Archive for the 'Canadian Dollar' Category

The Canadian Dollar was supposed to be one of the “hot” currencies of 2010. Given that it’s now exactly where it started the year, I think it’s safe to say that this isn’t the case. On the one hand, it would seem that the markets are still confused about how much the CAD should be worth, as Adam recently pointed out.An alternative interpretation is that investors believe the Loonie should trade near parity with the US Dollar; it has hovered just above that mark since breaching it in April.

The Canadian Dollar has benefited from strong fundamentals, especially compared to the US. Inflation is low and the economy is stable. "The International monetary fund(IMF) "recently said that Canada is likely to be the first of the seven major industrialized democracies to return to a budgetary surplus status by 2015.” 2010 GDP growth is projected at 3.3%,  compared to around 2.5% in the US.

For this reason, “Pacific Investment Management Co. founder Bill gross said he favors canada  he’s ‘in awe’ of countries such as Canada that have a low debt-to-gross-domestic- product ratio and solvent financial institutions. ‘North of the border’ has become a ‘preferable destination’ to what he sees in the U.S.” As a result, analysts have started to look beyond commodities, historically seen as the cornerstone of Canada’s economy. When the price of oil collapsed in May, the Loonie hardly budged. Given that Canada’s balance of trade is negative in spite of its commodity exports, maybe in focus is justified.

The Loonie is also benefiting from a positive interest rate differential with the US. Thanks to two consecutive rate hikes by the Bank of Canada (BOC) – which was the first G7 Central bank to tighten – Canada’s benchmark rate now exceeds the Federal Funds Rate by .5%. If the BOC fulfills expectations and hikes rates again at its meeting on September 8, this differential will widen further. In fact, it could continue expanding well into 2011, since the BOC is well ahead of the Fed in its monetary policy cycle. Here, again, the contrast with the US is self-evident:

“The Canadian central bank has been raising interest rates, and has signaled that it will continue to raise interest rates. And with the Fed’s decision today reaffirming its dovish position, the interest rate differential will continue to favor increasingly Canada, and higher interest rates in Canada wil continue to favor Canadian dollar strength.

                                                                               

Throughout the rest of the summer, the Loonie will likely remain rangebound. Most traders are on vacation and trading volume is low. Besides, risk appetite is currently weak. When the markets return to full swing in September, I expect the Loonie will experience in a surge in volatility. In fact, investors are already starting to adjust their positions, with the most recent commitment of traders report showing an increase in Net Longs, bringing the total to $4.2 Billion.
There is certainly a basis for predicting continued strength, but I think much depends on how commodity prices perform. As I pointed out above, the Loonie remains somewhat decoupled from commodities. That it nonetheless got a boost from strong wheat prices and the $40 Billion takeover bid for Potash Corp by mining giant BHP Biliton shows that investors still view Canada as a resource economy. If the global economy avoids a double-dip recession, commodities prices will probably recover and the Loonie will probably rise slowly towards parity. On the flip-side, the Loonie would be one of the big losers of a global slide back into recession.

Archive for the 'British Pound' Category

The rally in the Pound, which lifted it 10% from trough to peak, appears to be fizzling. The Pound is already down 3% in the last two weeks, and is trending downward. It now stands at a four-week low against the Dollar.

Looking back at the Pound’s two-month rise, it’s not hard to understand why it was unsustainable. You can see from the charts below that there was a strong correlation with the Euro and the S&P 500 over the same period of time. This suggests that the Pound rally was less a product of changing fundamentals and more due to a sudden decrease in risk aversion.

By no coincidence the rally in equities, the Euro, and a handful of other proxy vehicles for risk, all came to and end at the same time as the Pound. In a nutshell, the markets are back to focusing on fundamentals. Namely, the risk of a double-dip recession, combined with a lack of resolution in the Eurozone debt crisis is causing investors to think twice about making bets that entail any kind of risk.
In this regard, the Pound is especially vulnerable. On the economic front, the UK economy only grew by 1.1% in the second quarter, with economists predicting only modest growth for the year. According to an economist for the Bank of England, "It would be 'foolish' to rule out a renewed downturn.” Evidently, his bosses agree:"The bank of England last week said growth will be weaker than it forecast in May, citing “continuing fiscal consolidation and the persistence of tight credit conditions.”According to a recentpoll,almost half of British households are pessimistic about the country’s economic prospects in the near-term: “The proportion of pessimists is marginally lower than in July, but is higher than in any other month since March last year.”
Ironically, the efforts of the British government to curb spending and cut the deficit are perceived as making matters worse. Since these measures won’t be offset by lowered taxes, they will directly lead to lower economic growth. Given that both the Pound and UK bond prices are rising (implying an increased risk of default), I think this reinforces the point I made last weekabout the markets not caring at all in this economic climate about increasing national debt.

The icing on the cake is inflation. A British think-tank made headlines by predicting that the UK economy will emerge from recession next year, “But once recovery is under way, he thinks, then the Bank of England’s quantitative easing scheme, which pumped £200 billion into the economy in the wake of the credit crunch, will have terrible consequences.” Specifically, the think-tank is forecasting inflation of 10% and a

For now, this remains a distant prospect, and analysts are focusing on the fact that the economy will probably re-enter recession before it can officially exit from it. As for the Pound, forecasts are not optimistic: “Bears in a Bloomberg survey of strategists outnumber bulls 29 to 12, while TD Securities in Toronto, the most-accurate forecaster in the six quarters ended June 30, has the lowest estimate, predicting sterling will depreciate 15 percent versus the dollar by year-end.” According to the most recent commitments of traders report,  institutional investors were still net long the Pound as of August 10.Futures prices,  meanwhile, have moved in lockstep with spot prices, which suggests that futures traders are still waiting for more data before they weigh in on the Pound.

Personally, I’m having a tough time coming up with a prediction. I tend to agree with the characterization of “the foreign exchange markets post-crisis as a  beauty parade with ugly contestants." In other words, all of the major currencies are currently plagued by poor fundamentals. It’s hard to say that the Pound is in better or worse shape than the Dollar or the Euro. Still, given the way that markets have been trading, a return to (global) recession would not be kind to the Pound.

Archive for the 'Australian Dollar' Category

If you chart the course of the Australian Dollar over the last twelve months alongside the S&P 500, the overlap is jarring. You can see from the chart below that the two lines zig and zag in almost perfect unison. It would seem that there was a slight break in the second quarter of 2010, but even this is an illusion, since the Aussie and the S&P continued to rise and fall in the same patterns over that time period, differing only in degree of fluctuation.

Since the S&P 500 is a pretty good proxy for risk it can be said that the Australian Dollar is a manifestation of investor risk appetite. When risk aversion was high, the S&P and the Aussie were low. When risk tolerance picked up, they rose. It’s funny how this came to be. It is probably best seen as a vestige from the credit crisis, whereby investors evenly divided assets into two classes: risky and safe. When you look at the performance of the Australian Dollar, it is pretty clear as to which side of the dividing line it was placed.
This is probably fair, since the Australian Dollar is a growth currency. According to the just-released Bank of International Settlements (BIS)triennial central bank survey of foreige exchange and derivatives market activity,  the Australian Dollar is now the world’s fifth most traded currency (behind only the G4: Dollar, Euro, Yen, & Pound), having usurped that position from the Swiss Franc. In 2010, it accounted for 7.6% (out of a total of 200%) of all trading volume, primarily as a result of trading in the USD/AUD currency pair, which was the fourth most popular in forex.

