I’m currently trading with FX Choice in Belize. Last month they changed their liquidity provider and their spreads and swap fees have gone crazy as a result. So, I would like to find another broker.
Situation:
- I only trade CFD Indicies. Specifically SP 500 and Nasdaq 100.
- I only trade long positions and I hold them until they hit my target.
- I only want to use a broker that offers negative balance protection.
Because I hold my positions until they hit my target, they positions could be held for days, weeks or months. Therefore, low swap rates are critical for me. FX Choice’s swaps for a long SP500 contract just went from -0.865 to something like -34.72. I’m not really sure what that means exactly, but I do know that I held 0.02 lots from around Nov 7 until Jan 4 and paid about $2.50 in swap. In addition, I held 0.02 lots from Dec 22 until Jan 4 and paid about $3.25. So, basically the fee increased a lot because one was holding for about 2 weeks and it was more that the trade held for 2 months.
Anyway… Can someone suggest a broker that meets these guidelines please?