There are many options available to open a currency trading account.
Often the choice of accounts will depend on whether you want to trade
currency futures or forex. The service and commission rates can vary
from broker to broker as can the level of service. Other factors that
can influence where you open a currency trading account can include
whether you require a data feed to interface with a third party charting
platform or whether you need API connectivity. Each service provider
can have advantages and disadvantages in terms of the quality of service
and product offerings. Some suggestions for services for further investigation
include the following:
Interactive Brokers (www.interactivebrokers.com).
This broker is setup to cater to forex trading accounts and currency
futures trading. The advantage of this broker is the versatility
in product offerings. You can use the web based platform or download
the desktop java version. Many third party programs interface with
the interactive broker's data feeds for practitioners who have a
preference for certain software packages. You can also trade futures,
stocks or options on a diverse range of international exchanges.
You do not require a large deposit to open the account and the Universal
account permits account holders to maintain the account balance
in the currency of choice and trade products on over 70 international
exchanges. The commission structure is very competitive as are market
data access fees.
Oanda (www.oanda.com)
An Oanda forex trading account is the choice of many professionals
because they have positioned themselves in the market as a superior
product innovator with the lowest spreads. Oanda accounts are strictly
FX trading accounts for the forex market and the web platform is
100% automated. You can also practice your latest strategy or learn
about the forex markets by opening a 'demo' account. The company
also provides a range of business services to corporations that
require API's or data services. More information about product offerings,
news and account services can be sourced form (www.oanda.com).
There are many other foreign exchange trading account providers.
Forex providers include CMC markets, IG markets, FXCM, GFT and Saxobank.
You can review the product offerings at FX Street (www.fxstreet).
A comprehensive comparison of leverage, service and commission/spread
structures are provided. Banks and brokers also provide forex and
currency trading platforms. You can investigate each one individually
to assess whether they suit your requirements.
Next Article: Foreign
Currency Investment
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