Investors have come to see the Australian Dollar in somewhat contradictory terms. It is both stable and liquid, but its economy is unpredictable and inflation is usually above average. The current economic situation was strong, with GDP growth projected to exceed 3% in 2010. Its benchmark interest rate (4.5%) is the highest in the industrialized world, and may touch 5% before the year is over. On the other hand, its political situation is currently uncertain, thanks to an election that produced a hung parliament and the recent resignation of its Prime Minster. In addition, while its trade balance is currently in surplus, it fell in July thanks to decreased demand from chine.  Analysts wonder whether it isn’t entirely dependent on China (directly via exports and indirectly via high commodity prices) to generate positive GDP growth.

Ultimately, investors don’t care about any of this. They care only whether the global economy is stable and whether another financial/credit/economic crisis is likely to occur. Even though any such crisis will probably spare Australia, the Aussie is punished by even the whiff of crisis because Australia is perceived as being riskier to invest than the US, for example. “The Australian dollar is going to stay heavy. Markets don’t like uncertainty,”  summarized jp morgan.

Sadly, it’s currently not worth parsing the nuances of trade statistics and monetary policy, because it has no bearing on the Aussie, though at least this makes my job easier. For the time being, the Australian Dollar will tick up if it looks like the global economy (principally the US) will avoid a double-dip recession. Otherwise, it is in for the same rough stretch as the S&P.

Zecco Forex

About Zecco Forex
Since its launch in October, 2006, more than 160,000 customers have traded online with Zecco Holdings. Founded by a former Vice President from Merrill Lynch and a wholesale derivatives broker, Zecco’s financial investors also include LundKenner Venture, a Danish venture capital firm, and Velocity Capital B.V., which is Zecco’s largest investor. Zecco has two locations in California: a bay-area headquarters location in Burlingame and a Southern California-based operations and call center location in Pasadena.
Zecco’s main business operations include:

• Zecco Forex, launched in the spring of 2009, which allows for spot trading of foreign exchange currency, gold, and silver;
• Zecoo Trading, which allows customers to trade stocks, bonds, options, and mutual funds; and
• ZeccoShare, where Zecco’s customers can share their investing ideas.

Key Registrations
Zecco Forex is regulated by the National Futures Association (NFA). GAIN Capital is a registered Futures Commission Merchant (FCM) and is also a member of the National Futures Association (NFA #0339826).
Contact Information At A Glance

• To open an account: http://www .zecco.com/forex/trade-open-account.html
• To open a demo account: http://www .zecco.com/forex/start.html

Customer service:

• U.S. telephone 1-866-567-0295, International telephone +1-626-529-7078, or email customerservice@zeccoforex.com
• Media contact (United States): Seth Linden, telephone 1-212-704-7385, Ext.3533 or email seth@dukaspr.com
• Media contact (Europe): telephone Eva van Pelt 31-76-565-5511 or email eva@gr8industries.com
• Online support and live chat option: https://www.zecco.com/aboutUs/ContactUs.aspx?tab=trading

Vital Trading Information About Zecco Forex
Zecco’s customers enjoy ten free stock trades each month if they maintain a $25,000 account balance or execute at least 25 trades each month. For other paid stock trades, Zecco’s price is $4.50 per trade. Options commissions are $4.50 plus $0.50 per contract.
Account Set-Up
The average processing time to open a new account is 24 hours or less. Applications can be quickly submitted via Zecco’s website, with telephone support and live chat available in case the customer has any questions or concerns.

Dealing Desk

Zecco Forex acts in the capacity of an introducing broker to GAIN Capital Group, who maintains a customer’s account for the purpose of stock trading. GAIN Capital serves as the clearing agent and counterparty to a customer’s trades. GAIN Capital’s market making desk is staffed 24 hours per day during trading hours by experienced former bank traders who are experienced in managing high volume trading operations.

Demo Accounts

Zecco Forex offers a popular demo account option to its customers; this free $50,000 trading practice account allows customers to access a practice version of Zecco’s forex trading platform. Demo customers can trade $50,000 in virtual funds on a risk-free basis; support is available via telephone and through live chat. Customers using a Zecco demo account have access to real-time quotes in 37 different currency pairs, and leverage is available up to a 100:1 ratio.

Leverage Limits

Leverage is available for customers up to a 100 to 1 ratio. Zecco Forex limits customer’s risk to their funds on deposit. As there are no margin calls in forex trading, if a customer’s account falls under the required levels, all of their positions will be automatically closed.

Minimum Deposit Amounts

Customers can open an account with Zecco Forex with a minimum deposit of $250; this is sufficient to open what is known as a mini trading account. This mini trading account option is a great way for forex traders to test out the waters at Zecco Forex. Standard accounts require a minimum opening balance of $2,500. Additional funds can be added at any time.

Promotions

Zecco Forex occasionally makes online promotion codes available to encourage new customers to register an account. In one of their recent promotions, Zecco Forex offered a cash bonus of up to $200 for customers who opened and funded a new forex account with Zecco and executed at least one trade.
Trading Spreads
Trading spreads with Zecco Forex are as low as 1-2 pips for most of the major currency pairs. Zecco Forex charges no commissions for foreign exchange trades; customers pay only the bid/ask spread amount.

Trailing Stops

Customers are able to enter trailing stops for their accounts with Zecco, as well as take profits and stop losses on any trades.
ZeccoShare Online Community
ZeccoShare is an innovative investing community where investors and customers can share, debate, and test their trading ideas online. Currently in Beta mode, ZeccoShare limits the information shared by its members to display only to other registered ZeccoShare members. Zecco employees may also display information and post on ZeccoShare; their membership information is marked with a special ‘Zecco Associate’ medal so it is obvious that they are employees of Zecco.com.
The Bottom Line
While Zecco Forex is one of the newer players on the forex block, reviews so far indicate that customers are pleased with Zecco’s demo account option, top-notch customer service, and affiliated brokerage services. Zecco has received positive feedback from customers for the wealth of educational materials that they provide and their live streaming charts, as well as real-time data for 37 currency pairs. In addition, some customers note that the ability to consolidate their forex and stock trading into one-stop shopping with the same broker is both convenient and efficient.

