I totally agree with you Moe. Do you know of any other options besides Oanda for smaller accounts or would you say that Oanda is the best option?
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DislikedI totally agree with you Moe. Do you know of any other options besides Oanda for smaller accounts or would you say that Oanda is the best option?Ignored
DislikedI think your best option would be Oanda if you dont have a large account. Execution is very good but slippage with them can sometimes be a problem. However, I do think they are the cheapest for the smaller account guys.Ignored
DislikedThis is slightly off-topic (should I start a new thread?), but how do ECNs compare to the futures market in terms of liquidity and spread/commission costs?Ignored
DislikedIf you trade only a minilot, MB is cheaper, because IB charges a minimum of $2.50 per trade. If you trade a bit bigger and exceed this minimum, for example 100k gbp/usd, IB is way cheaper (~$4 at IB vs. ~$10 at MB). Also at IB orders <25k get routed to Ideal instead of IdealPro, which has slightly worse spreads.
P.S.: this is all clearly spelt out on the brokers websites..Ignored
DislikedIf you trade only a minilot, MB is cheaper, because IB charges a minimum of $2.50 per trade. If you trade a bit bigger and exceed this minimum, for example 100k gbp/usd, IB is way cheaper (~$4 at IB vs. ~$10 at MB). Also at IB orders <25k get routed to Ideal instead of IdealPro, which has slightly worse spreads.
P.S.: this is all clearly spelt out on the brokers websites..Ignored
Dislikedif your trading non usd base pair like gbp/usd your almost paying $40 round turnIgnored
Dislikedusd base pair like usd/jpy is a flat $5 for open and close witch is $10 round turn now currency like gbp/usd it goes by current price so if price on gbp/usd is 2.0000 that will be $20 for open and $20 for close so thats $40 round turn, i get 2 pip spread on ODL on gbp/usd with no comm and i never had a problem, you will start with a 3 pips spread with O.D.L. if your account is small, untill MB Trading come down on there comm i can't see the diffrent from my broker, unless my broker do something stupid and it haven't happen yet.Ignored
DislikedMoe,
I think you maths might a bit off. IF the normal commission is $5 per 100k USD, and the gbp/usd rate is 2.0000, then for GU, the commission becomes $5 x 2 = $10 in and $10 out, making a total of $20 round turn, effectively, 2pips on top of spread. That is what it is is for all GBP based pairs, on MBT.
For smaller accounts, I would without a doubt say Oanda, but then it depends on your strategy.
Regards,
K.
BTW, what spread do you get on gbp/jpy? ThanksIgnored
DislikedMoe,
I think you maths might a bit off. IF the normal commission is $5 per 100k USD, and the gbp/usd rate is 2.0000, then for GU, the commission becomes $5 x 2 = $10 in and $10 out, making a total of $20 round turn, effectively, 2pips on top of spread. That is what it is is for all GBP based pairs, on MBT.
For smaller accounts, I would without a doubt say Oanda, but then it depends on your strategy.
Regards,
K.
BTW, what spread do you get on gbp/jpy? ThanksIgnored
DislikedKermut, what do Oanda charge per $10K and $100K size compared to MB ?
thanksIgnored
DislikedI read somewhere that in currency trading between banks/institutes the minimum lot size is 100.000. Thats the reason the minimum size for real ECN is also 100.000. Mini-micro sizes are possible only in market-makers environment cause they actually buy the currency from u as counterside, they are the market, they can decide freely what the lot size can be. Is it true or I misunderstood something ?
If it is true, why ECNs like MBT supply you mini lots? Maybe banks and institutions still trade with 100k lots minimum and MBT gives mini lots access to individual traders like us ? If so, then it doesnt matter how many banks/institutions are bidding/offering, because they can't take your 10k order.. only other individual traders can. Thats a real liquidity damage for individual trader with lesser than 100k lot size. Maybe thats why there are two different platforms at Hotspot - one for big-boys, one for individuals.
Am I right?Ignored