Forex Blog

One Financial is quite a new Forex broker, that is actually specializing on CFD and other futures trading, but offers Forex trading services too. They offer Muslim-friendly accounts (with no interest or swap) and Arabic support — so, it’s quite clear that they are aimed on the traders from Middle East. Their trading conditions are quite common — 3 pips spreads on EUR/USD, $1000 minimum positions, wire and credit card deposits and a custom platform that can be ran in browser. One Financial claim that they are registered and regulated by FSA (United Kingdom), but I’ve failed to find any mention about One Financial on FSA site. I can also note that their support isn’t very professional — it took me a lot of time to find out that they offer mini-Forex services.

LiteForex announced about some changes for their mini Forex trading accounts. These changes became active today, on September 3rd. Decreasing the minimum trading lot size, margin requirement for hedging positions and minimum deposit amount is a step towards the more easier trading for small traders and Forex newbies:

Aspiring to provide to our clients the best trading conditions on international financial markets, the group of companies LiteForex (www.LiteForex.org) has made the following improvements of our trading conditions:

1. Decreased minimum contract size for MINIForex accounts, - starting September 03, 2007 the minimum contract size for MINIForex accounts becomes 0.01 lot with step 0.01; The maximum contract size was not changed and remains 10 lots.

2. Decreased margin requirements to keep opposite (locked) positions (AKA “hedged margin”) on MINIForex and 100KForex accounts, - starting September 03, 2007 the hedged margin for all Forex instruments (EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD, EURGBP, EURCHF, EURJPY, EURCAD, EURAUD, EURNZD, GBPCHF, GBPJPY, GBPCAD, GBPAUD, GBPNZD, CHFJPY, CADCHF, AUDCHF, NZDCHF, CADJPY, AUDJPY, NZDJPY, AUDCAD, NZDCAD, AUDNZD, including XAUUSD, XAGUSD) on MINIForex and 100KForex accounts becomes 25%. Previously hedged margin was 50%.

3. Removed the limitation on minimum initial deposit for MINIForex accounts, - starting September 03, 2007 there is no minimum deposit requirements for MINIForex accounts.

I’ve added another two ECN Forex brokers which might be interesting for traders focused on scalping strategies:

• EFX Group - good for mini Forex trading, since they allow accounts from $400.
• Hotspot FX - big ECN broker for big Forex traders, no mini Forex, but excellent trading platform and services.

EarnForex broker list was updated with a new Forex broker - LiteForex. This broker offers 3 very important opportunities for the new Forex traders:

1. Metatrader 4 Forex platform - many has it, but it is really almost a must for a Forex broker.
2. e-gold - as a funds deposit/waithdraw method.
3. Only 1$ to open a mini Forex account - a really easy start for a Forex newbie, isn’t it?

As to the disadvantages - LiteForex lacks phone support and is only regulated on British Virgin Islands (which is not very serious for solid financial institutions).