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GBPJPY spread

  • #1
  • First Post: Edited 11:38pm Sep 17, 2007 11:03pm | Edited 11:38pm
Im currently looking for a broker that allows scalping (normal market conditions) with nice spreads for GBPJPY.

MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.

I see Oanda offering 4 pips. but their platform is showing 7 pips!

Any brokers?
  • #2
  • Sep 18, 2007 1:30pm Sep 18, 2007 1:30pm
there is FXCH (forex-swiss.com) with 2 pip spread on GY. but the firm is debatable...
  • #3
  • Sep 19, 2007 7:51pm Sep 19, 2007 7:51pm
Quoting exxx
there is FXCH (forex-swiss.com) with 2 pip spread on GY. but the firm is debatable...
Forexial or FXCH are two faces for one Currency
they use the same prices,platform and way of scam!
this is usuall thing m cuz they r in the Dominican or the British virgin island
so they r 0% regualted
and 100% able to scam!
i try forexial , they make me loss 1500$ !
how?
by crashing the platform many times when i open the position
i know friends have a painful EXP with FXCH , so be carefull
peace
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  • #4
  • Sep 19, 2007 8:14pm Sep 19, 2007 8:14pm
Quoting BurgerKing
MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.
MBT is $5 per $100,000 per side, so I'm not sure how you came up with $2 round trip.

The spread at IB is 3-4 pips. Commission are less than half of MBT's ($2 per 100k with a minimum of $2.50).

You'll want to stick with an ECN if you're scalping, you'll benefit by being able to play the inside spread.
  • #5
  • Sep 19, 2007 8:32pm Sep 19, 2007 8:32pm
I think he means that MB charges $2 per "mini-lot" and roundtrip for gbp/jpy, or $20 for a "standard lot", which is correct with gbp/usd rate at ~2.0000 currently (they use gbp/usd commissions for gbp-crosses).
  • #6
  • Sep 20, 2007 2:16am Sep 20, 2007 2:16am
Quoting BurgerKing
Im currently looking for a broker that allows scalping (normal market conditions) with nice spreads for GBPJPY.

MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.

I see Oanda offering 4 pips. but their platform is showing 7 pips!

Any brokers?
Yes with Oanda i have never seen 4 pips... But normally it's more 6.5 pips than 7...
  • #7
  • Sep 21, 2007 3:13pm Sep 21, 2007 3:13pm
MB is best for GY trading and scalping. (ofcourse you can't scalp GY because of its spreads, let say very short term trading like 10-15 pips)

Because the spreads changes between 1-4 in %99,5 of trading time. if you add 2 pips commission than you get 3-6 which you can't find anywhere. (only in FXCH as I told before but I did not try their platform and there are a lot of bad comments about the firm)

Oanda has 4 pips, but it is hard to execute your orders everytime. You have no execution problems in MB.
  • #8
  • Sep 23, 2007 9:56pm Sep 23, 2007 9:56pm
does anyone know an ECN broker his platform is much easier to use(like metatrader)
more than EFX\MTB (cuz thier platform is complicated to deal with)

peace
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  • #9
  • Sep 23, 2007 10:05pm Sep 23, 2007 10:05pm
Quoting BurgerKing
Im currently looking for a broker that allows scalping (normal market conditions) with nice spreads for GBPJPY.

MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.

I see Oanda offering 4 pips. but their platform is showing 7 pips!

Any brokers?
Try checking out Interactive Brokers. You pay 0.8pip comm per trade though.
  • #10
  • Sep 24, 2007 2:47am Sep 24, 2007 2:47am
Quoting BurgerKing
Im currently looking for a broker that allows scalping (normal market conditions) with nice spreads for GBPJPY.

MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.

I see Oanda offering 4 pips. but their platform is showing 7 pips!
Oanda had shown me 5.5 pips since a short while ago. But Japanese forex brokers usually offer 9 pips for GBP/JPY(additionally, largest Japanese forex broker demands 5 pips commission per one transaction)!

Well, I am often scalping GBP/JPY though, Oanda's trading platform like toys and games shakes off my sense of fear. Frankly, I love their continuous interest payments on a second by second basis(not only positions but also my deposits)...
Peace and Happiness through Prosperity (by Konosuke Matsushita)
  • #11
  • Sep 24, 2007 6:21am Sep 24, 2007 6:21am
Quoting Trader KGB
MBT is $5 per $100,000 per side, so I'm not sure how you came up with $2 round trip.
1 lot of GBP/JPY cost 100k GBP which is around 202k USD. So 1 round trip will be $5 x 2x $2.02 = $20.2. 1 mini lot will be around $2.
  • #12
  • Sep 27, 2007 6:22am Sep 27, 2007 6:22am
can someone give me the list of best ECN brokers to scalp with?
  • #13
  • Sep 28, 2007 8:57am Sep 28, 2007 8:57am
Quoting tolu80
can someone give me the list of best ECN brokers to scalp with?
the same question 2
any help?
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  • #14
  • Sep 30, 2007 3:40pm Sep 30, 2007 3:40pm

forex.com offer fixed spread for standard account...
said to be under 3 pips in all market condition but i never try ...
just take a look

