I would like to try currency trading. Should I contact, say for example, a bank in England to buy Pounds directly, or should I use an intermediary like Scott or Ameritrade?|||There are many online forex trading companies you can try but at the same time there are many scam and phishing websites too. BEWARE!
You can install Calling ID in IE for verification. The site below has been verified by Calling ID as safe.
http://www.forex.com/pages/land-internat鈥?/a>
They even have risk free practice account where you can trade with virtual money before starting with real money. :)
http://www.forex.com/uk/forex_demo_accou鈥?/a>
However need to warn you, forex trading is a very risky investment and highly speculative. It's really meant for the professional experts. Unless you just want buy certain currency and keep it for mid or long term say 6 months to a few years and not trade daily.
In case you stumble upon this site, eToro, DON'T GO THERE!!!
http://www.etoro.com/
it's rated as HIGH RISK by Calling ID. Owner hides it's identity.
One more thing, don't use too much leverage maybe only 2-3 times will do. Some allow leverage of up to 40 x which means if the currency move against you 1% you will lose 40% of your money. The higher the leverage the higher the risk!!!
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