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:
* 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
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.
Account Set-Up
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.
SocialTwist Tell-a-Friend
Forex.com
There are many popular online foreign exchange market brokers doing business these days. If you’re like many people, then you’d probably prefer to stick with a well established and reputable broker. Some brokers offer exceptional trading spreads; others boast easy-to-use trading platforms that make getting into the forex game a breeze. Forex.com – a division of Gain Capital Group LLC – manages to combine both of those attributes, and many more. Whether you’re just starting out in the foreign exchange market or are a very experienced trader, Forex.com/Gain Capital is bound to have a product and an account type that will work for you.
About Forex.com / Gain Capital Group LLC
Gain Capital Group LLC was founded in 1999 by a group of experienced Wall Street professionals. Since then, it has built up an impeccable reputation for offering some of the very best forex services in the world. Forex.com’s clients come from over 140 different countries, and include individual traders, Commodity Trading Advisors, fund managers and many other investment professionals. With a corporate headquarters in Bedminster, New Jersey and an additional location on Wall Street, Forex.com/Gain Capital is a topnotch forex broker.
Beyond its far reach, Forex.com/Gain Capital Group has received many important awards through the years – something that further emphasizes its exceptional level of service. This company offers a broad suite of services, with accounts geared toward amateur traders and experienced traders alike.
Key Registrations
In keeping with its good reputation, Forex.com/Gain Capital Group LLC is registered with the following:
* A Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC)
* A member of the National Futures Association (NFA)
Contact Information At A Glance
If you decide to trade with Forex.com/Gain Capital Group LLC, you’ll find that staying in touch is easy. Keep the following contact information on hand in case you ever require assistance or if you ever have any questions regarding their foreign exchange market services:
* Toll-Free Phone Number: 1 (877) FOREXGO or 1 (877) 367-3946
* Local Phone Number: 1 (908) 731-0750
* Fax Number: 1 (908) 731-0788
* Email Support: info@forex.com
* Online Support/Live Chat: www.forex.com/contact_us.html
Vital Trading Information About Forex.com/Gain Capital
When you sign up with Forex.com, you open up several different possibilities when it comes to trading software and platforms. Whether you choose to open a managed account, a standard account or a mini account, you’ll have access to FOREXTrader Pro and FOREXTrader Java, both which can be downloaded to your computer. If you prefer a web-based trading platform, then FOREXTrader Web is right up your alley. Those who prefer to use their mobile devices to trade on the forex market will be thrilled with FOREXTrader Wireless. Finally, MetaTrader 4 is supported by Forex.com, giving even more options to busy traders.
Regardless of which platform you choose to use, you can rest assured that you are in for a user friendly, intuitive experience. The interface on all of these platforms is streamlined and attractive. You can trade and manage your positions in real time, making foreign exchange market trading a snap. Each platform is very customizable, allowing you to use the features that you need the most, when you need them. Instant access to many different types of information help you be the most savvy trader possible.
There are other things to keep in mind about Forex.com/Gain Capital; learn about them below.
Minimum Deposit Amounts
The minimum deposits for opening a mini account, a standard account and a managed account are $250, $2,500 and $5,000, respectively. Depending on your level of interest and your experience, you can choose from any one of those three options.
Account Set-Up
If you choose to sign up for your account with Forex.com online, it’s a relatively easy process. The online form is self explanatory and only takes a few minutes to fill out. Otherwise, you can download and mail or fax in an application form; however, this will make the process take a lot longer.
Demo Accounts
A free practice account is available for traders at Forex.com. It comes with a $50,000 beginning balance and is available for up to thirty days. During that time, you can familiarize yourself with how the FOREXTrader platforms work, trading up to 37 different currency pairs all the while.
Dealing Desk
As a registered client of Forex.com/Gain Capital, you will have access to special customer service assistance through a dealing desk. At the same time, you can rest assured that you’re not being traded against by Forex.com, since one price is published and live quotes ensure that prices are always “at market.”
Leverage Limits
100:1 is the maximum leverage allowed when trading with Forex.com. Most people opt for a far more conservative leverage amount of approximately 20:1, though.
Trailing Stops
Trailing stops are allowed when trading with Forex.com/Gain Capital. They can be customized through the regular order entry screen; you simply need to specify that it’s a stop order by selecting that option under the “order type” field.
Trading Spreads
Major currency pairs boast very competitive spreads of one to two pips at Forex.com. This broker uses fractional pips, allowing its traders to enjoy much tighter and more competitive spreads. Tracking and taking advantage of smaller price movements is much easier with the fractional pip system. EUR/USD has spreads as low as 1.6 pips, making Forex.com one of the most competitively priced brokers online today.
The Bottom Line
As a trader on the foreign exchange market, you have many different options when it comes to which broker you choose. Forex.com/Gain Capital Group LLC is a solid, reliable choice. This broker enjoys a very good reputation and traders can rest assured that their finances are in good hands when dealing with it. The perks of competitive trading spreads, many different account options and many different easy-to-use trading platforms makes Forex.com a topnotch choice for traders of all stripes. Sink your teeth into what Forex.com has to offer by opening a practice account; chances are, you’ll be impressed enough to sign up for a real one shortly thereafter.