XForex

XForex, also known as Ultimass Global, Inc. offers an easy-to-use entry point for newcomers to the Forex market, while providing experienced traders with the full range of basic Forex transactions and extensive personalized services to help investors get the most from their money. While XForex may be a little basic for advanced traders, it offers a unique package of educational and support services for newer investors, including a personal account manager and a comprehensive range of daily financial reports.
About XForex
XForex is a web-based Forex trading platform that offers unique advantages to traders in the gold, silver, and currency markets. Founded in Cyprus in 2003 as Trouvia Investments, the company expanded its operations into Canada and today offers services to its clients during all regular market hours. The website was re-launched in August of 2009, and offers many more services than it did previously; these services include video tutorials and a new demo account feature. Since the Forex market is open 24 hours a day for five and a half days per week, XForex is available during the same time period for trades and to assist its customers. XForex offers real-time market updates to its clients, ensuring that they obtain the most current information available at all times. Because XForex is a dealing desk broker, it covers the opposing side of all client trades.
Regulatory Oversight
XForex is governed by European Union regulations; this requires that it abide by the laws of each country in which it does business. It is funded by Deutsche Bank, Saxo Bank, and the Canadian Imperial Bank of Commerce.
Contact Information at a Glance
A full list of telephone numbers for countries served by XForex is available at http://www.xforex.com/about-us/contact-us.
Their support email is support@xforex.com, and XForex can be reached by mail at:
Ultimass Global Holding Inc.
P.O. Box 71
Road Town
Tortola
British Virgin Islands
Vital Trading Information About XForex
XForex is web-based and works with all major browsers, including Firefox and Internet Explorer. It requires no downloading or installation and can be used anywhere with an internet connection; this ensures the highest level of accessibility and convenience for XForex customers. The XForex platform is optimized to work well on most mobile applications as well. The interface itself is easy to use and provides an online guide to help new users acclimate themselves to the various commands and functions of the platform. Traders new to Forex transactions will also appreciate the short market tutorial designed to help them understand the various aspects of Forex trading.
Commissions
XForex does not charge commissions to its clients on trades, deposits or withdrawals; it derives its income from the difference between the bids and asks prices. This is a significant advantage for beginning Forex traders, who can more quickly achieve their financial goals without the burden of additional charges. Despite the lack of commission fees, XForex provides a full range of client services including personalized investment advice and multi-lingual online support; since XForex caters to the international investing community, its support staff offers assistance in English, Spanish, French, Turkish, Portuguese, Russian, and Arabic.
Minimum Deposits
XForex offers three levels of Forex accounts for their customers. The Mini requires a minimum deposit of $100 and offers a 10% bonus for the first deposit. Standard accounts require a $1000 minimum deposit and provide a 30% bonus on the initial deposit, while V.I.P. accounts can be customized to meet advanced trading needs and require a $10,000 minimum deposit, with a 30% bonus added to the first deposit. XForex
accepts bank transfers and a number of major credit cards for deposits.
Leverage
XForex offers its clients up to 200:1 leverage, allowing them to take a much larger position in the Forex market. While this allows experienced traders to take advantage of opportunities as they arise, it can also lead to much greater losses. XForex offers safeguards that ensure that investors cannot lose more than they have invested with the company; this limits leveraged positions for low-end investors, but provides a security net in the case of significant loss on an investment.
Demo Account
Prospective customers can practice their trading skills with a user-friendly demo account. It offers all the same options as regular XForex accounts, and gives new clients a risk-free arena in which to hone their trading acumen before putting actual money on the line. Demo accounts function exactly as the regular accounts with the same minimums and bonuses applied to give new traders a real taste of Forex trading without the real risk.
Trading Functions
The XForex platform offers most of the trading options Forex investors expect, including 21 currency pairs and gold and silver trading. Trading functions include stop loss orders, trailing stops, take profit orders, market, and limit; XForex trading spreads are fixed and typically range between 3 and 30 pips. XForex does not allow hedged trading where buys are offset by simultaneous sells in the same currency. The XForex platform does not allow the use of Forex Robot or Meta Trader through its website. One unique feature of the XForex platform is the ability to track the current activities of the top ten traders; this can prove invaluable for inexperienced traders, who can learn from observing the experts in action.
Market Information
XForex offers its clients real time capital market information, along with daily market updates, charts, financial calendars, and other commentaries and reviews designed to help the beginning Forex trader and the experienced professional in the Forex market. In-depth Forex analysis helps traders identify trends and get in front of the market, helping them to achieve profitability in this highly volatile financial marketplace. The Overnight Express bulletins focus on bullet-point summaries of the Asian, North American and European markets, keeping XForex clients apprised of all developments in the Forex markets. Because XForex is strategically partnered with Reuters, clients are assured of the most current market information possible.
Security of Information
Data security is of the utmost importance to Forex traders, and XForex adheres to the highest industry encryption standards for online security, using SSL-secured servers and ensuring that client information remains confidential. Financial information is closely guarded and deleted once it is no longer relevant.
The Bottom Line
Most beginning traders will find XForex an excellent resource for learning the ropes of Forex trading. Most investors will appreciate the easy-to-use interface and the portability of the system; for advanced traders, however, the limited options for trade may make this less appealing than other Forex platforms on the market.

Oanda FXTrade

With the precision and accuracy offered by today’s computing systems and real-time market reporting systems, it’s interesting to note that many forex trading companies still rely on dealing desks and other manual intervention to execute trades and perform other trading activities, often resulting in delays that can cause a variation of spreads or other anomalies that stray from real-time data. OANDA is a company that seeks to move away from those difficulties by offering a fully automated trading environment, featuring real-time spreads as well as near-instant executions and continuous interest payouts. OANDA has continually introduced new innovations to the forex arena, and continues to strive to remain at the cutting edge of forex trading technology.
About OANDA
OANDA was co-founded in the mid-1990s by Dr. Michael Stumm, professor of Computer Engineering at the University of Toronto computer engineering professor Dr. Michael Stumm, and Dr. Richard Olsen of The Olsen Ltd., a leading econometric research and development firm. In 2001, OANDA launched its trading platform, FXTrade, which was one of the first fully automated online currency trading platforms then available.

OANDA reports it handles more than a million queries each day, and estimates that more than 20 percent of the world’s online spot forex transactions occur through its servers. As an account service provider (ASP) company, OANDA serves more than 75,000 ASP clients globally.

The OANDA corporate team includes a four-member board of directors and a seven-member management team.
Key Registrations
Incorporated in the State of Delaware, OANDA is registered as a Futures Commission Merchant (FCM) with the U.S. Commodity Futures Trading Commission (CFTC), and is a member of the National Futures Association (NFA ID #0325821).

Funds are held at top-tier banks, such as J.P. Morgan Chase, Royal Bank of Scotland, Deutsche Bank, and the Royal Bank of Canada, and are withdrawn only as the result of customer request during trading and account activity.
Contact Information At A Glance
In addition to its online solution database, OANDA offers the following contacts for support and account issues:

• Chat (link in middle of page under “live help”: http://www .oanda.com/corp/contact/
• Email: info@oanda.com
• Phone: +1.212.858.7690 (U.S.) +1.416.593.9436 (Canada) +65-6227-3808 (Asia) +971 (0)4 325 8320 (Middle East)
• Fax: +1.212.208.4356
• Trading desk email: frontdesk@oanda.com
• Sales team online contact form: http://www .oanda.com/site/contact/sales

OANDA’s customer service representatives are available 24 hours a day from Sunday at 4 p.m. EST to Friday at 4 p.m. EST through chat or telephone.
Vital Trading Information About OANDA
OANDA uses a proprietary 100 percent automated trading system, affording real-time executable and transparent pricing, instant settlement and deal confirmation, and continuous interest payments. There is no dealer intervention. Trading activities are performed via OANDA’s trading platform, FXTrade. For a tour and demonstration of the platform and its performance and use during trading activities, OANDA offers video-based tutorials: http://fxtrade.oanda.com/forex_trading/fxtrade/take_a_tour/
Minimum Deposit Amounts
OANDA does not have a minimum deposit requirement, and allows trades in any size without lot size requirements.
Account Set-Up
Account set-up takes about 10 minutes or less and can be initiated via an online form located here: https://fxtrade.oanda.com/your_account/fxtrade/register/individual/beforeyoubegin
During online registration, users will need to provide data including account currency type and personal and financial information, as well as answering regulatory compliance questions. Once the online form has been submitted, users will be asked to forward scans of government-issued identification and proof of residence to OANDA’s offices for account confirmation. As soon as the account is confirmed, login information will be provided and you will be asked to wire funds to open your account.
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Oanda FXTrade

With the precision and accuracy offered by today’s computing systems and real-time market reporting systems, it’s interesting to note that many forex trading companies still rely on dealing desks and other manual intervention to execute trades and perform other trading activities, often resulting in delays that can cause a variation of spreads or other anomalies that stray from real-time data. OANDA is a company that seeks to move away from those difficulties by offering a fully automated trading environment, featuring real-time spreads as well as near-instant executions and continuous interest payouts. OANDA has continually introduced new innovations to the forex arena, and continues to strive to remain at the cutting edge of forex trading technology.

