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Which broker offers highest swap rates? 34 replies

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Which broker offers highest swap rates?

  • #1
  • First Post: Feb 7, 2008 5:32pm Feb 7, 2008 5:32pm
Sorry but is their any one still need to do the carry trade on gbp/jpy i hope so .

so is it possible in year 2008 if yes can you tell me which broker give the best rate .

thanks any way
Nothing is impossible
  • #2
  • Feb 8, 2008 10:15am Feb 8, 2008 10:15am
I think FXCM is one of the best.
  • #3
  • Feb 8, 2008 10:38am Feb 8, 2008 10:38am
Oanda offers the best rates, closely followed by InteractiveBrokers.
  • #4
  • Feb 9, 2008 3:19am Feb 9, 2008 3:19am
Thanks a lot guys , appreciated .

one other question is their any free swap rate brokers or may i say Islamic ones , is their any differences between the 2 or are all the same .

which one is the best to sell GBP /JPY with a tight spread and without any complaining from the brokers .
Nothing is impossible
  • #5
  • Feb 9, 2008 7:53am Feb 9, 2008 7:53am
ODL has high swap rates as well.
  • #6
  • Sep 27, 2008 11:51pm Sep 27, 2008 11:51pm
Quoting Trader KGB
Oanda offers the best rates, closely followed by InteractiveBrokers.
maybe i am wrong, but i looked at oanda's interest second by second rates for gbp/jpy longs and it was 2,19 for 24 hours of holding the trade. which is lower than many other brokers give for gbp/jpy longs.
  • #7
  • Sep 28, 2008 12:20am Sep 28, 2008 12:20am
Quoting vorschlag
maybe i am wrong, but i looked at oanda's interest second by second rates for gbp/jpy longs and it was 2,19 for 24 hours of holding the trade. which is lower than many other brokers give for gbp/jpy longs.
2,19 ??

CURRENCY BID ASK
GBP 4.8000 5.0000
JPY 0.2350 0.7850

Looks pretty good to me.
  • #8
  • Sep 28, 2008 4:18am Sep 28, 2008 4:18am
Quoting Trader KGB
2,19 ??

CURRENCY BID ASK
GBP 4.8000 5.0000
JPY 0.2350 0.7850

Looks pretty good to me.
not 2,19, i mixed up with 2,03. For 10 000 units GBP/JPY longs held for 24 hours earned interest is 2,03 $. that is 2,03 swap point for 1 day. For example if not mistaken odl's 2,5 swap point per day. many other brokers have better than 2,03 points. I could make a mistake in my calculations, if so correct me. their fx calculators are in the tools menu on the site.
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  • #9
  • Sep 28, 2008 10:46am Sep 28, 2008 10:46am
"For 10 000 units GBP/JPY longs held for 24 hours earned interest is 2,03 $. that is 2,03 swap point for 1 day."

No - with a mini-lot position in gbp/jpy 1 pip is not worth $1 - that is only true for pairs with usd as base currency like eur/usd. With gbp/jpy you have to adjust for usd/jpy exchange rate. You should really read up on this most basic things before going ahead..
  • #10
  • Edited 11:50pm Sep 28, 2008 10:57pm | Edited 11:50pm
Quoting shrike
"For 10 000 units GBP/JPY longs held for 24 hours earned interest is 2,03 $. that is 2,03 swap point for 1 day."

No - with a mini-lot position in gbp/jpy 1 pip is not worth $1 - that is only true for pairs with usd as base currency like eur/usd. With gbp/jpy you have to adjust for usd/jpy exchange rate. You should really read up on this most basic things before going ahead..
Thank you for your reply, Shrike. I will try to
  • #11
  • Edited Sep 29, 2008 12:04am Sep 28, 2008 11:27pm | Edited Sep 29, 2008 12:04am
my mistake is that i called 2,03 a swap point. it is not, it is just interest earned. thanks shrike for clarification.
  • #12
  • Sep 28, 2008 11:49pm Sep 28, 2008 11:49pm
You said "2.03 swap points per day" - whatever you mean by points, i assumed you meant pips, which it is not. Oanda pays 4.015% annualized for gbp/jpy longs (4.8% GBP bid - 0.785% JPY offer). Doesn't seem too bad too me. How much are the others paying you are talking about?
  • #13
  • Sep 28, 2008 11:54pm Sep 28, 2008 11:54pm
sorry shrike, you have read my unedited posts. finally i understood where I was wrong.
  • #14
  • Sep 29, 2008 12:16am Sep 29, 2008 12:16am
Quoting shrike
You said "2.03 swap points per day" - whatever you mean by points, i assumed you meant pips, which it is not. Oanda pays 4.015% annualized for gbp/jpy longs (4.8% GBP bid - 0.785% JPY offer). Doesn't seem too bad too me. How much are the others paying you are talking about?
I think he means 2.03 pips or points ( both mean the same) per day.
Which makes sense GBP int rates are higher than JPY and the swap calculation is worked on the interest rate differentials.
  • #15
  • Sep 29, 2008 12:31am Sep 29, 2008 12:31am
2,03 $ per day is an interest earned for a long position. If adjusted to usd/jpy rate it will look like 2,18 swap points.
  • #16
  • Edited 1:35pm Sep 29, 2008 1:02am | Edited 1:35pm
Quoting shrike
You said "2.03 swap points per day" - whatever you mean by points, i assumed you meant pips, which it is not. Oanda pays 4.015% annualized for gbp/jpy longs (4.8% GBP bid - 0.785% JPY offer). Doesn't seem too bad too me. How much are the others paying you are talking about?
I don't know how other brokers pay annualized for gbpjpy longs, I know others have rollover points which they add/deduct daily. and compared to O's daily payment for gbp/jpy for example odl's 2,5 swap points isn't worse.
  • #17
  • Sep 30, 2008 3:04am Sep 30, 2008 3:04am
below the screenshots of 1 day swap added for gbp/jpy at "other broker". their swap point is 2,51. Adjusted to the usd/jpy rate they added 2,41$ to the balance as you can see on the screenshot. and as I calculated earlier O adds 2,03$ interest earned per 24 hrs as you can see on the screenshot on the right.
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  • #18
  • Sep 30, 2008 7:04am Sep 30, 2008 7:04am
If you just wanna play swap over...go with high leverage exchanges like fxcm or ibfx
  • #19
  • Sep 30, 2008 9:31am Sep 30, 2008 9:31am
2.03 = 2 us dollars and 3 us cents
  • #20
  • Sep 30, 2008 9:47am Sep 30, 2008 9:47am
Quoting mmont
2.03 = 2 us dollars and 3 us cents
hmmm.... interesting
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