SocialTwist Tell-a-Friend
Easy Forex
About Easy Forex:
Easy Forex. Easy Forex is the innovative forerunner FX trading system that created the industry standards for online foreign exchange currency trades and transactions. Founded in the year 2003, Easy Forex is a Website that was fashioned by a diverse group of industry professionals from the trading, banking, and Internet marketing sectors. Easy Forex is a resourceful Website that provides direct access to all important global currency markets.
While EasyForex.com was originally founded in Cypress, this foreign exchange trading platform is registered in the United States of America with the Commodities Futures Trading Commission. This Forex brokerage firm is also a member of the prestigious commodities watchdog organization, The National Futures Association. Currently, there are over 21 highly-respected global banking institutions providing financial backing for the online Easy Forex programs.
Key Registrations:
* Commodities Futures Trading Commission (UFTC)
* National Futures Association (NFA)
* U.S. Better Business Bureau (BBB) / B+ Rating
Contact Information At A Glance
Live Chat: www.easy-forex.com
Main Physical Address:
Easy Forex Worldwide Limited.
Kings House
The Grange
St. Peter Port
Guernsey GY1 2QJ
Main E-Mails:
General – info@easy-forex.com
Customer Support – cs@easy-forex.com
Technical Support – support@easy-forex.com
Agents – agents@easy-forex.com
Introducing Brokers – ib@easy-forex.com
White Labels – infowhitelabels@easy-forex.com
Forex Affiliates – affiliates@easy-forex.com
Complaints – complaints@easy-forex.com
Europe Headquarters
Griva Digheni 1, Office 303
Kriel Court
Limassol, Cyprus 3035
Tel: +357 25 828 899
Fax: +357 25 817 183
More Europe Contacts:
http://en.easy-forex.com/EU/ContactUs.aspx
Asia Pacific Headquarters
Level 2, 437 St. Kilda Road
Melbourne 3004
Australia
Tel: 1300 303 908
Fax: +61 3 9020 8890
More Asia Pacific Contacts:
http://en.easy-forex.com/AU/ContactUs.aspx
Easy Forex United States
10 South Riverside Plaza
Suite 760
Chicago, IL 60606 – USA
Tel: +1 312 234 9110
Toll Free: +1 877 5 EASYFX (+1 877 532 7939)
Fax: +1 312 234 9112
More US Contacts:
http://en.easy-forex.com/US/ContactUs.aspx
Vital Trading Information About Easy Forex:
The foreign exchange trading platform can often be confusing to new users. Easy Forex provides an uncomplicated user-friendly FX trading program that helps new users to gracefully enter the world foreign exchange currency trading. Beginners can practice with the Easy Forex Trade Simulator program that allows these new users a no-risk, no-cost way of becoming familiar with the current trading procedures and guidelines. This trade simulator is also extensively used by the FX professionals who are experimenting with enhanced trading strategies.
Minimum Deposit Amounts:
Setting up an account with the Easy Forex system requires about 5 minutes of time. The sign-up process is done with a convenient 3-step process that is easy for all new users to follow. At the online EasyForex.com site, the minimum deposit scale begins at only $200 dollars. Tailor-made extra-large deposits are also accommodated on this currency trading Website. An account service manager is available to communicate with the traders who would like to discuss the current trends or options that may help in maximizing a trading investment experience.
Account Set-Up:
Setting up an account with the Easy Forex system requires about 5 minutes of time. The sign-up process is done with a convenient 3-step process that is easy for all new users to follow. At the online EasyForex.com site, the minimum deposit scale begins at only $200 dollars. Tailor-made extra-large deposits are also accommodated on this currency trading Website. An account service manager is available to communicate with the traders who would like to discuss the current trends or options that may help in maximizing a trading investment experience.
Demonstration Account:
When a trader registers online at EasyForex.com, they can take advantage of a very useful demonstration program that will issue a practice account with $50,000 virtual dollars in it to experiment with. Through the use of news feeds and play updates, the new user can practice the FX trading formats until they feel comfortable with the trading systems.
The Easy Forex online Internet site is multilingual. Forex traders can choose their favorite display language from: Arabic, Chinese, English, French, German, Greek, Hebrew, Polish, Russian, Spanish.
Leverage Limits, Trading Spreads, and Trailing Stops:
At Easy Forex, users can leverage their trading for as low as 1:100. Big trading options can happen with small investments on the EasyForex.com trading site. Leverage ratio choices can be 1:50, 1:100, 1:200, or a higher ratio in some of the specialized accounts. United States users are regulated by the National Futures Association (NFA) that caps the leverage ratio at 1:100 for all FX trading that is done in this country. The Easy Forex spreads are low across the board, and normally range from 3 to 5 pips to allow traders from all countries a reasonable profit margin.
Spreads at Easy Forex are set at a moderate level and they vary between accounts, and according to calendar schedules. After-hours trading or foreign currency trading during peak trading conditions may fall under higher spread rates. Highly advanced systems and software programs are in place to ensure that each trade is executed at the user settings for stop-loss and take-profit rates. EasyForex.com allows traders to pre-set trading rates, or to modify trading rates, to a predetermined time or date. The trader may also modify the system settings while the deal is open.
Customer Service and Secure Service Options at Easy Forex:
Easy Forex does make use of a dealing desk.
Dedicated personalized services are available through the Easy Forex.com FX site. Personal account managers are available to all users regardless of account size, at all hours of the day or night. The customer support service functions through a real-time online chat box that is easy for all users to operate.
