Here at the Trading Gurus we are constantly monitoring the quotes from a wide range of brokers. Yesterday alarm bells started ringing to tell us that the spreads on one of our MetaTrader 4 demo accounts at Alpari UK had suddenly reduced to previously unheard of levels. Spreads as low as 0.4 pips on GBP/USD for example, and once (briefly!) even zero on EUR/USD.
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Last week Swiss forex broker Dukascopy announced that they are reducing the minimum lot size for their ECN retail accounts. According to the news section of their website:
Dukascopy (Suisse) SA announces the reduction of minimal lot size. Starting from 8th of January 2010, traders can use mini lots from 0.001 equal to 1000 units of a primary currency amount.
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London Capital Group Holdings plc are behind a considerable number of UK spread betting brokers, including Capital Spreads, ProSpreads, Dealing Desk and even Saxo Bank Financial Spreads. At the beginning of this week they issued their third profit warning. According to the Financial Times:
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As we reported back at the beginning of August forex broker GFT published on their website a document entitled "Get the Facts" which pointed out that their DealBook platform didn't require changing to comply with the recently introduced NFA hedging and FIFO rules. Amongst other things they stated then that:
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Following on from its "no hedging" and first-in first-out rule changes, the National Futures Association in the United States will shortly impose further restrictions on the activities of its Forex Dealer Members (FDMs). In notice Notice I-09-18 dated September 24, 2009 the NFA informed brokers that:
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Alpari UK have just announced that as long as you have at least 20,000 US dollars to spare you are now able to use it to fund a shiny new Alpari Pro account. Demo accounts are available of course, just like in the United States and Russia, but Alpari UK are more than happy to let you open a real account with real money too, as long as you don't reside in the US or in British Columbia that is. Here's how the announcement put it:
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US broker Manhattan Beach Trading (usually known simply as MB Trading) introduced demo ECN MetaTrader 4 accounts way back at the start of this year. They have just announced that at long last their live ECN MT4 accounts are available:
More on MB Trading Finally Offer Live ECN MetaTrader Accounts
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We've chosen Interbank FX as the first broker to examine in our status reports about what works and what doesn't following the long awaited implementation of the FIFO requirement of NFA compliance rule 2-43(b). We're looking at IBFX first because they made some impressive claims about MetaTrader 4 expert advisors in their July 20th announcement:
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At long last August 2nd has been and gone, and the dust has settled slightly. We'll cover what still works and what doesn't in a forthcoming post, but for today we're going to concentrate on who said what, and when. We'll do that by working our way down the list of retail forex brokers included in the CFTC report on the financial strength of Futures Commission Merchants. For some reason it seems the better capitalised a broker is the less it has to say about the FIFO fiasco!
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The headlines become more and more apocalyptic. Zero hour is almost upon us, and the Forex MegaDroid team have just sounded the loudest alarm call so far in the hype war over the new NFA FIFO regulations, which finally come into force this weekend. If you recall earlier this month Albert and John promised their long suffering customers that:
More on The Forex MegaDroid Says "Kiss Your FX Trading Goodbye"!
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