I'm currently trading currency futures and am investigating switching to Forex to reduce my transaction costs. (anywhere from $350 to $1200 per day depending on how actively I trade) I trade futures through Refco, and they also offer commision free Forex accounts--the catch is they are making the market and get the bid/ask spread. My question is, has any one else here traded both currency futures and Forex? How would you compare the two? How "fair" is the market--considering you are dealing with market makers instead of directly with other traders. Another concern is that Forex is unregulated while futures are regulated. Thanks, and I look forward to any input.