0 spread, 0 commision - getting tired of all this.. | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

scalping - commissions and lower spread vs spread all included 5 replies

Does Interactive Brokers Offer Commision Discounts? 1 reply

Do money managers with Dukas can get a commision rebate ? 1 reply

slippage, spreads and/or commision effect on profits 10 replies

MB Trading commision 14 replies

0 spread, 0 commision - getting tired of all this..

  • #1
  • First Post: Apr 6, 2008 5:30pm Apr 6, 2008 5:30pm
I see some broker advertise in the banners here that they have no spread. 0. Zero!

At first, they had commissions. So they started to advertise commission free trading. But the broker was compensated by the spread. Yeah, it's something psychological. You don't pay "anything" to the broker, it's just the price at what you trade - a bit off the market. Sounds good!

Then everybody gets used to no commission trading. Everyone's used to it, there's no more psychological effect for the marketers to attract new clients. What they do? They start advertising no spread. But it will cost you *just* "$0.6 for every $1,000 traded". Wow, no spread and just 6 cents for every K traded? That's sooooo great! I am sooo hurrying up to open an account with them

I'm getting tired of all this. It's like a cycle And I'm not even going to insist on the fact that $.6 for every K is no more, no less than 6 pips. You go trade with 6 pips! Or better yet, send your enemies to do it

Peace!
  • #2
  • Apr 6, 2008 6:37pm Apr 6, 2008 6:37pm
well....it certainly isn't a new technique...telling only partial truths is what advertising is about.it's like the cereals with calcium & vitamins supposedly good for your health, when they forget to explicitly mention they also have tons of sugar and are as "natural" as the bright synthetic yellow food coloring they contain.

but you can't really blame them for that alone.i mean...it's the trader's duty to check the broker they plan to deal with and verify their operating mode.

i hear a lot of stories from people being "duped" by brokers...but if you ask them have you checked the broker's website first, have you tried doing at least some minimal online research about them etc...guess what they reply?
  • #3
  • Edited 9:18pm Apr 6, 2008 9:17pm | Edited 9:18pm
Quoting stefant
I see some broker advertise in the banners here that they have no spread. 0. Zero!

At first, they had commissions. So they started to advertise commission free trading. But the broker was compensated by the spread. Yeah, it's something psychological. You don't pay "anything" to the broker, it's just the price at what you trade - a bit off the market. Sounds good!

Then everybody gets used to no commission trading. Everyone's used to it, there's no more psychological effect for the marketers to attract new clients. What they do? They start advertising no spread. But it will cost you *just* "$0.6 for every $1,000 traded". Wow, no spread and just 6 cents for every K traded? That's sooooo great! I am sooo hurrying up to open an account with them

I'm getting tired of all this. It's like a cycle And I'm not even going to insist on the fact that $.6 for every K is no more, no less than 6 pips. You go trade with 6 pips! Or better yet, send your enemies to do it

Peace!


Just checked their website:-). These rules apply for their new trading platform only.
I would say these guys just trying to inculcate a new way to trade FX. So, we shall see what we shall see.
Of course it is more expensive but instantaneous commission refund on non-profitable trades and ability to buy or sell at the same price sounds very interesting for me.

Cheers
  • #4
  • Apr 6, 2008 9:33pm Apr 6, 2008 9:33pm
It's $ 0.60 therefore 60 cents for every $ 1000 traded and not 6 cents for every $ 1000. Quite expensive at $ 60.00 commission per standard lot but only advantage is zero spread and they refund commission if you close position at a loss. So you can think of it as small insurance.
  • #5
  • Apr 6, 2008 10:22pm Apr 6, 2008 10:22pm
Quoting PipStar
It's $ 0.60 therefore 60 cents for every $ 1000 traded and not 6 cents for every $ 1000. Quite expensive at $ 60.00 commission per standard lot but only advantage is zero spread and they refund commission if you close position at a loss. So you can think of it as small insurance.
there is no fucking advatange they are charging you $60.00 per standard lot that is more then any spread with commission broker i every seen, what a fucking joke. also they say 0.60 per 1,000 is that per enrty and close or round turn, if per enrty and close then that's a bigger rip off, i rather pay a spread, you gots to be kidding me, oh can't forget there new platform is base on ipod. man im realy laughing my ass off.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Apr 6, 2008 10:34pm Apr 6, 2008 10:34pm
Quoting Moe
there is no fucking advatange they are charging you $60.00 per standard lot that is more then any spread with commission broker i every seen, what a fucking joke. also they say 0.60 per 1,000 is that per enrty and close or round turn, if per enrty and close then that's a bigger rip off, i rather pay a spread, you gots to be kidding me, oh can't forget there new platform is base on ipod. man im realy laughing my ass off.
this is from there site about there new platform.

