The post Can You Trade Forex on Tradovate? by Sarah Edwards appeared first on Benzinga. Visit Benzinga to get more great content like this.
If you’re already trading on Tradovate, you might consider joining the 10 million other traders buying and selling foreign exchange (forex) on the world’s largest capital market. You may be wondering: Can you trade forex on Tradovate? The answer is a qualified no.
You cannot directly trade forex on Tradovate, but you can gain exposure to forex through the futures market, which offers advantages and disadvantages. So if you have ever searched “can you trade forex on Tradovate,” you’ve landed in the right place. If you want to trade forex directly, you’ll learn about trading forex on Tradovate and alternative platforms.
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What Can You Trade on Tradovate?
While spot forex trading is not available on Tradovate, one of the most popular online futures trading platforms and brokers, you can trade several futures and options on futures contracts. You can access more than 100 products from leading exchanges.
Here’s what you can trade on Tradovate:
- Index futures
- Currency futures
- Interest rate futures
- Metals futures
- Energy futures
- Agriculture futures
Tradovate also offers trading on options on futures and event contracts and you get flexibility with trading sizes with full, mini, micro and nano-size contracts.
Tradovate’s Forex Trading Offerings
If you’re on Tradovate, you still can catch the forex wave by trading forex futures, standardized contracts that allow you to buy and sell a specific amount of currency at a set price on a predetermined date.
You can trade the U.S. dollar against such major currencies as the Euro, Australian dollar, British pound, Canadian dollar, Japanese yen, Brazilian real, Mexican peso, New Zealand dollar and Swiss Franc. You can also trade cross-rate futures, which allow you to trade two foreign currencies against each other, such as the EUR/JPY pair.
The forex futures you can trade on Tradovate include Micro FX futures, a smaller contract size that provides the benefits of larger contracts at one-tenth the cost. Smaller contracts provide the flexibility of smaller margins, opening access to futures contracts to traders with varying account balances.
Tradovate’s Micro FX futures trade through the Chicago Mercantile Exchange (CME), which is regulated by the Commodity Futures Trading Commission (CFTC).
Advantages of Trading Forex Futures on Tradovate
Trading forex futures, especially on Tradovate, can provide you with certain advantages, including:
- A regulated marketplace
- Centralized clearing of contracts
- Pricing and volume transparency
- Trading cost consistency
- Potentially lower costs on tight spreads
- Competitive commissions
- Potentially greater leverage
- Potentially lower margins
- Advanced trading tools
- Access from anywhere on any device
Trading forex futures on Tradovate can also open the door for diversification. With Tradovate, you can access major markets to trade futures on indexes, interest rates, precious and industrial metals, energies and agricultural products.
Considerations for Traders
The differences in cost, transparency, counterparty risk and more make trading forex futures more beneficial to some traders than spot forex trading.
Traders with long-term strategies, such as position traders holding positions for long periods and hedgers who might be exposed to future currency fluctuations, might benefit the most. While spot forex trading can have tighter spreads, you can also get hit with overnight charges on open positions.
Trading futures successfully requires you to understand the contract specifications and margin requirements. Contract specifications define the terms of the contract: the currency pair, the size, the delivery site and the delivery date. You must also know the margin needed to control the position.
All of this impacts your trading decisions and helps you manage risk and avoid potential margin calls, where you must add money to your account.
Your margin is a good-faith deposit on meeting your obligation in the futures contract. This kind of leveraging can be risky, so consider how trading forex futures aligns with your risk tolerance and trading strategies.
Alternative to Tradovate for Forex Traders
If you want to get into forex trading, you can turn to several forex brokers as alternatives to Tradovate.
Best for Dedicated Forex Traders: FOREX.com
FOREX.com is a highly trusted global broker for forex and CFD traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for traders searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels.
FOREX.com is regulated by Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) in the U.S. They also are regulated by the Financial Conduct Authority (FCA) in the UK among other regulators including CIRO, ASIC and more.
