For the past 8 months I have been demo and live testing each type of account from several popular, well regulated brokers. I have attached screenshots of all the mt4 platforms and cTrader platforms i have been testing, some mt4 platforms i installed 3-4 times in order to test each type of account a broker offers simultaneously
The way I tested them was with the use of an indicator for mt4 called fxrm spread history which basically tracks the spread for the chart which it's loaded onto, but you have to keep the platform running on a selected time frame, once you change the time frame or close the program, the spread history resets(which i'm sure most of you probably know), and another indicator just to visually monitor and compare the spreads(both indicators attached). So basically I would leave the platforms running as much as possible and keep a log of as many pairs as I could on nearly 50 platforms daily, and i can safely say, FXOPEN's ECN account has the BEST OVERALL SPREADS, i just WISH i still had the log file, but since my laptop's cam stopped working last week and the dell service tech decided formatting my laptop without my knowledge would make things better, the log file and numerous other important documents were lost
FXOPEN'S ECN account can be opened with a deposit of just $1000, very reasonable commission of 2.5$ per side, 4.85$ per round lot and the lowest overall spreads of any other comparative broker. The only other brokers that were close competition were Armada and ICM Markets, but oddly they both had identical spreads on their ECN accounts with only a pip or two different in a couple of pairs, and both compared to FXOPEN were just 1pip lower on EURUSD, which when accounted with the higher commission of 5.4$ per round lot leaves a mere difference of less than half a dollar. Having said that, ALL the other pairs had higher spreads than FXOPEN and even on EURUSD half the time the spreads were the same or lower
FXOPEN also offers swap-free trading options for muslims which i wanted, which Armada and many others didn't offer, and even if they did had some sort of mark-up to the spread or a higher commission. The only problem I noticed with FXOPEN is the lag in time for order execution, sometimes taking upto 10-15 secs, VERY rare slippage/re-quotes or disconnections, and I just wish they had cTrader
Since i'm paranoid about brokers dressing up their spreads on demo accounts, i opened quite a few live accounts with either minimal funding or none at all just to compare them to demo spreads, and there was virtually no difference
I am neither a rep for FXOPEN nor an IB, you can read some of my earlier posts, i was just looking to find the best suited broker for me, and i'm sure we all want the tightest spreads, lowest commission and most favorable trading conditions possible, and FXOPEN offers all that
Just sharing my views, to each his own
The way I tested them was with the use of an indicator for mt4 called fxrm spread history which basically tracks the spread for the chart which it's loaded onto, but you have to keep the platform running on a selected time frame, once you change the time frame or close the program, the spread history resets(which i'm sure most of you probably know), and another indicator just to visually monitor and compare the spreads(both indicators attached). So basically I would leave the platforms running as much as possible and keep a log of as many pairs as I could on nearly 50 platforms daily, and i can safely say, FXOPEN's ECN account has the BEST OVERALL SPREADS, i just WISH i still had the log file, but since my laptop's cam stopped working last week and the dell service tech decided formatting my laptop without my knowledge would make things better, the log file and numerous other important documents were lost
FXOPEN'S ECN account can be opened with a deposit of just $1000, very reasonable commission of 2.5$ per side, 4.85$ per round lot and the lowest overall spreads of any other comparative broker. The only other brokers that were close competition were Armada and ICM Markets, but oddly they both had identical spreads on their ECN accounts with only a pip or two different in a couple of pairs, and both compared to FXOPEN were just 1pip lower on EURUSD, which when accounted with the higher commission of 5.4$ per round lot leaves a mere difference of less than half a dollar. Having said that, ALL the other pairs had higher spreads than FXOPEN and even on EURUSD half the time the spreads were the same or lower
FXOPEN also offers swap-free trading options for muslims which i wanted, which Armada and many others didn't offer, and even if they did had some sort of mark-up to the spread or a higher commission. The only problem I noticed with FXOPEN is the lag in time for order execution, sometimes taking upto 10-15 secs, VERY rare slippage/re-quotes or disconnections, and I just wish they had cTrader
Since i'm paranoid about brokers dressing up their spreads on demo accounts, i opened quite a few live accounts with either minimal funding or none at all just to compare them to demo spreads, and there was virtually no difference
I am neither a rep for FXOPEN nor an IB, you can read some of my earlier posts, i was just looking to find the best suited broker for me, and i'm sure we all want the tightest spreads, lowest commission and most favorable trading conditions possible, and FXOPEN offers all that
Just sharing my views, to each his own
Attached File(s)
FXRMSpreadHistory.ex4
3 KB
|
323 downloads
Multi_Pair_Spread_Monitor.mq4
27 KB
|
317 downloads