Short Message Servicing (SMS) functions can also deliver mobile phone updates to account holders from the trading marketplace. Mobile phone alerts can include rate alerts, deal closure alerts, and limit order capture alerts. This innovative SMS feature from Easy Forex set the mobile alert standards for the rest of the FX trading industry.
Another first at Easy Forex is the instant trading program that allows direct credit card use at all hours of the day or night. A state-of-the-art double layered firewall security system is coupled with a practiced authentication standards program to provide a safe credit card format. Users can use their credit cards online through this program and be assured that their privacy is safeguarded while trading through the Easy Forex site.
Beginners can utilize the personal account service manager training session that will walk first-time traders through a live step-by-step trading session. There are some elaborate and resourceful training options that include the step-by-step trading session, a guided tour, FX e-books, and the handy free trade simulator that provides $50,000 virtual dollars to practice the Easy Forex system and all levels of foreign currency trading techniques.
All Easy Forex.com traders enjoy the highly simplified visual trade controller program. This is a precision control instrument that allows users to handle scenarios of FX trading in a very simplified manner. Every level of user can modify stop losses, check alternate scenarios, and define the current rates to set the take-profit rates easily. The Easy Forex system strives to make all levels of traders feel comfortable during transactions.
FX trading at Easy Forex does not require software downloads, or computer use from a single IP address. The entire system is a Web-based program that allows for real-time data to be displayed for the FX marketplace. Since the software is a Web-based program, foreign currency traders can access their accounts in a comprehensive manner from all methods of mobile personal technology devices that connect to the Internet.
The Bottom Line:
Easy Forex is an outstanding FX trading platform that offers many user-friendly options to all ability levels of foreign exchange currency traders. Newcomers are treated with respect while participating in various options in training programs, and professional or experienced traders are given the software tools necessary to outperform their past trading experiences. While nobody can guarantee profits through any trading program, the EasyForex.com site appears to have the necessary policies and resources available to offer a chance of success to users.
Dukascopy
Dukascopy is a Swiss brokerage forex house which was established primarily to serve the needs of institutional and other large-volume traders, offering both automated and anonymous trading options and one-click execution for even large orders.
About Dukascopy
Founded in 1998, Dukascopy offers direct access to the Swiss Foreign Exchange Marketplace, and offers the largest pool of spot forex liquidity for its clients. Drawing from an extensive network of banking partners, Dukascopy offers full Prime Broker capability and is committed to transparency and security in the forex industry.
Dukascopy’s corporate hierarchy includes a four-member executive committee that oversees four divisions: IT and Operations; Marketing and Sales; Logistics and HR; and Finance and Risk Management.
To keep things interesting and encourage transparency among its traders, Dukascopy also offers a “Trader of the Month” contest for its clients, awarding the trading account with the best performance a personal invitation to the company’s office in Geneva to receive a Swiss Luxury Watch valued at 15000 CHF. Past winners include ex-Presidents Bill Clinton (USA), Pascal Couchepin (Switzerland) and Vladimir Putin (Russia), and ex-UN Secretary Kofi Annan.
Key Registrations
Dukascopy is a member of the Association Romande des Intermediaires Financiers (ARIF) and is audited by KPMG. In March 2009, the company submitted an application to obtain a Swiss banking license, adding an additional measure of security for its clients.
Contact Information At A Glance
* Email support: Info@dukascopy.com
* Main phone: +41 (0) 22 799 48 88 or +41 (0) 22 799 48 44
* Fax: +41 (0) 22 799 48 80
* Trading desk email: RM@dukascopy.com
* Trading desk phone: +41 (0) 22 799 48 38 or +41 (0) 22 799 48 48
* A Skype link is available at the Dukascopy site: http://www.dukascopy.com/swiss/english/about/contact/?ibref=1062
Dukascopy representatives are available fom Sunday 9 pm GMT till Friday 9 pm GMT in summer and from Sunday 10 pm GMT to Friday 10 pm GMT in winter.
Vital Trading Information About Dukascopy
Trading platforms at Dukascopy offer access to the Swiss FX Marketplace, and are designed to react quickly under all types of market conditions. Platforms currently supported include:
* JForex Platform – recommended for traders interested in automatic trading; requires Java to operate
* Java Platform – designed for manual trading; requires Java
* Web platform – optimized for speedy access, this platform has low technical requirements
All platforms support two modes: hedging mode, which allows different positions for the same instrument, and net mode, which displays all orders for each currency pair in one position.
An MT4 platform is currently in the testing stages.
Minimum Deposit Amounts
Dukascopy (Suisse) SA offers Forex trading accounts both to individuals and to institutional clients. The company’s services are optimized for institutional trading, and recommended deposit size for these accounts is 50,000 USD and up. For individuals, minimum deposit amounts vary based on the type of account, and range from $5,000 for a retail account to $1M for a VIP account, which includes extras such as a personal VIP account manager and priority in both trading support and technical support features.
Currently, Dukascopy accounts support the following seven currencies: USD, CHF, EUR, GBP, JPY, CAD and AUD. Funding for accounts can be made through wire transfer, bank guarantees, and Swiss custodian banking services (segregated Swiss bank account). The minimum deposit for the Swiss custodian account is 250,000 USD.
