What broker has the tightest spreads? | Forex Factory

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What broker has the tightest spreads?

  • #1
  • First Post: Edited 11:33pm Dec 3, 2006 11:18pm | Edited 11:33pm
I use Oanda and the spread is 1.5 on the EUR/USD, not fixed. Are there any brokers out there with tighter spreads?
Oanda allows 50:1 leverage max; I wish it was 100:1
Other than that I really like them.

I see EFX Group has a 1 pip spread on the EUR/USD and other pairs too, that's awesome. The only thing that sucks for me is the smallest position you can take is 10k. With Oanda I can go as small as I like which is something I need because I scale into trades, and with my puny account I can't scale in at 10k a pop.

I see now that I should have put my post over at the broker discussion section. Oops.
How you act is more important than how you feel.
  • #2
  • Dec 4, 2006 12:06am Dec 4, 2006 12:06am
MBTrading is almost exactly the same as EFX. Fortunately I had a futures account with them already when they launched their forex offering. I'm very happy with them, lowest spread around, great customer support, and extremely sophisticated entry and exit order panel, even good enough for scalping. Yes, one problem is 10K is the minimum. Other than that, can't ask for more.

Quoting Warmagus
I use Oanda and the spread is 1.5 on the EUR/USD, not fixed. Are there any brokers out there with tighter spreads?
Oanda allows 50:1 leverage max; I wish it was 100:1
Other than that I really like them.

I see EFX Group has a 1 pip spread on the EUR/USD and other pairs too, that's awesome. The only thing that sucks for me is the smallest position you can take is 10k. With Oanda I can go as small as I like which is something I need because I scale into trades, and with my puny account I can't scale in at 10k a pop.

I see now that I should have put my post over at the broker discussion section. Oops.
  • #3
  • Dec 4, 2006 12:14am Dec 4, 2006 12:14am
Quoting Warmagus
I use Oanda and the spread is 1.5 on the EUR/USD, not fixed. Are there any brokers out there with tighter spreads?
Oanda allows 50:1 leverage max; I wish it was 100:1
Other than that I really like them.

I see EFX Group has a 1 pip spread on the EUR/USD and other pairs too, that's awesome. The only thing that sucks for me is the smallest position you can take is 10k. With Oanda I can go as small as I like which is something I need because I scale into trades, and with my puny account I can't scale in at 10k a pop.

I see now that I should have put my post over at the broker discussion section. Oops.
You have to remember that EFX and MB are not fixed spreads.. they range. They also charge commission.. so it would be like adding .5 to a spread.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #4
  • Dec 4, 2006 2:31am Dec 4, 2006 2:31am
Ya I see they tag on $5 per 100k traded if I read that right.
How you act is more important than how you feel.
  • #5
  • Dec 4, 2006 4:30am Dec 4, 2006 4:30am
Yep, $5 vs. 30$ (3 pips for EURUSD), hmmmm. What a difficult decision I have to make!!! Oh my!!!! I like bargains since those savings will come back to my account.
  • #6
  • Dec 4, 2006 4:40am Dec 4, 2006 4:40am
Quoting torero
3 pips for EURUSD
With Oanda it's 1.5 pips (no commission) and with Dukascopy 1 pip (+ commission).
  • #7
  • Dec 4, 2006 4:55am Dec 4, 2006 4:55am
look at what your getting with mb trading, s.t.p- straight thru process
If I Go Broke Trying Then I Will die happy.
  • #8
  • Dec 4, 2006 7:21am Dec 4, 2006 7:21am
Quoting Warmagus
The only thing that sucks for me is the smallest position you can take is 10k.
Nope. The smallest position is 1K. Try to put 0.1 lot and you'll be amazed.
"Even the word impossible says that I M possible"
  • #9
  • Dec 4, 2006 7:35am Dec 4, 2006 7:35am
Quoting SkYliNe0511
Nope. The smallest position is 1K. Try to put 0.1 lot and you'll be amazed.
You might be right. I know I tried 0.5 mini lot before while demo-ing EFX.
  • #10
  • Dec 4, 2006 8:18am Dec 4, 2006 8:18am
Quoting Warmagus
Ya I see they tag on $5 per 100k traded if I read that right.
That is $5 per side on 100,000. So, another $5 when you close that position. That means $10 per 100k per round turn. Also, that is only for crosses where the USD is the primary pair. The GBP and EUR are calulated as using those currencies as the primary. This means that you are paying a little under $20 per 100k round turn on the pound.
Profit is where readiness meets Opportunity
  • #11
  • Dec 4, 2006 8:44am Dec 4, 2006 8:44am
...
http://i11.tinypic.com/2cnhzyd.jpg
  • #12
  • Dec 5, 2006 12:01am Dec 5, 2006 12:01am
the spreads on MBT/ EFX are from 0-3 pips . EUR/USD usually 1 pip and cable usually 2 pips. HOWEVER, the commission is always there, if u trade 1 mini lot i-e 100$ then the commision is 1.98$(for the whole trade;buy and sell), and if u trade 5 minilots , then the commision is 10$.
if u trade a standard lot of 1000$ then it's gonna cost a cool 19.98$.
so effectively it is the spread + 2 pips
not that cheap actually.
u can test it on the demo, just place a trade and close it, and check ur account balance, look at the commisions and u'll see the amount owed.
I feel that oanda is better in terms of spread
just my 2 pips worth
faddy
learn something everyday
  • #13
  • Dec 5, 2006 5:01am Dec 5, 2006 5:01am
Very interesting! What's the breakdown for Oanda then if I trade 10K and 100K? When does commission come in? I didn't know they had no commission schedule?

