I wonder if some of you have an account with one of those banks that offer retail FX accounts.
The very first impression that you have when you find out that a prestigious bank lets you trade forex with them is that this is the best deal you could ever find in the retail Fx world.
But of course if there’s someone here with that experience I’d like to know about it.
I know about Royal Bank of Canada, Barclays, Citibank, and Deustche Bank, and that’s it.
For what I’ve read here and in other forums Deustche Bank does not directly offer the service, but through a subdivision. I don’t know about the others.
Have you traded with any bank or do you have information about this service through them?
What do you think about it? Would it be a better deal to trade with them?
Yes please do, I’m about 90% sure that I’m opening a live account with CITI within a week or two, I have yet to read anything that I don’t like about them. From what I have researched it is better to go with a bank over a broker. Most of them have higher minimum deposits and more plan platforms but my main concern is making money and not getting re-quoted and played with as so many brokers seem to do to people.
Couldn’t make it to the bank so I gave RBC a call, bounced around between three numbers and then got told finally a marketing guy will give me a call :eek:
Ah well we’ll wait and see. So far as I’ve seen, FX Direct is the product they offer to clients. That’s the one us traders are looking for. Everything else is for institutions and corporate fx trading.
I’ll post some more info once I get that sales call.
Yeah, hardly anything is posted on their website, even the contact numbers are wrong, sent me all over the place telling me to call a different person.
I’m still waiting for that call so once I do get it I’ll be sure to post what I find out.
What do you think you’re going to get from the retail division of one of those premier banking outfits that you don’t already get from a typical broker shop?
Unless you’ve got a real impressive financial wedge to lay down, you’re going to have to make do with what you currently got.
Money talks in this business.
The only way you’ll get access to institutional type execution & service is to get onboard with an independent firm via remote access or leg into an arcade type deal.
Didn’t Citi have to get bailed out by the government, twice? I looked at them too but their record, what I know of it, doesn’t look very good to me.
I am now trading a live account with MIG Bank and have had a very good experience so far. Their platform technology is a little behind but they are going to release a Java based platform in the next few months. They guarantee deposits up to 100,000CHF per Swiss banking rules.
Dukascopy is working on their banking license, something to watch in the future.
Spread betting is a UK-only phenomenon, so you won’t find it in Canada.
I use Barclays FX - spreads are way better than anything else you’ll find out there. I haven’t seen Euro/Dollar wider than a pip with them for ages … and they’re not trading against me. Their research is second to none … it’s straight from Barclays Capital’s Research Dept, really insightful.