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Online Forex Brokers?

Heather said: "Online forex brokers seem to be plentiful, but I'm not sure if any of them are trustworthy. Does anyone here have any experience with a good forex broker online? Thanks!"

sjerar said: "[QUOTE=Heather]Online forex brokers seem to be plentiful, but I'm not sure if any of them are trustworthy. Does anyone here have any experience with a good forex broker online? Thanks![/QUOTE] FINEX, velocity4x, 1worldfx, fxdd, interbankfx etc"

Pb3190 said: "Have you worked with any of these, and if so can you comment on them? Heather is right, there seems to be a number of forex brokers, but no major industry leaders like there are in stock brokers."

sjerar said: "[QUOTE=Pb3190]Have you worked with any of these, and if so can you comment on them? Heather is right, there seems to be a number of forex brokers, but no major industry leaders like there are in stock brokers.[/QUOTE] I work with all of these. i consider them more or less as good. The reason I have several brokers is that 2 years ago the "marketleader" (refcofx) went bankrupt. I had no money in it (other people I know did) but it made me thinking about diversification in brokers."

Pb3190 said: "Are Forex accounts not insured in the way stock brokerage accounts are for sitting cash?"

lil dickie said: "Yeah. If the broker goes broke do you lose it all? Sort of puts the name "broker" into a new light. Like they are "broker" than you. LOL"

Pb3190 said: "The fact that they would be out of money too wouldn't make me feel much better... Does it seem to anyone else that there are a lot more forex brokers than stock brokers? Either that or I only look at the sites of the mainstream stock brokers and thus see little else..."

lil dickie said: "It does appear there are more. I think it requires heavy capitalization to get a stock brokerage going. Maybe forex brokers dont have as heavy of requirements."

JCast3 said: "so after a few months of paper trading currency, i finally jumped to real money....i did a pretty substantial amount of info gathering on potential currency brokers and market makers, and i came to 1 conclusion....a large % of them are shady as hell, and i wouldnt trust them with a dime of my money....the horror stories i read were what i would call worst case scenario, and there were a lot of them...:shocked: In the end i went with Interactivebrokers.com....they dont offer as many currencies or as much leverage as a lot of the other bullshit artists out there, and they do charge a small commission (their spreads more than make up for it, so i think its worth it), but i was more concerned about getting bamboozled while attempting to learn something new....ive thought about switching over to them for my stock and options trading many times, just never pulled the trigger, now i think i just might.... ive been up and trading for ~3weeks now and its really kinda fun....since its a 24 hour market, i can do it at my leisure while watching the yankees and not have to worry about being at work (SWEET!)....swings can be big depending on how leveraged you are, but seems a bit more predictible than stocks....who knows though, its only been a couple weeks, i very well may take that back a month from now...."

AlfredSokol said: "Thanks for the input. What kind of success are you having and what is the average size trade you make?"

JCast3 said: "[QUOTE=AlfredSokol]Thanks for the input. What kind of success are you having and what is the average size trade you make?[/QUOTE] so far so good, lol....ive made 10 trades and all but one has been profitable so far....i'm not leveraging nearly enough to where a large swing will come anywhere near breaking the bank....basically most of my trades have been for 30,000(insert currency here).... aside from the paper trading (which i dont really think counts for much) i'm still pretty brand new to this, so i'm making sure i follow proper bankroll management as if i was playing poker or sports betting.... so far i dont have much of a strategy other than chart reading....basically i'm keeping a small basket of what [B][SIZE="5"][I]i view [/I][/SIZE][/B]as strong currencies vs. struggling currencies.... i'll keep you posted on how it goes i guess...."

Pb3190 said: "How much do you factor in world events and news, or do you use charts only?"

AlfredSokol said: "9 out of 10 is an impressive start. How big is the profit on these trades? I'm glad someone actually started up on this so I can ask some questions! :dazed052:"

JCast3 said: "[QUOTE=Pb3190]How much do you factor in world events and news, or do you use charts only?[/QUOTE] well like i said, i still dont have much of a strategy yet, and dont have a great grasp on how much world news actually affects currency pricing yet....other than the USD rate cut and japan's president resigning (or whatever happened over there), i havent been in the market long enough to experience any effects from big news...."