expressFX holds the same philosophy behind the Apple IPod. They both value simplicity, an intuitive interface, and they revolutionize the way people listen to music and trade Forex.

:surprised
If I Go Broke Trying Then I Will die happy.
  • #7
  • Apr 6, 2008 10:39pm Apr 6, 2008 10:39pm
some broker's have taken retail traders to be stupid and idiot's , witch one are you?
If I Go Broke Trying Then I Will die happy.
  • #8
  • Apr 6, 2008 10:49pm Apr 6, 2008 10:49pm
Quoting Moe
this is from there site about there new platform.

expressFX holds the same philosophy behind the Apple IPod. They both value simplicity, an intuitive interface, and they revolutionize the way people listen to music and trade Forex.

:surprised
i understand everything there trying to say about the simplicictiy of there platform and ipod, im dealing with real money you think i want my broker talking about ipod.
If I Go Broke Trying Then I Will die happy.
  • #9
  • Apr 6, 2008 11:05pm Apr 6, 2008 11:05pm
Quoting Moe
i understand everything there trying to say about the simplicictiy of there platform and ipod, im dealing with real money you think i want my broker talking about ipod.
I certainly don't want them talking about ipods. And $60 is a high price to pay, but why educate the sheeple? If they want to get sucked into marketing hype, let them.
Not all sins are created equal
  • #10
  • Apr 7, 2008 1:28am Apr 7, 2008 1:28am
marketing baby...
forex brokers want to attract clients and they do everything they can to do this..and believe it or not some newbies are very excited to see advertisments like:"no spread, etc " and open accounts.
not everyone who opens an account has experience or a pretty ok knowledge about forex. you'd wonder...
Twitter: @forexpokerpro
  • #11
  • Apr 7, 2008 6:01am Apr 7, 2008 6:01am
Quoting stefant
I'm getting tired of all this. It's like a cycle And I'm not even going to insist on the fact that $.6 for every K is no more, no less than 6 pips. You go trade with 6 pips! Or better yet, send your enemies to do it

Peace!
Yeah.. I'd think it would get on someone's nurves sooner or later But hey.. you know it, I know it, anybody with half a brain knows it. Maybe they just wanna rip off the really new or the really.. em sorry, but dumb.. such people are also likely to trade worse and loose more money more quickly after all..
On the path to Enrichment.
  • #12
  • Apr 7, 2008 8:16am Apr 7, 2008 8:16am
That's what I have found on different forum:

Quote
I tried express yesterday and I think it’s could be good for any type of trader. I am sure the beginners will like the interface, but I don’t think the platform is only good for the beginners.
I, myself, have a pretty good understanding of Forex (2 years trading live). I make profitable trades about 2 out of 10 times. My strategy is to place stops just a little lower than the opening price, right below (or above) the resistance (or support) levels. This way I incur small losses more often than I get profits, but when do get profits, I get 70 or eighty pips. With this strategy and expressfx I will be paying commissions on 2 trades only and commission refunds on the other 8 trades. If you calculate the spread equivalent - 2/10 is 20% of 6 pips, which is around 1 pip. Good stuff. My type of platform.

