Forex Story

TeleTRADE is a very old Forex broker company. It’s quite popular in the ex-USSR territories due to the large amount of the off-line offices and the free trading seminars they are offering from time to time. The company was created back in 1994, but the on-line services were presented in 2001. Actually, the company’s age is probably its only advantage. The trading is done via MetaTrader 4 platform. Apart from Forex, CFD and gold trading is also available. The trading account can be opened with $2,000 and there is no mini-trading available — the minimum position size is 1 lot. TeleTRADE offers probably the highest spreads in the industry — 5 pips on EUR/USD. I don’t know why would anyone even bother trading with such a high spread. Another disadvantage of this broker is the numerous accounts of traders complaining about their brokerage ethics and services (including training).

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Today EUR/USD rose at a fastest pace since December 17. As the fundamental data reports were very positive in the United States, traders thought that it might be a good chance to bet against the dollar in the favor of the more risky and high-yielding currencies. EUR/USD rose from 1.2916 to 1.3141 as of now.

Existing home sales rose by 6.5% from the annual rate of 4.45 million to 4.74 million in December. The market analysts expected a decline to 4.4 million. That can bring a much needed positive wave into the realty market — the one that damaged most by the ongoing financial crisis.

Leading indicators of the U.S. economy advanced by 0.3% in December after falling by 0.4% in November. According to the forecasts it was expected to decline by 0.3% in December. Although this indicator is quite weak in its influence on the financial markets it can signal the beginning of the economic revival in the United States.

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CGTIM (or Commercial Group for Trading in International Markets) is a MetaTrader 4 Forex broker based in Jordan. As the other Jordanian brokers it offers Muslim-friendly trading accounts — with no overnight interest or swaps. Trading with this broker can be started with $1,000 for mini-Forex accounts. The deposit/withdrawal methods are limited to wire transfer, check and credit cards. Apart from Forex it offers CFD and some futures and indexes to trade on. Although, it’s presented on-line only since 2004, it already looks like it’s dying from an age — the website works with problems and opening a demo account via MT4 platform alone isn’t possible. In addition, the spreads offered by CGTIM look ridiculous nowadays — 4 pips on EUR/USD currency pair is simply too much. In my opinion, this broker can only be useful to the Islamic traders — and even not all of them, but those who live in Jordan and can confirm the legitimacy of CGTIM and quickly solve any problems with this broker. Because I don’t know for what someone would pay 4 pips per trade.

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: sell.
EUR/JPY trend: sell.

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