FX Spot and Option Broker

Hello guys.....does any one knows or having connections with brokerages who provides both Currency SPOT and Options. I tried searching but could only find two, they are Saxobank and X-trade brokers but still am not sure about them.
Please suggest.

Thanks.

Hi NewFX,

The ones you mentioned are the only ones I would recommend for retail spot FX. I'm not sure what account size you have, but prime brokerages such as UBS would be able to offer what you want with much lower spreads if you have around 500K to put down.

If you are willing to trade FX futures, CME/globex futures and futures options is the way to go. They have much better liquidity and spreads than you will see with over-the-counter retail forex and you won't have to worry about conflict of interest with your broker (the ones you mentioned are still bucket shops). The only difference is that they come in near standard lot sizes (125K).

If you are looking for a lower barrier to entry, there are several indices and options thereof that can be traded by any stock/options broker. Examples for the Euro are the following ticker symbols: FXE, XDE, EUI. The liquidity is not bad. If you are interested read up on Currency trust, ISE, PHLX.

Good luck!

Hi kristdm,
Thanks for the reply...very interesting suggestions...

Right now I am searching for a broker which has both FX spot and options trading ability and preferably cross margined platform. Trading with UBS, HSBC etc require around a minimum of 250K $ of account and a minimum of 500K $ per click trade size. Right now I do not have such an account size so I have to look for other options. I had been demoing Saxobank and Ikon royal platinum along with X-Trade brokers. The spread at saxo are shocking (too wide ~ 15 end US session) even on demo, but on other brokers they had been normal ~ 5 on EURO/$. Can not say if this is because of current market conditions and Ikon had been padding the spreads. So my search is still ON.

If Anyone has used thinkorswim for FX options please give your opinion, they look to me a genuine broker but their platform is very confusing.

Thanks.