Account Set-Up
Setting up an account is relatively simple using the company’s online form. Registration requirements vary for individual and legal entity accounts. Both require filling in the trading agreement form and the form to request an account opening, a certified or notarized copy of an ID or passport and a copy of a utility bill showing proof of residence. Legal entity accounts must also provide a full set of corporate documents and the corporate resolution authorizing the account to be opened. For both individual and legal entity accounts, all forms must be mailed to Dukascopy for review and approval. Once approved, an account number will be provided and an initial deposit of at least $5,000 USD or equivalent in other currencies must be made via wire transfer. Once the account is funded, login information and password will be provided.
Demo Accounts
Dukascopy offers a 14-day demo account that allows registrants to trade using the same functionalities and same data feed as are offered by the Live SWFX – Swiss FX Marketplace. The demo is free to use for a 14-day trial and requires filling out a simple, online form. Once registered, demo account users will have access to all of the same features as regular account traders, offering novices an ideal way to familiarize themselves with the account options. Dukascopy recommends use of its demo account for all prospective clients, especially individual accountholders.
Dealing Desk
There is no dealing desk execution at Dukascopy.
Trailing Stops
Dukascopy’s platform supports trailing stops on both stop loss and entry stop orders, with the minimum trailing step parameter set to 10 pips. The stop can be easily adjusted from the edit menu of the client account, for both types of orders.
Trading Spreads
In its continuing effort to improve transparency among traders and throughout its trading practices, spreads are shown at interbank prices with no mark-up. Instead, Dukascopy charges a small commission per trade, which is based on the traded volume and the account size. A table describing commission rates for various trading volumes and account sizes (in USD) can be seen at Dukascopy’s website, here: http://www.dukascopy.com/swiss/english/forex/forex_trading_accounts/commission-policy/?ibref=1062 .
Leverage-margin
During regular trading hours, Dukascopy supports a margin limit of 1:100; on weekends and other non-market days, the limit is set at 1:30. The account leverage limits can be adjusted to different levels when the account is opened. The minimum margin required for any given trading level depends on the leverage ratio, as well as the current market prices and currency pair being traded. A table describing various leverage-margin scenarios is available at http://www.dukascopy.com/swiss/english/forex/forex_trading_accounts/margin/?ibref=1062.
Bottom Line
Geared for larger, institutional accounts, Dukascopy requires larger minimum deposit amounts from individual traders than many other forex trading service providers, making it less than ideal for traders seeking mini or micro accounts. However, it also offers advantages missing in many of its competitors, including an absence of dealing desk executions, anonymous trading and the ability to create an automated trading strategy. For investors with larger sums to invest, and for investors looking to trade anonymously, this company could be a good choice.
CMS Forex
Trading on the foreign exchange market, which is also known as the forex market, has become more popular than ever. Whether you’ve been trading on the forex market for some time – or would like to start doing so – one of the first decisions you’ll have to make is which forex broker to use. There are many different options, and selecting an experienced and reputable broker is vital. In this review, we will take a closer look at one of the most well-known forex brokers today: Capital Market Services, LLC – or CMS Forex.
About CMS Forex
When it was founded back in 1999, CMS Forex was a rather humble operation. The combined efforts of a group of software developers, currency trade brokers and professional traders, CMS Forex was built from the ground up. Slowly but steadily, it began to build up its reputation in the industry and began growing by leaps and bounds over the following ten years. Today, CMS Forex is recognized as one of the most reputable forex traders in the world; its main headquarters are located in the Empire State Building in New York City, New York, and much of its reputation revolves around its signature trading software, VT Trader.
In addition to its New York headquarters, CMS Forex has several branches that span the globe, allowing it to better serve the private, retail and institutional clients that it has developed around the world during the more than ten years that it’s been in business. CMS Forex’s locations include CMS Forex UK in London, CMS Forex Japan in Tokyo, Capital Market Services International in Bermuda and additional locations in Boston, Saint Petersburg and Shanghai.
Key Registrations
CMS Forex is registered with the:
* National Futures Association (NFA)
* Futures Commission Merchant (FCM)
* Financial Services Agency (FSA) of Japan
* Commodities Futures Trading Commission (CFTC) of the United States
Contact Information At A Glance
Should you choose to do business with CMS Forex, you’ll want to keep all of its relevant contact information handy in case issues, concerns or questions arise. The basics are as follows:
* Toll-Free Phone Number: 1 (866) 51-CMSFX or 1 (866) 512-6739
* Local Phone Number: 1 (212) 563-2100
* Fax Number: 1 (212) 563-4994
* Direct Dealing Desk: 1 (212) 563-6454 or 1 (212) 563-5151
* Email Support: customersupport@cmsfx.com
* Online Support/Live Chat: www.cmsfx.com/en/about-cms/contact-us
Vital Trading Information About CMS Forex
CMS Forex’s operations revolve around its signature trading software, which is known as VT Trader. VT Trader is a user friendly and intuitive program that allows beginners and more experienced forex traders alike to get involved with ease. The software can be downloaded from the CMS Forex website, and is available as a mobile app as well. With a customizable interface, chart-based trading, a bevy of risk management tools, custom alerts, 100+ technical indicators and many other key features, CMS Forex’s VT Trader trading software simplifies the experience of successfully trading on the foreign exchange market.
