Company Overview

Forex Club is a well-established, popular forex broker out of Staten Island, New York. Serving clients from over 50 countries and partnering with worldwide firms such as Dow Jones and Bloomber, Forex Club uses fixed rate commission pricing for all of its trades, even refunding the commission paid if it is not a profitable lot. They charge $0.40 per spread for every $1,000 of currency that is traded. Forex Club is a dealing desk firm and is a registered Futures Commission Merchant.

The firm was recently awarded the Best Broker for Beginners award by forex-ratings.com. They use two kinds of platforms, the ExpressFX platform (to be used by novice forex traders) and the ClassicFX (to be used by veteran forex traders). Forex Club also offers demo and live accounts to prospective clients. They have some of the best educational materials/tools in the industry and provide top-notch analytical support for its customers. You, as a trader, can be trading Forex currencies within one business day of joining the site.

Trading Conditions

Forex Club is a dealing desk firm with quick price quotes for the client. Forex Club has two different trading options. Their newest option is ExpressFX, which has no spreads. Instead, they charge a commission of $0.40 for every 1,000 units of currency traded. This fee is only applicable for trades that yield profits. They also offer ClassicFX, which has spreads but no accompanying commission. This powerful platform allows traders to trade from charts, receive audible alerts when an order is being reached or news is being released, choose from time frames ranging from an entire year to a simple tick. Their spreads range from 3 pips on EUR/USD to 15 on GBP/CAD. There are also demo accounts available to users who need some help with their Forex trading and don’t want to risk any money on their trading prowess quite yet.

All accounts include a pattern recognition software called Autochartist, which utilizes analysis of technical specifications that assist traders in identifying forming trends to help them make sound decisions in the market place. 100:1 is the leverage in the base currency. 50:1 for accounts of $100,000 to $200,000 is the max variant while 20:1 is the minimum variant for accounts above $200,000. Stop orders and limit orders are also offered by Forex Club, however trailing stops are not offered at this time. Forex Club offers 22 currency for trading, and they do have a minimum lot size, which is 0.01.

Education

Forex Club is known for the quality of their educational products. “Forex Insight” is a relatively new training course consisting of online video seminars, email seminars and practice accounts. It is an invaluable source of information about Forex trading for people unaccustomed to what Forex trading consists of. “Forex Insight” also provides a great wealth of information that even the most experienced trader will find useful. Forex Club has pioneered the market of video-based Forex education with subjects covering the essentials of Forex trading to advanced trading strategies. Forex Club’s learning materials have recently won them the “Best Broker for Beginners” award from forex-ratings.com in 2009.

These materials include webinar classes, .pdf teaching, and reading materials. Forex Club also offers six hour-long videos for new users to watch, as well as a forum in which they are able to exchange ideas with Forex Club personnel. One of the more popular learning mechanisms is a user-friendly wizard, which guides new traders through the trading process. Finally, Forex Club has installed a feedback mechanism that put you in contact with the course creators in case you have any question about what you see in the videos. Users even have the opportunity to speak with Dennis Carr, the voice behind the educational materials, in the forums that they offer. Their site provides news from Dow Jones and Bloomberg, an economic calendar, a Forex chart, a daily Forex Market Update news segment and one daily market signals report (courtesy of Autochartist).

Customer Support

The easiest way in which to contact customer support would be with an email form that can be found on the company’s website. Live chat support service is also offered to clients. A representative of Forex Club will be able to assist you with any questions or concerns you might have. Forex Club also has a toll-free phone number, which is 1-800-881-3809 begin_of_the_skype_highlighting              1-800-881-3809      end_of_the_skype_highlighting. Still yet another method of contacting Forex Club is the utilization of the “Request a Call” button. Forex Club will contact the user after they fill out their confirmation code and phone number.

Safety

In order to protect important privacy matters of its clients, encryption standards set aside by the company are met as it relates to orders and accounts. Additionally, in order to make sure that all data is transferred securely, an online safety portal named “My FXClub” is used for all data transfer between the client and Forex Club.

