Hi guys,

I am just wondering, how do we go about opening a FOREX trading account since FOREX is not legal 100%. Can we use our local bank acc to do the transaction or do we really need to use a foreign bank account? Please advise

Thank You

forex is not legal???

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Added on February 1, 2008, 7:59 pm

can give me proof?
why there is still people in their forum?
i heard that they just do a ghatering for their members...

This post has been edited by normeck: Feb 1 2008, 07:59 PM

Especially when you start earning mega profits from the broker. They will show their true evil face.

Why? Because most broker know that 90% of the traders lose money, so they take opposite of the trade of what you take. Thats the only way the rob your money and make money.

There are quite a number of broker I read in the forum do this. I suggest you quit them and go for the big ones. The big ones never do this because they have big clients + they charge quite exp on spreads. Thats where there earn money. OR you can just go for ECN commission base brokers such as dukascopy or interactive brokers.


but then, for those brokers may be someday I'm rich & much more skillful enough that I might open one acc with some Game money and start making killer ROI to rip them off with GbpJpy.

This post has been edited by billytong: Feb 1 2008, 08:28 PM

my current forex result for past 6 months = 4.5K loss

this was taken from their forum...
was there any problem ?

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Added on February 1, 2008, 8:32 pmEspecially when you start earning mega profits from the broker. They will show their true evil face

oooo....if like that ok la...
if i have more then 10k..then i will go to fxsol...

This post has been edited by normeck: Feb 1 2008, 08:32 PM

Study the fundamentals my friend, With money management + risk management + Fundamentals + technies = Killer ROIs.

With what you said but many ppl still can't did it, that's why still 90% ppl lose money in forex

Because they add another thing call "Emotion" which screw up the equation.

Thanks for the comment.

I didn't join them since beginning. I read from somewhere else about fxopen and i judge based on my reading.

i heard FXCM will get into MEtatrader platform end of FEbruary....that would be nice!!...heheheh!!!...FXCM got swap aaa?

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Added on February 2, 2008, 8:26 pmone more things...i heard FXCM can used debit card from Public Bank...thats nice...no more go to bank...online only..huhuh!!

This post has been edited by normeck: Feb 2 2008, 08:26 PM

If you are going for FXCM, open HSBC acc, they are base on HSBC bank.(except FXCM USA branch for USD which is base on Bank of America) I like this because I dont get interbank fees charged when my money go there. I tried UOB and bankwired to my FXCM acc, I dont get the exact amount I bankwired, they had minus some money just to transfer between diff banks.

FXCM US uses Bank of America. Can we choose to open account with FXCM in other countries other than US?

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This post has been edited by pipswave: Feb 3 2008, 02:00 PM


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http://forexfactory.com/showthread.php?p=1832734

what about Public Bank?...debit card on Public bank?....

Never heard that they accept debit card. Their web states credit card only. I don't think debit card is accepted since it involves of international transfer.

hmmm.....then every time u deposit/withdraw have to go to the bank la....

FXCM US branch For USD account use Bank of America only. If you open Eur/GBP or other currency in USA branch they still use HSBC.

Yes u can open acc in FXCM UK or other branches. I suggest u go and check their website/ deposit fund & get the clearer picture.

This post has been edited by billytong: Feb 3 2008, 02:22 PM

hm.....would like to no which broker accept debit card n using metatrader.

n also....i hav tried the fxcm demo..... the problem is..
wen i open the fxcm and the metatrader platform, and while comparing it side to side,
the value of the currency are not same.
the fxcm demo is linked to the live trading or not??

newbie.........

i don't have credit card...i lazy go to the bank...i want metatrader as my platform....and internet banking was my priority in deposit/withdraw money...

theres any broker that you all can suggest base on my needs?