What do you think about this guys?
Thank you
  • #13
  • Edited 10:38am Apr 7, 2008 9:40am | Edited 10:38am
I checked it out. You only pay the commision once per closed trade if it wins. It offers no advantage to me as I win more than I lose and my spread is only 2 pips. The question is how well the trades are executed. Will they requote you? cause slippage?, hunt your stops?, Fail to pay profits, Have scalping clauses or any other of the tricks they can use to stack the odds back in their favor. Definetly worth a look for any system that takes more losing trades than winners like the system in the previous post but Id rather pay a fair spread to an honest broker than end up the victim of some of the stories I've heard using other "cheap" brokers. The apple ipod red herring already has alrm bells ringing but Ill try to keep an open mind
BTC Return This Year: na
  • #14
  • Apr 7, 2008 12:07pm Apr 7, 2008 12:07pm
Quoting M.A.C.Doug
I checked it out. You only pay the commision once per closed trade if it wins. It offers no advantage to me as I win more than I lose and my spread is only 2 pips. The question is how well the trades are executed. Will they requote you? cause slippage?, hunt your stops?, Fail to pay profits, Have scalping clauses or any other of the tricks they can use to stack the odds back in their favor. Definetly worth a look for any system that takes more losing trades than winners like the system in the previous post but Id rather pay a fair spread to an honest broker than end up the victim of some of the stories I've heard using other "cheap" brokers. The apple ipod red herring already has alrm bells ringing but Ill try to keep an open mind
I would not say they are "cheap". They just give you an option. You can trade with spread and 0 commission, or you can trade with 0 spread and commission.
  • #15
  • Apr 7, 2008 12:54pm Apr 7, 2008 12:54pm
what broker are you all referring too?
  • #16
  • Apr 7, 2008 1:01pm Apr 7, 2008 1:01pm
nevermind... i found the website. I dont understand why anyone would want to do this. You can pay a 2 pip spread or less with most brokers on the majors or you can trade with FXExpress and pay 6 pips per trade. How is that beneficial to anyone. Oh I forgot if you lose on the trade (therefore FXClub's profit is your loss) you dont have to pay the commission. Please tell me again why any of you want to trade with this firm.
  • #17
  • Apr 7, 2008 1:49pm Apr 7, 2008 1:49pm
Quoting fxtrader42
nevermind... i found the website. I dont understand why anyone would want to do this. You can pay a 2 pip spread or less with most brokers on the majors or you can trade with FXExpress and pay 6 pips per trade. How is that beneficial to anyone. Oh I forgot if you lose on the trade (therefore FXClub's profit is your loss) you dont have to pay the commission. Please tell me again why any of you want to trade with this firm.
I am not trying to say that you should trade with FXexpress, but you are jumping on a totally different subject, dewd. What makes you think that brokers that have spreads, do not make profits when you lose? Lets stick to the main subject. Is it profitable to buy and sell at the same price, pay commission that is higher than a standard spread (although spreads are rarely fixed, like on non-farms, as we all know), and get a commission refund on non-profitable trades. I think this is the question.
  • #18
  • Apr 7, 2008 1:54pm Apr 7, 2008 1:54pm
Quoting fxtrader42
nevermind... i found the website. I dont understand why anyone would want to do this. You can pay a 2 pip spread or less with most brokers on the majors or you can trade with FXExpress and pay 6 pips per trade.
Speaking on "just 2 pip spreads or less," here is something I just saw in the other thread of this forum:

Quote
"have fast execution (1-3 sec), but their SPREAD are HUGE during NEWS time. At FOMC interest rate this 18 march'08, i got 40 pips spread for GBP/JPY."
  • #19
  • Apr 7, 2008 1:54pm Apr 7, 2008 1:54pm
they are keeping all trades in house, hoping more traders loose then win, i don't expect this broker to be around for the long run.
If I Go Broke Trying Then I Will die happy.
  • #20
  • Apr 7, 2008 2:14pm Apr 7, 2008 2:14pm
Quoting Moe
they are keeping all trades in house, hoping more traders loose then win, i don't expect this broker to be around for the long run.
Moe, are you sure about this? Do you know or just stipulate? I glanced at their website, they seem to have something to do with RCG judging by where they clear their futures and by that they used to be based in RCG's New York office. I would not be suprised if this is where they clear their forex as well.
0 traders viewing now