The most recent net adjusted capital figures have Forex Club Financial Company at $21,804,109 (Excess Net Capital $1,804,109). The registered capital of Forex Club Financial Company is $20,000,000. Forex Club is a registered merchant with the Commodity Futures Trading Commission (CFTC) while also holding membership in the National Futures Association (NFA)

Broker Overview

Deutsche Bank was founded in Frankfurt, Germany in 1870. In 2006, it launched dbfx in order to meet the increasing demands for streamlined access to global currency exchange markets. Now, dbfx trades in more than 82 countries from its London headquarters, claiming the title as the world’s largest FX liquidity provider with a 21% share of the global FX market.

Deutsche Bank has a “Passion to Perform,” which has included providing superior foreign exchange services for individuals, corporations, mutual funds and banks. The dbfx service has the advantage of being backed by the massive financial strength of Deutsche Bank, one of the leading global investment banks in the world. In a “Euromoney” FX poll, Deutsche Bank was named as the #1 favorite “FX Bank for Institutional Markets” for five years in a row (2005 – 2009). In 2009, the “Profit and Loss Digital FX Awards” stated that dbfx had the best retail platform.

Trading Conditions

The dbfx service uses Deutsche Bank’s dealing desk for its foreign exchange; spreads are as low as 1.5 pips, with decimalized pricing for increased profit potential. Clients can trade in 34 currency pairs with typical leverage of 100:1. Either individual or corporate accounts are available, with a minimum balance requirement of $5,000 USD to open. There are no commissions; fees are charged based primarily on the bid/ask spread. Margin trading requirements are based on trading experience. Deutsche Bank provides precise, accurate, real-time foreign currency market information that is reliable due to its time-honored reputation and experience in financial circles. There is an uncomplicated listing procedure for dbfx that makes trades easy-to-complete. Also, managed accounts are available so that customers can link into Deutsche Bank’s superior financial experience.

The different vehicles offered for trading include Web-based, API-based (Order to Go, standard FIX or Java) or platform-based, so that customers can engage in 24-hour trading. The dbfx Web site has special sections for individual traders, introducing brokers, money managers and API developers. There is a free demo trial account with $50,000 USD in virtual money. Customers can deposit money into their dbfx accounts using wire or online transfer. One drawback is the absence of mini accounts. With state-of-the art technology, quality execution, one-click trading, sophisticated forex charts and trading hedges, dbfx offers solid foreign exchange services. Automated trading is also available – charting packages discover key points, the technology bridge links trader to the network and the trade is executed when the conditions are satisfied. Another option is commission-based for high-volume traders. A software development kit is available for API developers.

Education

Online video tutorials are available for new customers who want to learn about foreign currency exchange trading. There are detailed user guides discussing forex basics. Commentary from Thomson’s IFR Forex Watch is also readily available. Select customizable forex charts to better detail market changes. Daily, weekly and monthly research publications keep you on top of the latest market news. Award-winning Deutsche Bank research provides expert analysis on foreign currency exchange, fixed income and commodity markets.

Customer Support

During market hours, there is 24-hour customer support via phone, e-mail and instant messenger in the following languages – Arabic, Chinese, English, French, German, Italian, Japanese, Russian and Spanish. The phone number for customer service is 1-212-710-9000. The e-mail contact is “info@dbfx.com”. The dbfx software is most attuned to benefit large institutional clients with direct lines of credit from Deutsche Bank; small investors might feel like they are being squeezed out.

Safety

Because of its financial backing by Deutsche Bank, which manages the back-end of trades, the dbfx service is considered one of the safest foreign exchange companies. Deutsche Bank gives traders a lot of flexibility, liquidity and safety. Investors can rest assured that their finds will be safe at dbfx with the EUR 1 Billion per depositor guarantee by the Deposit Protection Fund of the Association of German Banks. In 2009, Deutsche Bank had net income of 4,958,000,000 EUR; on December 31, 2009, it had total assets of 1,501,000,000,000 EUR. It employs more than 81,000 people in 76 countries. Its long-term credit rating is very good: Fitch (AA-), Moody’s (Aa1) and Standard & Poor’s (A+). The Deutsche Bank stock is listed on the Frankfurt, London and New York stock exchanges.

