Trading Forex on a Mac

It is not the computer itself, or the operator for that matter, that prohibits access to a forex platform. As you you may or may not know, forex platforms are complicated pieces of software that must safely and securely handle millions of dollars per day in trades from the end trader to the forex broker. Some forex brokers, due to their size and their demographic, leave Mac and Macintosh computers out of the fray, choosing to open their doors to only Microsoft or Linux operating systems.

Forex Platforms with Mac Support

There are only a handful of forex brokers that allow their clients to trade forex on a Mac. These brokers are those that utilize a browser based platform that loads within your internet browser rather than directly on the computer. Often, these platforms will not work on the preloaded Mac browser Safari, but do work on a variety of other third party browsers including Firefox and Google Chrome.

When Can Mac Users Trade Forex?

Trading forex on a Mac outside of browser based trading platforms is unlikely to come any time soon. There has long been a bias amongst business users, particularly forex traders and forex brokers, that the Microsoft operating system is superior for business. Whether this is or isn’t true, is up for debate. However, it remains that Mac users are unlikely to be trading forex on a Mac any time soon.

What is a Bucket Shop

Simply put, a forex bucket shop is a “forex broker” that does not back all of its positions with real trades on the currency market. These firms instead gamble against their clients, hoping that the people who open an account will gamble away their money. Forex bucket shops should be avoided at all costs, as many are prone to failure when good traders make a lot of money, and others are downright scams.

How Bucket Shops Work

Forex bucket shops rely on the statistics that roughly 90% of all new traders fail and lose all of their money. Knowing this, they allow traders to trade with huge amounts of leverage that the bucketshop itself knows is likely to wipe out their client. Because the forex bucket shop does not actually hold positions on the forex market, it collects all the money their clients (traders) lose. What may appear as a shady business practice isn’t exactly illegal, however it is in a traders best interest to identify and avoid any forex bucket shop brokerage operation.

Signs of a Bucket Shop

Bucket shops are almost universally found by the following criteria.

*Low or No Minimum Investment
*High leverage of 200-400:1
*Acceptance of credit cards as a way to fund an account

Reputation is Everything

Unfortunately the foreign-exchange market is one of the most unregulated in the world, due in part to the fact that the exchange crosses national borders. With no authority to properly regulate the foreign exchange market, many investors find themselves with less than quality brokerages. It is recommended that each investor properly research each broker by searching for reviews about their service.

Not All Broker Traits Are Bad

While there are a few warning signs to bad brokers – not all brokers that show these signs are bad. One low minimum broker, Oanda.com, offers accounts with as low as $1, and is known as one of the best retail brokers online. The site does not offer credit card deposits, which in the world of foreign-exchange brokers is nearly a tell-tale sign of a scam.

What You Want In a Broker

Thanks to the explosion of interest in the foreign-exchange market, investors are now able to pick a broker that would meet their needs entirely. Previously, investors had a selection of low minimum, low spreads, and good customer service, but you could only pick two. Today, you can find a broker that fits your needs perfectly, from top to bottom.

Find Your Trading Style

You need a broker that can accommodate you as a trader, here are a few trading styles and what they should look for in a forex broker:

Day Trader, Scalper- Day traders are likely to make many, high volume, trades each and every day. As such, day traders need a brokerage with low spreads, and the ability to do high-frequency orders. Also, day traders, which are usually day traders by profession, should look into the broker’s withdrawal process to see if it fits within their needs. Day traders may also want to look into the forex brokers trading platform and automation possibilities. Many brokers offer automation as part of their platform, while others require large API fees to use an automated service.

Swing Trader – Swing traders make fewer trades than daytraders and typically seek a higher pip profit per trade. As such, swing traders may put less emphasis on spreads and slippage, and more emphasis on the quality of the platform and charting options with the broker.