A Look at Online Forex Brokers

An online forex broker is a firm that facilitates retail trading using
Internet technologies. Global Forex Trading (GFT), one of the
popular online forex brokers. It provides retail traders with a free
demo trading account, allows users to open a live account, gives
live help, provides software called DealBook FX 2, and allows
viewing of account documents. (DealBook FX 2 can be
downloaded for the demo trading account).
Gain Capital Group's Online Forex offers 200:1 leverage. In some
cases, the total return on investment is higher due to leverage.
For example, with $1000 cash in a margin account, the investor
can control up to $200,000 in notional value. Of course, trading
on leverage magnifies both the investor's profits and losses.
GCI Financial Ltd. offers commission-free online trading in
forex. GCI offers Internet trading software, fast and efficient
execution, and 0.5% margin requirements. This broker
offers USD or Euro denominated trading accounts. The
spreads are 3 pips in EUR/USD and USD/JPY, and are
4 to 5 pips for other major commissions. Clients can hedge
by opening positions in the same currency in opposite
directions. Risk to the investor is limited to the deposited
funds. Market analysis and research, real-time charts,
and forex trading signals are available at no charge.
ACM, part of the REFCO group, offers 3 pip spreads on
all major currencies, which works out to between 0.02%
and 0.03% on the dollar value. They also offer commission
-free trading, and forex trading with a 1% margin, which
means that a trader can control $1,000,000 with
$10,000 in his account.
There are many online forex brokers that offer free demo
accounts for potential forex traders to practice trading.
It is only a matter of registering and starting demo
trading to get a feel for forex trading. In addition, at most
sites, traders can find free forex news to assist them with
their trade strategies.