There are many other important things to know about trading on the forex market with CMS Forex. These points are highlighted below for your convenience.
Minimum Deposit Amounts
At $25, CMS Forex’s minimum deposit amount for opening an account is competitively low. This greatly reduces the uncertainty that many people have about getting involved in foreign exchange trading and makes the forex market accessible to a much larger range of people.
Account Set-Up
The process of opening up an account with CMS Forex is streamlined and easy. An online application form can be filled out and submitted in minutes; from there, it generally takes a short period of time to get approved. Upon approval, you will receive an email from CMS Forex customer support which will prompt you to complete the process.
Demo Accounts
Like many other large, reputable forex brokers, CMS Forex allows interested persons to open up a demo or practice account. The only difference between using a practice account and a real account with CMS Forex is that with a practice account, you aren’t trading with real capital. Instead, you can learn the ropes of the VT Trader software and familiarize yourself with CMS Forex without any risk whatsoever. Links on the main website allow you to sign up for a practice account.
Dealing Desk
CMS Forex boasts a topnotch dealing desk that always works with customers’ best interests at heart. For instance, should the market move against you, the CMS Forex dealing desk will often execute your order at your original price. With phone-based and online accessibility, the CMS Forex dealing desk can meet the needs of virtually any foreign exchange market trader, creating a more robust and strategic experience.
Leverage Limits
Leverage limits vary from forex broker to forex broker. In the case of CMS Forex, a leverage limit of 100 to 1 is used. For example, in order to take on a $200,000 contract or lot, a minimum margin of $2,000 is necessary. For major currency pairs – like USD/JPY and EUR/USD – a 1% margin is used for a maximum leverage of 100:1; for minor currency pairs – like USD/HKD and ZAR/JPY – a 4% margin is used for a maximum leverage of 25:1.
Trailing Stops
CMS Forex offers trailing stops to its traders as a part of its suite of risk management tools.
Trading Spreads
No commissions are charged by CMS Forex. Instead, it makes much of its revenues from Bid/Ask spreads. For the most popular currency pairs – USD/JPY and EUR/USD – CMS Forex offers 2 Pip fixed spreads. Fixed spreads are also used for other popular currency pairs; for instance, USD/CHF has a 5 Pip fixed spread, while NZD/USD has a 4 Pip fixed spread.
Variable spreads are available on non-major currency pairs. EUR/CHF, for example, has spreads as low as three.
The Bottom Line
The conventional wisdom seems to be that CMS Forex is a reputable and reliable forex broker. Some rumblings that this broker trades against its customers are largely overshadowed by the glowing and positive reviews that can be found online. For its easy-to-use software, topnotch customer support and trader-friendly features, CMS Forex is one of the best foreign exchange brokers around.
SocialTwist Tell-a-Friend
CMC Forex
Before you begin using a forex broker, you should get as much information about the company as possible. You want to be confident that the company you chose fits your needs and will offer exactly the kind of service that suits you. CMC Group is one of the most significant forex brokers in the UK, and they are worthy of some close consideration.
About CMC Group
In 1989, CMC Group was founded by Peter Cruddas in the UK as “Currency Management Corporation”—a Foreign Exchange market maker. In 1996, the company offered one of the earliest real-time forex trading platforms on the internet. CMC Group also began offering Contracts for Difference (CFDs) in 2000 and online spread betting in 2001. CMC largely defined how these products have been delivered to the retail market by offering them on the internet. CFDs and online spread betting are the core of CMC Group’s business today.
Plans for an IPO were scuttled in 2006 because of market conditions, but Goldman Sachs bought a 10% stake in the company in 2007. Profits declined in 2009 with the Global Financial Crisis, resulting in the closing of seven offices. CDC Group currently operates offices around the world, but not in the US due to regulations on CFDs and spread betting. They continue to be one of the largest global providers of these products with a little over 1,000 employees and annual revenue of £193 million. Though they are based in London, with the acquisition of the stock broker “Andrew West” in 2008, the company also conducts significant business in Australia. As members of that stock exchange (ASX), CMC allows Australians to purchase ASX-listed equities.
Key Registrations
* CMC is registered with the Australian Stock Exchange (ASX).
* CMC is regulated by the Financial Services Authority in the UK (FSA).
Contact Information At A Glance
The best way to find out more information or apply for an account is always through their web-site, because it is unusually helpful and clear.
* Phone: +44 (0)20 7170 8207
* Fax: +44 (0)20 7170 849
* E-mail: info@cmcmarkets.co.uk.
* Web-site: http://www.cmcmarkets.co.uk
Trading with CMC
Trading Desk
CMC uses a completely online interface in place of a trading desk. The company’s own platform, Marketmaker, is a completely online and real-time system that makes the Forex trading experience as efficient as possible. Marketmaker mobile is a more recent innovation which allows customers to manage accounts from their mobile devices. Because the entire process is electronic and automated, CMC Group is able to cut delays and decrease overhead.
Trailing Stops
They do not offer stop orders, limit orders, or trailing stops, but they do have a free demo account.
Minimum Deposits
The minimum deposit is $2,000.
