Hi!
How much bank brokers there’s nowaday? I know just twos: Dukascopy and Saxo Bank. Saxo Bank seems me more attractive, there’s so much options of investment! Dukascopy is more bureaucratic! So, exist others options too?
Thanks!
What is a “bank broker”?!
If you mean brokerages which use the word “bank” in their business name, then be aware that different countries have very different laws about the usage of this word, and much depends on where they are and where they’re regulated. There’s nothing “official” or “recognised” or “better” about them just because they have the word “bank” in their name. On the contrary, it may be deliberately used to cultivate an imprimatur of ostensible authority, i.e. be designed to fool people.
“Saxo Bank” is not a “bank” as you or I or anyone I know would use the term in conversation.
[I]In my personal opinion[/I], both Saxo and Dukascopy are brokers to avoid like the plague.
If choosing a broker, JH, it will help you (i) to do plenty of due diligence, and (ii) not to get hung up on or influenced by the terminology, and most importantly (iii) [B][U]to start by understanding clearly the difference between a genuine broker and a counterparty market-maker[/U][/B]. (I’ve made many posts here on this subject, and you might be able to find them, if you want to, by using the forum’s [I]Advanced Search[/I] function and finding a list of my posts containing the word “counterparty”. Many users of this forum seem not quite to appreciate the distinction between the two - and that’s part of the reason why there are so many problems with “brokers” discussed and reported here: many people here are in fact trading through what they [I]wrongly[/I] imagine to be a genuine “broker”, which is actually a very lightly regulated counterparty market-maker.)
Very interesting!!