Find out the history of forex trading, how it works and how to trade. Note this is an educational site only and not for the purposes of forex trading.
Interactive Brokers
Interactive Brokers (IB) is a leading forex firm that has been in existence for thirty three years and maintains a global presence with offices in the UK, Australia, US and China among other places. thios is a big organisation with, for example 800 employees in the USDA alone. They operate in around 80 countries world wide. The founder is one Thomas Peterffy, Chairman and IB has been in operation for 33 years. Their Mission statement is quoted on their web site as:
In the UK Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Services Authority. FSA register entry number 208159. Their Office is in Office: One Carey Lane, Fifth floor, London EC2 V8AE In the USA Interactive Brokers LLC is a member NYSE - FINRA - SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. Headquarters is in Pickwick Plaza, Greenwich, CT 06830 USA. in Canada, Interactive Brokers Canada Inc. is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the various Canadian securities commissions. Registered office: 1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6, Canada. Member CIPF. This broker is rather expensive to join as the minimum deposit requirements tend to be quite high. When you consider that some brokers require as little as $25 dollars to open an account, Interactive's demand of $10,000 is clearly on the higher side. While this should not be the only reason to decide whether to join a firm or not, it might dissuade many new traders who are yet to learn the trade and are averse to the risks associated with forex trading. this broker is obviously geared to the higher end of the currency investor market Exceptions to the $10,000 requirement are made to individuals aged twenty one or younger (who are required to deposit $3,000) and Indian residents trading with an IBLLC-US account ($5,000). This broker uses the Trader Workstation (TWS) platform which is available as a download as well as on the Internet. TWS provides very comprehensive information and a host of advanced features that will serve the seasoned trader well. In the company's own words, learning to use this platform presents a real challenge for most traders. To address this problem, the company has a scaled-down version of TWS known as Web Trader which it recommends for upstarts and people who carry out just a handful of trades. Web Trader is only available via the Internet. The platform is also accessible via iPhone and a great variety of mobile devices. While trading at Interactive brokers requires plenty of education, a new trader could benefit a lot from the training available on the company's website. At Trader's University, you will find most of the information you need on trading in forex, futures and stocks. The company also offers recorded and live webinars among many other teaching aids. In addition to forex, Interactive brokers also offers trades in CFDs, Bonds, Futures, Stocks and SSFs.
Two types of accounts At Interactive, you will be able to trade all the major currency pairings and the registration process is quite fast with deposits accepted via either check or wire transfer. Apart from a firm capital base and a global network, this company has consistently won awards for outstanding performance and this should give you confidence when making your decision to trade here. Some of the awarding bodies include Barron's and Stocks and Commodities. When all is said and done, Interactive is a good broker but might not appeal to a new trader who only plans on carrying out a limited amount of trading.
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