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Posted by: agent4927 on 2010-02-08, 10:05:40
A pip, depending on the currency is 1cent so when trading Cable (GBP/ USD) you place a trade with a profit limit level of x number of pips - 20 pips would be 20 cents and so on. I use Alpari for the charts on the Metatrader platform they use - which you can download for free. Their spreads are pretty good, but for tax reasons I mostly use IG Index for trading, which is a spread betting platform. Not sure about the jurisdiction limitations you refer to - without knowing which country you are based in. If you are based in the UK there are none I know of. What makes a good account is stability of the platform (most FX providers tend to use Metatrader so that isn't really an issue) and speed of processing orders - you will get some slippage when the market is moving very quickly, the best way to minmise that is by using OTO orders (orders to open) that automatically trigger an order when a price reaches a certain level. Most important of course is the spread - e.g the number of pips the provider charges for entering a trade - which does vary enormously. |
