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.
What you need to know to successfully trade ETF's.
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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