I've been recently looking at some of the online (electronic) foreign exchange brokerages out there, mainly out of curiosity. However, swamped by the choice, and despite having a somewhat decent idea of how these brokerages work, I am far from clear on which one to pick.
A few of the main points I'm looking to consider regarding the broker:
- Reputation and Trust
- Commission/Transaction Fees
- API (availability and cost)
The obvious big ones out there are companies like Fidelity and Interactive Brokers, but I would tend to think there are other reputable ones, perhaps even small brokers.
As I said, this is rather hypothetical at the moment, but for the purposes of comparison you can assume trade sizes would be on the order of £100s to £1000s (capital) at most rather than more. Any advice would be appreciated.