FX Solutions Broker Review

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

Broker Overview

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

Trading Conditions

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.

Education

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.

Customer Support

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.

Safety

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.

Zecco Forex Broker Review

  • Zecco Forex Inc. was launched in April 2009 as a subsidiary of Zecco Trading Inc.
  • Based in Burlingame, CA
  • Average spread 1-2 pips
  • Leverage up to 100:1
  • Minimum account size is $250 US
  • Accepts US clients
  • Regulated by NFA (National Futures Association)

Zecco Forex, Inc. (“Zecco Forex”) acts as partner brokering your account with GAIN Capital Group, LLC (“GAIN Capital”). Therefore, GAIN Capital actually holds and maintains your account serving the partnership as the counterparty and the clearing agent for your Zecco Forex trades as well as serving as custodian of your margin holdings.

Since Zecco Trading Inc. launching in 2006, more than 160K customers have traded online with Zecco Holdings. Zecco Forex is a fully owned subsidiary of Zecco Holdings and is a separate from but affiliated with Zecco Trading. Zecco Trading is a registered broker-dealer, member FINRA (Financial Industry Regulatory Authority) the primary regulatory body of the securities industry while Zecco Forex is subject to regulation by National Futures Association (NFA).

Zecco Forex, Inc. (www.zecco.com/forex), collaboration/partnership with GAIN Capital brings together Zecco’s strong presence in the online brokerage world and GAIN Capital’s Forex trading experience and proven trading technology. Customers and trading partners such as Zecco Forex Inc., utilizing GAIN Capital’s award-winning trading platform, have executed transactions totaling nearly $200 billion per month.

Trading Conditions

Dealing Desk

Zecco is not an ECN (Electronic Communications Network) Broker and offers the Zecco ForexTrader Desktop, a stand-alone installable Windows-based application operating as a dealing desk to trade foreign currency. Zecco also offer Zecco’s ForexTrader Web program that performs admirably and can certainly work as a teaching tool or for account trading/viewing when the Zecco ForexTrader Desktop is not available.
Zecco ForexTrader Desktop is provides real time information and tools to maximize your trading flexibility. It is a feature rich platform meant for serious traders and offers an intuitive interface, with a full suite of professional trading tools and customization features.

The trading software determines margin requirements and if funds are available in your account before entering a new position. If you have adequate funds, the new position is entered and the transacted is confirmed on screen and a report including date, time, rate, size transacted, USD value, and your reference number can be downloaded and printed.

Spreads, Leverage, and Currency Pairs

With spreads as low as 1-2 pips, Zecco Forex can offer, for the major currency pairs, some of the most competitive pricing available. These major currencies include the British pound, the Euro, and the Japanese yen (GBP/USD, EUR/GBP, EUR/USD, EUR/JPY, and USD/JPY), the Swiss franc (USD/CHF, EUR/CHF), the New Zealand dollar (NZD/USD, GBP/NZD), the Canadian dollar (USD/CAD), and the Australian dollar (AUD/USD, AUD/CAD), etc. All major trading pairs qualify for the 1% (up to 100:1 leverage) security deposit. The remaining non-major (exotic) currencies require a minimum margin deposit of 4% (up to 25:1 leverage).Through GAIN Capital, 37 currency pairs are available.

Account Types

For those clients who feel comfortable forex trading and are experienced trading online, Zecco Forex offers a standard account and 1% (100:1) maximum leverage. A mini account, best for beginners, offers smaller contract sizes of 10,000 but a 1% (100:1) leverage requiring only a $250 deposit.

Zecco Forex Pro ($10,000 or more) is provided for the active trader. Forex Pro clients benefit from “preferred” service allowing trades on Zecco’s tightest available spread, as low as 1 pip, and leverage up to 200:1 is some cases with just $500 necessary for a $100,000 contract.

Education

Zecco Forex provides no nonsense tutorials on their web site that teaches, step by step, execution of forex trades and explains the intricacies of trading. The tutorials discuss the types of trades that can be profitable. With titles like Forex Basics, Technical Analysis (design a chart to see if you are looking at a fair price, looking at a cyclical top, or an unstable market), and Fundamental Analysis (the underlying core elements of a particular currency’s economy) tutorials attempt to teach the importance of market trends.
These tutorials, while detailed and informative, should be supplemented by registering for Zecco Forex’s free demo trading account that allows you to test your newfound knowledge by “paper” trading with a $50,000 account.