About OANDA

OANDA was co-founded in the mid-1990s by Dr. Michael Stumm, professor of Computer Engineering at the University of Toronto computer engineering professor Dr. Michael Stumm, and Dr. Richard Olsen of The Olsen Ltd., a leading econometric research and development firm. In 2001, OANDA launched its trading platform, FXTrade, which was one of the first fully automated online currency trading platforms then available.
OANDA reports it handles more than a million queries each day, and estimates that more than 20 percent of the world’s online spot forex transactions occur through its servers. As an account service provider (ASP) company, OANDA serves more than 75,000 ASP clients globally.
The OANDA corporate team includes a four-member board of directors and a seven-member management team.

Key Registrations

Incorporated in the State of Delaware, OANDA is registered as a Futures Commission Merchant (FCM) with the U.S. Commodity Futures Trading Commission (CFTC), and is a member of the National Futures Association (NFA ID #0325821).
Funds are held at top-tier banks, such as J.P. Morgan Chase, Royal Bank of Scotland, Deutsche Bank, and the Royal Bank of Canada, and are withdrawn only as the result of customer request during trading and account activity.

Contact Information At A Glance

In addition to its online solution database, OANDA offers the following contacts for support and account issues:

• Chat (link in middle of page under “live help”: http://www.oanda.com/corp/contact/
• Email: info@oanda.com
• Phone: +1.212.858.7690 (U.S.) +1.416.593.9436 (Canada) +65-6227-3808 (Asia) +971 (0)4 325 8320 (Middle East)
• Fax: +1.212.208.4356
• Trading desk email: frontdesk@oanda.com
• Sales team online contact form: http://www.oanda.com/site/contact/sales

OANDA’s customer service representatives are available 24 hours a day from Sunday at 4 p.m. EST to Friday at 4 p.m. EST through chat or telephone.

Vital Trading Information About OANDA

OANDA uses a proprietary 100 percent automated trading system, affording real-time executable and transparent pricing, instant settlement and deal confirmation, and continuous interest payments. There is no dealer intervention. Trading activities are performed via OANDA’s trading platform, FXTrade. For a tour and demonstration of the platform and its performance and use during trading activities, OANDA offers video-based tutorials: http://fxtrade.oanda.com/forex_trading/fxtrade/take_a_tour/

Minimum Deposit Amounts

OANDA does not have a minimum deposit requirement, and allows trades in any size without lot size requirements.

Account Set-Up

Account set-up takes about 10 minutes or less and can be initiated via an online form located here: https://fxtrade.oanda.com/your_account/fxtrade/register/individual/beforeyoubegin
During online registration, users will need to provide data including account currency type and personal and financial information, as well as answering regulatory compliance questions. Once the online form has been submitted, users will be asked to forward scans of government-issued identification and proof of residence to OANDA’s offices for account confirmation. As soon as the account is confirmed, login information will be provided and you will be asked to wire funds to open your account.

Demo Accounts

OANDA calls its demo account FXGame, and offers it to all potential traders free of cost, with no time limits or expiration dates. Users interact with the same features as are available with active accounts, including the same user interface features. The game allows users to trade under real market conditions using live, “actual market” prices and spreads, to fully synthesize the trading experience and give both novice and experienced traders a feel for the features offered by the actual OANDA trading platform, and an opportunity to safely try out new strategies before implementing them with real cash. FXGame also allows users to access news, analytical tools, charts and other tools and data available to users of the actual trading platform.
Dealing Desk
OANDA does not employ a dealing desk.
Trading Spreads
OANDA’s FXTrade platform offers all traders the same spread, regardless of the size of the account or trade, or the type of customer (individual, institutional, etc.).
OANDA spreads are based on real-time market values and events and are widened during non-trading hours, such as weekends and certain holidays, as well as during periods of high volatility, such as during news release events. A table of real-time spread values is located here: http://fxtrade.oanda.com/forex_trading/why_trade_with_oanda/spreads/
Minimum margins vary from 2 percent to 4 percent, based on the pairs of currency being traded.
Trailing Stops
Trailing stops are fully supported by the OANDA trading platform, and are defined during account set-up in the user preference options. Trailing stops can be set with a lower limit of 10 pips and an upper limit of 1,000 pips.
Bottom Line
Offering fully automated, real-time currency trading with no restrictions on account or trade size, OANDA has quickly risen to become a favorite among both large-scale and small-scale traders, including individual forex traders. Its state-of-the-art platform and continual search for new technological applications to make trading easier and more transparent keep it among the top account providers for online interactive forex trading.

Interactive Brokers

About Interactive Brokers
The company’s initial operations started in 1977 by Thomas Peterffy, a former computer programmer who purchased a seat on the American Stock Exchange and founded T.P. & Co. in 1978. Since then, the company has engaged in various stock, futures and bonds exchanges worldwide. Interactive Brokers went public on the Nasdaq stock exchange in 2007, nearly 30 years after Peterffy began his brokerage firm. The company’s ticker symbol is “IBKR”.
Contact Information at a Glance:

• Phone Number: 877-442-2757 (US Toll-free)
• E-mail Support: newaccounts@interactivebrokers.com
• Online Support/Live Chat: Available to existing customers via Account Management

Account Funding Information
Interactive Brokers has several options for both depositing and withdrawing account funds. These options currently include:

• Wire Transfer
• Checks denominated in U.S. funds
• Online Bill Payment Check
• U.S. Automated Clearing House

These methods take at least 4 business days to arrive in your account. With some deposit methods, you cannot withdraw your funds for 3 business days after a deposit. Note that Interactive Brokers does not accept credit cards for depositing funds.
Minimum Deposit Amounts
The minimum deposit amount for a live account at Interactive Brokers varies, depending on who opens an account. Individuals that are 21 years of age or younger can open an account, provided that they can meet a $3,000 minimum deposit. Advisor and broker clients are required to deposit a minimum of $5,000, while all other individuals are required to deposit at least $10,000. Those who wish to trade a margin account must deposit at least $2,000.
These minimum deposit mounts are steep compared to other online brokers. Beginners who want to start trading online but don’t want to deposit a lot of money into their account may be better served elsewhere. It should also be noted that accounts that show no balance for 45 days or more are usually closed, requiring a minimum deposit of $10,000 to reopen.
Demo and Live Account Software
Interactive Brokers uses the Trader Workstation (TWS) platform in order to facilitate trading. This platform is a Java-based application with an open application programming interface (API). This means that third party applications can be combined with TWS in order to improve the platform’s overall functionality and speed. You can also use the TWS platform to trade in multiple financial markets, while taking advantage of Interactive Brokers’ fast data feed. New traders may be intimidated at first by TWS, since it does not come with step by step instructions like some other trading platforms, but it is relatively easy to get the hang of.

For those who wish to trade on the go, the MobileTrader platform is available for smartphones and PDAs. There is also another platform based on TWS designed for developers and papertraders. The PaperTrader platform can not only be used to experiment with trading at no cost within a virtual marketplace, but developers can also use this platform to test third-party applications designed for TWS. A free demo of the TWS platform is available to those who want to test drive it before opening an account.
Commissions and Leverage Limits
Trades involving stocks, ETFs and warrants only cost $0.01 per share, with a $1.00 minimum per order. Trades involving options are priced according to monthly contract tiers. “Smart Routed” orders below 10,000 monthly contracts cost $0.70 per contract, with the cost per contract reduced as the number of monthly contracts rises. A minimum of $1.00 per order is required. Direct Routed orders cost $1.75 per contract, with a $1.75 minimum per order. Interactive Brokers also offers trailing stop orders, with a detailed explanation of how these orders work and the benefit they offer to brokers.
Website Navigation and Account Setup
Navigating the website is relatively easy, and the website itself features vast amounts of important information located within reach of the browser. The website also has an options trading desk available for those who require the assistance of experienced brokers, especially when it comes to large or complex trading orders. Customer service via email, telephone and live chat is readily available, although it lacks the 24 hour, 7 days a week service that other online brokers offer.