The dbfx subsidiary is authorized under German Banking Law and regulated by the following government regulatory agencies:

• UK Financial Services Authority (FSA)
• German Federal Financial Supervisory Authority (BaFin)

The registered United Kingdom address:

Winchester House
1 Great Winchester Street
London EC2N 2DB

The German headquarters address:

Taunusanlage
12 60325
Frankfurt am Main, Germany.

Year founded: 2007
Locations: New York
Average Spread: 2-4 pips
Minimum account size: $10,000
Leverage: 50:1
Accepts US clients: yes
Regulated by: Federal Reserve, OCC
Dealing desk: yes

Broker Overview

CitiFx, an extension of Citi’s forex institution brokerage service, launched in November 2007 in cooperation with Saxo Bank of Denmark, an online bank and a long-time online forex trading provider and a global leader based in Copenhagen, is designed to offer sophisticated individual traders and small institutions the access to the same level of data and trading technology only available to large institutional traders before. Citi had long served the traditional forex market of large institutions and the move to extend its reach to the growing market of active individual and small institution traders is both strategic and natural in terms of leveraging its existing global forex product suite and expanding client base into this emerging client segment.

CitiFx is a U.S. based operation, but also live in Asian markets, as we as available in other selected countries. Trading through CitiFx is totally online, with one platform that comes with three ways, CitiFx Desktop, Web Base, and Mobile Phone. CitiFx has incorporated into its trading platform the popular MetaTader (4) trading interface, which includes technical analysis, charting, and expert advisor programs used to interact with trading actions. Saxo Bank, a pioneer and foremost provider of online forex trading and best know for its SaxoTrader trading platform, brings to the partnership its user-friendly online trading technology and best of class facilitation of product and service delivery. Adapted from Saxo Trader, CitiFx is developed specifically for Citi based on its specifications given its world class product infrastructure. Combining Citi’s global presence in the forex market with Saxo’s proven abilities in online trading support, CitiFx aims at providing both Citi’s better prices and liquidity and Saxo’s tested products and services to a growing audience seeking to trade in the margin forex space.

Trading Conditions

Dealing Desk

As a large, international bank participating in the forex market, Citi runs an active forex trading on its own behalf. While not promising its dealing desk will be free of making any unintentional trades against its customers, CitiFx is committed to following fair trading practices. But sometimes when a dealing desk has information about both its trading positions and the customers’, its trading programs may automatically spike rates a few pips in the broker’s favor, especially when indiscriminately processing order information coming in from both customers and other market counterparts. The accumulation of a few pips in trade execution difference could mean serious profits for a broker and losses for customers. Hopefully, the NFA (National Futures Association) will start documenting the practice and more dealing-desk brokers will make clear distinctions between making their own trades and handling customers’ trades. Moreover, given Citi as a regulated bank with layered audits and compliances, traders should have more confidence that CitiFx will make efforts on fair dealing with its own customers.

Spreads

CitiFx has an average of 2-4 pips for its target bid/ask spreads under normal, non-volatile market conditions on the most actively traded currency pairs. On some less traded and much lower-valued currencies, the spreads can be wildly wide, as high as over 300 basic points (300 pips), such as the 360 target spread for Euro and Russian Ruble. And it’s not unusual to see spreads set around 100 pips for quite some other currency pairs either, for example a spread of 100 pips for U.S. Dollar and Norwegian Krone and 95 for Euro and South African Rand.

So far perceptions about how competitive and liquid CitiFx’s spread pricing is has been mixed. But CitiFx maintains that it can live up to its target spreads as advertised unlike some other brokers that may loosen their tight pricing when executing in live market conditions. Moreover, CitiFx may be able to set narrower spreads for some customers based on their trading volume. Theoretically, customers should be afforded a spread advantage by dealing with a bank that is a direct participant in the underlying interbank forex market. Independent forex brokers that receive their prices from banks and transmit them to clients add another layer of bid/ask spread. It’s the same principle as partly used when choosing a stock broker. Investors get a more competitive pricing from a stock broker that is also a market maker inside the exchanges for certain securities.

