2009 they have won 3 awards already, that should be reason enough for anyone to at least consider a broker and give them a look.
As far as FPA is concerned, PLZ Patong, if you are stupid enough to believe all that is written on that site then it must be time for you to give up reading the Marvel comics!
As far as FPA is concerned, PLZ Patong, if you are stupid enough to believe all that is written on that site then it must be time for you to give up reading the Marvel comics!
some questions if you could Tim
Since onecorp site has so little data on company or mechanisms, a question or two if you can, Tim:
( first to pre-empt the arrival of the obvious question, would you have a personal or financial interest in that brokerage (other than knowing the head)? Asking only due to correlation between their site opening doors 19 April and your join date (all posts also relate thereto.)
1. Two LQs only, being db n chase?
2. Capitalisation?
3. Applied for NFA or other licence?
4. Client funds held where? direct access?
5. Account types?
6. Corporate accounts w/o personal financial statements?
7. Commissions (all acct types)?
8. Spreads variable or fixed (all acct types)?
9. Smallest/largest one-click order?
10. Deposit options/restrictions?
11. W/d options/restrictions?
STP is indeed a tempting option.
cheers
Since onecorp site has so little data on company or mechanisms, a question or two if you can, Tim:
( first to pre-empt the arrival of the obvious question, would you have a personal or financial interest in that brokerage (other than knowing the head)? Asking only due to correlation between their site opening doors 19 April and your join date (all posts also relate thereto.)
1. Two LQs only, being db n chase?
2. Capitalisation?
3. Applied for NFA or other licence?
4. Client funds held where? direct access?
5. Account types?
6. Corporate accounts w/o personal financial statements?
7. Commissions (all acct types)?
8. Spreads variable or fixed (all acct types)?
9. Smallest/largest one-click order?
10. Deposit options/restrictions?
11. W/d options/restrictions?
STP is indeed a tempting option.
cheers
harrygrist
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Hi,
New to all this so could someone please clarify something for me.
1. Are fx brokerages the same as fx spread betting brokerages?
2. If fx brokerages are not the same as fx spread betting brokerages are you taxed on your profits?
3. What are the advantages of a non-spread betting brokerage if you have to pay tax on profits?
Any help would be appreciated, thx
New to all this so could someone please clarify something for me.
1. Are fx brokerages the same as fx spread betting brokerages?
2. If fx brokerages are not the same as fx spread betting brokerages are you taxed on your profits?
3. What are the advantages of a non-spread betting brokerage if you have to pay tax on profits?
Any help would be appreciated, thx
I noticed all of this too ideal.... I've been using the demo for a bit and am still hesitant to go live simply because of all this speculation. Hopefully in time we'll begin to hear better reviews (and not all from the same person). Good Luck!
