What is lowest spread on GBP/USD out there? | Forex Factory

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What is lowest spread on GBP/USD out there?

  • #1
  • First Post: Sep 14, 2007 12:11am Sep 14, 2007 12:11am
I am looking to change brokers. I currently have 3 spread on the GBP/USD. I am interested in hearing from everyone, to see which broker is giving the best deal on the GBP/USD now.
  • #2
  • Sep 14, 2007 12:43am Sep 14, 2007 12:43am
Often 1 pip spread on MBT (demo that is)

I am not using MBT but despite the high commission they seem to give you the real market price.
  • #3
  • Sep 14, 2007 1:52am Sep 14, 2007 1:52am
The problem with MBT is the commission with cable. At the moment its a bit more than $10 per side, $20 per roundturn (for a "full" lot). With a market spread of 1-2 pips thats effectivly 3-4 pips before you are in profit. So not much improvement on his 3 pips he has now. Eur/Usd and Usd/Jpy are more competitive at mbt (commission-wise), but cable not really in my opinion.
  • #4
  • Sep 14, 2007 1:57am Sep 14, 2007 1:57am
Thanks to the members that have been reading my post, I have found another potential broker. I can get 2 pip spread on the "cable" with no other commissions. This is with ODL. Anyone know anyone lower
  • #5
  • Edited 2:28am Sep 14, 2007 2:11am | Edited 2:28am
Dukascopy is at .5 -1.5, not fixed of course ... + $20 per million commission.....or $5/ 250k.

Is ODL at 2 fixed on a standard platform????
Proper Prior Planning Prevents Piss Poor Performance
  • #6
  • Sep 14, 2007 2:11am Sep 14, 2007 2:11am
Only ones lower i know of is Interactive Brokers and that 1-pip spread broker (crown?), but i think its domiciled offshore if i remember correctly.
  • #7
  • Sep 14, 2007 2:17am Sep 14, 2007 2:17am
Quoting FxJarhead
Is ODL at 2 fixed on a standard platform????
Yes, they advertise 3 on the website but you can get 2 if you belabour them. Trademonster.ch, which is an IB for ODL, offers 2 pips since a long time (funny how an IB is actually cheaper than the broker they are introducing to).
  • #8
  • Sep 14, 2007 11:31am Sep 14, 2007 11:31am
Quoting FxJarhead
Dukascopy is at .5 -1.5, not fixed of course ... + $20 per million commission.....or $5/ 250k.

Is ODL at 2 fixed on a standard platform????
That is definitly cheaper than MBT... But minimum account is 50k too much for me atm
  • #9
  • Sep 14, 2007 2:29pm Sep 14, 2007 2:29pm
I pay .5-1 pip during peak hours on IB. $10 per round turn standard lot, so basically 2 pips.
Mr. Trend
  • #10
  • Sep 16, 2007 1:01pm Sep 16, 2007 1:01pm
Quoting Mr Trend
I pay .5-1 pip during peak hours on IB. $10 per round turn standard lot, so basically 2 pips.
Have they raised their commissions? I payed way less than that 2 years ago.
  • #11
  • Sep 21, 2007 10:24pm Sep 21, 2007 10:24pm
Quoting scottdkuehne
Crown which is Swiss based will give you a 1 pip fixed spread and so will Golden Contract which is Belize based. Both offer the advantage of no tax reporting and I have an IB relationship with both as well. They rebate me half a pip and I rebate you half of that so 1/4 pip comes back to you each month. In the end you pay .75 pips per trade.

Also a friend of mine and I work together with Cantor Fitzgerald and can offer the best Currenex I have ever seen which typically has a 1 pip spread on GBP/USD and we will charge you much lower commissions than those other places that were mentioned. More importantly the minimum is only $10,000 and the minimum trade is $50,000 or .5 lots.

PM me if you have interest.
This is spam
Same Whore .... Different Dress
  • #12
  • Sep 22, 2007 12:08pm Sep 22, 2007 12:08pm
No it's me answering this guy's question and helping people save money on their trades.
  • #13
  • Sep 28, 2007 3:06pm Sep 28, 2007 3:06pm
Crown have the worst execution that I know. A frend of mine had an account with them. They may have the worst possible spread for the cable from all brokers
  • #14
  • Sep 29, 2007 8:41am Sep 29, 2007 8:41am
If you want to use a small account I'd give Oanda a chance. They usually have a spread of 2.5 for the GBP/USD.

Regards - Xaron
  • #15
  • Sep 29, 2007 9:19am Sep 29, 2007 9:19am
Quoting vesko
Crown have the worst execution that I know. A frend of mine had an account with them. They may have the worst possible spread for the cable from all brokers

Crown is bad to trade with during news, no disputing that. howeer if you have a limit in before the news or at any other time you will get filled with no slippage every time. Other than news time the execution is decent and they have no interest accounts too. Obviously they are not for everyone, especially news traders or scalpers. The spread is 1 pip so it is clearly not the worst spread. Your having heard from a friend about them hardly makes you an expert on the matter. My philosophy has always been to think for myself and try things myself and then form my own opionion about things. You should try that sometime.
  • #16
  • Oct 27, 2007 2:37pm Oct 27, 2007 2:37pm
I chatted online with someone at Crown about their structure - 1 pip, no commission. Sounds good. I started asking about their policy on scalping - which they make a big deal of on the site - and the person got slightly hostile.

