Would like to try out some forex swing trading on the side. Where is the best place to open a mid size account?
Oanda EFX Group Both allow smaller account sizes. Oanda is a Market Maker but has a good rep. EFX Group is ECN and I've heard good things about them but not used them. Can open with either with $400 or more and spreads are good at both. OAnda max leverage is 50:1 and EFX is 100:1. Good Luck!
To the thread starter: You should at least check the ET broker ratings on firms recommended to you by individual posters. You'll find over 180 ratings of Interactive Brokers and seven ratings of Saxo. That's a suggestion for a start only. You can also look up forex retailers on CFTC web pages. Those pages have additional information on retail forex. There's not much, but some you may find valuable. The NFA also has information on retail forex, although the NFA is a trade group and, for that reason, gives as favorable view of retail forex as the (sordid) facts permit. Additional due diligence on your part also could reveal important facts such as the difference between the usual forex retailer (Saxo) and product offerings that are ECN modeled, which is what I understand Interactive Brokers offers.
You should definitly check into the NFA's Background Affiliation Status Information Center at the link below. It lets you check on brokers status and lists any cases against the company: http://www.nfa.futures.org/basicnet/
I'll second the vote for EFX. They are a subsidiary of MB Trading Futures. I have an account with both (Forex and Futures) and highly recommend them. With EFX you get fair quotes (1-3 pip spreads) because you are paying commission. If you're trading during news time things can get a little skewed but that's true with any platform. Other than that I haven't had any problems. Edward
They seem pretty good. If you hold positions and trade anything large their Swap/Rollover/IRD policy is very one sided (in their favor). But they seem ok.
I would have to disagree when trying to justify how every broker widens the spreads during the news. That is not true, dont be fooled by the 1 and 2 pip spreads with the little note that says varies during news time. They will change it 10-20 pip spreads because they know that people that want to make money will trade during news time. If I was you , I would look for someone with fixed spreads.
I usually keep a relatively reasonable tone on these forums, but you honestly haven't the slightest idea what you're talking about. Watch a legitimate interbank feed during big news--Reuters, Currenex, FXall, whatever you please. Spreads widen a LOT. No one is going to make markets when they know that price is going to move 100 points in 30 seconds. It's as simple as that.