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Spreads poll

  • #1
  • First Post: May 16, 2008 10:21pm May 16, 2008 10:21pm
Alright listen, I really do not know how to create an actual poll but I was curious, as to what traders are paying these days for some pairs. I dont really care where you trade or what broker all I want to know is what traders are paying in terms of spread (liquid times only... I dont care what anyone sees during news). If you pay a commission feel free to state those as well. I think this could be an interesting poll and I hope this will be useful to those who pay more than they should.

What do you pay on:

EURUSD:

GBPUSD:

USDJPY:

USDCAD:

GBPCHF:

GBPJPY:

EURJPY:

CHFJPY:

NZDUSD:

AUDUSD:

If you do not want to take the time to give info on all pairs please just choose the ones you wish to comment on. All the best and I hope this proves to be useful!

USDCHF:
  • #2
  • Edited 11:58pm May 16, 2008 11:51pm | Edited 11:58pm
I have variable spreads but mostly I get these-
EURUSD: 1

GBPUSD:2

USDJPY:2

USDCAD:2

GBPCHF:3-4

GBPJPY:2-4

EURJPY:2

CHFJPY:2

NZDUSD:2

AUDUSD:2

In addition to this I pay 1 pip commission round trip for pairs with USD as base currency and 2 pip for GBP as base and 1.6 pip for EUR as base and 0.8 pip for NZD as base (eg NZDUSD). Broker is MBT. Hope this helps.
  • #3
  • May 17, 2008 12:41am May 17, 2008 12:41am
EURUSD: 2

GBPUSD: 3

USDJPY: 2

USDCAD: 3

GBPCHF: 6

GBPJPY: 7

EURJPY: 3

CHFJPY: 2-4

NZDUSD: 4

AUDUSD: 2

AUDNZD: 8-15

This is what I was paying at MIG without any commissions, but I am leaving because they have really widened the spread on AUDNZD over the past month or two with it normally being like 10-15. I am switching to Hotspot for spreads at liquid times of 5 pips or less for that pair with a $30 commission per million traded. Also, their commissions are the same regardless of the currency traded. So good for GBP traders.
Anyone who trades with other ECNs, please tell me what you are seeing at liquid times as the norm spread for AUDNZD. Thanks!
  • #4
  • May 17, 2008 2:23am May 17, 2008 2:23am
Average spreads by hour on MBT for all pairs, conducted last Feb:
http://kreslik.com/forums/viewtopic.php?t=1093

Would be great if the same test could be conducted for IB, HotSpot, etc so we could get a better ECN comparison.
  • #5
  • May 17, 2008 11:24am May 17, 2008 11:24am
Quoting Trader KGB
Average spreads by hour on MBT for all pairs, conducted last Feb:
http://kreslik.com/forums/viewtopic.php?t=1093

Would be great if the same test could be conducted for IB, HotSpot, etc so we could get a better ECN comparison.

I looked at that when justin posted it and kreslik did a great job. However, I have not been hearing good things about MB's execution for trades above 1M. Also, their comm is still very expensive but I agree that I wish we had the same research for other ECN's.
  • #6
  • May 17, 2008 11:28am May 17, 2008 11:28am
Eurusd: 1

Gbpusd: 1-2

Usdjpy: 1

Usdcad: 1-3

Gbpchf: 2-5

Gbpjpy: 2-5

Eurjpy: 2-3

Chfjpy: 2-5

Nzdusd: 2-4

Audusd: 2-4

Usdchf: 1-3

Comm = 15/M all pairs
  • #7
  • May 17, 2008 11:30am May 17, 2008 11:30am
Quoting fxtrader42
Eurusd: 1

Gbpusd: 1-2

Usdjpy: 1

Usdcad: 1-3

Gbpchf: 2-5

Gbpjpy: 2-5

Eurjpy: 2-3

Chfjpy: 2-5

Nzdusd: 2-4

Audusd: 2-4

Usdchf: 1-3
what broker?
If I Go Broke Trying Then I Will die happy.
  • #8
  • May 17, 2008 11:34am May 17, 2008 11:34am
Quoting Moe
what broker?
http://www.autobahn.db.com/

and

http://www.hotspotfxi.com/ prime broker deutsche bank
  • #9
  • May 17, 2008 11:43am May 17, 2008 11:43am
Here are some spread stats from Hotspot retail:

http://eu.hotspotfx.com/EasySiteWeb/...aspx?alId=1581
  • #10
  • May 17, 2008 2:20pm May 17, 2008 2:20pm
I wanted to share with everyone why I started this thread and quasi poll. There are a few reasons:

 

  1. the summer is upon us and I am very bored already with everything but the EUR. i know someone will say there are still pips to be made (might be true) but none the less I am out of all positions except for my short EUR position.
  2. i want to make aware to everyone what most traders are paying for spreads and comm. also i want to know more why some traders are willing to pay more even though they know there is better out there.
  3. most importantly i want to know if there is something i am not getting that others are getting. so far the only thing that i know of is that there are better rolls in the market then I receive. however, i still have not found a better deal then HSfxi and autobahndb.

please share as I want this to be a helpful thread for all.... all the best.

  • #11
  • May 17, 2008 2:44pm May 17, 2008 2:44pm
Quoting fxtrader42
Comm = 15/M all pairs
Is this a volume negotiated rate or DB's standard rate for PB accounts?

