I am a newbie to FX and I just opened an FX account at Tradefreedom. But I found its customer support is really bad. The person who was supporting me did have patient at all. I had waited half of hour on the phone for having someone talked to me. he Instead was helping me, he just kept accusing me of not knowing how to Trade FX. Of couse if I know, I won't come to him in the first place.
I wish I had found this site before I picked my broker. But as I had already opened an account there, I might want to try to do a couple of trades to learn and decide if I would switch to other brokers. I would appreciate if someone could suggest me a good one.
I am not a frequent trader, at least not for now. I hope somebody would help to explain how the rollover charges work mathematically. I may want to leave my open positions overnight but I don't want to incur a big loss because of the charges.
Thank you for the help.
I quoted Tradefreedom rollover charges below:
"Spot Forex positions held at the end of the business day before their Value Date will be rolled over to a new Value Date on a Tom/Next basis. As part of the rollover, positions are subject to a swap charge or credit based on the LIBOR/LIBID interest rates of the two traded currencies with an added a markup of +/- 0.5% (for retail accounts) plus an interest component of LIBOR/LIBID +/- 0.75% for any unrealized profit/loss on the position."
Most forex brokers have a roll over charge. You don't have to worry about roll over charges if you close your trades before 4:30pm (i think). In forex trading for more than 1 day is considered long term
If you're a newbie, I recomend below two brokers
The reason I recommend them is because:
1. No Dealing Desk per say... therefore they don't trade against you
2. They have a good platforms
3. They have good training on how to use those platforms
Stay away from weird sites until you know what you are doing (6 months to 2 years). Also trade small sizes of lots to practice with.