May 23, 2010

Choosing a broker

... choosing one is not an easy task. It seems there is no good broker in this world.
After struggling to find rankings and reviews of brokers that met my requirements (which included good price-low comission fees & broad portfolio of products, leaving aside the a chart station) I came up with a final list of candidates, which are:
  • FXCM
  • MB Trading
  • TradeStation, and
  • Interactive Brokers.
These were the sources of information I found more valuable:
  • Global Finance at GFMAG.com - Awards: World’s Best Foreign Exchange Providers
  • Reviews at ForexPeaceArmy.com
  • ranking - Barrons
  • ranking - TickerPedia ?? ... I know, they are nobody, furthermore some of their scales are inverted some other not. I would't even bet they reverse those before getting the final score.
... and the winner is:
  • Interactive Brokers.
So I'll switch from my current Spanish discount broker (interdin) to IB during July 2010.
I'll post my trades here; which hopefully will reduce the number of stupid decision I'll make, and who knows... we may even make mone:y!

Other options evaluated were:
- FXall.com and 360 Trading Networks.