How do the brokers (and community) tend to define scalping? I've heard of people who look to "scalp" 20 pips in a half hour and people who look to be in and out of trades in one minute to make 2 pips....

What exactly is scalping?

Why would any broker oppose it? it almost sounds like someone who wants to churn their own account... if brokers make $ on the trading activity, why wouldn't they want someone who wants to be very active?

Also on the news trading comment - if they don't fill well at the news, it was suggested to put in a limit order before. Would you (for example) put in both a long and short OCO STOP @ 10 pips from the market at xx:xx:58 and, as the market moves through either level, it trips and trades? Is that what is suggested?

Sorry for long post - just my second post ... hope to learn more & add to the discussions

Thanks
  • #17
  • Oct 27, 2007 3:04pm Oct 27, 2007 3:04pm
Quoting pokerdawg
I chatted online with someone at Crown about their structure - 1 pip, no commission. Sounds good. I started asking about their policy on scalping - which they make a big deal of on the site - and the person got slightly hostile.

How do the brokers (and community) tend to define scalping? I've heard of people who look to "scalp" 20 pips in a half hour and people who look to be in and out of trades in one minute to make 2 pips....

What exactly is scalping?

Why would any broker oppose it? it almost sounds like someone who wants to churn their own account... if brokers make $ on the trading activity, why wouldn't they want someone who wants to be very active?

Also on the news trading comment - if they don't fill well at the news, it was suggested to put in a limit order before. Would you (for example) put in both a long and short OCO STOP @ 10 pips from the market at xx:xx:58 and, as the market moves through either level, it trips and trades? Is that what is suggested?

Sorry for long post - just my second post ... hope to learn more & add to the discussions

Thanks
Definition of scalping to a deal desk: "You win, we lose. We no likey."
FXChant Singing the World of Forex
  • #18
  • Oct 27, 2007 3:08pm Oct 27, 2007 3:08pm
Quoting pokerdawg
I've heard of people who look to "scalp" 20 pips in a half hour and people who look to be in and out of trades in one minute to make 2 pips....
Yes, there are different views, but I don't think looking for 20 pips in 30 minutes can be categorized as "scalping". I can see why market makers don't like when you hold your trades for only a few seconds during the news, but if you go for more than 10 pips and you hold your trades for more than 15 minutes during normal market conditions I think that's just day trading.
"I say high, You say low, You say why, and I say I don't know..."
  • #19
  • Oct 27, 2007 4:10pm Oct 27, 2007 4:10pm
I don't have a scalping strategy, per se, but if I enter a position and it runs, yep, I'll take my pips in a minute or two. Other times I hold it longer.

Is this a factor in favor of a broker with no dealing desk? If they're passing orders and making a regular commission, they probably appreciate the volume.

If on the other hand, they're a bookie, ahem, I mean a dealing desk, I'm guessing they don't want the action (trades) too fast that they can't lay it off (counter trade) and are left holding the bag (negative profits) ?
  • #20
  • Last Post: Oct 28, 2007 4:18pm Oct 28, 2007 4:18pm
Crown's definition of scalping is an average profit of less than 6 pips over any 48 hour period. If you are labeled a scalper they will start to charge you 3 pips on the majors and you can only have 100 to 1 leverage or less. Your speculation about the "bookies" is not far from the mark, if a company is taking the other side of the market against you they don't want you to make lots of money. In Crown's case I am told it is the banks that they lay the "action" off on that don't like it. Crown says whichever bank they place your trade with (the work with Credit Suisse and UBS mainly) is also the one that they exit it with and that the banks don't like to get scalped against. Go figure a bank that doesn't like to lose money. Lots of scalpers decided to open accounts with Crown because of the 1 pip spread and try to abuse the favorable trading conditions, so they tell them to go elsewhere now rather than lose a good relationship with the major banks.

In reference to your idea about placing orders on both sides of the market you can do that. If the market decided to pick a direction right away it will work well for you. Since they don't widen the spread to trigger your orders like most dealers and have a no slippage guarantee it is a good strategy. You could also set a trailing stop or a limit or both on those orders. Just remember that there is no OCO order type on MetaTrader so you would probably want to go in and cancel the nonfilled order.



Quoting pokerdawg
I chatted online with someone at Crown about their structure - 1 pip, no commission. Sounds good. I started asking about their policy on scalping - which they make a big deal of on the site - and the person got slightly hostile.

How do the brokers (and community) tend to define scalping? I've heard of people who look to "scalp" 20 pips in a half hour and people who look to be in and out of trades in one minute to make 2 pips....

What exactly is scalping?

Why would any broker oppose it? it almost sounds like someone who wants to churn their own account... if brokers make $ on the trading activity, why wouldn't they want someone who wants to be very active?

Also on the news trading comment - if they don't fill well at the news, it was suggested to put in a limit order before. Would you (for example) put in both a long and short OCO STOP @ 10 pips from the market at xx:xx:58 and, as the market moves through either level, it trips and trades? Is that what is suggested?

Sorry for long post - just my second post ... hope to learn more & add to the discussions

Thanks
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