FX Solutions, LLC operates as an online foreign exchange brokerage company and is worth a look for traders who want an executable and fast trading platform.
Year Founded: 2001.
Locations: Saddle River, New Jersey
Average Spread: 3 pips and up.
Minimum Account Size: $250.00
Leverage: Can adjust from 20:1 to 100:1
Accepts U.S. Clients: Yes
Regulated By: CFTC, NFA
Dealing Desk: 99% of their trades are executed automatically
FX Solutions was founded in 2001 by two individuals who were veterans of the foreign exchange markets. They are located in Saddle River, New Jersey, in the greater New York City metropolitan area. The company began with five employees and has grown and expanded over the years and is now a firm with over 70 professionals in the FOREX industry. It is based in the United States but offers something for traders in any part of the world. Their website is simply designed, easy to navigate and void of any distracting advertisements and banners. FX Solutions can help qualified brokers expand their business through beneficial partnerships in addition to offering white label solutions for financial firms wishing to enter into the FOREX market.
They utilize a custom built trading platform called Global Trading System (GTS), which is a windows based platform and can be used on PCs, Macs, and Linux based operating systems. The company began live trading on this platform in 2003. The mobile version, GTS mobile is also considered one of the better mobile trading platforms on the market. There are four versions: GTS Pro, GTS Web, GTS Mobile, and FX Accucharts. For ease of use, the same user name and password can be used on all versions of GTS. FX Solutions is regulated as a Forex Dealer Member by the Commodity Futures Trading Commission (CFTC) and is also a member of the National Futures Association. With all that they have to offer, FX Solutions can help the new or experienced trader explore and profit in the dynamic and exciting FOREX market
FX Solutions has virtually eliminated the dealing desk as almost 99 % of its trades are executed automatically. Approximately 1 % of the trades are handled through their dealing desk. FX Solutions offers the trader 28 currency pairs with average industry spreads. Their spreads are also fixed, which means that they do not widen prior to the release of pertinent news. The spreads are fairly average for the industry; they range from 3 to 5 pips for the more common pairs, and can be 7 to 12 pips or higher for the more exotic pairs. The minimum trade size is 1000 units and the leverage is flexible and can adjust from 20:1 to 100:1.
There are several different account types as you can open individual, business, joint, IRA, or a trust account. If you are interested in having someone trade for you, a managed account is also available. The minimum amount needed to open a mini account is $250.00. An account can be funded by bank wire, check, credit card and Paypal. In addition, you can easily withdrawn or transfer funds to another broker. Once you have funded an account, you are able to utilize AccuCharts, which has more than 150 visual indicators that can be customized to give traders help in identifying potential trading opportunities. Market order, stops, and limits can be placed directly from the charts. An additional feature that is beneficial to the trader on the go is the fact that they can send SMS messages or E-mail alerts when a price level is reached. If you think FX Solutions sounds as if they offer everything you want in an online FOREX broker, but still want to take the system for a test drive, you can utilize a free demo account for 30 days. You can experience all the benefits of their Global Trading System platform with this demo account.
FX Solutions offers a learning center on their web site in video format that describes the various features of their GTS platform. Videos show how to log on, create custom currency pairs, how to place and entry order, how to close a trade, and more. The web site also offers real time market news feeds and an economic calendar so traders know when important reports are due to come out. For beginners, there is a section that provides basic information about the FOREX market and how to trade. Those new to FOREX should take advantage of the free demo account before risking real investment capital.
If you require customer support, FX Solutions offers many options for contact. They offer live chat online, phone support 24 hours a day from Sunday to Friday, fax support, e-mail support, and snail mail support. You can even set up an appointment to visit their offices if you are in the greater New York metropolitan area. Traders can also arrange a one on one call with one of their knowledgeable consultants. From perusing the various forums online, it appears that most traders are happy with the customer support. There are some negative reviews, and some issues raised, but the majority of reviews and testimonials appear to be positive.
The safety of your accounts is a primary concern at FX Solutions. They back proposed increased regulation by the CFTC for the US Retail OTC Forex Market. This regulation has the goal of decreasing fraud and increasing transparency in the industry. They also have entities in three countries, the US, Australia, and the UK; they must adhere to the regulations of three international jurisdictions. The company attempts to limit human interaction and manipulation of prices as computers manage their price feed, execute their trades and manage their risk.
Before opening an account, potential customers may inquire with the National Futures Association (NFA) regarding FX Solutions (ID# 0312620). All customer funds are held in a separate customer funds account at JP Morgan Chase Bank, which is in compliance with NFA regulations. However, be advised that the accounts are not insured. Though everyone has heard this warning before, it is worth hearing again: when you speculate in the FOREX market, you should only use money that you can afford to lose. Though there is always a risk of losing your investment, FX Solutions offers a platform which can be trusted by FOREX traders to offer reliability, speed and accuracy.