What you say is possible about Oanda, but for the order processing is unbeaten, fast and accurate. So far I have no lockups, limits are filled correctly and no slippage on that either, and I can send limit or stops at the bid or ask (unless other you know who..).

I think I'll check with Oanda's demo. Can anyone vouch for Oanda's demo is as accurate as real trading and quotes?
  • #14
  • Dec 5, 2006 5:48am Dec 5, 2006 5:48am
Demo is not same as live. Just watch out for brokers that offers very low pips. Sound good but when you start trading, you will notice that it is often not true. I know of one broker that had executed my trade only when it was against me.

Example ; the price was 1.3000/1.2999 It was suppose to be 2 pips spread. I entered long at 1.2999 I clicked with the mouse. After clicking, if the price moved up in my favour by 1 pip or more, the order was not accpeted. It is only accepted when it was against me. The same happened when I exited the trade. In fact you are charged 2 pips spread plus another invisible 2 pips spread through this process. Problem was it did not happen in Demo. Every rejection/reqoute you lose time. Imagine if you are trying to exit a losing trade. Reqoutes repeats and by the time it is being executed you do not need to exit anympre or if you were trying to cash your profits, that 20-30 pips would be gone. That is the first thing to check when you go live or ask others in the forum. My advice is pay a pip more or the commision and get your trades executed immediately. You will find that trying to save a pip / commision could make you loose more. Ouanda is not bad.
  • #15
  • Dec 5, 2006 6:55am Dec 5, 2006 6:55am
I have a demo with them, just to play arround, it has no spread for the top 4 pairs (during normal market, whatever that means....), and little spread on the others.
Anybody use them? Maybe a little fishy, not sure....

http://www.profinum.com
Zero spread on EUR/USD, USD/CHF, GBP/USD and USD/JPY


I do NOT recommend them, just checking with you guys if you heard....
Steve
  • #16
  • Dec 5, 2006 4:27pm Dec 5, 2006 4:27pm
Quoting PipSteve
I have a demo with them, just to play arround, it has no spread for the top 4 pairs (during normal market, whatever that means....), and little spread on the others.
Anybody use them? Maybe a little fishy, not sure....

http://www.profinum.com
Zero spread on EUR/USD, USD/CHF, GBP/USD and USD/JPY


I do NOT recommend them, just checking with you guys if you heard....
i heard of them somewhere else. just downloaded their demo. dont really like it at first glance.

if the spreads are like that, and they are no scam, it looks tasty yum yum.

my question is if their feed can be linked to metatrader?
With a break always expect a pullback, otherwise, you're dead meat/
  • #17
  • Dec 6, 2006 2:38am Dec 6, 2006 2:38am
Quoting highway3000
Demo is not same as live. Just watch out for brokers that offers very low pips. Sound good but when you start trading, you will notice that it is often not true. I know of one broker that had executed my trade only when it was against me.

Example ; the price was 1.3000/1.2999 It was suppose to be 2 pips spread. I entered long at 1.2999 I clicked with the mouse. After clicking, if the price moved up in my favour by 1 pip or more, the order was not accpeted. It is only accepted when it was against me. The same happened when I exited the trade. In fact you are charged 2 pips spread plus another invisible 2 pips spread through this process. Problem was it did not happen in Demo. Every rejection/reqoute you lose time. Imagine if you are trying to exit a losing trade. Reqoutes repeats and by the time it is being executed you do not need to exit anympre or if you were trying to cash your profits, that 20-30 pips would be gone. That is the first thing to check when you go live or ask others in the forum. My advice is pay a pip more or the commision and get your trades executed immediately. You will find that trying to save a pip / commision could make you loose more. Ouanda is not bad.

I used to have a broker (won't mention any names unless you PM me but you probably know from my posts from other threads) that you have to place a limit order 3 pips from the bid or buy stop 3 pips from ask. When it moves, you have to clumsily try to fix the order to get it accepted. In the end you're dealing with 6 pips in total since in between you're not allowed to place order. $60 folks! And at market orders are rejected! What a load of...
  • #18
  • Dec 6, 2006 2:51am Dec 6, 2006 2:51am
Quoting ghitz
i heard of them somewhere else. just downloaded their demo. dont really like it at first glance.

if the spreads are like that, and they are no scam, it looks tasty yum yum.

my question is if their feed can be linked to metatrader?
Run.
If I Go Broke Trying Then I Will die happy.
  • #19
  • Dec 6, 2006 8:07am Dec 6, 2006 8:07am
Quoting Moe
Run.
hi, what do you mean?

g
With a break always expect a pullback, otherwise, you're dead meat/
  • #20
  • Dec 6, 2006 8:54am Dec 6, 2006 8:54am
I was just reading through the thread and learned a lot from your posts. Thanks guys. I hope to see more feedback on this. This is an interesting discussion.
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