[Newbie] Broker selection: Saxo VS IB (I have <100k in stocks)
Apologies if this question has been asked a million times but was wondering, for those who switch from Saxo > IB or are considering the 2 what were some of your considerations. I am a beginner investor so I do not trade so many times a year. I started trading this year and will likely trade about 3/4 times a year, 5-15k lump sum to 1 ETF every time. I know much of the praise for IB is the reduced fees (trading fee + forex), however after reading multiple websites and it says that IB is only good for - Frequent trades - > $100K portfolio For forex costs I’ve opened a subaccount in SAXO and would be putting in the foreign currency via Transferwise I am planning to sell all and move to IB when I hit 100k. (i think it would take a few years) is this wise? I am wondering for those who have shifted from Saxo > IB or decided to start with IB what were your decision-making criterias?
I’m 18 and want to start Forex. What mistake will I have to avoid at all cost?
I’m 18, currently going to follow Economics in university and want to learn and trade Forex as a side income. The knowledge I gain from uni will benefit me in my trading while trading will bring me adequate money for my study (I live in Vietnam so the money I can potentially make in Forex is gonna be huge enough). I intend to start with a deposit of 300$ and build it up slowly while working a part-time job beside studying and pour 50% of that money into Forex (my parents still support me financially until I finish uni so that’s a plus). Is there anything that I should know before actually trading, since Forex is a high risk - high reward way to make money? I don’t want to burn my hard-earned money due to my ignorance.
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Margin trading also provides another type of cost that is even more prevalent in forex trading than it is in stock trading. Forex trading typically requires a very high amount of leverage because of the size minimums placed on certain types of forex trades. Traders who do not have enough cash must trade via financing. *Includes all valid trade and orders requests, excluding those entered on the MetaTrader platform. FOREX.com's execution statistics represent orders executed on FOREX.com's suite of trading platforms during market hours between April 30, 2020 5:00 pm ET and May 31, 2020 5:00 pm ET for FOREX.com's US entity only, excluding trades/orders entered on the MetaTrader platform. Forex trading cost and charges . Overnight funding fees; When you trade derivatives with us, you trade on margin. This means you provide a deposit to open a position, and we in effect lend you the rest of the money required. If you close your position on the same day, there is no funding fee. Table of Conents: 1 What does Forex Trading cost in 2020?. 1.1 The Forex Trading costs are depending on the broker. 1.1.1 How the Forex Broker earns money from the spread?; 1.1.2 The commission fees explained; 1.1.3 Financing of your trading position: The swap for leveraged forex; 1.2 Pay fewer fees with a good Forex Broker. 1.2.1 Additional fees which can occur for Traders Forex spread cost calculator. As we can read in our article What is forex spread – The forex spread also called the bid-ask spread is the difference between the bid and the ask prices for a specified currency pair – price difference between where a trader may purchase or sell an underlying asset.
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