Best free trading platform for spot FX

[Niccolo]

Hi guys, I'm kinda new here, I followed the forum for a hil but just created a profile and my first thread!

I am considering trading spot FX with my own capital as, due to my job, this is the only asset I could trade intraday and with short positions as well (my company's trading policies are no derivs, no short selling for stocks and have to wait 30 days before cosing the position and no commodities). I am looking for a platform with the following characteristics:

- 1:500 leverage
- web based so that I can monitor my positions at work (also a good mobile app would be helpful)
- API integration with excel (in this case I would be looking for something such as the Bloomberg API where I can have real time prices into an excel spreadsheet and monitor my PnL there)
- lowest possible spread/fixed spread


Do you have any names in your mind? I used Alpari previously and Oanda, but the first doesn't have an API and the second doesn't have the leverage I am looking for.

I am open to any advice for the platform, I should advise I am based in Europe as well.
Thanks!

 

[rmorse]

500 to 1 leverage? Really? Who offers that?

 

[globalarbtrader]

500 to 1 leverage? Really? Who offers that?

It's pretty common in the UK.

It's also insane. I refer you to the CHF/EUR "incident".

GAT

 

[carrer]

1:500 leverage is usually offered by FX retail brokers.

Try Dukascopy, they are one of the best.
https://www.dukascopy.com/swiss/english/forex/api/jforex_api/

 

[Xela]

500 to 1 leverage? Really? Who offers that?

Not genuine brokers, of course.

Only counterparty market-makers who hold the other sides of their clients' positions and have a very direct incentive for their clients to lose (while also holding all their deposited funds and making up and interpreting all the rules governing the trades, as well as their own quoted prices!).

But in the murky world of retail forex, that description actually covers most of the available options, hence its somewhat justified scammy reputation.

Of course, there's nothing to stop people from trading retail forex with a genuine broker like Interactive Brokers. But there's a (widespread) "type of retail forex trader" who doesn't want to do that, because they're grotesquely undercapitalized and they're living in a dream-world, wanting to try to take "advantage" of ludicrous leverage ... never quite appreciating (because they think it's a "normal" way to trade) that they're going to become the meat in the shark's sandwich.