Leverage, Account Types, and Number of Currency Pairs

Credit provided by CitiFx to customers has a maximum limit of 50:1 leverage, i.e. 50 times the account equity value, which is definitely not among the highest even when compared to some smaller independent brokers. However, a new rule proposed by CFTC in January this year will try to limit the leverage to only 10:1. The maximum leverage becomes a nominal figure when reduced to arrive at the true or used leverage if one wants to leave enough margin of safety by not taking up all the leverage allowed. In addition, different margins are set for different currency pairs based on how volatile they are. At CitiFx, leverage can go as low as only 12.5:1 with 8% margin on some currency pairs. A leverage of 25:1 with 4% margin is not uncommon even on a few familiar currencies, most noticeably Mexican Peso.

CitiFx offers a total of 138 currency pairs available for trading, which are among the widest set of tradable currencies currently available with any provider, backed by the bank’s vast exposure to currency markets trading worldwide, including some emerging market currencies that other brokers do not allow. Beginners in currency trading may not even recognize the currency codes for some less known currencies. CitiFx is intended for advanced traders and institutions and not a place for forex beginners to practice. And as such, the service does not have a trial or practice account using virtual money as offered by many other brokerages. For anyone new to trading and looking to start small, CitiFx is not an ideal place, as it doesn’t have a mini account. Its standard, regular account requires a minimum deposit of $10,000, a large sum and among the highest required of a forex account holder by brokers, given that a couple of hundred dollars can open an account with some smaller brokers or even a nominal $1 in rare cases. Such a large account size further demonstrates that CitiFx is only for experienced traders.

Education

Some may consider education resources at CitiFx as lacking, but its trading software is to challenge users of advanced levels and not for beginners. CitiFx does not provide basic, entry-level education mostly needed by beginning users, because its trading platform is designed with the high-end traders in mind. Site tutorials are available as guides for account set up. Customers are expected to overcome the software learning curve themselves with the help of a free demo account. But be aware of the expiration date on the demo account, as it may not be available when needed for later uses.

On the other hand however, CitiFx provides clients access to the most cutting-edge research analysis and market commentary backed by Citi’s massive operational structures. Information about developments in the currency and other related markets and the economic events behind them is being streamed 24 hours directly onto the trading platform to allow traders to make the most informed trading decisions in real time.

Customer Support

Customer service at CitiFx is considered a major advantage by both many users and the company itself. CitiFx offers during the 5 trading days a 24-hour customer service via telephone on both trading and administrative needs, though there is no online live chat unless you have an instant messenger account already set up. Email support is also available with a response time within 24 hours and the old-fashioned fax is still in use. All in all, users of CitiFx can expect excellent customer service simply because of the size and history of the parent company that runs it.

Safety

In the U.S., forex markets and brokers are regulated by CFTC (Commodity Futures Trading Commission) and NFA (National Futures Association), an industry self-regulatory organization, which requires mandatory membership of all forex brokers. Retail forex trading and online brokerage service are of special attention to forex regulators. Regulated by the Federal Reserve and the OCC (Office of the Comptroller of the Currency), Citibank is in a better position to ensure regulatory compliance at CitiFx, especially when it comes to maintaining a sufficient amount of funds to meet their customers’ needs. Excess capital concerns about CitiFx, if any, should be rightly addressed by the full backing of its parent bank.

Brokers can go bankrupt from time to time, not by servicing customers and collecting commissions but when they start trading the market themselves by becoming dealers. The failures of Bear Stearns and Lehman Brothers make such a proposition unarguable. Therefore, customers do risk losing deposits they place with their forex brokers. As a FDIC insured bank, Citi offers the same level of FDIC deposit insurance on funds under a CitiFx U.S. dollar account, which is currently at $250,000 per account holder until December 31, 20013 and $100,000 thereafter.

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, 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.

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.

Year Founded: 1999
Location: London, New York, Tokyo
Average Spread: 2 pips
Minimum Account Size: $25 USD
Leverage: 100:1
Accepts US Clients: Yes
Regulated By: CFTC, FSA
Dealing Desk: Yes

Broker Overview

In 1999, Capital Market Services (CMS) Forex was created by a consortium of software developers, currency traders and experienced brokers. Over the years, it has gained a solid reputation for providing high-quality service, good customer support and a top-notch proprietary software trading platform, called “VT Trader,” licensed by Visual Trading Systems. CMS has major offices in London, New York and Tokyo with Capital Market Services International in Bermuda, Institutional Clients Services out of Boston and additional offices in Saint Petersburg and Shanghai.

