I don't like the fact that Interactive Brokers is closed 15 minutes everyday, since I like to leave positions in over night and want my stops protected, but they seem to be the only forex firm where your money is protected by the SIPC. Am I correct about this ? Are there any other firms or ways that you can trade forex and have your money protected ? Or are they the only one ?
SIPC doesn't cover currencies or futures. They only protect cash, stocks, and bonds. Not sure if this means your cash in an FX account is covered or not. http://sipc.org/how/covers.cfm You might want to make sure that your FX broker either has a strong financial statement or keep your deposits small and take advantage of high leverage. Ideally you would do both.