"Analysis Is Hard But Trade Is Easy"
  • #15
  • Oct 1, 2007 12:16am Oct 1, 2007 12:16am
Quoting BurgerKing
Im currently looking for a broker that allows scalping (normal market conditions) with nice spreads for GBPJPY.

MBT has tight spread, but with $2 commission round trip, I ended up with about 5-10 pips in spread.

I see Oanda offering 4 pips. but their platform is showing 7 pips!

Any brokers?
BurgerKing, the answer to your question also depends on the size of your account. MB / EFX is good because they give the little guy the ability to trade on an ECN, but you'll pay the highest commission in the industry for an ECN-type product.

If your account size is at least $25,000, you'll be able to go with a Currenex type broker. One of the broker's we use for our high-frequency, auto-ex stuff is BGC in London. Even though now is not one of the most liquid times to trade (1 AM EST [New York time] or 5 GMT), I'll try taking a screenshot anyway. See attached.

It shows a 3 pips spread on GY, but I'm sure I've seen it at 1 and 2 most of the time during the active hours of the London and US sessions.

At BGC, you might also get around half the commissions you'll pay at EFX or MB Trading, so that helps.

The only issue becomes whether or not you'll use the Currenex GUI for manual trading or not. None of our traders do, but I know some traders that like it (sick bunch of freaks!). We use another front end for discretionary trading on Currenex.

If you are interested in any of this stuff, let me know and point you to the right people via PM.

Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: currenex-bgc.gif Size: 53 KB
  • #16
  • Oct 1, 2007 12:18am Oct 1, 2007 12:18am
Quoting Se[V]eN

forex.com offer fixed spread for standard account...

said to be under 3 pips in all market condition but i never try ...
just take a look

If you try scalping with forex.com, get the Vaseline ready - cuz they ain't going to use any on you! LoL
  • #17
  • Oct 1, 2007 12:25am Oct 1, 2007 12:25am
BK, one thing that I forgot to mention is that once you have around $150,000 in your account (and pardon me if you already do - I just don't know), you'll be able to use an aggregated hub of institutional liquidity via FCStone. We are in the process of moving a trader from an existing Currenex broker and a high-frequency algorithmic guy to this aggregated hub. We have been collecting tick data for about a month now via API and it is awesome. Many hedge funds are building aggreated hubs in house to allow them to trade larger size and with tighter spreads.

Let me know if you have any other questions.
  • #18
  • Oct 1, 2007 12:34am Oct 1, 2007 12:34am
Quoting dominicanosrus
BK, one thing that I forgot to mention is that once you have around $150,000 in your account (and pardon me if you already do - I just don't know), you'll be able to use an aggregated hub of institutional liquidity via FCStone.
dominicanosrus,

Through which prime broker are you accessing this aggregated hub, or are you dealing with FCStone directly? What is the name of their system?

What you described (aggregated ECN) sounds very similar to vCapfutures' CAX system, and they also clear through FCStone. However, access to CAX requires trading volume of $50MM per day and $1B per month minimum (and one must be a CFTC-certified ECP, which for an individual requires a $10MM account balance). No way someone with $150k would come close to being qualified..
  • #19
  • Oct 1, 2007 4:27am Oct 1, 2007 4:27am
Quoting Trader KGB
dominicanosrus,

Through which prime broker are you accessing this aggregated hub, or are you dealing with FCStone directly? What is the name of their system?

What you described (aggregated ECN) sounds very similar to vCapfutures' CAX system, and they also clear through FCStone. However, access to CAX requires trading volume of $50MM per day and $1B per month minimum (and one must be a CFTC-certified ECP, which for an individual requires a $10MM account balance). No way someone with $150k would come close to being qualified..
Yes, KGB. It's the CAX through vCap. We have an allocator that funds our traders with substantial capital. Maybe that's why they allowed us to do that while some traders get tested. Not sure. Do you trade for others or just yourself?
  • #20
  • Oct 1, 2007 4:29am Oct 1, 2007 4:29am
KGB; the allocator is also working on an "internal hub" that will have commissions similar to what brokerage firms pay; much lower than the CAX - but that's not ready yet (so we'll use the CAX in the meantime) and will only be available to traders that trade for the allocator. This is becoming a very popular thing to do.
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