CMS serves more than 6,000 clients (individual traders, money managers, corporations, and financial institutions) in more than 165 countries around the world. Its VT Trader software has become very popular. CMS makes opening an account very easy – an online application can be filled out in minutes. No commissions are charged; fees are generated from bid/ask spreads.

Trading Conditions

CMS has a direct dealing desk with phone and online access for its customers. Spreads vary on the 40 currency pairs available for trading, but there is an average spread of 2 pips on the most popular currency pairs -EUR/USD and USD/JPY. The typical leverage is 100:1. CMS permits trailing stops for currency traders. Customers can deposit funds via check, online payment services, credit cards or wire transfers. CMS provides basic Forex currency trading services (translating quotations, documenting positions and charting results) with variable spreads as low as 1.4 pips in a retail Forex trading environment. The signature trading product for CMS is the intuitive, user-friendly “VT Trader.” CMS permits customers to use VT trader on the Web site, downloaded onto a computer (Mac or PC) or as a mobile application. VT Trader is a “top-of-the-line” powerful, flexible and reliable, fully customizable interface with more than 100 technical indicators, charts, and risk management tools. The most sophisticated features include chart pattern recognition, risk management tools and Forex Autopilot.

CMS has the following account types: demo, individual, joint, trust, managed, company and universal (this allows for trading mini and standard lots). Potential customers can use the demo (practice account) to test their currency trading skills without risking any real money. Institutional clients (brokers, professional asset money managers, and banks) are offered another trading platform, “FXTradePort,” alongside the VT Trader. White Labeling and Strategic Partnerships are also offered to these institutional customers.

Education

CMS is tailored to traders from all different experience levels; thus, it has provided a plethora of different educational tools to help customers learn what they need about Forex currency trading. Its Web site includes “Multimedia” and “News & Commentary” sections from world-renowned markets experts that keeps customers aware of the latest market trends. A “Forex Capsule” discusses the week’s most important stories.

The CMS Web site has a list of common Forex trading terms, along with an explanation of basic trading principles for beginners in a document written by a trading expert. Free online “Webinars” offer continued education to customers, as well as, an online Forex course. Advanced coursework includes technical analysis articles and a bibliography of recommended books to read about foreign exchange currency trading. More specific video demonstrations discuss how to use the “VT Trader” software effectively.

Customer Support

CMS provides customer support via phone, chat, e-mail and online for 24 hours during market hours; it is closed on weekends and during holidays. Customers can call 1-866-51-CMSFX begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting or 1-866-512-6739 for customer service. There is e-mail support at “customersupport@cmsfx.com”. The Web site supports Arabic, Chinese (Cantonese and Mandarin), English, Japanese, Russian and Spanish languages. The company also has staff that provide translation services for customers who speak the following languages – French, German, Italian, Korean, Polish, Portuguese and Chinese (Taiwanese).

Customer reviews have praised the VT Trader software as being very sophisticated with superior charts. But the complexity of the software generally requires higher broadband speeds. A common complaint is that the currency spreads are a bit too high compared to other Forex traders. Some clients expecting immediate customer support responses, have been disappointed, especially during high-intensity news periods. All in all, reviewers believe that CMS is one of the best Forex trading Web sites for new traders.

Safety

CMS is well-known, professional, reliable and reputable. In 2006, “Inc. Magazine,” listed CMS as the fastest growing Forex dealer in America. It is located at the following well-known address:

Empire State Building
350 Fifth Avenue
Suite 6400
New York City, NY 10118

CMS is registered with these government regulatory bodies:

• Futures Commission Merchant (FCM)
• Japanese Finanial Services Agency (FSA)
• National Futures Association (NFA) ID # 0313199
• United States Commodities Futures Trading Commission (CFTC)

Online Forex Broker Rating: 8 out of 10 stars

Year Founded: 1999

Locations: New York City, NY

Average Spread: Variable – 1 pip and up

Minimum Account Size: Mini-Account: $25.00

Standard Account: $2,000.00

Leverage: Up to 100:1

Accepts U.S. Citizens: Yes

Regulated By: CFTC, NFA, and several countries.

