any experience with these guys, http://www.citibank.com.hk/APPS/por...det/3_2_2_foreign_exchange_margin_trading.htm regards..
I do not have any experience with citIbank. Hong Kong doesn't allow U.S. residents. I have contacted CitiBank US though .
StockKJay, what is the minimum account size Citibank US wants? Minimum account at Citibank hongkong is $USD 10,000 Dont know about the spreads but I guess funds are most secure there.
Long back I have traded leveraged spot forex thro Sung Hung Kai-Hong Kong & thro big banks like DBS/UOB banks in Singapore.(one year ago) The money is safe at the bank Forex co's even though Bullion/Futures side is a different holding co other than the bank. But the spreads are always wider.Plus you will get less Credit interest.They bank may not have Internet platform (or they will charge a fee if you dont make so many trades) In my overall experience CITI is pricey in everything.(for retail .may be competitive for Corporate) For retail,I will rate Hang Seng bank the best in Hong Kong.(even HSBC gauges you a bit more in all transactions) If you dont want to trade Forex thro (even though reputed) private co,check BOC,Hang seng bank before considering CITI.Best of luck.
Hang seng leverage forex or any reputed bank leveraged forex will open a/c for you even if you are a non resident.But I doubt if they will open thro mail/internet. Another thing ,you have to have a local address even if you elect email statements only. So you have to visit Hong Kong,get a local address with a (PO box) Address providing company (there are so many,they will forward mail once a month to your country if you pay them a deposit). Walk in to all forex co's & check them.Open a local bank saving a/c first with your newly acquired address proof+passport.wire in the money in to your savings a/c. Then open a forex leveraged a/c with your passport,local address + home country address. Now you are set. Once a year visit HK for a holiday with your profits for some fun & check with your local address provider. where are you located?
thanks krishiyer. wow that's lots of work... to go there, get local address ... looks like I have to find some other alternative... Actually all I am looking for is security of funds, currently I am with Oanda, they are good but I dont trust them with more than USD 25 K. I am based in Melbourne and UAE .... cheers,,,,
If you just want security of funds (let us say 100k-300K) & you want to play forex seriously,consider IB .Many forex guys will say Oanda is better than IB. Like you, Security of funds is the major issue for me too!with that in mind-like an idiot I was having a/c with big banks in Singapore/Hong kong & paid higher commision/spread for forex & higher commision for US equity/option trades for so many years.(I could have saved $50k in commisions alone) I play equity index options more& forex a bit less these days. I can trust IB (SEC registered)with over 200K.Since I trade full time,I need to maintain high balance.I will never open a/c with small futures brokers (even if they have a brilliant platform)or some what famous reputed internet only forexbrokers like Dailyfx,fxcm,Oanda etc. For your info I day trade only forex futures watching CCI during late european +US hours.Nothing much in spot forex. I assume you are a middle eastern residing in OZ or OZ working in Dubai. Best of luck in your trading.
krishiyer , till 3-4 days ago I was also thinking that IB is the best, they are registered with SIPC and other insurance stuff.... but lately I came to know that for the insurance purposes forex account is treated as cash account so there is no insurrance for these accounts.... those insurances are for stock traders ..... let me know if what I am saying is not correct.... cheers........