FXCM.com- Spot currency trading via web
- Thread starter J-Law
- Start date
is the one. I have just opened an account there. they seem to be the IB of the currency world. however word of warning they are not CTFC registered, although they are in the throws of getting accreditation. best to have a good read of their site forum, which is quite open.
I researched fxcm, saxobank, dealstation and many others. nothing, unfortunately, touches oanda for the features they offer.
the biggy for me was no set contract sizes. $1 - $10mil. Not in $100k portions like everyone else. fantastic for hedging currencies for us non-millionaires.
I researched fxcm, saxobank, dealstation and many others. nothing, unfortunately, touches oanda for the features they offer.
the biggy for me was no set contract sizes. $1 - $10mil. Not in $100k portions like everyone else. fantastic for hedging currencies for us non-millionaires.
I did trial fxcm but I found the following in the demo FWIW:
1. You could not enter an order for anything but a multiple of 100k
They should put it in the demo if they offer it!
2. No charting
3. I really hated that submarine sound (but you can turn it off!)
4. average Spread = 5 pips for GBP/USD. Oanda is 4.
1. You could not enter an order for anything but a multiple of 100k
They should put it in the demo if they offer it!
2. No charting
3. I really hated that submarine sound (but you can turn it off!)
4. average Spread = 5 pips for GBP/USD. Oanda is 4.
2. Charts at http://quote.fxtrek.com/misc/fxcm.asp
3. I don't have my sound on
1. 10K available if you open a real mini account.
3. I don't have my sound on
1. 10K available if you open a real mini account.
The problem with retail FX trading is that your broker trades against you. Its like the old bucket shops mentioned in "Reminiscence of a Stock Operator". They quote you a market based on what they see in the interbank market. I guess they are playing the percentages that over time most people will lose or churn along paying them the spread. Since they know your positions, in theory they could skew their quotes against you. As a client, you have to take it or leave it, there is no other execution route.
As far as being able to read size, that style of trading won't work in FX because there is no central exchange or ECN that aggregates everyone's orders.
There just seems to be something inherently wrong with having your broker on the other team. Whatever you do, be careful.
Some of the ECN type firms like MatchbookFX (not even sure if they are still around) looked more promising, but I have not checked into it in awhile.
As far as being able to read size, that style of trading won't work in FX because there is no central exchange or ECN that aggregates everyone's orders.
There just seems to be something inherently wrong with having your broker on the other team. Whatever you do, be careful.
Some of the ECN type firms like MatchbookFX (not even sure if they are still around) looked more promising, but I have not checked into it in awhile.
