I'm with IB, but they don't offer anything on idealpro with the forint. I'm looking for a reputable place. Minimum size isn't a concern and tightest spreads aren't a concern because I position trade - once I make a trade, I'm likely to hold it for weeks or months at a time.
Thanks. Oanda does offer it. However, the bid/ask spread is ridiculous. I know I said I don't need the tightest spreads, but I don't want to get raped either. Any other suggestions?
Well, EM/CEE currencies are having a bit of a rough time at the moment.. The spread used to be between 60 to 120 on eur/huf. I think Saxobank does offer it too (not entirely sure tho).
Unfortunately IB allows trading of HUF for closing transactions only. And the CME futures look like they don't have any liquidity.
Welcome to the world of emerging markets spot FX. If you think USDHUF is bad, take a look at USDZAR which is twice as wide. Transaction costs dictate position trading only.
It's not that bad Ralph. I've been watching that pair closely and it gets as tight as 20 pips on Oanda. That is very tight for an exotic pair on the verge of default. The damn thing moved 1000 pips yesterday. I'll take 20 pips any day as a spread. You need to trade it when other markets are active.
Not on Idealpro but IB does offer Forint Futures. I have traded it. There may be no bids or asks but you can figure out what the price should be from another source for spot and put in a limit order. Someone somewhere will arbitrage it for you against cash and fill it if you give them a little profit....