Looking to trade with Barclays BARX

Hello, im new here and glad to have found the Forexfactory forums. I am looking to open an account with Barclays in UK. They have an online trading system calleed BARX. From their website, the system looks quite good, but I would like to get advice from other members in this forum if this will be a good system to use. I am thinking of starting with approx USD 50K - 100K. I know this may sound crazy but im not looking for leveraging and intend to use just my own funds. Will appreciate advice on this.

Yes, Barclays BARX is very "sound". I think that they are very professional. They are not an bucket shop. So yes, it is a good idea to go with them. But do some further research. Always study the market.

Thanks for the advice, much appreciated.

I have used a few different brokers over the years, BARX was one of them.

I don't think it's available to US residents, just thought I'd point that out.

Pros: STP

Excellent professional service. Phone answered and in comms. with personal broker very quickly during office hours.

Tech support still available after office hours.

Cash held in UK bank with guarantees. Deposits/withdrawals extremely quick.

Pretty decent platform and execution is usually in 10ths of seconds.

Very large orders, no problem.

Commission? BARX is an STP, so all commision is within the spread, but when starting I was quoted 3.5 pips for majors such as G/U. If you are monthly trading large volume, this can be negotiated down. If you are looking at starting with $100k, see if you can go to £100k and you may get a slight reduction to start. Anything over £250-£500k also secures a better rate.

Cons: When I first started with them I had a few tech problems in the middle of a busy LDN trading session and this caused me a slight loss, but to be fair, when I talked to them they resolved it very quickly...I stayed on the phone with the broker for the rest of the session, placed all of my orders etc. They also refunded the small loss etc whilst they resolved the issue.

Can't think of any other cons.

I remember asking those same questions myself when I first started and nobody seemed to know, there's not much info on them out there, so thought I'd give you my thoughts.

It's better if you can split your risk through 4/5 different brokers, Currenex etc instead of keeping your eggs in one basket, just a thought.

Hope it helps

may I ask what is their maximum leverage?

BARX

direct: FX has a typical minimum margin requirement of 1%
of the value of the position, although this may vary at times across
various currency pairs. With a minimum position size of 50,000 of

the base currency, the margin requirement is 500 of that currency.

So the max leverage is 100:1.
Their minimum position size is 50,000 (0,5 lot).

did you open account already?
how is it going?

Minimum account size is 5000 pound and spread on EUR/USD is stable 0.9 , only rises a bit during news but not as much as Oanda, this was the situation a few months back..

I think you talk about barclays stock, not barclays capital account

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