Forex trading for free?
January 5, 2009 7:43pm CST
I have traded stocks and invested in mutual funds, but never done foreign exchange trading. I then found out that FXCM Micro is having a promotion, where they give you 25 dollars to start trading. So I thought to myself, "Why not start?" There are a few scary things about forex. People trade with huge leverage. FXCM, when you trade the micro account, which you must do unless you have a good bit of money, you must trade with 400:1 leverage. That means you pay $2.50 to control $1000! Some people love that, but it is scary. Some people have gone thousands of dollars in debt, when they put less than that in the account. The nice thing about this FXCM account is they liquidate the account before it goes negative, meaning you can't lose more than is in there. You can never go into debt with them from what I understand. So I figure, I could try to be as conservative in the trades as possible, and it is still risky, but not really risky if I am using their 25 dollars. I'll see how it goes and then see if I want to put more money in. Are there any suggestions for me? Anyone have forex experience they would like to share? If anyone would like to check out FXCM Micro, here's their site... http://www.forexmicrolot.com/ That's not an affiliate link. It's just the link to their site. They don't even have an affiliate program But free 25 dollars to trade seems cool, and I wanted to share the info.
• United States
6 Jan 09
I just signed up today, and it took maybe 15 minutes. I didn't have the money in the account, so I emailed customer service. They responded within an hour (which I highly appreciated), and told me to give it a week, and I should see the money and be ready to go. So I don't know how long the promotion lasts, but you could do the quick sign up, and maybe in a week or so you would have more time. And if not, you would have 25 dollars waiting for you to be ready. Or you could always try to email them to ask how long the promotion will continue.
• United States
6 Jan 09
Just make sure that whoever you go through guarantees that you will not ever have a negative account balance. That is what I liked best about this company. It sucks to lose 100% (which is very easy when trading anything with 400:1 leverage), but it is worse to lose more than 100%. But if it is their 25 dollars, it's no big deal.