Moneybookers Forex Brokers,Hedging Brokers
Moneybookers, based in London, is an online "eWallet" payment system, similar to PayPal. While its popularity is not quite as huge as PayPal's, and therefore the number of merchants that accept Moneybookers payments is lower, Moneybookers does offer a number of advantages to its users, not the least of which are significantly lower transaction fees. Moneybookers account holders also enjoy some additional freedoms that come with having an account with a UK based, FSA regulated financial institution.
Hedging, as it is known in the spot forex world, means opening two opposing positions in the same currency pair (please note that this is different from real hedging, which is used to mitigate risk and smooth equity curves). While this practice is illogical and only tends to benefit the broker (with some exceptions), and is also banned by the NFA for all brokers it regulates, the feature is nonetheless demanded by many traders. Below is a list of brokers that offer this type of hedging to their clients.
AFB FX Review
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AFB FX is a forex and OTC futures broker based in Cyprus. By far the best feature offered by AFB FX is the availability of Professional Accounts, which offer highly flexible trading conditions. The spreads, margin requirements and virtually all other parameters are negotiable on Professional Accounts, making them the preferred choice among account managers. Having said that though, most of the other accounts also offer trading conditions that are quite reasonable.
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UFX Bank
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UFX Bank provides a decent level of service to their customers, from the customer support, to trading support and easy access to the dealing desk. Withdrawal of funds appears to be a bit disorganized but it does get done eventually, whether you are withdrawing profits or not. UFX Bank's trading conditions are such that the benefits of a UFX account are most pronounced for well capitalized traders, which makes it more worthwhile for larger investors than for small traders. This is a known predatory practice.
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EXNESS Review
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EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two (as far as we are aware), EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected. While EXNESS is regulated by Russian law, this in itself is not a great comfort for foreign traders. No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.
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Trading Point Forex Review
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Trading Point Forex is a relatively new MT4 forex broker that is becoming well established as a result of the solid trading conditions and support services on offer, as well as being regulated by some of the world's most stringent regulatory agencies such as the FSA. Trading Point also ensures client funds safety, by keeping it segregated from company operating capital.
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FXcast Review
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FXcast is an offshore forex broker, based in the small island country of Mauritius. Using a highly automated dealing system, FXcast is able to use advanced risk algorithms to decide whether or not to trade against its clients or to pass client trades on to a higher tier. This ensures that the back-end runs quickly and efficiently, eliminating a lot of unnecessary costs and lags. It is a double-edged sword however, because not all traders are treated equally - when the algorithm decides that a trader is unprofitable, the system trades against that trader, creating a conflict of interest (the company profits if the trader loses). The result is a mixed bag of fairly low fixed spreads AND guaranteed limit order execution with NO slippage, but a noticeable amount of price manipulation.
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AskOBid Review
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If you are looking for a quality European forex dealer, you may be delighted by what AskOBid has to offer. The variety of tradable instruments is substantial, and includes several rare exotics as well as XAU and XAG (Gold and Silver). You can see the full list of tradable instruments below. With account sizes starting at $100, fixed spreads, and decent order execution even at times of low market liquidity and strong (but not stifling) regulation, it's easy to see why AskOBid is becoming the dealer of choice for many smaller investors.
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InstaForex Review
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If you are looking for a strong Asian forex broker offering, you are well advised to at least consider InstaForex, as it is one of the most successful brokers to come out of Russia (and that is saying a lot when considering that Alpari and EXNESS are both originally Russian). In fact, InstaForex was named the best broker in all of Asia in 2009 and 2010, beating out some fairly tough competition.
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FXPro Review
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FxPro is a very well-known and well funded Market Maker. In business since 2006, FxPro has gained a large pool traders by buying up some very prominent advertising space. By providing its own liquidity and keeping all trades in house, FxPro is able to give its clients some of the lowest spreads in the industry (0.8 pips target on EUR/USD) as well as lightning fast execution (most of the time). The key here is, unfortunately, that execution is done at their discretion.
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