- MetaTrader 4 and 5 users
- Beginner forex traders
- Active forex traders
- Demo account
- Customizable charts with 14 time intervals and multiple time charts
- Up to 5% cash back of the initial deposit
- 80+ technical indicators
- Leverage available up to 50:1 for U.S. traders
- Exclusive trading tools including Trading Central, NinjaTrade, Smart Signals, Performance Analytics and Capitalise.ai
- Trade to your full capability with the mobile app
- Live market analysis, VPS hosting, IRA accounts, corporate accounts, RAW pricing
- EUR/USD spread as little as 0.0 and low commissions
- 30 indicators for technical analysis, nine timeframes and graphical objects such as Line Studies and Shapes on MT4
- Quality execution with one-swipe trading, real-time trade & order alerts and full account management features
- No negative balance protection for U.S. clients
- No guaranteed stop-loss orders for U.S. clients
Why We Picked It: A wholly owned subsidiary of NASDAQ-listed StoneX Group Inc., FOREX.com is a global broker for forex and contracts for difference (CFDs). If you only trade forex, FOREX.com delivers the goods for dedicated forex traders.
FOREX.com provides access to 80 currency pairs and has low forex fees, with some of the tightest spreads in the industry. The broker also supplies traders with many research tools.
FOREX.com is registered as a Futures Commission Merchant and Retail Foreign Exchange Dealer with the CFTC. The broker is also a member of the National Futures Association and is regulated in Australia, Canada, the Cayman Islands, Cyprus, Japan, Singapore and the United Kingdom (U.K.).
Best for Low Fees: RoboForex
Based in Belize City, Belize, RoboForex Ltd is an international broker with over 1 million clients in 169 countries. The broker has also been recognized favorably by some of the most respected financial experts.
For example, the online broker won numerous awards in 2022, including Best Mobile Trading App from Global Forex Awards, Most Trusted Broker by International Business Magazine Awards and Most Transparent Broker by World Economic Magazine Awards.
RoboForex provides support for several popular trading platforms and might even let you trade using a leverage ratio of up to 2,000:1, depending on your jurisdiction. In addition to forex trading, you can also trade stocks, contracts for difference (CFDs), exchange-traded funds (ETFs), indices, commodities, energy commodities and metals via RoboForex.
If you’ve been searching for a reliable, dependable international fx broker, you should consider taking a closer look at RoboForex. You might find that RoboForex could be the best forex broker for your particular trading needs.
Why We Picked It: Belize-based RoboForex is your go-to forex broker for low fees. While the spreads vary on the Pro Account from RoboForex, the broker offers commission-free trading. Also, you don’t have to pay a fee for an inactive account if you stop trading for a period. Nor will you see a charge for depositing or withdrawing money from your accounts.
RoboForex is regulated by The Financial Commission in Belize, holds a civil liability insurance policy of up to €2.5 million, segregates client funds from the company’s and provides negative balance protection.
Best for Leverage: IFC Markets
Founded in 2006, IFC Markets is a popular forex and contracts for difference (CFD) broker that provides high-quality trading services to over 210,000 clients from more than 80 countries. The broker has oversight from the British Virgin Islands Financial Services Commission (BVI FSC) as well as the Labuan Financial Services Authority (LFSA) in Malaysia and Financial Sector Conduct Authority (FSCA) in the Republic of South Africa.
IFC Markets offers trading in over 650 financial instruments including forex stocks indices commodities cryptocurrency futures and synthetic assets through excellent trading platforms: MetaTrader 4 and MT5, and its own developed NetTradeX advanced platform. IFC Markets also gives clients unlimited trading opportunities via its unique GeWorko Portfolio Quoting Method that lets traders create their own synthetic instruments or choose from PCI Library synthetic instruments created by professionals.
- Traders who want to create their own trading instruments
- Intraday and mid-term traders
- Small volume traders
- Trading platforms variety
- Traders in Canada and global markets
- The GeWorko Portfolio Quoting Method lets you create synthetic assets
- 19 years experience in the business
- Highly rated by clients with 28 recent international awards
- Insured by Hamilton Group Syndicate 4000
- Competitive commission-free trading cost structure
- 650+ tradable assets
- Licensed by 3 Regulators (South Africa, BVI, Labuan – Malaysia)
- ECN Accounts from 0.0 pip spread
- Not available to traders in the U.S., Japan and Russia
- ECN Accounts are available only on MT5 and for Canadian clients
Why We Picked It: Flexibility in trading can often be the difference between succeeding and failing. With IFC Markets, flexibility comes by way of leverage. IFC Markets offers forex traders leverage from 1:1 up to 1:400, depending on the account you choose and where you live. Leverage can increase your returns but it can also amplify your losses.
