Mig

This broker is advetising that it will soon be get data feed from Currenex.

Data feed from Currenex ( Coming very soon)! Biggest interbank trading floor with 100 billion dollars daily turnover. So you can trade at the best available price from 40 biggest forex banks!

Will be interesting how they will run this.

They are also writting up that you can trade through then with your money held in a swiss bank account, includes visa card and internet banking.

This is good news, I will believe it when I see it. What is meant that you can trade through your Swiss Bank account? Acceptance of credit card to fund your account - is this a cash advance or considered a purchase? Is there any hidden fees for all of these services? When I had wired money from my account to MIG, their bank also charged fees which is not the case of say a local broker in the US. I am surprised that the rep at MIG did not know their bank charges money for wiring into one's account....

From what it says your money stays in the bank, Don't know how this works unless they get some sort of account balance update. I don't believe it is implimented yet. You may also have to have a minimum amount with them.

The Visa card, I would imagine is to live of if you are trading for a living.

Cheers

hmm sounds like an interesting setup. keep us updated!

There are a number of brokers who open trading accounts for you with your funds deposited in the bank, this is mainly based on a bank guarantee which the bank issues in favour of the brokerage firm; if your trading account falls into losses the broker will ask the bank to transfer sufficient funds to cover your losses, and the bank is obliged to do so under the terms of the guarantee.

The bank normally charges you quarterly or yearly to issue the guarantee.

There is another means of doing so called cross-pledge which is normally for very big accounts.

howard