BROKER COMPARISON
The table below will help you decide which Forex Counter Party might be more suitable to your particular needs - Forex Capital Markets (FXCM), Global Forex Trading (GFT), Interbank FX (IBFX).
| |
FXCM |
GFT |
IBFX |
Leverage
|
No $ Limit
400:1 and hedging available as FXCM UK client only. |
No $ Limit
Maximum leverage 100:1 on majors.
No hedging. |
No $ Limit
Maximum leverage 100:1 on majors.
No hedging.
|
| Minimum starting balance |
Micro Account: $300-$500
Mini Account: $1000
Standard Account: $2,500 |
Mini Account: $250
Standard Account: $2,500 |
Mini and Standard Accounts: No minimum balances required. |
| Minimum lot size |
1k |
10 |
100 |
| Cell phone alerts |
No, need a 3rd party alert service |
Yes |
Yes, from your own computer, so it must be on 24/7 |
| Trading platform |
Trading Station II
MT4 available via FXCM UK accounts only.
Leverage up to 400:1.
Micro, mini and standard accounts.
Hedging available. |
DealBook 360 & DealBookWEB |
MetaTrader 4.0
Note: If you are using the optional Expert Advisor, your platform must be running while the market is open. If you experience a power failure, your buy/sell limits will not be executed. |
| Ease of viewing interest paid |
Easy. Displayed in the Intr column |
Demo: Statements > Transaction Report
Live: Daily e-mail show interest received |
Easy. Displayed in the "Swap" column |
| # of demo accounts allowed |
Unlimited - 30 day duration |
Unlimited - never expire |
Unlimited - active accounts never expire |
| Website address |
http://www.fxcm.com/ |
www.gftforex.com/ |
http://www.interbankfx.com/ |
| Access to web-based platform |
Not available |
Yes
Demo Accounts
Live Accounts
|
Not available |
*Without proper risk management, this high degree of leverage can lead to large losses as well as gains. Trading Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in Forex you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Currency trading is not conducted on a regulated exchange, and as a result there are associated risks with forex trading. You should be aware of all the risk associated with Forex trading, and seek advice from an independent financial advisor if you have any doubts.
The Futures Commission Merchant (FCM) and Referring Broker (IB) are compensated for their services through the spread between the bid/ask prices.
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