Account Management and Trading Spreads
CMC allows the customer to determine their own amount of leveraging, allowing as little as £1 per point on all of their financial instruments. CMC also charges no commission or account management fees on spread betting. The company prides themselves on having some of the tightest spreads in the market. Their spreads include a huge range of commodities and international markets. They also provide very competitive margin rates, ranging from 1% to 15%.
Who can use CMC?
The company is regulated by the FSA and provides accounts to individuals or corporations. Spread betting accounts are available only to individuals in the UK and Ireland, while anyone can open a CFD account. With offices in more than a dozen countries throughout the world and translation into all of these languages, CMC provides access for many customers and also provides access to many international markets. In addition, retail partners can use CMC services as the core of their business through white-labeling. This has been a very successful part of CMC Group’s core business.
Advantages of Using CMC
Free Online Education
Another significant value is the free online education courses that CMC offers all of their customers. These range from advanced training schedules for experienced traders, to simple education for people that are new to spread betting. Anyone that registers for an account has access to this impressive library of information.
Technology
CMC’s greatest asset may be in its technology. As one of the first to provide this kind of internet trading, the company has been committed to providing cutting-edge innovation from the beginning. Marketmaker is a well-rounded suite of trading software that has won a number of prestigious awards. CMC continues to make major investments in their proprietary trading platform and mobile software, and the result will be a long-term asset for them and their customers.
Simplicity
One other intangible strength has probably contributed to making CMC successful—they have made the entire trading process intuitive and accessible to inexperienced traders. The CMC web-site is well-organized and easy for anyone to use. Their explanations and tools are simple and visually clear. They answer basic questions that the uneducated consumer would certainly ask and they provide extensive information on all of their financial products. All in all, they work to make CFDs and spread betting as unintimidating as possible.
Sophistication
But this is not at the sacrifice of advanced information for the experienced trader. In fact, CMC works to provide both simple and advanced information so that either kind of individual will benefit from their services. As yet another aspect of their technological strength, CMC offers free services to advanced traders, such as risk-management tools, research tools, and sophisticated charting. Most of these tools are built in as part of CMC’s free software platform.
Disadvantages of Using CMC
Risk to Inexperienced Users
On the other hand, the advanced flexibility and leveraging possibilities of CMC’s platform could also combine with their “anybody can use our product” simplicity as a liability. If inexperienced consumers try their hand at trading and take advantage of the heavy leveraging, they could find themselves in more trouble than they understand. Still, this is an unavoidable danger of providing cutting-edge, sophisticated financial products while also making trading available to the retail market.
Limitations in the US
Unfortunately, one of the greatest weaknesses of the company is the fact that they do not have offices in the US and that only those in the UK or Ireland can open spread betting accounts.
Establishing an Account
The application process is delightfully easy, with complete application online, nothing to print and nothing to send in. It only takes a short time to fill out the required online forms and establish an account. Payment can be made to the account via credit and debit cards, bank transfer, or by sending a check.
Summary
All in all, this is an excellent company that reaches out to customers on all levels of skill and experience. Not only have they made huge investments in their platform, but they have also made a complex process seem simple by providing all the information someone might need to use their products. American consumers interested in this type of trading can only wish that the full range of CMC Group’s products were available in the US.
CitiFX Pro
As forex trading continues to gain popularity and more brokers enter the market, decisions for consumers only grow harder. You want to know every possibility before settling into a specific brokerage. But the need for information is not over once you’ve made that decision. Perhaps you should consider switching. Or perhaps there are features and possibilities you aren’t fully using. This review will give you a better understanding of one of the larger forex options—CitiFX pro.
About CitiFX Pro
Quite simply, CitiFX Pro is part of Citigroup—the huge conglomerate that began in 1812 and became one of the largest American banks by 1895. Citigroup began offering online forex trading in 2007, by joining forces with Saxo Bank and offering their software as an adaptation of Saxo Trader. CitiFX Pro is still supported by Saxo Bank in conjunction with Citi. CitiFX Pro added mobile trading in 2009. Compared to some of the other forex traders, CitiFX Pro is very much a newcomer. But the size and history of Citigroup more than make up for the newness of CitiFX Pro.
Key Registrations
As a bank, Citi is in its own category. It is not always clear what registrations CitiFX Pro uses through its connection to Citi, but quite feasibly it could use all of Citigroup’s registrations, which are practically universal. This is one reason that CitiFX Pro can offer more currency pairs than its competitors.
Contact Information At A Glance
Customer service is one of the major values most users of CitiFX Pro have enjoyed. CitiFX Pro can offer this kind of value because of its size and history. For many, this could be a legitimately determining factor in the decision. It would be helpful, however, if Citi offered live chat.
* Toll-Free Phone Number: 1 (877) 265-7781
* Alternative Phone: 1 (877) 397-7670
* Email Support: sales@citifxpro.com
Vital Trading Information About CitiFX Pro
CitiFX Pro allows trading in more than 130 currency pairs, including many emerging markets that other brokerages do not allow.
Platform
CitiFX Pro uses a proprietary software—CitiFX Pro Desktop, Web or Mobile. This platform has free streaming news and data. You will also find one-click execution and a wide range of other execution tools. The CitiFX Pro platform also includes broad charting capabilities.
CitiFX Pro also offers mobile trading on cell phones or other devices. One great feature—the software is ported to the Blackberry and iPhone. This allows traders to monitor their positions in real-time, 24-hour streaming. It also offers electronic alerts if margin usage approaches key levels.