If you are then ready to take on the forex market, you should consider Zecco Forex’s Premium Forex Education that provides study at your own pace with online classes. Eventually, with the combination of tutorials, online classes, and the learning the intricacies of real life trading you will develop the instincts of a seasoned forex trader.

Customer Support

Customer Service is provided 24 Hours a Day, 6 Days a Week by toll free phone (866-567-0295). International customer service at (+1 626-529-7078) is available from 10:00am (ET) Sunday to 5:00pm (ET) Friday and the Fax number is (+1 626-529-7070).

A secure message center with over a 128-bit encryption connection is available at customerservice@zeccoforex.com to submit questions, comments, and forms.

Mailing Address for Zecco Forex:

GAIN Capital Group
Attn: Zecco Forex
Bedminster One
135 Routes 202/206, Suite 11
Bedminster, NJ 07921, USA

Online support and live chat option

Although probably more accurately an “educational” and not a “customer service” directly, Zecco trading maintains a community site “ZeccoShare.” This community includes very knowledgeable traders and trading groups who share strategies and their optimization. ZeccoShare also has a good deal of forums with a thriving community. Although, forex trading is a newer addition it is beginning to gain grown among the securities traders.

Safety

The risks associated with an on-line trading system include (in legalese, but not limited to) the failure of software, hardware, and loss of am Internet connection. Although, GAIN Capital minimizes the possibility of system failure with back up systems trading via telephone is always available
Phone Trading is provided 24 hours a day, stating Sunday at 5:00pm (ET) and closing on Friday at 5:00pm (ET). All phone trades are subject to a margin availability check as provided in the Zecco software and are manually entered into the customer’s account. For the safety of both parties, a recording of all telephone calls is saved for the record with the transaction number.

Zecco Forex is a member of the National Futures Association (NFA). This self-regulatory organization of the U.S. futures industry functions to maintain market integrity, protect consumers, and help members fulfill their regulatory obligations. In addition, the NFA serve as an arbitrator between members and clients. GAIN Capital is also a member of the NFA and a registered Futures Commission Merchant (FCM). GAIN Capital accounts are FDIC and Fidelity Bond insured. Individual trades are not insured but the unused cash balance in your account is covered. Finally, GAIN Capital has $2 Billion in available liquidity.

Forex.com Broker Review

Online Forex Broker Rating: ★★★★★★★★★☆

Year Founded: 1999
Location: New York
Average Spread: 1-2 pips
Minimum Account Size: $250 USD
Leverage: 200:1
Accepts US Clients: Yes
Regulated By: CFTC, NFA
Dealing Desk: Yes

Broker Overview

In 1999, Forex.com was founded by experienced Wall Street traders as a division of Gain Capital Group, a privately held company. In 2008, “Inc. Magazine” listed Gain Capital Group as #41 on its “Financial Services” category list. In 2008, Forex.com was named the “Best Retail Platform” by “Profit & Loss Magazine.” Forex.com enables customers in more than 140 countries to trade currencies and metals (gold and silver) using market-driven quotes from interbank prices. There are no commissions, only a “dealing spread” based on the difference between the bid and offer prices. Forex.com promises fair efficient trading with spreads as low as 1-2 pips; fractional pip pricing of 0.1 intervals is also available.

Forex.com caters to a variety of online foreign exchange trading levels for institutional investors, money managers and day traders. Brokers can use Forex.com by tapping into the “Institutional Services” section. The “Introducing Broker Program” allows brokers to collect money for customer referrals. Forex.com will handle all back-office administration. The “Money Manager Solutions” allows money managers to tap into Forex.com’s trading relationships with a dozen of the world’s top FX banks. Forex.com will provide consistent price fills, sophisticated trading platforms and priority access to internal trading data. The “White Label Program” permits entrepreneurs to launch their own FX brand online using the tools, proprietary software and trading expertise of Forex.com.

