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FXstreet.com − On July 31st, 2009 new NFA rules come into effect involving some important changes in the Forex industry.
Unlocking the Forex broker selection confusion by J. Paz - Webinar Recording
Brokers information
Francesc’s Weblog » FX Solutions UK joins the pool of brokers participating in FXstreet’s Pip Rebate Program
Fri, Nov 20 2009, 12:04 GMT
Francesc’s Weblog » Retail Forex Industry - Where Are You Heading To?
Thu, Nov 19 2009, 15:18 GMT
Francesc’s Weblog » Currensee Launches Members-Only Marketplace & Rewards Program
Thu, Nov 19 2009, 14:45 GMT
FDM & Brokers News
Interbank FX (www.interbankfx.com), a leading off−exchange retail foreign currency (Forex/FX) broker has implemented new multi−bank liquidity pricing with major currency pairs as low as one pip.
Alpari Group unveils innovative chart pattern service from Autochartist™
Online foreign−exchange trading provider, Alpari (UK) is now offering traders real time chart−pattern recognition from Autochartist™, one of the leading sources of software for the forecasting of financial market trade data. Alpari Group clients worldwide now have access to Autochartist's powerful chart−pattern−recognition software at no extra cost.
New NFA Rules Cap the Leverage on Majors and Exotic Currency Pairs
Please be advised that the CFTC has recently approved rule−amendments of the U.S. regulatory body, the National Futures Association (NFA), to change the maximum leverage requirements for customers of forex dealer members (FDMS).
Choose a firm
In December 2007, the NFA moved a step further in the aim to regulate and control the practices by Forex firms in the USA increasing their required minimum capital to establish a Forex business along with some changes in accounting practices. For such step to have a real meaning, the SRO decided that any firm willing to operate in the Forex Market would have to change its name to Forex Dealer Member (short name FDM).
6 steps to choose a Firm
1.
Read Brokers criteria section: List of criteria to take into account when choosing a Broker.2.
Use Brokers comparative table: One page view of principal Brokerage firms' features.3.
Use “+ info” links: When detailed information of a Broker is required.4.
Open a Demo Account: Direct link to Brokerage firms’ Demo Account Platform.5.
Chat with a Broker: Anonymous conversation with a Broker representative.6.
Be contacted by the Brokers of your choice: Completing this form will ensure you are contacted by the selected Brokers.
General criteria to choose a Firm
1.
Is The Broker Or Dealer Regulated?2.
How Reliable Is The Broker's Trading Platform?3.
Capitalization4.
Is The Company A Broker Or A Dealer?5.
Customer Support6.
Costs: Fee And Commission Structures7.
Account Types8.
Is The Broker Offering Any Added-Value Services?9.
Leverage And Margin Call Policies
Glossary of common trading terms
(from Investopedia)
Pip: The smallest price change that a given exchange rate can make.
Leverage: The use of various financial instruments or borrowed capital, such as margin, to increase the potential return of an investment.
Spread: The difference between the bid and the ask price of a security or asset.
Margin: The amount of equity contributed by a customer as a percentage of the current market value of the securities held in a margin account.
Ask: The price at which a market maker is willing to sell (you buy) a security. The market maker will also display a bid price, or the amount and price at which it is willing to buy (you sell)..
The Know yourself Trader's Table
Find yourself to define what kind of Trader you are to choose the appropriate broker to trade
| Aggressive | Moderate | Conservative | |
| Broker/FDM regulation | Very important | Very important | Very important |
| Trading Platform | Robustness, efficiency, reliability & speed of execution | Efficiency & reliability | Efficiency |
| Costs of Trading | Critical: Low spread & no commission | Important: Low spread | Important: Low spread |
| Dealing Size Boundaries | An important issue for volume used per trade at once | An important issue for volume used per trade at once | An important issue for volume used per trade at once |
| User-Friendly Software | Critical: Speed of execution | Required | Required |
| Added Value Services | To be checked-out | An important issue | An important issue |
| Customer Service | Very important | Very important | Very important |
| Leverage and margin call policy | Critical: Highest possible 200/400:1 | Important: 100:1 | Keeping trading low 50/25:1 |
Risk Disclosure
Trading foreign exchange 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 foreign exchange 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. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
