| I used several brokers in the past
and tested many trading platforms.
My ideal brokers should meet the
following minimum qualifications:
I finally settled on Oanda and
Interactive Brokers.
I like Oanda
for the following reasons:
- Tight Spreads
- Can Set up Limit and Stop Limit
Orders Any Way I Want
- Can Set When Orders Should
Expire (minutes to hours, days, or
week)
- Easy to Withdraw Funds
I like Interactive Brokers for the
following reasons:
- Super Tight Spreads
- Low Commissions
- Easy to Withdraw Funds
- Can Trade Futures if I Choose to
The drawback to trade with
Interactive Brokers would be:
- Confusing Conversion When
Trading Non-USD Based Currencies
- Charting Program (I use
MetaTrader and Oanda instead)
I also tested some other firms'
trading platforms or had accounts with
them, but decided to leave them.
Gain Capital:
- I like the trading software
- Great technical analysis
- Spread is wide. (5 pips).
Ouch...
FX SOL:
- Spread is wide.
- Restrictions on how Limit and
Stop Limit orders can be set.
There is a minimum 10-pip
restriction. For example, if
you buy EUR/USD at 1.3000, the
initial limit order has to be
1.3010+, stop limit order has to be
1.2990-. Hmm...
CMC:
- Narrow Spreads. Good.
- Complex Software. I didn't
find it user friendly.
- I remembered there were
restrictions on how Limit and Stop
Limit orders could be set.
Interbank FX:
- Use MetaTrader. Can
Automate Trades using Expert
Advisors. Excellent. I
like it a lot.
- Easy Interface.
- Takes no time to launch trading
software.
- Charting is good.
- Spread is wide. (5 pips).
Ouch...
- Restrictions on how Limit and
Stop Limit orders could be set.
|
