Brokers for Day Trading in the Foreign Exchange Markets
The foreign exchange, or forex, market is the largest trading market in the world and offers lots of opportunities for day traders to make (or lose) money. Most forex trades take place between banks, corporations, and hedge funds directly, without the use of a broker. If you want to trade this directly, you need to use a trading firm that is tied in to these networks.
Many full service brokers offer forex. The following list includes those that do little else.
Gain Capital Group’s FOREX.com
Gain Capital Group deals mostly with institutional investors and money managers, but it makes its platform available to individual day traders through its FOREX.com site. There, you can download software that lets you analyze markets and place trades. The company offers a lot of educational programs and practice accounts for those interested in foreign exchange; it also has a mobile application for those who want to trade by phone.
Want to try your hand at trading forex? In addition to demo accounts, InterbankFX lets customers start trading with as little as $250, making it an option for day traders who want to trade currency along with other types of securities. It also offers charting and automatic trading services to help customers design and adhere to their strategies.
Whether your interest is currency, options, or futures, PFG Best can handle your account. It offers individual traders a choice of two web-based platforms, depending on whether their interest is strictly currency or broader markets. The firm doesn’t have a lot of educational services; this is a place for experienced traders.