fx options

[sellotape]

Hey dear money mind for summers, would like to try demo trading fx options but can't seem to find platforms in which I can demo trade except for saxo and IG is down for the moment.

Do you guys have any suggestions or recommendations for platforms for fx options trading?

Are we able to utilize sites that allows fx options but not based in Singapore and funds can be wired or whatever in to them(assuming all risk of them running away with the money aside)?

Would like to try out naked writing and spreads. Pls advice

Thanks!

 

[hwmook]

Oanda, IG markets are those i use.

 

[sellotape]

Can I ask whats the min funding for the ACCTS and based on your exp, what's a good amount of capital to begin trading with if we ever intend to go live?

 

[Shiny Things]

Oh, sweet, my field.

Basically you've got a choice of two:
1) Saxo
2) Interactive Brokers.

Interactive Brokers will give you access to the CME options markets, which are fantastic: deep and liquid, with very tight spreads, and you're trading on exactly the prices that the market sees. (Though I'd note the spreads are only really good in NY time.)

Saxo gives you access to the OTC FXO markets, and they're very good at what they do - I used to trade with them quite a bit in my past life as an interbank FXO trader. The spreads will be a bit wider, because Saxo's generally taking quotes from their liquidity providers and spreading them a tad, but they'll still be pretty reasonable - and they quote a wider range of currencies than what's available on the CME.

Spreads should be a consideration, because the spreads on FXOs can be quite a bit wider than on spot FX. Basically if you want to trade EURUSD or USDJPY or cable or AUD or something like that, then the CME will be better; if you want to trade options on crosses or EMs, then Saxo's a better bet.

IG/Oanda/whatever's "FX option" offerings aren't really FX options - they're just coin-flip bets designed to lure gamblers. (Intraday FX options of the sort offered by IG Markets don't even trade in the interbank market.)

 

[sellotape]

You mean besides the two, the rest are those offering binary options?

 

[Shiny Things]

You mean besides the two, the rest are those offering binary options?

Yeah, pretty much. Off the top of my head, I don't know anyone other than Saxo and the CME (via Interactive Brokers, or any other broker who offers the options as well as the futures) who offer vanilla FX options to retail.

 

[zuoom]

What's the big difference between all these?

It's just a tool to trade fx no?

 

[kEvinErd]

What's the big difference between all these?

It's just a tool to trade fx no?

Please read 3 posts above yours again.

Anyway for Interactive Brokers, need min USD10k for account opening right?

 

[sellotape]

Yup somewhere around that region, same thing with saxo

tws is rather complicated for a novice like me comparative to saxo which was easier to write premium

 

[ronnie]

I'm using Onada for forex trading.