MBT vs. IB vs. Oanda

If i want to trade GBPJPY when the London/Frankfort market opens.. with a 10k to 20k account daytrading with 3min,5min,9min charts, and generally trading 3-10 trades a day what would be the best broker for this style?

i know MBT's spread for GBPJPY is usually around 4pips, add 2pips for comissions... so about 6pips...

how about IB

or OANDA?

Oanda has a spread of 4.0 pips during normal market conditions for the GJ. Sometimes it's up to 7 pips (before London open) and during news up to 25.

I get very good fills at Oanda and can recommend it.

Regards - Xaron

As I write this IB is fluctuating between 3 & 4 pips spread, commission is about half of MBT. If you wanna scalp the opens, you should check out Buttontrader.

how big are the spreads for GBPJPY during the beginning hour of the London market?

Kind of the same, like MBT the spread fluctuates, so giving a hard and fast answer is hard. All ECNs have pretty much the same spread, it's the execution and commissions which matter.

so basically IB is better than MBT since their spreads are pretty much the same, but IB has lower comissions.... i wonder which one executes the trades better....

Is it fair to say that trading with MBT is more expensive than with Oanda overall?

Hi Guys,

Maybe this will be helpful: http://kreslik.com/forums/viewtopic.php?t=1093

It shows the average spread in pips by hour.

Thank you.

yes but people should remember that at Oanda you have spread only , but at IB and MBT you have spread + commissions. As far as I know commissions are lower at IB.

Presently, this is my view. One is subjected to a spread when entering a trade and exiting a trade. However, at MBT, there is a spread+commission upon entry and exit.

The commissions vary in regards to the particular pair being traded. Some are more expensive than others, due to the exchange rate playing a factor.

You should add HotSpot FXr to the comparison list, as they have the lowest commissions on GBP pairs of any ECN ($3 per lot, vs $3.90 at IB and $9.70 at MBT). Spreads range 0.5 - 4 pips, typically in line with IB and MBT, possibly a pip tighter on average.

Also, with regards to IB and trading crosses such as GBP/JPY, your margin is limited to 25:1 (maintenance), unless your account is denominated in GBP. Profits/losses are accrued in GBP, conversions back to your denomination currency must be done manually & will incur additional commissions.

1. IB
2. Oanda
3. MBT

(But I would prefer Hotspot: spread ranges from 0,5 - 4 pips.)

Does anyone else care to give info on Hotspot FX in comparison to the other brokers mentioned above?

according to 1 of the user,now hotspotfx is allowing minilot.

http://www.forexfactory.com/showthread.php?t=62015