Applications are available for individuals and those who wish to act as an advisor for friends and family. The application process is performed online, but paper documents may be required in some cases. Fully completed applications are normally reviewed within 48 hours of completion. The minimum age to open a cash account is 18 years of age, while those who wish to open a margin account must be 21 years of age or older.
Bottom Line
Interactive Brokers affords full access to a variety of exchanges, allowing traders to engage in several markets using one single trading platform. However, the entire process may be daunting to beginners and the minimum deposit requirements may keep those who are limited in resources away from this particular brokerage.

GFX Group / Forex.ch

Like many other things, there are a wide range of foreign exchange market brokers to choose from these days. While the vast majority of popular online forex brokers aim to lure in the business of beginning traders, GFX – which is located at www.forex.ch – is geared towards more experienced forex traders. Its primary software platform, MetaTrader 4, is all business and includes many perks that more advanced traders will enjoy. Another platform offered by GFX, WinTrader, offers a simplified trading experience.
About GFX
GFX/Forex.ch was founded in the year 2005 and is headquartered in Geneva, Switzerland. Unlike many other popular forex brokerage companies, GFX does not boast a broad array of satellite offices spanning the globe. Instead, its headquarters in Geneva make up the bulk of its operations. Despite that, GFX offers very robust and useful trading products for those who seriously want to trade on the foreign exchange market. Despite the crowded playing field, GFX enjoys a solid reputation and continues to win over new clients every day.
Although GFX doesn’t exhibit the glitz and pizazz that many other online forex brokers do, it more than makes up for that by being steady and reliable. Those who merely wish to dabble in the foreign exchange market are wise to look elsewhere, since GFX is designed with serious traders in mind.
Key Registrations
If you are looking for a forex broker that boasts a long list of registrations, you’re not going to find it with GFX/Forex.ch. Despite its lack of advertised registrations, GFX enhances its reputation by being backed up by two solid financial institutions. Its financial condition is regularly audited by KPMG, ensuring that customer funds are protected at all costs.
Contact Information At A Glance
Before signing up with GFX/Forex.ch, it is smart to compile as much contact information as possible. That way, if you encounter problems, glitches or simply find yourself in need of a bit of assistance, you can easily reference the necessary phone number or email address. The basic contact information for GFX is as follows:

• Phone Number: +41-22-548-19-39
• Fax Number: +41-22-594-81-79
• Email Support: info@forex.ch
• Online Support/Live Chat: forex.ch/chat.htm

Vital Trading Information About GFX/Forex.ch

Most people use GFX’s MetaTrader 4 software platform when trading with the broker. Although it doesn’t boast all of the bells and whistles that many other forex software platforms do, MetaTrader 4 is a topnotch utility that gets the job done without any hassles. Automated trading and chart trading make it a breeze for experienced traders to get everything accomplished in record time; instant order execution streamlines the entire process, making it less frustrating. Fractional lot sizes allow you to enjoy an enhanced trading experience, while real-time account and margin information make it easy to stay abreast of what is happening with your currencies. Indeed, MetaTrader 4 is a powerful and intuitive program that will thrill experienced forex traders.
Of course, GFX/Forex.ch is about much more than just its software. Learn more detailed information about various aspects of trading with GFX by reading on below.
Minimum Deposit Amounts
Since GFX/Forex.ch offers two distinct products to its customers – the robust MetaTrader 4 and the simpler WinTrader programs – it has two separate minimum deposit requirements as well. For MetaTrader 4, traders must make an initial deposit of $2,000; for WinTrader, an initial deposit of $500 is required.
Account Set-Up
The process for setting up an account with GFX/Forex.ch is a bit more long-winded than it is with other sites. However, if GFX has what you need then it is well worth the extra effort. First, an online application must be filled out and submitted. Next, a faxed copy of government-issued identification, or a passport, must be sent to GFX’s administrative offices. The minimum deposit must then be made. Finally, when it is all processed you will receive an email notification including login information, and you are ready to get started trading.
Demo Accounts
Demo or practice accounts are par for the course with online foreign exchange brokers, and GFX is no exception. You can choose from either the MetaTrader 4 or the WinTrader platforms and are given an initial funding amount of $50,000 to work with. Of course, these are not real funds; they are simply used to simulate how the real programs work. It is highly advised that you make good use of the practice account, since it lets you take GFX/Forex.ch for a test drive to see if it is right for you.

Dealing Desk

GFX is decidedly bare bones and does not offer any special accommodation or exclusive customer services to its traders. It does not offer any sort of guarantee about trading against its customers, either, so if that is a sticking point for you then you may want to look elsewhere.
Leverage Limits
For all intents and purposes, GFX works with leverage limits of 200:1 when it comes to trading currencies. While these aren’t the most flexible ones in the forex trading world, they are adequate.
Trailing Stops
Not surprisingly, GFX/Forex.ch does allow and encourage the use of trailing stops. This may mitigate the lack of a guarantee that the company suffers from, especially for more cautious traders.
Trading Spreads
Trading spreads for major currencies traded on GFX fall into the two- to three-pip range. The use of fractional pip pricing enhances the tightness of GFX’s spreads, and is one of this broker’s biggest selling points. For instance, EUR/USD has a spread of 2.5 pips; USD/CAD has a spread of 4.5 pips.
The Bottom Line
People who insist on flashy graphics and showy presentations should skip over GFX/Forex.ch, since that’s not what this forex broker is all about. On the other hand, those who want a solid and reliable currency trading experience – and those who are adept at navigating the forex world in general – will greatly appreciate the power and the advanced capabilities of GFX’s MetaTrader 4 software. Simplicity trumps aesthetics in this case, and GFX wins kudos for emphasizing performance over appearance.

GFT Forex

Getting the most out of your foreign exchange, or forex, market trading experience is a lot easier when you sign up with a reputable and reliable forex broker. Sifting through the many different brokers that do business nowadays can be daunting; to make things a bit easier, we’ve taken a closer look at one of the most popular and well-known forex brokers: Global Forex Trading, or GFT.
About GFT
When it was founded back in the year 1997, Global Forex Trading, or GFT, was among the first forex brokers to offer its services to retail customers. From the very start, GFT was headquartered in Ada, Michigan; incredibly, within ten years it would expand its reach to include offices and branches around the world. Today, GFT’s customers hail from over 120 different countries, helping to make it one of the most successful and relied upon forex brokers on the planet.
In addition to its headquarters in Michigan, GFT has two other branches in the United States: one in New York City, and one in Chicago. GFT is not restricted to the boundaries of the U.S., though, and has offices in several other countries. Indeed, GFT offices are located in such diverse places as Dubai, London, Sydney, Tokyo and Singapore in order to attend to the needs of its customers around the world more easily and efficiently.
Key Registrations
GFT holds an impressive number of certifications and is regulated in every country that it has an office in. Customers who insist on trading with a forex broker that meets and exceeds the rigorous demands of various regulatory bodies can’t do much better than GFT, which is registered with:

• The Commodities Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM)
• The National Futures Association (NFA) in the United States
• The Financial Services Agency (FSA) in Japan
• The Australian Securities and Investments Commission (ASIC)
• The Monetary Authority of Singapore (MAS)
• The Dubai Gold & Commodities Exchange (DGCX)
• The Dubai Multi Commodities Centre (DMCC)

Contact Information At A Glance

Should you decide to do business with GFT, it’s wise to keep all of the relevant contact information handy at all times. If an issue or problem should arise, you’ll be able to have it resolved more quickly and easily. Basic contact information for GFT includes:

• Toll-Free Phone Number: 1 (800) 465-4373
• Local Phone Number: 1 (616) 956-9273
• Direct Dealing Desk: 1 (877) 465-0787
• Email Support: new.accounts@gftforex.com
• Online Support/Live Chat: www.gftforex.com/contact

Vital Trading Information About GFT
GFT offers an impressive suite of trading software solutions, allowing traders of all kinds to find the option that is right for them. Whether it’s the desktop-based Dealbook 360, the web-based Dealbook WEB or the mobile-based Dealbook Mobile, traders can take advantage of GFT’s intuitive and user-friendly foreign exchange market trading features with ease. One-click trading, streamlined ordering, free charting tools, free currency news and several other exciting features are included with all of GFT’s software offerings.
Beyond the software, though, there are many other critical things to be aware of when it comes to GFT; learn more about them below.
Minimum Deposit Amounts
A $200 minimum initial deposit is required when opening a new account with GFT. Subsequent deposits can be made via credit card, debit card or echeck for a minimum of $50; PayPal deposits can be made for a minimum of $100.
Account Set-Up
Setting up a GFT account online is a snap. After filling out and submitting a brief application – which should take you no more than five or ten minutes – you have a short wait while it is being processed. Thereafter, you make your initial deposit and/or begin your free trial with a GFT practice account – it’s as easy as that.
Demo Accounts
One of the best ways to get a feel for what GFT – and forex trading in general – is all about is by signing up for a free practice account. Upon signing up, you are given a universal login to all of GFT’s trading platforms; your demo account is customized based on your specific criteria.
Dealing Desk
Once you become a GFT customer and begin trading on the foreign exchange market with them, you gain access to a higher level of customer service through their direct dealing desk. Whether the website is giving you trouble or you’re not receiving confirmations for your orders, you can dial the dealing desk directly and receive immediate assistance.
Leverage Limits
Leverage limits at GFT are in line with those of most of the other major foreign exchange market brokers. For major currencies, a maximum leverage of 100:1 is in place. For exotic currencies, a maximum leverage of 25:1 is enforced.
Trailing Stops
Trailing stops are allowed with GFT. As a popular risk management option, trailing stops are pretty standard with most of the major online forex brokers. Using trailing stops on the Dealbook 260, Dealbook WEB and Dealbook Mobile platforms is as easy as a couple of clicks of the mouse button.
Trading Spreads
With more than 120 pairs to choose from, it’s easy to find a spread that will work for you with GFT. Spreads as low as one pip are available, enhancing your odds of raking in some serious profits. Of course, familiarizing yourself with the spreads for major and less-major currencies is the best way to be successful in any forex trading endeavor. Some of the lowest spreads available include those for EUR/USD, EUR/GBP, USD/JPY and EUR/CHF.
The Bottom Line
With some of the most attractive trading platforms in the industry, an impressive array of conformance with major regulatory bodies, offices that span the globe and very competitive trading spreads, GFT is a natural choice for forex traders of all caliber. Mobile, web-based and desktop-based software choices make it easy for just about anyone to get comfortable with GFT. Whether you’re just dipping your toe into the foreign exchange market or have been at it for some time, GFT is a solid option.

GFS Forex

Wading through the various online foreign exchange market brokers and singling out one to work with can be tricky. As popular as the forex market is, there are always new brokers setting up shop and older ones shutting their doors. Generally speaking, selecting a broker that’s been around for awhile is the best bet. GFS Forex has been in the trading business since 2001, and got into the forex market in 2006. In order to discern whether or not GFS Forex has what it takes, we’re going to take a closer look at it and explore how it operates.
About GFS Forex
When it was first founded in 2001, GFS worked with various investment instruments and provided a broad suite of investment services. It wasn’t until 2006 that GFS Forex & Futures, Inc., began to delve into the foreign exchange market in earnest. Initially, this broker did not accept clients from the United States – a move that seriously limited its growth potential. However, GFS eventually did open its doors to U.S. traders and has since seen its business boom considerably.
From its headquarters in San Francisco, GFS Forex now focuses on providing foreign exchange market traders with professional and efficient trading tools. An additional branch, in New York City, is located near Wall Street and helps keep this broker in the loop when it comes to financial news. In this way, serious investors and traders can take heart in the fact that GFS Forex is a legitimate financial trading operation.
Key Registrations
Since it operates on United States soil, GFS Forex does maintain compliance with several regulatory bodies. For example:Account Set-Up

• GFS Forex is a Registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC)
• GFS Forex is a member of the National Futures Association (NFA)

Contact Information At A Glance

After looking through this review, if you decide to do business with GFS Forex it is wise to have its relevant contact information readily at hand. For your convenience, it is located below:

• Toll-Free Phone Number: (888) 437-2660
• Local Phone Number: (415) 321-7188
• Fax Number: (415) 321-7199
• 24-Hour Support: (866) 227-2739
• Email Support: info@gfsforex.com
• Online Support: http://www.gfsforex.com/eng/contact-us.htm .gfsforex.com/eng/contact-us.htm

Vital Trading Information About GFS Forex
Unlike many of the other major online foreign exchange market brokers, GFS Forex does not offer its own proprietary trading platform and does not offer one for download to its clients. Instead, it supports and works with several of the most popular kinds of trading software. Assuming GFS Forex works with the software of your choice, you will find it to be quite useful. If GFS Forex does not support the software that you prefer to use, you’ll find it decidedly less advantageous to trade with GFS. Finally, if you are wholly inexperienced with trading softwares of any kind, you will have a difficult time getting going with GFS Forex.
Since GFS Forex does not offer its own trading software, the focus has to be on the services that it offers. You can get a better understanding about those services and what they mean to you by reading more below.
Minimum Deposit Amounts
In the wide world of forex brokers, GFS Forex has a rather hefty minimum deposit requirement. At $500, GFS is definitely near the top of the list when it comes to the initial investment that traders have to make in order to do business with them.

Setting up an account with GFS Forex is complicated and slow, especially when compared with most other major online forex brokers. It appears that this company hasn’t updated its application process in some time, leaving those who want to open accounts to deal with a morass of confusing screens and long wait times. Of course, you will eventually be able to open an account – getting there just isn’t easy.
Demo Accounts
Demo accounts are par for the course with forex brokers nowadays, and GFS Forex is no exception. There is a free demo or practice account available that allows you to get a feel for how GFS Forex and its system works. However, you’re going to have to do a lot of digging to find out how to make this happen – the site is not exactly forthcoming with the information.
Dealing Desk
Generally companies that do not have a dealing desk typically market that heavily. No mention whatsoever is made of dealing desks at GFS Forex. They make no guarantees or promises about using or relying on dealing desks, and there is no definite way to tell whether or not they trade against their clients. Additionally, there does not appear to be any sort of special accommodations made for registered clients; everyone shares the same customer service features, regardless of whether they are paying customers or not.
Leverage Limits
Leverage limits at GFS Forex are pretty standard and are either 1:100 or 1:200. These limits are not unusual and can be found at other brokers all over the Internet, so in this way GFS Forex does conform with what the majority of its peers are doing.
Trailing Stops
Not surprisingly, trailing stops are allowed and encouraged at GFS Forex. This is one concession that GFS makes to its traders in order to help them minimize their overall risk on the foreign exchange market.
Trading Spreads
While many online foreign exchange market brokers offer unique perks or ultra-slim spreads to lure traders in, GFS Forex does not. Instead, even on a popular currency pair like EUR/USD, it offers an average spread of three pips. A tiny bit of research will show you that there are much more competitive spreads to be found elsewhere.