Dealing Desk: No

Broker Overview

FXCM was founded in 1999 and has grown into one of the largest FOREX brokers in the world. The company’s main location is in New York City and is regulated in the United States, England, Dubai, Hong Kong, France, and Australia. FXCM has a vast global client base, high trading volume, strong financial backing and has won numerous awards from the investment community. FXCM made an unprecedented release of their balance sheet in 2010 and has asked for other FOREX brokers to do the same. FXCM was named on Inc magazine’s list of the 500 fastest growing private firms in 2004, 2005, and 2006. Since its start, the company has added over 600 new employees in all areas of operations.

FXCM’s trading platform is called FX Trading Station, and needs to be downloaded to your computer. It is user friendly and can be customized to fit your needs. This platform is easy to use as all information needed to trade is arranged logically and fits on one screen. A toolbar can also be downloaded to your browser which allows you instant access to market news, currency rates, and other important information. Charting tools and other data can be added to the FX Trading Station platform with plug-ins. This trading platform is good for novice and experienced trades alike.

Trading Conditions

FXCM is a no dealing desk broker, which means that they fill your orders from the best price available. Without a dealing desk, there is no conflict of interest between you and the broker. FXCM works with up to ten of the largest banks for pricing information which contributes to competitive pricing and low bids. For traders who desire some variety, FXCM has over 45 currency pairs available to trade. The spreads are variable and can be as low as 1 pip. Average spreads tend to be between 2 and 4 pips. A sample of a few of the typical spreads are: EUR/USD 1 to 2.3, USD/JPY 1 to 2.4, GBP/USD 1 to 3, USD/CAD 1 to 3.7. These are extremely competitive spreads and offer traders a good opportunity to make money with their trading. FXCM offers flexible leverage with the maximum leverage being approximately 100:1. Though traders are able to set their own leverage amounts, the majority of traders utilize the default amounts which are based on various default margin settings. FXCM recommends that traders use lower leverages to minimize their risk. However, the amount of leverage used is up to each individual trader. One way that traders are protected at FXCM is that there is no risk of a debt balance; your maximum loss is limited by the amount of money in your account.

FXCM offers several different account types for you to choose from including a standard account, an active trader account, and a micro account. To open a standard account, a minimum of $2,000 is required. For the micro account, one can be opened with as little as $25.00. With the standard account you receive twenty-four hour customer support; with the micro account customer service is limited to e-mail and forums. The active trading account requires a minimum of $25,000 and provides up to ten levels of market depth and is ideal for scalping and short term trading. You can also set up an account in the name of a corporation, trust, IRA, or other entity. For those who want to check out their system, a free $50,000 demo account can be opened. With this demo account, you can trade from charts, get live streaming prices, and have access to around the clock customer support.

Education

FXCM offers educational tools for novice and experienced traders. They have developed several training courses that cater to the beginner and the expert. A visitor to their website is able to view free instructional videos to learn more about trading in the FOREX market. On the website you can sign up for the FX Power Course which provides traders with a lesson per day for eight days. In this course, you can learn to read charts, time the market, identify trends, and more. In addition, you will have unlimited access to the alumni forum where you can discuss FOREX trading with thousands of other traders.

Customer Support

FXCM has live customer support, 24 hours a day, 7 days a week. You can contact them through the live support, instant messaging, phone, or e-mail. Their online chat is very quick and responsive and one of the representatives can usually answer most questions. From reading the online forums, it seems that most traders are happy with customer support. As with any FOREX broker you often find some negative reviews, but overall the satisfaction level with FXCM customer support seems to be reasonably positive.

Safety

Safety of all accounts and transactions is important to FXCM. To ensure that every transaction and client account is kept confidential and secure, FXCM uses authentication protocols, top-of-the-line encryption procedures, and the best firewall protection. The broker uses back up systems to protect your open trades, stop orders, and accounts in case of any system failure. For UK clients accounts are segregated; in the event that FXCM ever files for bankruptcy, individual client accounts could not be used to pay off other creditors.

