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Need low minimum, high leverage broker
- Thread starter reno4nook
- Start date
Quote from reno4nook:
I'm on a tight budget now, can any one recommend a decent broker with a low minimum?
Not looking for micro size but mini size
forex.com can take a credit card and the minimum is absurd, i think its like $200 or something. Great site, no frills. I've cashed out from there before, no problems.
FXOpen has micro lot accounts. All you have to do is enter 10 if you want a mini lot. Come to think of it, if you have a micro lot account, you could choose 12 micro lots for example and trade 1.2 mini lots if you want way more accuracy in your money management. They require bank wire which takes more time/money.
FXClub is also another one but its software is crapalicious. They accept credit cards but their minimum trading size is 1 micro lot versus 0.1 micro lot for FXOpen.
I have the FXOpen account as my main account to test trades due to the ability to choose 0.1 micro lots. But, I have the FXClub as a secondary account in case I want to try to take advantage of situations with slightly larger amounts of money. If my latest ideas pan out, I'm might try to take advantage of the Greek crisis to make money on the Euro.
FXClub is also another one but its software is crapalicious. They accept credit cards but their minimum trading size is 1 micro lot versus 0.1 micro lot for FXOpen.
I have the FXOpen account as my main account to test trades due to the ability to choose 0.1 micro lots. But, I have the FXClub as a secondary account in case I want to try to take advantage of situations with slightly larger amounts of money. If my latest ideas pan out, I'm might try to take advantage of the Greek crisis to make money on the Euro.
I should add here that FXClub now has a platform called Act Trader. I had to transfer my money from one account to the other to use the platform, but it's way better than the two other platforms. Even though I haven't placed a trade with the platform yet, it "looks and feels" almost like Metatrader4. So, if you did get an account with them, I think it would be better to start with that platform because you have to switch accounts if you want to change platforms later.
Quote from BillySimas:
forex.com can take a credit card and the minimum is absurd, i think its like $200 or something. Great site, no frills. I've cashed out from there before, no problems.
Trading off a credit card is absurd. Most people who trade lose their money, and it can be a LOT of money. getting cash advances at 20%+ off a CC makes no sense. You need a 20% plus annual performance just to break even.
Unless you are managing at least a billion dollars, 20% year is a ridiculously small return. Hardly worth the effort. A person who can't do <b>at least</b> 50%/year should not be trading.
Quote from QuikrRetirement:
Trading off a credit card is absurd. Most people who trade lose their money, and it can be a LOT of money. getting cash advances at 20%+ off a CC makes no sense. You need a 20% plus annual performance just to break even.
Quote from QuikrRetirement:
Trading off a credit card is absurd. Most people who trade lose their money, and it can be a LOT of money. getting cash advances at 20%+ off a CC makes no sense. You need a 20% plus annual performance just to break even.
That may not be the point for a CC.
CC's are good to transfer funds into an account FAST - international. Especially for smaller amounts the overhead is small compared to making an international transfer, and it can clear immediately.
Naturally you are right on the credit, but:
* 20%+? Where the heck do you live. I pay 12.5% for my credit card, in a country where anormal credit runs around 8% to 10% (Poland).
* I do not pay any interest if I pay the balance within 2 months - and the trick here is that I actually do that. I use the credit card for convenience, not to have a real credit.
In my case, if I would try out Forex.Com - I would love the credit card for anything up to maybe 500USD - it is cheaper than an international transfer and a "immediate, no hugh paperwork" thing. Around 500 USD to 1000 USD it switches (i.e. credit card not worth it).
Trading against money from a credit is another thing, agreed.
Quote from NetTecture:
* 20%+? Where the heck do you live. I pay 12.5% for my credit card, in a country where anormal credit runs around 8% to 10% (Poland).
Taking out a cash advance on a credit card is almost always far different (more expensive) from buying something. And you usually do not get a grace period for cash advances.