Which Forex Brokers Ranked Highest
November 22, 2006 by Trader Rich
I just received the new Special Traders' Issue of Stock & Commodities Magazine ; they announce their 2006 Reader's Choice Awards.
The results for the forex brokerages ranked highest by readers:
Winner: Interactive Brokers
First Runner-Up: FXCM
Finalists: GFT Forex, Man Financial, and XPRESSTRADE
Semi-Finalists: FX Solutions and GAIN Capital
Honorable Mention: AlaronFX, CMC Forex, CMS Forex, and Lind-Waldock
Interesting results because I never really heard of Interactive Brokers…
Popularity: 4%
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The fact that Interactive Brokers won this competition is that it’s a non-dealing desk broker, a facilitator of trading, not a traditional market maker. Suggest everyone check out http://nondealingdesk.com for more information about this important distinction.
I’ve never used Interactive Brokers, but it is an intriguing site because you can trade equities, futures, options, and currencies from a single account. As far as I know, it’s the only broker trying to offer access to virtually all markets from one account. For the record, I explored their trading platform and was not impressed. Lately, I’ve seen heavy advertising by Interactive Brokers on Squawk Box in the early AM.