Many users find the CitiFX Pro software to be unintuitive and challenging to use. In general, this software is not the best choice for beginning forex traders and is designed with the high-end trader in mind.
Minimum Deposit Amounts
CitiFX Pro may have one of the highest opening deposit requirements—$10,000. This is just one other way that CitiFX Pro is clearly intended for advanced traders and institutions. You can make this deposit by wire.
One advantage comes from the fact that Citi is also a bank. All dollar amounts held in CitiFX Pro accounts are FDIC insured up to the normal $250,000. This is a very unusual feature in forex brokerages.
Account Set-Up
* CitiFX Pro does not offer the easiest registration. Though online application is possible, users are still asked to print it to complete their application packet. The process is also much longer than other forex brokerages.
* CitiFX Pro explicitly states that their software and service are intended for institutions, professionals, and experienced traders. CitiFX Pro does not provide basic education to beginning users. This focus on advanced users is also clear from the fact that CitiFX Pro requires such a large deposit.
* CitiFX Pro does offer three basic tutorials to guide you through setting up your account. These tutorials are sufficient, but more information would be helpful.
Demo Accounts
CitiFX Pro does not offer trial or practice accounts like other brokerages. Of course, opening an account is free with a deposit, but there is no trial or learning phase available.
Dealing Desk
Citi does not promise that it will not deal against its customers, but CitiFX Pro strongly emphasizes their effort to follow fair trading practices. As a regulated bank with audit and regulatory compliance, traders can legitimately feel somewhat more confident dealing with Citi.
Leverage Limits
The maximum leverage for CitiFX Pro is 50:1—in other words, up to 50 times the equity value. Therefore, a $10,000 opening deposit could allow you to open trades of up to $500,000.
Trailing Stops
CitiFX Pro does support trailing stops.
Trading Spreads
CitiFX Pro’s spreads are typically fairly wide, averaging two to 4 pips in normal market conditions. In more volatile markets, the spread can widen quite a bit. The wideness of CitiFX Pro’s spreads is one disadvantage of the service.
Other Features
CitiFX Pro also includes access to Citi’s FX market commentary—a significant value considering the size of Citigroup.
One other benefit based on Citi’s size is the confidence that traders can have of Citi’s fair pricing. Citi guarantees that all clients are priced the same way—based on the market.
The Bottom Line
CitiFX Pro offers excellent trading for institutions or advanced traders. The software is sophisticated and allows the functionality that advanced traders desire. But don’t expect simplicity or ease of use with CitiFX Pro. If you are a beginner or even intermediate trader, CitiFX Pro is probably not for you. Even for the most advanced, expect to find solid functionality, but nothing easy, innovative or fun to use. The greatest advantage of CitiFX Pro is the connections you have to Citigroup’s massive financial infrastructure. This is evident in several areas: You will be able to trade in more currencies, you will have access to Citi’s financial commentary and information, you will enjoy FDIC protection, and you can expect excellent customer service. In short, CitiFX Pro may be perfect for your needs if you don’t mind overcoming a software learning curve, if you have a long background with FX trading, and if you have a very large opening deposit. For anyone else, one of the smaller forex trading brokerages will probably fit you much better.
AVA FX
There are many foreign exchange market brokers to choose from, and they come in many different sizes and configurations. Bigger isn’t necessarily better, though, and Ava FX is a modestly-sized broker that brings a lot of flexibility and different features to the table. Is Ava FX the right forex broker for you, though? To get a better idea about whether or not to trade with Ava FX, check out our comprehensive review below.
About Ava FX
In terms of longevity, Ava FX has not been around for a very long time. It was founded in 2006, but has already managed to secure more than 100,000 customers during its brief history. Ava FX is incorporated in Ireland, and its operations revolve around its unique software, Metatrader 4. Although Ava FX is small when compared to many other foreign exchange market brokers, its reputation is enhanced by the fact that it is backed by a major financial institution. That financial institution has been given an “A+” rating by an S & P-affiliated rating agency.
Ava FX doesn’t boast a large number of branches spread across the globe. Instead, it is made up of two basic entities: the Ava Group and Ava Capital Markets Ltd. Of course, location is not of primary concern when it comes to trading on the foreign exchange market online, and Ava FX makes up for its small size by offering a high level of customer service and support.
Key Registrations
Unlike many of the top forex brokers doing business today, Ava FX does not appear to have a large number of key registrations. Instead, it is listed as “compliant” with the Markets in Financial Instruments Directive, or MiFiD, and is regulated by the Irish Financial Regulator.
Contact Information At A Glance
If you opt to sign up with Ava FX to conduct your forex trading, you will need to keep all of its pertinent contact information handy. That way, if an issue arises you will be able to quickly and easily get the help that you need. Basic contact information for Ava FX is as follows:
* Toll-Free Phone Number: 1 (888) 541-3720
* Local Phone Number: 1 (212) 941-9609
* Fax Number: 1 (646) 335-0333
* Trading Desk: trading@avafx.com
* Email Support: customer@avafx.com
* Online Support/Live Chat: www.avafx.com/support/Online
Vital Trading Information About Ava FX
Trading on Ava FX centers around its custom trading platform, AvaTrader. Like many other online foreign exchange programs, Ava FX’s AvaTrader features a user-friendly interface and is free for current Ava FX customers to download and use. Live streaming prices allow traders to quickly and easily make the moves they need to make. Multiple worksheets can be opened at once, increasing the ease-of-use and flexibility of the AvaTrader program. One-click trading, easy-to-read charts, simple lists for open positions and orders, user-friendly dealing rates tables – and many other great features – are all available on the AvaTrader platform.