FXCM is registered and regulated in several different jurisdictions around the world and adheres closely to all rules and regulations. In the US they are regulated by the Commodity Futures Trading Commission (CFTC) and National Futures Association Member (NFA). In the United Kingdom they are registered with the Financial Services Association (FSA). They are also registered and regulated by the proper authorities in Australia, Dubai, Hong Kong, France, and Italy. FXCM meets the minimum capital requirements of the CFTC. With more than ten years of FOREX experience, strong financial backing, and an international presence, FXCM is a secure and reliable choice for all types of FOREX traders.

Deutsche Bank FX Basics

Deutsche Bank FX is the online foreign exchange trading service of Deutsche Bank AG. The service was developed and designed for individuals and small institutions. The bank itself was first founded in 1870, originally specializing in foreign trade for Berlin. DbFX was founded in May 2006 in response both to the rapidly growing global foreign exchange market and growing client demand for streamlined, easy access to the products of capital markets. In addition, the bank believed that an established institution entering into the foreign exchange market would benefit all participants by deepening the value of foreign exchange as an asset class.

DbFX is billed as the world’s preeminent provider of liquidity in the foreign exchange market. It is headquarted in London, operates in seventy-six countries, with over eighty thousand employees and an asset base of over two billion Euros. Deutsche Bank was named the number one foreign exchange house in the world by Euromoney for four consecutive years (2005-2008) and still holds the title of number one bank in foreign exchange. The daily foreign exchange notional trading volume of dbFX is larger than the value of the major US, European and Middle Eastern equity markets combined. Trading activity focuses on the major currency pairs (the dollar/euro being a prime example). The daily notional trading volume of the USD/Euro currency pair is greater than the volume of the New York Stock Exchange.

Most Popular Features

For clients, traders and speculators, dbFX is very attractive because the bank offers access to the forex market at a higher level than most brokers. Since the foreign exchange market is so decentralized, different markets offer access at different levels. Individuals at foreign countries are at the lowest level, and since their access to the market is through one or more intermediaries, they are likely to receive less favorable transaction prices. Corporations tend to have better access and better prices, but they also have to go through middlemen, in this case, banks. Small banks, in turn, must deal through larger banks. The large banks trade with each other and therefore have access to the best prices. Deutsche Bank is not only one of the largest banks in the world; it has been ranked as number one in the world’s foreign exchange markets for 2009 by Euromoney. This means that dbFX gives everyone access to the best prices at the highest level of the market.

Clients have twenty-four hour access to the service via dbFX’s online trading platform. Deutsche Bank AG clients have the extra advantage of trading on streaming quotes, helping to lower risk to individual traders. The spreads can be as low as two percentage points. DbFX also offers professional support in nine languages at all hours of the day or night.

Trading Tools

One prominent tool that dbFX offers is integrated real-time charts that are embedded into the trading platform. This allows traders to monitor and analyze trends, track positions and make trades all from a single screen. It also eliminates the need to toggle from chart to chart while simultaneously keeping track of open positions. Since the charts are integrated with your trading account, you can easily see open positions, entry orders, stops and limits. In addition, dbFX’s integrated charts are fully customizable, allowing traders to create a layout that suits their personal trading style best. The features include the ability to set time frames, change the color of size of any chart area, and change any setting for the different indicators of dimension, time, location or appearance.

Since dbFX is a margin trading platform, you can control a large position with a relatively modest-sized trading account. Margin trading lets you leverage your capital to a great degree, which means you could generate large profits relative to the original invested amount. There is a high risk involved, however. Margin trading also means that small market movements can result in huge losses. Since a highly leveraged account sets this risk, the dbFX Trading Platform has several features built in that helps reduce potential losses. It calculates margin requirements automatically and also monitors available funds before you are allowed to enter a new position. If the equity, the total floating market value, in the account falls below the minimum requirement a Margin Call will be issued immediately and all positions closed at once.

Education

DbFX holds regular scheduled live seminars and webinars for advanced traders seeking to add to their styles. These events provide the opportunity to hear from official Deutsche Bank traders and market experts with question-and-answer sessions in real time. DbFX also offers online free video tutorials about using the trading platform as well as free online video interviews with experts from the trading floor.

