No that is not true. You can trade Forex at Ib with 2000.- if you wanted to. Or you could use their cfds.
Besides that is coinexx a shady shop, I wouldn't be surprised if their trading is only simulated and never executed.
Best Forex commission rates?
- Thread starter salamanderforex
- Start date
Besides that is coinexx a shady shop, I wouldn't be surprised if their trading is only simulated and never executed.
The OP is asking too many questions when the simple answer is right above - Use IB for > $25k and IC for below. Both are excellent brokers but IB is simply the best. No more research is needed.
However, IB carries a minimum commission which kicks in under about $75k of size. So if doing smaller size, cheaper to use IC as I would assume they don't have any min.commission.
Only in the Land of the Free do you need $10m with IB.
In all the other countires, you're free to open an account with a small amount of cash and trade Spot FX.
Thats the trading min size isn't it, not account opening size.
If you've got 10mil retire already ffs!
"The $10m in assets is a regulatory requirement for U.S citizens to trade spot forex."
https://www.elitetrader.com/et/threads/interactive-brokers-and-forex.328582/
"I wouldn't be surprised if their trading is only simulated and never executed."
You made my day.
Alternqtively there are still cfds
You did not specify spot forex, IB clients are at all time able to do currency conversions at market mare, they also can trade cfds which has in essance no difference to trading spot.
Correct me if I'm wrong but I don't think people in the Land of the Free are free to trade CFDs either.
Thanks for all the responses.
So between IBKR and I markets it comes down to leverage (1:60 vs 1:500) and 15% savings in fees.
When you say ECN, isn't that really multiple ECNs? If there is one ECN then there is a universal system. If multiple ECNs then no central one I assume.
If I told you I traded $101,456.00 on June 25 at 10:23:01 am EST, as a third party would you be able to find that on some record without me telling you I did it on IBKR?
Can you please explain the advantage of CFD in this case: "alternatively". As it seems you mean $25K doesn't matter in case of CFDs?!
I don't understand why CFDs of a currency pair exist and asked it in another thread but my thirst was not satisfied.
Again, thanks a lot for weighing in.
If you trade cfd you are trading against/only with your broker instead with the broad market, that is the core of it. In this case your broker can give you different conditions like wider/narrower spreads etc.