Hi guys
I think I have worked this out correctly but wanted to check it before settling on my broker.
Assume all other things are equal, fund security, platform tech etc...
Broker A
Typical Spread - 1
Commission - $5 round trip (1 lot)
Broker B
Typical Spread - 0.6
Commission - $7 round trip (1 lot)
Pip value (1 lot) - $10
Broker A total cost of single trade - $15
Broker B total cost of single trade - $13
Initially, I was distracted by the lower commission rate offered by Broker A but assuming the above is correct, and all other things are the same in terms of service and platform, Broker B is the right choice.
Am I missing anything, and in terms of charges it is just spread and commission that needs to be factored in right?
I think I have worked this out correctly but wanted to check it before settling on my broker.
Assume all other things are equal, fund security, platform tech etc...
Broker A
Typical Spread - 1
Commission - $5 round trip (1 lot)
Broker B
Typical Spread - 0.6
Commission - $7 round trip (1 lot)
Pip value (1 lot) - $10
Broker A total cost of single trade - $15
Broker B total cost of single trade - $13
Initially, I was distracted by the lower commission rate offered by Broker A but assuming the above is correct, and all other things are the same in terms of service and platform, Broker B is the right choice.
Am I missing anything, and in terms of charges it is just spread and commission that needs to be factored in right?