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It is very much the same. However:
Liquidity in the cash market is MUCH higher.
Slippage tends to be less.
Quotes are in $/curr as opposed to curr/$ (with the exception of the BP
which is the same).
You can buy any amount of currency that you want to as opposed to a fixed
amount like the IMM. You could by $100,000, $500,000 or $1,000,000,
whatever.
Most of the time, no commissions. The banks (effectively the market
makers) make their money on the bid/ask spread.
24 hour/day trading. Globex gives this also but finding a broker that will
trade globex may be difficult. Also liquidity is just about non-existant.
Electronic trading. No need to call broker to get spread, place order,
etc. You can do it all online.
Hope this answers you question.
Let me know if you make the switch. BTW, I added forex quotes to my DBC
service. Symbols are in the cash universe such as DEM A0. $50/month.
EForex provides them free, but I wanted the TradesStation interface.
Paul
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