The Bottom Line

The difficulty of setting up an account, the high minimum deposit and the uncompetitive trading spreads all conspire to make GFS Forex a less-than-adequate choice for people who are looking for smooth, easy forex trading experiences. Although this company does have a relatively long history, it seriously needs to update its website and its services if it hopes to continue competing with other major players in the forex market game.

FxPro

When it comes to forex trading companies, bigger isn’t always better. Such is the case with FxPro, a full-service company with a six-member management team that earned top awards from World Finance magazine. Offering the same services as larger trading companies, FxPro prides itself on providing excellent customer service and attention to details, making it a favorite among traders of all sizes.

About FxPro

FxPro is a full-service forex market trading services company, offering a wide range of financial instruments, including metals, foreign exchange, futures and indices and Contracts for Differences (CFDs) on stocks. Founded in 2006 as EuroOrient Securities & Financial Services Ltd by a group of dedicated and experienced financial experts, the company changed its name to FxPro Financial Services Ltd and today serves clients in more than 120 countries, 24 hours a day, seven days a week. With physical locations in the United Kingdom, Russia, France, Greece and Austria, FxPro prides itself on its culture of corporate social responsibility, and employees regularly volunteer in the communities where they are located.

Chairman and founding partner and Denis Sukhotin leads the six-member FxPro management team. Sukhotin holds a master’s degree in finance and economics from the Moscow Institute of Entrepreneurship and Law, and a diploma in business administration from Limassol, Cyprus’ CTL College. In 2009, World Finance magazine named FxPro as Europe’s ‘Best Forex Broker.’

Key Registrations

FxPro is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC, http://www.cysec.org.cy) the regulatory and supervisory authority for the financial services industry in Cyprus. CySEC is a member of the CESR (Committee of European Securities Regulators).The company operates under the EU Markets in Financial Instruments Directive (MiFID) and under the Cypriot Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007). Adopted by Cypress in 2007, MiFID provides regulation of investment services firms operating within the European Economic Area. Lnks to licenses, policies and procedures adopted under MiFID guidelines can be seen at https://www.fxpro.com/licenses.html. FxPro also holds a cross-border license, allowing the company to operate internationally.FxPro is also a member of the following organizations:

• CIFSA (Cyprus International Financial Services Association, http://www) .cifsa.org
• CCCI (Cyprus Chamber of Commerce and Industry, http://www) .ccci.org.cy
• CFSFA (Cyprus Financial Services Firms Association, http://www).cfsfa.org.cy

Contact Information At A Glance
With international back office operations headquartered in Cypress, FxPro offers a wide range of customer support options to clients across the globe, including live chat located through a link at their website, email and phone options. A multi-lingual customer service team can be reached around the clock five days a week, from 10 pm GMT Sunday to 10 pm GMT Friday. Clients can also contact their personal account managers directly at any time. The following list will help you keep all of FxPro’s information at your fingertips, if you decide to open an account with them:

• Chat (link on left): https://www.fxpro.com/contacts.html
• Email support: support@fxpro.com
• Phone: +44(0)207 776 9720
• Fax: +44(0)207 600 7063
• Trading desk email: dealing@fxpro.com
• Trading desk phone: +357.25.969.239
• A list of international toll-free numbers is available here: https://www.fxpro.com/contacts.html

Vital Trading Information About FxPro
With its real-time charting and analytics, FxPro offers a wealth of opportunity and options for both experienced and novice traders. FxPro also offers several powerful and popular trading platforms, including

• MT4 Standard
• iPhone
• WebTrader
• MT4 MultiTerminal
• Mobile PDA SmartPhone

Trading conditions and platforms can be seen at https://www.fxpro.com/trading-conditions.html
Minimum Deposit Amounts
The minimum initial deposit required to open an account is $500 or equivalent in EUR, CHF, GBP, JPY. Both deposits and withdraws can be made using a variety of options, including bank wire transfers; Visa, Visa Electron and Visa Delta; MasterCard; Maestro International and Maestro UK; PayPal; Neteller; and Moneybookers. All options can be used without incurring charges from FxPro.

Account Set-Up

Setting up an account is a simple process that can usually be completed in five to ten minutes, and involves just a few steps:

• Complete the registration form, including the email address you want to have associated with the account
• Activate your account by clicking on the link that will be emailed to you after you complete the registration form
• Create your password and check your email once more for your trading credentials
• Login to your FxPro account
• Upload required documents, including personal identification and proof of address (you can see the specific requirements at this link: https://www.myfx.pro/kb/34)
• Deposit funds

Demo Accounts
In addition to its full-service trading accounts, FxPro site offers a demo account to allow potential clients an opportunity to fully explore all of the options available to them through FxPro. With a $100,000 USD unlimited Demo Account, novice traders are encouraged to explore the world of currency trading, learning new skills and enhancing current knowledge. The no-cost, no-fee demo allows users to test their strategies using real-time quotes and real market conditions, with charts and other analytic tools that can help you become comfortable in the currency marketplace. FxPro’s demo account also allows users to track the performance of both short- and long-term strategies without any risk or obligation. All analytic tools and charts in the demo account are the same tools active accountholders use every day, meaning inexperienced traders can see how a real account would actually behave.

Dealing Desk

FxPro does maintain a dealing desk that performs the following tasks:

• Monitors and quotes prices, comparing prices with other market participants to ensure rates are competitive
• Monitor spreads
• Offer up-to-the-minute news and analysis
• Maintain systems operations
• Provide customer service

Trailing Stops
Both MT4 expert advisors and trailing stops are fully supported by FxPro, nad initiating stops can be easily affected through the easy-to-use toolbar accessible through your account homepage.
Trading Spreads
Under regular trading conditions, FxPro offers spreads starting from 0.5 pips EUR/GBP, 0.8 pips EUR/USD, and 0.8 pips GBP/USD. There is no spread enlargement during news releases. Trading volumes from 10k (0.1 lot) are supported and currency quotes include a fifth digit to accurately reflect even small shifts in the marketplace.
Leverage-margin requirements are as follows:

• Forex: 1:1 up to 1:500, accountholder’s choice
• CFD shares: 10 percent
• Spot precious metals: 2 percent
• CFD futures: fixed

No margin is required for hedged positions.
Bottom Line
With its advanced features and multiple trading platforms, coupled with an interactive demo account that offers real-time experience, FxPro could be a good choice for both experienced and novice investors.

FXCM

Whether you’ve been trading on the foreign exchange, or forex, market for some time – or are interested in trying it out for the first time – the first thing you need to do is choose a forex broker. As the popularity of forex trading continues to skyrocket, the number of forex brokers steadily rises. Choosing one from a sea of many can be daunting, but it is best to stick with large, reputable names. Forex Capital Markets LLC, or FXCM, is one of the largest and most well-regarded forex brokers in business today. We’ll take a closer look at FXCM below.

