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1- What do about GFT UK they are based in london so are they up to your standards?
2- What is the difference between IFX markets and CBFX are they the same or one of them is an IB for the other and which of them is the best?
3- Would you kindly point out 2 or 3 names that you can say that they were the best among that you've dealt with?
4- By favouring the UK based does that mean that the UK rules are more strict?
5- Would you be so kind to to make it more specific about the links for those banks caz i've tried to go to the websites but i couldn't find any thing about forex ..also what are the minimum to open an account and what leverage do they offer?Ignored
1. I don't know about GFT. Have never worked with them.
2. A few months ago IFX has been bought by City Index Ltd. So far I haven't noticed any changes but they are likely to appear some time in the near future. To better or worse I don’t know.
3. It's very difficult to be more specific on the names because the situation is changing all the time. GNI used to be a good company but I don't know what has happened to them since it became a part of Man Group. CMC was the first dealer that offered on-line trading to the retail customers in 1995 with pretty good service that time and for some time but somehow over the years every new version of their trading platform traditionally becomes worse and less "customer friendly" than the previous one. I also suspect that they bucket inside the house even bigger customers with multi-million USD accounts that potentially might be risky for their business. Most of those companies also offer CFD (contracts for difference) betting that unlike retail forex is an undisguised gambling based on financial numbers, which is still illegal for US customers because on-line gambling is prohibited in The States.
4. Being FSA regulated is the main advantage the UK dealers might have over US based dealers. FSA is no nonsense organization and unlike CFTC knows exactly what they are doing out there.
5. The banks usually require $5-10 million minimum account size with up to 1:20 leverage and always perform a thorough due-diligence investigation before signing a contract with a new customer. It might take time (up to several months) just to open up an account with one of them and their decision depends on how safe they would feel with a new client. Due diligence procedure usually includes someone from the bank coming to the customer’s premises with the inspection. You will not be able to open an account in the bank of your choice easily, as it requires a lot of paperwork, personal contacts and negotiations. Very likely you will have to prove in advance your competence in FX trading as well.