Trading Conditions

Customers can trade 45 currency pairs, including gold and silver and receive SMS or e-mail alerts at Forex.com It is easy to add funds via wire transfer, debit or credit card. Forex.com has a dealing desk, yet still promises tight spreads.

There are three primary delivery systems available – Web site, software or mobile trading. The Web site permits customers to use any secure browser for receiving real-time quotes, news and research. Customers can check their positions, balances and reports around-the-clock. The FOREXTrader Pro software can be downloaded to the client’s computer, making it convenient to execute trades rapidly. Mobile trading can be conducted anywhere using a cell phone, personal digital assistant (PDA), Palm, Android or Blackberry for real-time quotes. There are eight order types available.

For the most experienced professional traders there are “Professional Automated and Direct Execution Solutions.” “Metatrader 4” is a Forex Trading Platform used by the best traders for advanced procedures like micro-lot trading and hedging. “System Trading” allows traders to develop their own strategies to automatically execute trades. “API Trading” uses the Forex.com proprietary API for automated trading.

There are three main trading account types – “FOREXPlus,” “FOREXPremier,” and “FOREXPro,” which all offer the following features: 1.) eSignal Forex Charts and Pivot Points tools, and 2.) proprietary research data through FOREXInsider, Market Updates, Strategy of the Day, Daily Technical Analysis, The Week Ahead and The Weekly Strategy:

“FOREXPlus”

  • Minimum balance of $1000 USD
  • Dealing spreads as low as 1-2 pips
  • Self-study and Webinar events
  • Trading Central provides third-party research with Forex Focus and technical analysis


“FOREXPremier”

  • Minimum balance of $5000 USD
  • Dealing spreads as low as 1-2 pips
  • Self-study, 60-minute instruction, and Webinar events
  • Half-day intensive training
  • Trading Central provides third-party research with Forex Focus, technical analysis, and technical indicators

“FOREXPro”

  • Minimum balance of $10000 USD
  • Dealing spreads as low as 1 pip
  • Self-study, half-day intensive training, unlimited instruction, and Webinar events
  • Trading Central provides third-party research with Forex Focus, technical analysis, technical indicators, and Japanese Candlestick data
  • Additional premium features include Direct Trading Desk Access, Market Strategist Access, Free Outgoing Wire Transfers, and a High Yield Interest Account
  • Priority customer support on dedicated telephone line, and invitations to special events.

Education and Training

There are numerous self-study, group and instructor-led training opportunities at Forex.com, which seeks to attract customers from all trading skill levels. A quick Web site educational video tutorial teaches beginners the basics of FX currency trading. An interactive demonstration, called the “Webinar,” provides hands-on training and discusses typical scenarios that are seen by currency traders.

Clients have many self-help options with the “Learning Center” – a repository for various helpful articles on currency trading. The Web site has a number of publications for up-to-date market news: “Market Summary,” “Market Update” and “Weekly Newsletter.” For thirty days, potential customers can test their skills using a risk-free practice trading account.

Customer Support

Forex.com supports multiple languages including Arabic, Chinese, English and Russian. Customers can call the convenient customer support line at 1-877-FOREXGO begin_of_the_skype_highlighting              1-877-FOREXGO      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-877-FOREXGO      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-877-FOREXGO      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-877-FOREXGO      end_of_the_skype_highlighting (367-3946). During market hours, there is 24-hour customer support via phone, chat or e-mail, where licensed representatives are waiting to serve their clients.

Safety

Forex.com is regulated by the United States Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Forex.com is a division of Gain Capital Group, which is a registered Futures Commission Merchant (NFA ID # 0339826). Gain Capital Group had 2005 revenue of $38 million. The physical address is listed as follows:

Forex.com
44 Wall Street
New York, New York 10005

Forex.com is restricted from taking trades from the following countries: Afghanistan, Angola, Cuba, Democratic Republic of Congo, Former Liberian Regime of Charles Taylor, Iran, Iraq, Ivory Coast, Libya, Myanmar, Nigeria, North Korea, People’s Republic of China, Sudan, Syria, and Zimbabwe.