Monday, July 27, 2009
Cost of Opening Trades
Do you think opening and closing Forex Trades are painless? Well, I mean you can just click on Buy or Sell, enter the amount in units or lots, and then enter stop loss or take profit values and then click SUBMIT, right? It doesn’t cost you a dime.
Well, think again. When you click submit, you will have lost money in the form of spread. If you take notice, you would realize that there is a buy and sell price for every market pair. So if you Buy, the broker opens your trade at the buy price and the difference between the Buy and Sell prices would be the spread. That difference costs you money and that is what you will be paying to the broker!
So generally, if you scalp a lot, you will be paying the spread many times to the broker in a day. But if you play position trades or daily trades, or do not open and close trades that frequently, you do not need to spend as much money trading.
Monday, June 8, 2009
FXDD Forex Broker
A well-known Forex Broker, FXDD, situated at 75 Park Place, New York, NY 10007, is overall a good Forex Broker to signup with. Their site offers multiple languages, mainly English, Chinese, French, Japanese, Dutch, Vietnamese, Portugese and Spanish. Like other online Forex Brokers, they can let you open demo accounts and live accounts.
FXDD seems to have consistant slippage or other complications. However, they have always handled their deposits and withdrawals fast.
They provide low spreads and they support several software like MT4 platform, MTXtreme, FXDD Trader, FXDD Auto and Power Trader. The spreads do widen at market events and news times for a few moments and then normalize.
FXDD’s customer service is very knowledgable and helpful. They respond quickly and they provide a lot of necessary help.
FXDD WebsiteAvaFX Forex Broker
Another quite popular Forex Broker on the Internet is AvaFX. Their minimum deposit is $100 for their Live Silver account and they also provide $100000 for their Demo Account.
To execute trades, traders can use single-click market executions or double-click market trading. Their charts are professional and easy to use, with instant and fast updates. They also have commentary analysis, so traders can always browse the updated economic calendar by using the commentary analysis.
AVAFX has their own downloadable Forex trading platform - the Ava Trader. Trading using Ava Trader is fast, and some scalpers recommend it. Like Oanda, they also have a web-based trading software called the Ava Java.
They rarely disconnect and they do not have many problems with their order executions. They are backed up by strong financial insititutions. However, on some occasions, they often seem to make their traders wait several days for withdrawals.
AvaFX WebsiteFXPro Forex Broker
FXPro is an remains a stable Forex Broker and is doing a good job. Signing up is quite easy, and you can easily sign up a demo account and try them out using MetaTrader 4, after you download it. But depositing cash can be a little harder and might take a longer time. However, they allow Paypal deposits and withdrawals.
In FXPro, demo account is called “Practice Account”.
Directly from the FXPro website, it says that the benefits are a lot:
- Competitive spreads from 0.5 pips. This is a really good sign because most brokers offer 1-0.8 pips, especially for EURUSD. But FXPro offers 0.5. But during market events, this can change.
- Trading account from as low as $500
- No hidden fees and no extra charges
- Exclusive up to the minute market news
- Flexible leverage up to 1:500
- More than 140 tradable instruments
FXPro has gotten a lot of good reviews but they should not be confused with FX-Pro (with a dash). Because FX-Pro is a totally different broker and they have gotten some bad reviews.
FXPro WebsiteInterbank FX (IBFX) Forex Broker
Interbank FX aka IBFX. The Forex Broker that is deemed number 1 on the Internet. It is the #1 Ranked Forex Broker, but is it any good?
For some traders, they have been complaining about Interbank FX’s system saying that they are scammers, that will not properly accept your buy and sell orders. Some even say that their hedging rule is affecting their trades.
However, there are many many IBFX traders who are doing well and have yet to see any dirty tricks from IBFX. Perhaps it is because of their own flawed trading system and techniques that some traders find that IBFX is out to get them?
From their website, IBFX really looks professional and they have been around for quite some time - 2001 to be exact. And this ascertains that they are an established company. Their HQ is in Utah USA and their capital as of end of 2008 is over USD 40 million.
IBFX website