Also, aren't those spreads a bit conservative? Every time I fire up the FXi or FXr demo it seems like half the screen is in sub-pip territory, though it might just be the time of day (US/London overlap).
  • #12
  • May 17, 2008 2:58pm May 17, 2008 2:58pm
Quoting Trader KGB
Is this a volume negotiated rate or DB's standard rate for PB accounts?

Also, aren't those spreads a bit conservative? Every time I fire up the FXi or FXr demo it seems like half the screen is in sub-pip territory, though it might just be the time of day (US/London overlap).
They are somewhat conservative... for FXi. However, they are pretty much dead on to what I see on a regular basis from db. When I trade with db I am generally doing no less than 5M per trade and no more than 10M per trade. If I trade with fxi it is usually 500K to 2M. With FXi I rarely pay as much as I do with db but and that is why i trade with them. However, fxi charges an extra $5.

I have worked with db for about 10 years now and yes my rate is volume based. I do about 1-2 yards a day on a monthly basis. My contract is $15/M for 20 yards a month and $10/M for 50 yards a month. If I do less than 20 yards a month I pay $18/M.
  • #13
  • May 18, 2008 4:17am May 18, 2008 4:17am
Quoting fxtrader42
They are somewhat conservative... for FXi. However, they are pretty much dead on to what I see on a regular basis from db. When I trade with db I am generally doing no less than 5M per trade and no more than 10M per trade. If I trade with fxi it is usually 500K to 2M. With FXi I rarely pay as much as I do with db but and that is why i trade with them. However, fxi charges an extra $5.

I have worked with db for about 10 years now and yes my rate is volume based. I do about 1-2 yards a day on a monthly basis. My contract is $15/M for 20 yards a month and $10/M for 50 yards a month. If I do less than 20 yards a month I pay $18/M.
=============================================================

what is their minimum initial deposit required
  • #14
  • May 18, 2008 5:04am May 18, 2008 5:04am
Quoting fxtrader42
i want to make aware to everyone what most traders are paying for spreads and comm. also i want to know more why some traders are willing to pay more even though they know there is better out there.

I would rather work with a company who had a wide spread but a good service (actually fulfilled your order at the price quoted or closed your position when it is in profit). I have heard of way too many companies who have very attractive spreads but when traders see a profit and try to close, trading is either suspended or the fill takes 2 minutes and the position is in loss.
The market reveals who we really are...
  • #15
  • May 18, 2008 7:08am May 18, 2008 7:08am
Quoting shadowninja
I would rather work with a company who had a wide spread but a good service (actually fulfilled your order at the price quoted or closed your position when it is in profit). I have heard of way too many companies who have very attractive spreads but when traders see a profit and try to close, trading is either suspended or the fill takes 2 minutes and the position is in loss.
I think you are refering to brokers like Crown Forex that are bucket shops. The low spreads most of us are talking about here are people going with ECNs in which case they have no concern about whether you are profitable or not, as they are not taking the other side of your position. That is perhaps one of the best reasons to go with an ECN, though the nice spreads are certainly a major plus. I know what you are saying though, as MIG has not filled my orders a few times and requote all the time if the market is moving even slightly fast.
  • #16
  • May 18, 2008 7:24am May 18, 2008 7:24am
Quoting shadowninja
I would rather work with a company who had a wide spread but a good service (actually fulfilled your order at the price quoted or closed your position when it is in profit). I have heard of way too many companies who have very attractive spreads but when traders see a profit and try to close, trading is either suspended or the fill takes 2 minutes and the position is in loss.
Shadow,

Thanks for sharing... what kind of spreads are you trading off of now?
  • #17
  • May 18, 2008 7:26am May 18, 2008 7:26am
Quoting avalon
=============================================================

what is their minimum initial deposit required
I dont know what their min deposit is...feel free to call and ask.
  • #18
  • May 18, 2008 7:33am May 18, 2008 7:33am
Fair point.

One thing I have to consider, living in the UK, is the possibility of using a spreadbetting company because profits are tax free. They are more bucket shops than bucket shops! However, certain companies (a minority) do offer the customers a good service, if not a good spread. This means that swing and position trading are better ways of trading than scalping. What I am trying to say is that my initial reply is more relevant in the UK industry, than the US one.
The market reveals who we really are...
  • #19
  • May 18, 2008 7:54am May 18, 2008 7:54am
Quoting shadowninja
Fair point.

One thing I have to consider, living in the UK, is the possibility of using a spreadbetting company because profits are tax free. They are more bucket shops than bucket shops! However, certain companies (a minority) do offer the customers a good service, if not a good spread. This means that swing and position trading are better ways of trading than scalping. What I am trying to say is that my initial reply is more relevant in the UK industry, than the US one.
I think your reply still makes sense for some US traders. I am curious though what kind of spreads are we seeing in the UK?
  • #20
  • May 18, 2008 7:58am May 18, 2008 7:58am
Quoting fxtrader42
I have worked with db for about 10 years now and yes my rate is volume based. I do about 1-2 yards a day on a monthly basis. My contract is $15/M for 20 yards a month and $10/M for 50 yards a month. If I do less than 20 yards a month I pay $18/M.

Wow, thats really a lot. So you are generating 200k-300k in brokerage fees per month (if i got my zeros right). Are you working for a fund, or are you a private trader?
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