IFC Markets is owned by IFCM Group, based in Labuan, Malaysia’s federal territory. IFC Markets is regulated by the Labuan Financial Services Authority (LFSA) and the British Virgin Islands Financial Services Commission (BVI FSC).
Best for Multi-Asset Traders: Tickmill
Tickmill is an award-winning, multi-regulated investment firm offering trading in a plethora of asset classes including, CFDs in forex, precious metals, indices, stocks, commodities, cryptocurrencies and bonds.
Apart from offering various platforms, Tickmill caters to traders of all levels by providing competitive pricing, leverage up to 1:500 depending on the entity and client classification, dedicated support, exclusive market analysis and a wide array of trading tools and education. This low-spread broker offers fast execution, several payment methods and no restrictions on trading strategies such as hedging or scalping.
Futures and Options are offered with Direct Market Access across multiple globally regulated Futures exchanges including CME, CBOT, NYMEX, COMEX, EUREX, ICE Futures Europe and more. Real Futures include Stocks, Indices, Forex, Metals, Cryptos and Energies like the Micro E-Mini S&P 500, Micro E-Mini Nasdaq 100 and Micro Bitcoin Futures.
Future and Options are offered with probably the lowest fees and transparent commission structures in the industry, ultra-low latency, and seamless trading solutions for high volume trading with reliable, flawless order routing underpinned by advanced technologies.
Tickmill has become a trusted market-leading broker because of its commitment to seeking regulations in several jurisdictions. Traders have access to forex, stocks, commodities, cryptocurrency and bond markets as well as Futures and Options.
Free educational content and advanced tools are available for novice and experienced traders to help them enhance their trading strategies and achieve their trading goals.
The 20+ awards received are a testament to Tickmill’s commitment to providing optimal trading conditions for retail and institutional clients. Besides offering low spreads and fast execution, Tickmill ensures no trading restrictions, access to CFDs and occasionally runs campaigns (under Tickmill Ltd) to reward traders for their loyalty and activities.
- Forex, stocks, commodities, precious metals, bonds and crypto with competitive conditions
- Futures & Options trading with probably the lowest fees in the industry
- Retail and institutional clients
- Traders seeking various platforms and accounts
- Beginners wanting free trading tools and educational material
- Traders incorporating advanced tools and algorithm systems
- Strongly regulated broker
- Swap-free accounts available
- Enables access to various markets and asset classes
- Fast execution speed in milliseconds
- Crypto trading available 24/7 with 0 Commissions, 0 Swaps
- Deposits and withdrawals in BTC, ETH and USDT
- Free educational content
- Negative balance protection
- Mobile app available for account management
- User-friendly client area
- Free demo accounts
- Regulators: Seychelles Financial Services Authority (FSA), Financial Conduct Authority (FCA), DFSA UAE, Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA),
- Live chat is unavailable on weekends
- Simple news feeds available
Why We Picked It: If you trade forex but also want to trade other assets, Tickmill may be your broker. London-based Tickmill – with offices in Cyprus, Dubai, Seychelles and South Africa – offers more than 60 currency pairs for forex trading. It also offers CFD trading on stocks and exchange-traded funds (ETFs), bonds, commodities, cryptocurrencies, stock indices, futures and options.
Tickmill is owned by Illimar and Ingmar Mattus, who cofounded the company.
Tickmill’s main operating entity in the Seychelles is regulated by the Seychelles Financial Services Authority (FSA). The Financial Conduct Authority (FCA) also regulates the broker in the U.K., the Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa.
Find the Forex Brokers to Trade Forex Your Way
You now have the answer to “Can you trade forex on Tradovate?” You can’t do it directly – what is known as spot forex trading. You can trade forex futures on the popular trading platform and broker. That can provide certain advantages.
However, you also now know the best alternatives to trade forex directly. Consider the benefits that suit you, your risk tolerance, your trading style and your financial goals to choose the right forex broker.
The post Can You Trade Forex on Tradovate? by Sarah Edwards appeared first on Benzinga. Visit Benzinga to get more great content like this.