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Fixed Spread Brokers

  • #1
  • First Post: Jan 19, 2024 8:03am Jan 19, 2024 8:03am
Hi everyone. I was wondering if anyone knows of any broker(s) that offer Fixed Spread accounts. Either real money or demo type.
I was searching a bit on Google and from some articles I found that they said a list that offers such, I asked them and they didn't offer instead.

Does anyone happen to know any such?
  • #2
  • Jan 19, 2024 9:51am Jan 19, 2024 9:51am
Quoting johnwester
I was wondering if anyone knows of any broker(s) that offer Fixed Spread accounts.
Hi. Why would you want a fixed spread account anyway?
10 years or so ago, when fixed spread accounts were still popular, the spreads on EURUSD were like 2.0 pips, and much higher on the other currency pairs. Nowadays you can easily get 0.0 - 0.1 pips on EURUSD, which is about 0.5 - 0.7 pips, with the commission included.

So, even if you find one, you'll lose MUCH more on every trade.
  • #3
  • Jan 19, 2024 10:47am Jan 19, 2024 10:47am
I'm using a specific EA approach that opens orders on specific times of the day but the spreads spike at these moments. Like on closing and opening of days, on news etc. I have tested it even on Zero Spread with commissions but still on these, spreads spike at around 20-25-30 pips or even more at the time I need to open trades.

This means that on backtesting with fixed spread of even 2 or 3 or 4 pips I'm in profit. On the new style of variable spreads with it spiking at 30+ it can't work.

Do you happen to know any? I've seen some lists on Google "best brokers for fixed spread accounts in 2024" but they are all trash. I ask them on live chat and say they don't have.

Anyone knows of any still offering fixed spread account? Demo or real money
  • #4
  • Jan 20, 2024 1:52pm Jan 20, 2024 1:52pm
Quoting johnwester
spreads spike at these moments. Like on closing and opening of days, on news etc.
Quoting johnwester
spreads spike at around 20-25-30 pips or even more at the time I need to open trades.
I'm familiar with trading at those times of day. Those are illiquid market hours; the spreads are widened for a reason. If you still want to get very low or fixed spreads, it's like trying to reserve a hotel room for New Year's Eve at the non holiday price: it's just not going to happen, sorry. Even if you manage to find them somehow, you'll wish you hadn't, because those shady bucketshop brokers won't allow you to make any money consistently; scalping EAs just won't work there.
  • #5
  • Jan 20, 2024 2:44pm Jan 20, 2024 2:44pm
Quoting Trivion
{quote} {quote} I'm familiar with trading at those times of day. Those are illiquid market hours; the spreads are widened for a reason. If you still want to get very low or fixed spreads, it's like trying to reserve a hotel room for New Year's Eve at the non holiday price: it's just not going to happen, sorry. Even if you manage to find them somehow, you'll wish you hadn't, because those shady bucketshop brokers won't allow you to make any money consistently; scalping EAs just won't work there.
You mean that even on fixed spread accounts, during these spike hours it will still move the spread up? Because I thought that fixed spread must be kept as is no matter the market conditions.

I understand the other part of your reply about them being shady and I get it. It's a concern of mine too. But still, even if I wanted to try I can't find some with fixed. Is it a thing of the past and most don't offer it anymore? That's what it looks like to me. Strange
  • #6
  • Jan 21, 2024 2:03am Jan 21, 2024 2:03am
Fixed Spreads brokers will always have higher spreads than raw accounts, that's the only reason they can offer fixed spreads, and if the benchmark price goes way out they will requote your order.
  • #7
  • Jan 21, 2024 6:12am Jan 21, 2024 6:12am
Quoting bascupower
Fixed Spreads brokers will always have higher spreads than raw accounts, that's the only reason they can offer fixed spreads, and if the benchmark price goes way out they will requote your order.
I know they will have higher spread than the variable spread accounts. Stil... Do we know any? That's what I'm asking for from the beginning of the thread. I can't find any so far but I know they exist
  • #8
  • Jan 21, 2024 6:49am Jan 21, 2024 6:49am
Look for brokers offering instant execution, easymarkets I believe they offer instant execution with a Fix Spread, keep in mind that you will need to optimize your EA for the requotes, if you are referring that the spread spikes during news with the variable spreads, forget about getting filled during news with the fixed spread without being requoted.
  • #9
  • Jan 21, 2024 6:43pm Jan 21, 2024 6:43pm
Quoting johnwester
{quote} You mean that even on fixed spread accounts, during these spike hours it will still move the spread up? Because I thought that fixed spread must be kept as is no matter the market conditions. I understand the other part of your reply about them being shady and I get it.
Here’s a (hypothetical) example. Let’s imagine that during illiquid markets hours the spread of a certain currency pair is widened everywhere and now it’s 8.0 pips. You’ve been able to find a broker with the fixed spread of 3.0 pips and make some trades. How can this broker give you such favorable conditions? The broker can’t possibly hedge out your trades because the spread is much higher everywhere. So they will have to trade against you. How can they do it? Well, there are a lot of tricks at their disposal: delays in execution, artificial slippage and so on. The idea that they might widen their fixed spreads is also not out of the question.
  • #10
  • Jan 29, 2024 12:47pm Jan 29, 2024 12:47pm
Quoting johnwester
This means that on backtesting with fixed spread of even 2 or 3 or 4 pips I'm in profit. On the new style of variable spreads with it spiking at 30+ it can't work.
My advice to you is to just look for brokers with the lowest but variable spreads for the currency pairs and the times of day you're interested in. You can use resources like "Myfxbook forex broker spreads" to keep track of real-time spreads and websites like Forexbenchmark to compare historical spreads.
For example, FXopen (ECN) has the lowest spreads around the daily close. (see the picture below)

P.S. It's good practice to always test the EAs in MT5 and with "every tick based on real ticks" modeling quality. Because the MT4 backtests are inaccurate, especially for M1 and/or scalping EAs.
Attached Image (click to enlarge)
Click to Enlarge Name: Forexbenchmark.png Size: 188 KB
  • #11
  • Last Post: Jan 30, 2024 4:07am Jan 30, 2024 4:07am
Thank you for the useful information, because I am now looking for my first broker
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