I thought the following info may be useful for all the unfortunate UK based people out there that plan to use Gen 3 autotrade with their forex account in GBP. Probably I am the only one, but I would have appreciated to have this info before I started looking into it, so here it is. Skip this message if you are not interested.
Info:
if you want to autotrade a C2 forex system with a âGen 3 brokerâ, using your UK account, based in GBP with your UK broker, you can only chose between 3 brokers: FXCM UK, Gain (Forex.com) UK or Fxsol UK. I do not know about FXSol. The following applies to FXCM UK and Gain (forex.com) UK.
You will have to :
a) Open (and fund) a NEW account ONLY for C2 autotrading (it does not matter if you already have an account)
b) Sign an agreement with BulldogFX, an introducing broker
c) Pay BulldogFX 1 GBP (about 1.6 USD) (not 1 USD) per round trip per minilot
So, if you are in my situation you either pay an unsavoury (and unfair) fee or (I guess) you open your UK account in USD, paying the commercial banksâ tourist exchange rate, and paying it back again if you want to withdraw your money into your UK bank account.Or you open an account with a US FX broker, with all the limitations just introduced and all the additional costs.
I am still thinking what to do, but the most likely decision at the moment is that I will not pursue this idea. This of course will not have any impact on C2 in general, but apart from being quite disappointing for me (but hey, who cares?) it may be detrimental to those system providers who could have had my subscription money.
I will be very happy to be proved wrong in any of these issues, if someone knows better.
