I’m VERY new to currency trading. I’m trying to find a broker that lets me choose my own leverage rather than having a default set leverage for you. Most specifically here is what is most important to me:
1. Low minimum deposit (I only plan to start with $500)
2. Choose my own leverage (If that’s even possible, maybe default leveraging is an industry standard?)
3. Offers a demo account that does not expire.
Please let me know if you can help!
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December 31st, 2009 at 3:18 am
There’s no such thing as choosing your own leverage. Your broker will set the maximum allowed leverage. You can never exceed that limit, but if you want less leverage, then you simply open smaller positions relative to your account net equity.
The biggest ECN forex brokers, ie. also the most reputable and reliable ones with interbank liquidity (up to $50 million for certain currency pairs) require deposit much higher than $500 ($10000 or higher) and allow very low max leverage.
OANDA is a good broker, and a good start for new forex traders. But if you become serious about forex trading later, and hope to consistantly make any profit in the long run, you’ll want to consider big brokers like Dukascopy and Interactive Brokers.
December 31st, 2009 at 3:18 am
try to check your options in this site. it will lead you to a leading forex broker that can allow you to obtain special trading terms if you are a frequent trader. you can simply negotiate with your personally assigned account service manager or asm for your trading preferences. all the best.
December 31st, 2009 at 3:18 am
I have tried several forex softwares & more or less all of them have similar pros and cons. But I feel etoro is comparatively good.