Saxo bank binary options
An FX spot option is a call/put on a FOREX currency pair that has a user-set strike price and expiration date. It’s traded over-the-counter and is not a standardized exchange-traded option.
If you signup for a free trial account with saxobank.com, you can see an example of this.
Until recently, ikongm.com and saxobank.com were the only two companies I knew of that were trading these, and ikongm.com stopped doing so after Dodd-Frank went into effect.
Many other companies say they trade FX spot options, but ultimately use saxobank.com as their white-label partner/backend.
Question: is there any other bank/company/broker/whatever that trades FX spot options? If not, is there a US broker that uses saxobank.com as their back end (I haven’t found one so far). I’d feel more comfortable having my money w/ a US bank/broker than with one that has no real presence in the USA.
I’m unhappyish w/ Saxo because they have a high spread (16 pips) AND charge additional commissions for orders under $50K
EDIT: Rules for the bounty:
Must trade OTC vanilla FX options Binaries, one-touch, double-touch, and other exotic options don’t count. Neither do exchange-listed (ISE/PHLX) options.
Must trade options on at least one of USD/CAD and USD/JPY.
Must accept US customers (but doesn’t have to be located in the USA).
Must sell and buy FX SPOT options. Selling alone is insufficient.
Must not be saxobank.com or any broker/bank that uses it as their backend/platform.
Should buy/sell SPOT options w/ arbitrary dates and strikes. For example, alpari-us.com buys/sells SPOT options, but they only have one expiration date per month, and the strike prices must be multiples of 50 pips. I need options that can expire almost any day and with almost any strike price. Minor restrictions (like daily options that exclude tomorrow and dates more than 1 year away, and strike prices that must be multiples of 5 pips) are OK.
Allow transactions of 50K or smaller (alpari-us.com has a minimum transaction of 100K).
Accept accounts as small as US $50K.
saxobank.com does this (and so did ikongm.com), but I’m hoping to find someone w/ better commissions/spreads. However, for the bounty, I just need one broker/bank who does this, even if they’re worse than saxobank.com
To other users save yourselves time, do not test any of the alternatives mentioned in this post. I have, to no avail. At the moment (nov/2013) Saxobank unfortunately seems to be the only broker who offers OTC (over-the counter) FX options trading to Retail Investors. In other words, it is the only alternative for those who are interested in trading non-exchange options (ie, only alternative to those interested in trading FX options with any date or strike, rather than only one date per month and strikes every 50 pips only). I say “unfortunately” because competition is good, Saxo options spreads are a rip off, and their platform extremely clunky. But it is what it is.
answered Nov 21 ’13 at 12:24
2016 Stack Exchange, Inc
- Scam Alert – Youtube Binary Options Trading System $195 in 5 Minutes
- SCAM Brokers Pray You don – t Join us today!
- Secrets of make money online trading binary options
- Server Error in
- SetOption Review
How-to Produce a Study Paper in SalesAugust 9th, 2017
How to Locate Tale Tips for NewswritingAugust 3rd, 2017