I decided to update this page to reflect the changes in Oanda Platform.
Oanda (MT4 trading platform, iPhone app and unit size trading)
I like Oanda because of (1) Low spreads (not anymore), and (2) Ability to trade in units, instead of the typical lot sizes.
For instance, normal brokers require you to trade in 0.1,0.2....1,2,3 lots. But with Oanda, you can trade 1unit, 1001units (1 micro lotand 1unit), 10,001 (1 mini lot and 1 unit), or 100,001(1 lot and 1 unit). This gives you the flexibility to manage your risk to the very unit.
However, I would like to add that Oanda has disappointed me of late. Their spreads are getting wider. Typical euro spread is 1.1 Typical AUD/USD spread is 1.8.
And Oanda do not practice carry trade. If you were to long EUR/USD overnight, you have to pay interest. If you were to long GBP/USD overnight, you also have to pay interest. The only pair that you will gain interest is if you long AUD/USD.
It NEVER used to be like that. And when I asked their customer service what is the reason for this, they gave me a link to calculate the overnight interest rate, and they expect me to understand just by reading their mathematical explanation. Oanda is very clever, you know why? They hide everything behind mathematics and codes.
Other brokers include GFT Asia, CMC Markets and IG Markets.
If you can find a better broker, please let me know.
25 comments:
Hi there, chanced onto your blog. I am a FX / CFD introducing broker located in SG like yrself. Just hoping to make friends with like minded people at the same time introduce you to what I do. Looking forward to your reply. Cheers and good trading!
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Great Post thanks for sharing.
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How about armadamarkets.com ?
This broker offering lowest spread
hmm seems better planning,,,what kind of trader you are?
Forex forum is very easy business because through forum we can get our knowledge updated with some new ways to trade and exchange our idea with other forex forum expert.
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There are many Forex Brokers, but not all were created equal. When it comes to your money, you want to be certain that your Broker meets your expectations.
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Choose any broker who is more experienced,taking less commission.You should be safe there are some fake brokers also.
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There are so many brokers in singapore.You can choose the broker who is capable of executing the foreign exchange tasks in accordance with your requirements.
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I have also been trying to find a reliable broker but unfortunatey hee in singapore, it sees lik they are all in cahoos. After you use one for a while they manage the spreads wider. So far I hav used ig, cmc andsaxo andthey are all a isappointment
email me at jester@thetradingcave.com and i'll show you where to get ecn liquidity
Contact www.fxim-markets.com. They are indirectly working with ABN Amro Bank from the Netherlands. Top spreads, top liqudity, top professional platforms (HotSpotFX, Currenex, Reuters, EBS/ICAP, FXAll). Best interbanking broker I know. And I am doing this for 25 years.
Thank you!!!
Really it was informative for a person like me who wants to know more about Forex. I have seen my friend trading successfully for three years now. He always invites me to join. And before that he requested me to learn.
Oh…I forgot to mention that he is associated with Greenvault FX.
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