I’d like to open an FX account, but I’m not yet sure, if I should open it in EU (I’m from EU, Slovenia) or in US?
As far as I know, the only difference would be in cost of funding and withdrawing my money. But since I don’t plan to do a lot of this, it’s not a major issue.
But I wonder, are there any other issues, I should be aware of? Maybe something about taxes or anything similar?
Just stick with the big brokers! I currently have a live account with Interbank FX and they are awesome! I live in the UK. As long as you can produce all your identity information then I dont see a problem.
This was soooooo helpful! But I still need to learn a bit more about Market Maker brokers (with dealing desks) and ECN’s. Then I need to find a charting software and I can start to spend my money! And someday I just may become profitable.
Now, if you want to go with an ECN (I like EFX Group), you can use MetaTrader 4 for your charts. Just compare MT4’s prices with your broker’s to make sure you know what the difference is.
Also, if you decide to try EFX, their new platform (Remote Trader) includes charts. It’s currently in beta and will be available to everyone within the next couple of months. For now, you can still use their Navigator platform without the charts.
There are other options, too, I’m just throwing out a couple off the top of my head.
Thank you very much for the link. I will read in a bit later as it seems very informative.
I’m very keen on opening my account at EFX, but until they don’t publish the full version of Remote Trader, I will have to use something like MetaTrader in the meantime. I don’t plan to trade a lot, only 1 to 2 trades per week. Could I use Interbank’s FX demo account to access MT4 and use that software for charting? I mean, is it “reliable” enough? It would be nice if the same price quotes (or atleast very similar) would be shown as on EFX.
That’s what I do. I use IBFX’s MT4 demo. Just double check the price difference between IBFX and EFX before entering your trade.
I’ve been looking for a way to display EFX’s prices on an MT4 chart, but it seems that I’d have to do some API programming and I don’t know how to do that. So, I guess I’ll have to wait for Remote Trader to see EFX prices on a chart.