Experience with Forex (foreign currency) brokers?
I am an active investor, have done well with common stocks, Nasdaq and NYSE, but am new to foreign currency exchange. I do my own homework, and have had mixed experience with several forex brokers over the past months. I have used FXCM and Saxobank in London, both are rather large firms. While seeking a mentor, I recently received a promotion in the mail from an Atwood and James, which appears to be a small operation, but the fellow seemed to know a bit about forex, and spent the time to share his experience. So far, with the larger firms I am ahead of the game, but only slightly. Any suggestions or help or experience with smaller brokers? Anyone have experience with these Atwood and James people?
Public Comments
- You don't say if you're UK or US based. Either way, this article makes them seem doubtful. http://www.thisismoney.co.uk/news/columnists/article.html?in_article_id=425700&in_page_id=19&in_author_id=5 I just looked at their web site. They sound oh so British with a coat of arms on the home page and with a name like that, but their founder as a guy named Michael Kardonick!? They say that they were founded in New York but only have a fax number for New York on their web site. They never seem to say where they are. I did a search of the NFA database and can't find either the firm or the name Michael Kardonick as registered to do business legally in the US, yet there is that US phone number.....
- Hello Warren. Good to do your homework with the brokers. Hard to give clear advice, but some of these little brokers do deep homework – They have to in order to be competitive. I am constantly finding so much on the web, learning as I go. I’m in the UK, and I have traded extensively with several forex brokers, both large and small. I have worked with DBFX. – good training tools. I know Atwood and James, and completed two trades this summer past, but first knew people who did business there. I read this string and Bob’s comments, and he is correct pointing out the article on the web. I checked the article mentioned, and the A&J website seems to be updated. The fax number I just tried. Someone answered in NY. So I told them it says “fax number” on the website. But Atwood James does not do client business in the U.S., but are listed with Chamber of Commerce in NY if you search for “Atwood And James” (www.chamber.com). Note, I also worked with InterbankFX.com (huge and major operation, based in western U.S., yet they have a NY fax # on the website!?). While you can take that any way you want, AJ is based in Rio, Brasil, and were very clear with me on the phone. They do business with Europe and Asian clients. I remember speaking with Michael Kardonick in Rio. He is an old-time commodities broker from NY, small and not very web savvy, but seems to be an expert at currency trading. But continue the research.
- you need to read:
- Warren, Atwood And James Ltd is a small financial services firm. They trade currency in Rio and do other business in New York. I'm trading with them now. Actually, I've been with them for a few years. This is a great firm for beginners because their personal service will help you learn a lot. I usually wait for slam-dunk opportunities, and that has worked well for me since Atwood & James is pretty good at recognizing and reporting the drivers of longer-term currency trends.
- I never heard of Atwood and James. You need to be extremely careful with small brokers on Forex. Most of them are scams. Only trade with regulated brokers from USA or Europe. You can reviews about lots of Forex brokers at http://www.forextopten.com .
