FXChoice: Wire Transfer, Skrill, WebMoney, NETELLER, Bitcoin
Sensus: Credit cards +3 major international banks
As for customer satisfaction, well...FXChoice is nearly flawless and they take great pride in that.
Sensus negative comments are a bit old, and none are about difficulty withdrawing or excessive slippage, or any type of "stop hunting".
If anyone has opinions, about these mentioned, or any others, please share your experiences.
Still hanging with Oanda. Disappointed with their charts as they only go back 3 and a third years. Aside from that, everything is spot on and their mobile app is extremely fast and handsomely set up. Again, I am content.
Supply & Demand ... Core Strategy Plan.
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There seems to be numbers with fxcm. I chose Oanda for the flexibility in the number of units I can trade. Coming in brand new to this game, I want to start out slow and become accustomed to the working markets.
Tradingview is good. At times I find it is slow and symbols won't always take for the charts. I enjoy using netdania as I can quickly load a 1,000 monthly period and go back to the beginning of time : }
For most currencies the FXCm platorm lets you trade as little as $1000 lots. So a 1% move, which might take several hours, is only $10. A 10% move is measured in weeks and months..
In short there is more than enough flexibilty with lot size.
Thanks for the info. I did read where there are unusual pip moves and they have been documented as far as date and time. I have a hunch online trading academy has ties with this broker. Just a gut feeling to steer clear at this point. With Oanda, I can trade anywhere in between the micro, mini and standard. If I am compelled to try a new strategy or my setup isn't met for all my criteria, but see a strong probability, I have that option to back off slightly or to increase slightly.
They have been prompt to answer my q's and not once any pressure to go live. And there is no time limit for practice. I have an ongoing balance sheet that includes interest payments/charges. I treat this account as if I am live.
I'm finding that the whole Forex process way too stressful at this point, from this whole Greek fiasco, to brokerages, to the IRS reporting, to the awful and archaic MT4, etc. SO, I'm going back to my first love, Futures (CL/ES) with NT.
Maybe when the dust settles, and our trading funds are insured, I'll revisit Forex then.
Just a bit of information, your funds are not insured in futures either. The only difference is in Forex than can be taken by a creditor if the Brokerage goes insolvent. In futures customer segregated funds cannot be tapped into be creditors in the event of insolvency. But you still have a heavy chance of not seeing funds again in the event of a SNB like event in the futures markets, as other traders go negative in there accounts at your brokerage it will pull the negative balances from the customer segregated pool hence drawing down was is available for distribution back to the customers in the event of insolvency. Equities/Bonds is the only market that receives the $500K SPIC protection with a $250K limit on Cash.
Your only true option of segregation in either markets is to get a segregated account in just your name. Most of the big firms offer them FXCM/IB/CITI but your going to have to maintain a low six figure account balance to get that protection. For people who don't have balances like that, it's best to spread your risk among brokers so if one goes insolvent your not losing everything.
As far as a good broker for Forex that is "LEGAL" to use by a US Citizen, I use IB and it's about the only one I would use. I had a FXCM account but pulled my funds after there fiasco. I understand they received the loan, are paying it back..etc But all it would take is another SNB and they'll be looking for another 300M loan or become insolvent. I say legal because there a lot of non-regulated buketshop brokers overseas who will take a US Citizen. Technically its not legal for you to use them as a US Citizen even though they take you, and tax reporting is going to be extremely tough as none of them report to the IRS.
Last edited by Branzol; April 26th, 2015 at 01:02 PM.
Reason: Added NFA Link
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