About FXCM

Since being founded in 1999, Forex Capital Markets LLC – commonly known as FXCM – has risen to become one of the most reputable and relied upon forex brokers in the world. Its 2008 revenues surpassed $300 million, and it employs more than 550 people worldwide. Its main headquarters in New York serve as the nucleus of a worldwide organizational structure that offers a flexible number of options to the many traders who rely upon its services.
FXCM’s global reach began in earnest in 2002, when it opened its London office. Over time, FXCM has opened offices in Hong Kong, Sydney, Dubai and Paris; it also has several offices within the United States. Its FX Trading Station trading software is regarded as one of the leaders in the industry, and FXCM further distinguishes itself by offering a discount brokerage division, FXCM Micro, along with its regular suites of services under FXCM Standard.
Key Registrations
FXCM is registered with the:

• Futures Commission Merchant (FCM)
• National Futures Association (NFA)
• Australian Securities and Investments Commission (ASIC)

Contact Information At A Glance

If you decide to do business with FXCM, you’ll want to keep its most important contact information on hand. The basic contact information for FXCM is as follows:

• Free Phone Number: 1 (888) 50-FOREX or 1 (888) 503-6739
• Local Phone Number: 1 (212) 201-7301
• Fax Number: 1 (877) 229-0004
• Trading Desk: 1 (866) 600-FXCM or 1 (866) 600-3926
• Email Support: info@fxcm.com
• Online Support/Live Chat: www.fxcm.com/live_help/prechat_survey_body.htm

Vital Trading Information About FXCM
The vast majority of foreign exchange trading transactions with FXCM are performed using its key trading software, FX Trading Station. FX Trading Station is widely regarded as one of the top trading softwares in the industry, featuring cutting edge technology and the convenience of trading directly on the charts. With streaming quotes, one-click trading, easy customization, extensive reporting and many other prime features, FX Trading Station can be used with ease by beginner and experienced traders alike.
There are several other key things to know about trading on the foreign exchange market with FXCM. For your convenience, we have highlighted a selection of the most important ones below.
Minimum Deposit Amounts
The minimum deposit for opening a standard online account with FXCM is $100; a $25 minimum deposit is required to open a FXCM Micro account. For a Standard 10K account, the minimum deposit is $2,000.
Account Set-Up
Setting up an account with FXCM is relatively easy. First, an application that takes approximately ten minutes to fill out must be submitted. The application is reviewed and processed within one to three business days. Upon completion, you will be sent an email which you can then use to complete the signup process.
Demo Accounts
A free practice trading account is available through FXCM and can be used for up to thirty days. This practice account can be used to learn what FXCM and is FX Trading Station software is all about. You can also evaluate and try out different trading strategies without any financial risk. Indeed, an FXCM practice trading account involves no real capital on your end, making it a smart way to get to know the system.
Dealing Desk
One of FXCM’s key characteristics as a foreign exchange broker is that it offers a No Dealing Desk trading execution. In this way, FXCM eliminates any potential conflict of interest between its brokers and traders, ensuring that you enjoy the best transactions and experiences with your trades. Offers like these aren’t made by many forex brokers, and FXCM’s No Dealing Desk policy really makes it stand out from the crowd.
Leverage Limits
FXCM offers flexible leverage amounts on its trading accounts; the maximum leverage available is approximately 100:1. Although flexible leverage amounts means that traders can utilize their own amount of leverage as desired. However, the vast majority of FXCM traders choose to trade using the default leverage amounts, which are based on default margin settings.
Trailing Stops
Trailing stops are an available option for FXCM traders; stop orders can be turned into trailing stops with the click of a button, making it a very easy and streamlined process for those who want to use this form of risk management during their forex trading.
Trading Spreads
There are many foreign exchange market brokers to choose from these days; sticking with a prominent, well-known company is always a good idea. With FXCM, more than ten years of topnotch forex market experience and a global presence ensures that traders are enjoying some of the most balanced and fair trading today. The ease of using the FX Trading Station software makes FXCM a great choice for novices and experts alike, and FXCM’s No Dealing Desk trading execution policy enhances traders’ opportunities to nail down the best profits possible. All told, FXCM is a reliable and reputable choice for any forex trader.

Forex Club

Forex Club is geared towards beginners who are new to online currency trading. Therefore, Forex Club offers educational resources to help beginners gain a better understanding of the trading process. These include step-by-step guides, free web-based seminars and live chat sessions. Forex Club also offers the ExpressFX platform, a simple trading platform that is easy to understand for beginners and provides a relatively risk-free trading experience. As a result, Forex Club was awarded “Best Broker for Beginners” by Forex-Ratings and is considered one of the best in the industry.

About Forex Club

Forex Club Financial Company (fxclub.com) is a brokerage specializing in Forex trading. Based in the New York City area, it is registered with Commodity Futures Trading Commission and is a current member of the National Futures Association (NFA ID# 0358265). Forex Club currently serves clients from over 50 countries and claims to open over 1,000 new accounts per day. This feature includes both live trading accounts and demo accounts.
The company was founded in 2005 by Michael J. Felice, who currently serves as both President and Chief Executive Officer of this company. Felice has over 30 years of experience in the brokerage industry and has also been involved with other financial and regulatory agencies. Other instrumental figures include Peter Tatarnikov, serving as the company’s vice president and COO with 12 years of experience in the Forex industry, and Michael Felice Jr., serving as the company’s CFO since 2007.

Contact Information

Customer support can be contacted via an email form located on the Forex Club website. Forex Club also features a live chat support service, where a real-life representative is available to answer any questions and other concerns. You can also reach the company by phone toll-free at 1-800-881-3809. Another method of contacting Forex Club consists of using the “Request a Call” link (http://service.ringcentral.com/ringme/callback.asp?mbid=55787941,0,&referer=). After filling out your phone number and confirmation code, the system will contact you and connect you to Forex Club.
Contact information at a glance:

• Phone Number: 1-800-881-3809 (US Toll-free)
• E-mail Support: info@fxclub.com

Account Funding Information
The next step is funding your new account if you have chosen to create a live account. Forex Club offers several methods of depositing funds into your trading account. Credit cards can be used to deposit funds – Visa and MasterCard customers are charged a processing fee ranging from 2.24% to 2.59%, while Discover Card users are not charged a processing fee. These deposits are processed immediately if made before the end of the weekly trading session. Other methods of depositing funds include online check (reserved for U.S. customers), bank wire and money order.
Minimum Deposit Amounts
Live accounts require a minimum $10 deposit. Those who deposit more upon opening will receive bonus benefits – for instance, a $100 or more deposit will grant you an additional $100 margin bonus, while a $300+ deposit will grant you unlimited market signals.

Demo and Live Account Software

Forex Club offers demo accounts for those who want to learn how to trade Forex without risking any real money and prospective customers who want to get a feel of Forex Club’s trading environment before creating a real account. The demo uses the ExpressFX platform, which provides step-by-step instruction on how to go through each trade. While the ExpressFX platform gives newcomers and regular traders an easier way to make successful trades, those who have ample experience may find the ClassicFX platform more suitable to their needs. Geared towards veteran traders, the ClassicFX platform features more customization options for keeping track of emerging trends. Users of the ClassicFX platform can choose to monitor time frames up to a year, plot their own custom indicators, and have complete control over other customizable features. ClassicFX users also receive audible news and order alerts

Commissions and Leverage Limits

Commissions for using the ExpressFX platform are $0.4 per 1000 traded. In the event of an unsuccessful trade, the commission price is instantly refunded, meaning that traders using the ExpressFX platform are not penalized when they make a loss. Minimum lot size is 0.01 and there are 22 currency pairs offered for trade. Leverage in the base currency is 1:100 and variants range from a max of 50:1 for accounts of $100,000 to $200,000 and 20:1 for accounts above the $200,000 mark. Forex Club offers stop orders and limit orders, but does not offer trailing stops.

Website Navigation and Account Setup

Navigating the Forex Club website is relatively straightforward, with the most important navigation links and features prominently displayed. The website is also available in Russian, as well as simple and traditional Chinese. Setting up an account with Forex Club is simple and free of any hassles. For instance, one of the first steps towards joining Forex Club is filling out a relatively simple application form that only takes a few minutes to complete.
Bottom Line
Forex Club is a good choice for those who are new to Forex trading and want a comfortable and relatively risk-free starting point. Since the online Forex trader is geared towards beginners, those who have plenty of experience may end up satisfied elsewhere, but Forex Club does its best to accommodate both new and veteran traders.