JCast3 said: "[QUOTE=AlfredSokol]9 out of 10 is an impressive start. How big is the profit on these trades? I'm glad someone actually started up on this so I can ask some questions! :dazed052:[/QUOTE] not very big, biggest so far has been $515, but i held that one for a few days, most have been ~$230....the loss i took was for $290.... i basically figured out my risk tolerance and keep the trades small enough to stay well within that in the event of a big swing.... i just wish i could find more credible information on short, middle, and long term strategies.... yeah man, ask all the questions you want, not sure if i'll be able to give you any insight, but you'll probably learn what not to do, lol...."

AlfredSokol said: "Sounds like decent profits. So in order to gain that $230 to $500 how much capital was at risk?"

Pb3190 said: "I can't answer for him, but with the leverage offered in Forex, starting capital does not always have to be large."

JCast3 said: "[QUOTE=AlfredSokol]Sounds like decent profits. So in order to gain that $230 to $500 how much capital was at risk?[/QUOTE] i opened my account at IB with 10K....aside from the first 1 or 2 (which i opened for 50,000), all my trades have been for lots of 30,000....when you input an order to open a position, it will tell you how much of your funds will be tied up to satisfy the margin requirements....it can vary greatly from one currency pair to another....for example: yesterday i placed a trade for 30,000 eur/usd, and the margin requirement was $735 or there abouts however, one of my other trades from a few days ago was for 30,000 gbp/jpy, and that required something like $2,500 or more, i dont remember the exact number.... so for those two trades above, i had ~$3k of my 10K locked up just for margin requirement....but, as we all know, when you're dealing with margin you're basically on the hook for all of it, so you definitely have to be careful.... these 30K lots that im trading are very small compared to what i see going through for trades....using these small lots i think limits my realistic risk....in order to take a real bad loss (~$1000 or so) i'd need to get hit with like a 400 pip downswing, and i cant imagine allowing myself to get stuck like that since i'm not allowing any trades stay on without stop losses when i cant watch them relatively closely...."

lil dickie said: "Ive got a dumb question but I will ask anyway. Does the forex market parallel the stock market in hours? Meaning is it mostly 9am - 4pm M-F?"

JCast3 said: "[QUOTE=lil dickie]Ive got a dumb question but I will ask anyway. Does the forex market parallel the stock market in hours? Meaning is it mostly 9am - 4pm M-F?[/QUOTE] the fx market is open 24 hours a day 5.5 days a week....im not sure what time it opens on sunday, i think 430pm and closes at i think 5pm friday, i live on the east coast so that is new york time.... this is exactly why i was so interested in it....i like the idea of day trading, but since i have a day job it makes it very hard to pay close enough attention to the stock market....with fx, it doesnt matter, i can "day trade" at my leisure after work...."

Pb3190 said: "That is what interests me as well... You can day trade without having to meet a minimum level of capital and trade 24 hours a day for most of the week."

Columbo said: "[QUOTE=Pb3190]Are Forex accounts not insured in the way stock brokerage accounts are for sitting cash?[/QUOTE] Canadian FX broker offer full insurance"

sjerar said: "[QUOTE=HrForex;59775]over the next few months the number of brokers is going to go down to a handful[/QUOTE] Guess BTFRX is among them :flipoff:"

Airelon said: "[QUOTE=Pb3190;54958]That is what interests me as well... You can day trade without having to meet a minimum level of capital and trade 24 hours a day for most of the week.[/QUOTE] That's what originally interested me as well. Plus the ability to 'set' your leverage / margin, etc. But the more I delved into it? The less I liked it. The 'level' your average trader is allowed access to is always behind. I didn't like the spread rules. I didn't like the immediacy, and the fact that the markets never sleep (that's a two edged sword)"

DannyBly said: "I've tried a few different forex brokers and ended up using Oanda - I think they are very good."

dekac said: "Hi I'll wish to recommend to try Easy-Forex or ForexYard brokers with web based forex tarding platform..it's mean no software downloads so that you can trading anyway from anywhere..."

Tikibum said: "ForexMetal at forex-metal.com is a trustworthy one."