Well the title says it all. I'm looking for a suitable broker! I'm in UK and trade a kind of grid system in which many trades may be kept open for very long periods. Here's a list of what I am looking for in a broker:
Lowest (no?!) swap/rollover costs. This is perhaps the most important requirement of all.
Minimum of 200:1 leverage, but greater is better. (Actually, I'd love it if the leverage was guaranteed not to be reduced, but I don't know that any broker offers such a facility)
No (or very high) limit on number of open trades.
Ideally, I'd want to trade using an account denoted as a spreadbetting account, as this offers a tax advantage in the UK, but that isn't mandatory. I think I would prefer an American or UK broker, though would be persuaded to look elsewhere if all else was favourable.
I've been using FXCM UK for the last couple of years and was really very happy with them until they suddenly reduced their maximum leverage to 100:1. Also, with FXCM a hedged trade does not cancel the margin requirement, which is a disadvantage in my way of trading, though wouldn't matter with 400:1 leverage, which is what I had with FXCM until they changed their max leverage.
Any suggestions? As I say, keeping the costs down for trades held open for many months is more important than anything else for me.
Lowest (no?!) swap/rollover costs. This is perhaps the most important requirement of all.
Minimum of 200:1 leverage, but greater is better. (Actually, I'd love it if the leverage was guaranteed not to be reduced, but I don't know that any broker offers such a facility)
No (or very high) limit on number of open trades.
Ideally, I'd want to trade using an account denoted as a spreadbetting account, as this offers a tax advantage in the UK, but that isn't mandatory. I think I would prefer an American or UK broker, though would be persuaded to look elsewhere if all else was favourable.
I've been using FXCM UK for the last couple of years and was really very happy with them until they suddenly reduced their maximum leverage to 100:1. Also, with FXCM a hedged trade does not cancel the margin requirement, which is a disadvantage in my way of trading, though wouldn't matter with 400:1 leverage, which is what I had with FXCM until they changed their max leverage.
Any suggestions? As I say, keeping the costs down for trades held open for many months is more important than anything else for me.