Regulation

Deutsche Bank AG is fully authorized under German banking law by the Federal Financial Supervisory Authority, an independent federal institution under the Federal Ministry of Finance. It is also regulated by the Financial Services Authority for its business operations in the UK. Deutsche Bank AG is listed on the London Stock Exchange and it is also a stock corporation in the Federal Republic of Germany.

The minimum amount required to open a trading account with dbFX is $5000.00 USD (or the foreign currency equivalent). Average spreads range from as low as 1.5 percentage points (EUR/USD under normal market conditions) to as high as sixty percentage points (USD/ZAR, again under normal market conditions). The maximum leverage offered by dbFX is 100:1. DbFX has a dealing desk.

Learning more about CitiFX investments

If you are interested in the Forex Exchange program, and you are planning to become part of their system, it is very important for you to have all the information about the best brokers available that will be able to give you the best results for the investments that you are planning in achieving. CitiFX is a private investment company that has been able to create a very good reputation as an international broker. They have been working with Forex and other investment companies for many decades now and they can prove that they know what they are doing when it comes to investments of any kind.

CitiFX is working in making sure that all your investment needs are being taken care of and this includes the usage of different systems for your individual needs and for those of a business or institution. The tools that this company uses include the market leading research and commentary on the present conditions of the market and the ways how you can handle the present situation to the avail the best benefits.

It is also important to notice that they are into making sure that your business, whether small or large is having a good flexible pricing model which will help you in the long run. CitiFX will keep you informed of all the tricks of the trade as and when they thing it is necessary for you and they have a
very good customer service center that is ready for all your questions at all times.

Another very important factor that you may consider is that CitiFX is being very neutral when it comes to pricing. This means that you are not given prices that are made up and they are equal for all their clients. Of course, the amount that you want to invest with a company will put you in good books with them; however, this does not mean that you will be given special pricing for that amount.

The same thing applies to order handling. The company is reputed for being able to handle all of its customers in the same manner and this is something that can be very important, because whether you are an individual or a company and whether your investment is small or large, it still matters to you and you expect the best customer support that you can get from your broker at all times.

Of course, risks are very important part of the whole issue of investing, and therefore it is very important to understand the different aspects of risk taking. The CitiFX not only is able to give you all the information required when it comes to your low risk and high risks, it is also able to guide you into the procedures that need to be handled in order for you to be covered by their insured programs as well.
Some of the basic tools that CitiFX offers are the ability to pair more than 130 currencies at the same time. Also, there is a full range of stop order functions that the company offers. You also have one click execution and advanced charting systems that allow you to see and study your investments in a very systematic manner. Not to mention the round the clock customer support being handled by very good professionals that know what they are talking about and that are capable of giving you the confidence to invest your money with them.

You can also get free news from the business world from them at any time. This is a very important factor when it comes to investing and when it comes to the Forex market place. Also, all the USD accounts are insured.

If you are a small investor or a person that is thinking of investing in the international market for the first time, then it is very important for you to have the proper guidance that some of these companies can give you in the long run. CitiFX can give you are flexible pricing model which will allow you to use a fixed investment module or a variable investment module. They will also be able to guide you on what are the differences in between these two terms and what do they actually mean to you and your investments.

There are other factors that you may also like to study and they will include the meaning of API solutions and how to benefit from Fix API packages, and they also deal with issues like the Meta Trader which is a combination the liquidity and pricing when it comes to the security issues that are involved when you are dealing with international banking systems.

Besides this, there are many demonstrations that you can access online to make sure that you understand how this company functions and how it is important for you to understand all about the ways your funds are invested and what you need to expect out of them when it comes to interests and risk factors.

It is therefore very important to make sure you are keeping yourself updated with the latest news and research that these companies are offering on regular basis. It is also important to find out the best solutions and the market trends and to understand the ways how the changes in the Forex are going to affect your investments immediately and in the long run.

The CitiFX allows trade via desktop, internet and mobile. It has 2-4 pips spread to major currencies and offers up to fifty times leverage. However, as trading in foreign exchange involves a high degree of risk the leverage created by trading can work for you and against you are well. And you can even experience total loss of your investments. Therefore, it is very important to understand the regulations of these kinds of companies and study in dept their way of functioning before investing with any of them whether you are an individual or an institution looking for ways of increasing the value of your money through investments.