Ava FX also offers mobile trading to those who wish to manage their foreign exchange trades via their cell phone or other mobile device.
There’s more to Ava FX than its software, which is why we take a closer look at several key characteristics of the service below.
Minimum Deposit Amounts
At $100, Ava FX has one of the higher minimum deposit amounts among top foreign exchange market brokers. Still, it is more than enough to get the ball rolling and those funds will be used in short order to engage in foreign exchange trading.
Account Set-Up
By applying online, you can set up an account with Ava FX in a relatively short amount of time. The application itself typically only takes three to five minutes to complete. From there, it takes another few days to have your application approved. An email is sent when your account is all set and ready to go; an initial deposit is, of course, required.
Demo Accounts
For up to 21 days, you can sign up for a free practice account with Ava FX. With your free account, you will be given a balance of $100,000 in fake currency so that you can get a real sense for how Ava FX and the AvaTrader software works. For best results, traders are advised to use their practice accounts for the full trial period in order to see how fluctuations and other events affect their positions.
Dealing Desk
There is no express or implied guarantees or promises made by Ava FX regarding dealing desks and trading against its customers. For that reason, traders are advised to participate at their own risk. However, this advice holds true for all foreign exchange market brokers and in no way suggests that Ava FX is inferior.
Leverage Limits
Leverage limits of up to 200:1, or up to 200 times the current equity value, are par for the course with Ava FX. With a $500 deposit, then, you could open trades of up to $100,000 with this broker.
Trailing Stops
Ava FX does support the use of trailing stops, and they are easy to set up using AvaTrader. On an existing trade, traders simply need to edit the trailing stops option within the “Open Positions” window. Otherwise, you just need to enter a stop order, click on the “Trailing Stop” option and specify the number of pips from high or low that you desire.
Trading Spreads
During normal market conditions, Ava FX offers spreads of three to four pips on major currency combinations. For example, the spread for EUR/USD is typically three pips; the spread for USD/CAD is typically five pips.
The Bottom Line
Despite its modest size, Ava FX brings plenty of benefits and features to the table for traders who choose to sign up. However, the lack of guarantees regarding trading against its customers and its lack of accreditation with major regulatory bodies may raise concerns for many traders. Ultimately, Ava FX may prove to be a wise choice for those just getting into forex trading, but may not be as attractive to more seasoned traders.
ACM Forex
Different foreign exchange market brokers have different things to offer; there are advantages and disadvantages of dealing with any given company. The trick for any trader is finding a broker that offers the types of services and features that will help them get the most out of their forex trading experience. ACM Forex is one broker that falls squarely in the middle when it comes to ease of use, the competitiveness of available spreads and the usability of its trading platform. Learn more about ACM Forex – and find out whether it sounds right for you – by reading on below.
About ACM Forex
ACM, or Advanced Currency Markets, was founded in Geneva in 2002. Since then, it has opened offices around the globe and has built up a relatively solid reputation on the crowded forex playing field. As it has grown in size, however, ACM has not necessarily kept entirely abreast of new technologies and hasn’t exactly taken full advantage of the possibilities of the Internet. Still, it is a broker that is known to be quite reliable – especially among seasoned foreign exchange market traders.In addition to its headquarters in Geneva, ACM has branch offices in New York City, Montevideo, Zurich and Dubai. This gives ACM a fairly strong global reach and allows it to accommodate traders from many different corners of the world. Because its headquarters are in Geneva, though, the vast majority of its customer service and administrative functions are handled there. European traders are more likely to be comfortable using ACM than American traders, or those from elsewhere in the world.
Key Registrations
ACM is compliant with several important regulatory bodies. These include:- The Swiss Financial Market Supervisory Authority (FINMA)
- The Emirates Securities and Commodities Authority of Dubai
- Ernst & Young, through regular audits
- ISO 9001 certified
Contact Information At A Glance
When trading with any online broker, it is smart to keep important contact information readily at hand. For your convenience, contact information for ACM Forex is listed below:- Main Phone Number: +41 58 226 20 00
- Main Fax Number: +41 58 226 22 01
- Dealing Desk: +41 58 226 22 02
- Email Support: dealingdesk@ac-markets.com
- Online Support/Live Chat: Live Chat
Vital Trading Information About ACM Forex
Although ACM Forex offers several different trading platforms to its customers, none of them offer the intuitive and user-friendly pizazz that come along with many other popular online forex brokers. Advanced Trader, for instance, is touted as being highly customizable; many people will find that it falls far short of those big expectations, though. Web Trader allows you to access the platform online from any PC, but the confusing way that it is laid out can create problems for those who aren’t exceptionally careful. Flash Trader is available for those who prefer to use Flash applications. None of these platforms packs the same kind of wallop that many other major brokers’ software does; ACM’s trading platforms simply aren’t a strong selling point.Beyond the software involved when trading through ACM, however, there are many other important things that you’ll need to know. They are outlined for your convenience below.