Cheapest discount broker

What is the cheapest online discount broker on the internet in terms of spread and commish?. I want cheap broker but it should be a good one/acceptable one


Thx

overall, it's tough to beat oanda as far as spreads.

be nice to have those kinds of spreads with MT4 at a broker

cheap doesn't mean low spreads only...you also want good execution, no slippage, a stable platform, no disconnects, possibly a desk you can call, and other features or services that your trading strategy may particularly require.

I have to agree with skorcht - Oanda has become a good broker. Not too many bells and whistles, but solid nonetheless.

oanda is a market maker not ecn....so becareful.....good? haha....wait until u start profiting then say

Hi Shadowman,

Thanks for stating the obvious - Oanda is not an ecn.

I have had no problems withdrawing funds from Oanda. Have you had such problems? Please share your story if so...

Thanks,

FXCM is also pretty good with spreads

Oanda is my favorite bucketshop as well, however, I find their price feed has really weird price spikes that don't show up on other price feeds.

I can only suspect that they are hunting stops or something equivalent.

I'm not sure I agree with you about Oanda but the rest of your post highlighted some important points to consider when it comes to deciding what's 'cheap', narrow spreads as you pointed out aren't the only consideration.

To the OP....Value for money I would have to say Interactive Brokers, I believe their commissions are about the most competitive in the industry and their spreads reflect the underlying market as you would expect. Back end accounting can be a bit confusing at the start but their FX Trader bolt-on works smoothly, is functional, versatile, and is aesthetically pleasing. They're worth a look and should end up on your shortlist!

I agree.

The cheapest brokers is not nessarary the one with the smallest spreads.

1. Have you considered margin requirements?
2. What about leverage (trading loan)?
3. Will you need 24 hour account and technical support?
4. Would you like telephone, email, or instant messaging support?
5. Would you like to contact your broker on weekends? (some traders do)
6. What withdrawal/deposit options works best for you? (Credit, Wire Transfer, Paypal, Checks)
7. Trading plarform? (Not all platforms are created equally. Not everyone likes MT)
8. Whats your strategy? Scalping, medium term, or long term investing/trading?

Questions such as these are very important! Its not only about trading cost effectivlly but a whole slew of options/needs/wants that could help you in your quest for profitability.