Ok that's a load of crap. If that were the case, most people including brokers will not able to maintain a minimum balance.
I know this because my workplace has an fx account with NAB. THERE'S NO MINIMUM OPENING BALANCE AT ALL! The only caveat is that you'd only be able open it with a business and they start slugging you with fees if the balance falls below $20000 aud.
Banks typically have higher fee structure because they do not benefit from loosing customers like most brokers do! And they don't offer much leverage because institutional traders don't use much leverage. 1:50 in forex is good leverage. But remember that most banks are just brokers and even might use same infra your regular broker does.
chrish9070 posted: I have a friend who works for Deutsche Bank and they only take a minimum open account of 500 million. Not sure if every bank is the same but that is their starting line for a proper fx account
Owh god...please don't spread something you don't know. Newbies please do your research okay...Deutsche Bank need about 25m if you want them as a prime broker..rabobank about 500k...there are other just shop around. Call and ask them.
If you work hard consistently eventually you will get it.
GeorgeTrader posted: SuperTrader91, - 25m ??? What is that ? You mean 25 meters ? Cause if rly meaned 25'000'000 USD - than that sounds like a real bullshit !😕
Yup deutsche bank needs that if you want them to consider to be your prime broker. They are the biggest so yup they want that. I am not talking about retail trading ya..this is their institutional service. Other smaller banks may have lower minimums. Check out rabobank etc. Just shop around. Ask them yourself.
Igor: If you have 100k to 1million there are banks that will deal with you. Again it depends on what your volume per months etc.
well super trader know your 'facts' before you start boasting! We just tried to open a full hedgefund via Deutsche Bank and minimum balance for the fund we were going to setup via them was 500 million. Im a fund trader so I know what im talking about!
I sent an email for ANZ searching the prices to trade with trader bankers.
The unique difference between retail brokers and banks is that Banks have better robot systems and better analysts working for that none money be loosed on markets. I think that trade with banks can be more safe because the information is more safe. What do you think?
do you know if NAB gives consistence direction on markets instructing your clients to do better performance? i.e Banks helps the trader to be more calm (relaxed) about future trends?
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.