Wall Street Brokers is the new on-line Forex brokerage company that was added to the Forex broker list on my site today. It’s a somewhat strange broker that is registered in the United States but isn’t regulated by any institution there. It went on-line in 2008. Other highlights of this broker:
Forex, CFD, gold, silver, oil and futures trading
Credit card, Moneybookers or wire transfer for deposits and withdrawals
Automated trading with signals subscriptions (at a cost of 1 pip per trade)
3 pips spreads
Micro accounts from $10 and 1:500 leverage
Muslim-friendly accounts (actually ALL accounts bear no overnight interest)
4XP (or Forex Place) is the latest addition to the list of the Forex brokers on my site. It’s the MetaTrader 4 Forex broker registered in British Virgin Islands and only recently went on-line with its services. 4XP’s highlights:
Moneybookers, Neteller and EcoCard for deposits and withdrawals
Taurus Global Markets is the latest Forex broker addition to the list on my site. It’s a rather new MetaTrader broker that is present on-line since 2007. Like many other MetaTrader brokers it’s not regulated by any serious financial authorities and is registered in the offshore zone — Bahamas in this case. The lack of regulation can be seen as a serious disadvantages by some traders but others prefer such brokers because of some other (rather obvious) advantages of the offshore companies. Like many other such brokers Taurus Global Markets (or simply TGM) offers also CFD (Contracts For Difference) trading. Another advantage of this broker is that it’s Muslim-friendly and offers accounts with no overnight interest by request. The disadvantages of TGM are the high minimum account size, which is $5,000 that can be transfered only using the wire transfer and the minimum trading volume of one standard lot (so, no mini-trading is allowed).
CGTIM (or Commercial Group for Trading in International Markets) is a MetaTrader 4 Forex broker based in Jordan. As the other Jordanian brokers it offers Muslim-friendly trading accounts — with no overnight interest or swaps. Trading with this broker can be started with $1,000 for mini-Forex accounts. The deposit/withdrawal methods are limited to wire transfer, check and credit cards. Apart from Forex it offers CFD and some futures and indexes to trade on. Although, it’s presented on-line only since 2004, it already looks like it’s dying from an age — the website works with problems and opening a demo account via MT4 platform alone isn’t possible. In addition, the spreads offered by CGTIM look ridiculous nowadays — 4 pips on EUR/USD currency pair is simply too much. In my opinion, this broker can only be useful to the Islamic traders — and even not all of them, but those who live in Jordan and can confirm the legitimacy of CGTIM and quickly solve any problems with this broker. Because I don’t know for what someone would pay 4 pips per trade.
The newest broker on my site today is FX-PRO — another Jordanian company with the Muslim-friendly trading conditions and the MetaTrader 4 Forex platform. You shouldn’t confuse this broker with FxPro (former NorthFinance and WestCapFX). FX-PRO went on-line in 2002 and thus is much older than FxPro. But for my taste FxPro looks more reliable and comfortable Forex broker to trade with. Apart from the no-swap policy (which sometimes isn’t that good) FX-PRO has almost nothing interesting to offer. They have rather high spreads — about 3 pips on majors, high minimum account size — $1,000, no other ways to fund the account except the wire and the credit cards and quite a lousy website.
FXCH or Foreign Exchange Clearing House is a Forex broker located in Switzerland. Unlike many other European brokers it’s not multi-market and offers only Forex trading services. It went up on-line in 2004. The most distinguishing features of FXCH, in my opinion, are the leverage of 1:500 and the low spreads (1 pip on all majors) — the extremely nice conditions for the risk-hungry Forex traders. The trading is done via MetaTrader 4 platform and there is no overnight interest on the open positions, which makes this broker Muslim-friendly. The minimum account size is quite high — $2,000; the funds can be transfered via WebMoney, AlertPay or bank wire. The residents of United States are not allowed to open the trading accounts with FXCH.
EMPFX is a newly listed Forex broker on my site. It’s operated by the Swiss company E-Money Power Ltd and offers its services on-line since 2007. EMPFX has the very low spreads — 1 pip on EUR/USD and some other major currency pairs and a fixed leverage at 1:200. The trading is performed via their custom stand-alone trading platform (unfortunately it’s no MetaTrader 4). The minimum deposit to start trading with this broker is $300 and the methods of funds transfer include Moneybookers, credit card, check and wire transfer. The Muslim-friendly accounts are available for those who don’t want to pay or receive the overnight interest rates on the open positions. For those who prefer to invest rather than to trade, the managed Forex accounts are available.
Arab Financial Brokers (or simply AFB) is a Forex broker located and regulated in Kuwait. As its title suggests AFB is created by the Muslim traders for the Muslim traders and it’s offering all the respective services — including the no-interest trading accounts. Of course, non-Muslim Forex traders are also welcome to join Arab Financial Brokers and they will also gain the advantages (and also disadvantages) of their no-interest accounts. The broker offers MetaTrader 4 platform with mini-trading and leverage up to 1:200. But the minimum account size isn’t very low — $2,000 (though, sometimes they are accepting smaller accounts on special occasions). The spreads are slightly above the market average — for example, EUR/USD is bade with a 3 pips spread. Another problem with Arab Financial Brokers is the lack of the comfortable funds transfer options — the only one supported is the bank wire transfer.
Finding a Forex broker with a nice and smoothly working website is becoming a difficult task for me. I thought that the website problems is only a feature of the new (1-2 years old) Forex brokers. But Apex FX Trading dissolved my delusions. It’s Forex broker that is working on-line since 2001 and it stills offers some parody instead of the website to its clients. Apex FX Trading is a Jordan-based Forex broker with the MetaTrader platform and is aimed on the Muslim traders, offering no overnight interest or swaps on the trading accounts. It has a rather high minimum account size ($2,000) and above-the-average spreads (starting from 3 pips on EUR/USD). The only way to fund your trading account at Apex FX Trading is wire transfer, the same is true for withdrawing the funds. Except for the poorly designed site this broker has also many complaints in other Forex-related communities. But staying in business for more than 7 years should probably weigh more than those complaints.
InvestTechFX is another MetaTrader Forex broker that was added to the list on my site today. It’s a new on-line retail broker, operating since 2008 2006, though they say that their off-line services in the Forex market were active since 2004. This broker offers MetaTrader 4 trading platform, CFD and index trading, very low spreads (1 pip on all majors) and also a very flexible leverage — from 1:1 to 1:500. The payment methods accepted by InvestTechFX are quite limited — wire transfer, credit cards and PayPal. Trading can be started with $100 and micro-lots are supported. Like with many other new MT4 broker that I find over the Internet, InvestTechFX can’t boast a good-looking website. More than that, its site looks like a complete rubbish, in my opinion. I wonder why some serious Forex companies overlook the possibility of hiring some professional design studio to create a site that wouldn’t be disgusting. I am quite sure many visitors forget about opening a real trading account with a Forex broker after seeing their unprofessionally made websites.
