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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
Interactive brokers and MBTrading. There is a commission, but the spreads on those pairs are often 2 pips, and the commissions might be equivalent to 2 pips (and if you're trading larger sizes, than even less).
Interactive brokers and MBTrading. There is a commission, but the spreads on those pairs are often 2 pips, and the commissions might be equivalent to 2 pips (and if you're trading larger sizes, than even less).
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Joined May 2006
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Status: Always learning
|119 Posts
Try forex-swiss. No comission. 2 pips spread. I haven't tried them. Just know of them. But they don't accept US clients.
P.S: Just information not a recommendation.
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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
Yes,
With a mini account, you're looking at 2 pips (variable, mind you...I've seen it go down to 1 pip...but as high as 5 in the late afternoon before asia)...and the commissions will be about 2 pips ($5 for every $100,000 USD traded PER SIDE...so the GBP is about $10 in commissions PER SIDE...on mini's divide that # by 10...and you get about $2 in commissions per side on the GBP/JPY round trip for minis...and $0.20 round-trip for micros).
This is for MBT.
For IB, unfortunately, trading minis won't benefit you unless you're trading more than 5 minis per trade, as the MINIMUM commission is $2.50 per order (or $5.00 round-trip).
However, if you trader LARGER sizes, the actual commission is a heck of a lot less. It's actually 0.2 basis points (pips) per side with a minimum of $2.50 per order. I've monitored IB's rates, and I've seen them as low as 2.5 pips...I'm not sure if they go any lower...but they might.
Another advantage, though of using either of these brokers is that you can actually trade within the spread, so that effectively gives you the power to make the spread as low as you want. Thus if the bid/ask on the GBP/JPY is 227.03/227.06, youl COULD place a BUY at 227.04 (or even 227.05 if you wanted), effectively shrinking the spread. So obviously, you have a lot more control over your orders.
The only down-fall is that their trading systems are both a little arcaic...AND charting is not exactly included...now, you can get around this with free packages like QuoteTracker, or you can try buying other packages (or you could just use an MT demo to get a gist of where the market is (the ECNs are only going to be a few pips off from the charts).
It's the price you pay for a little bit of control.
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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
I think this board has come to the conclusion that this dealer is a little less than "kosher"...I would DEFINITELY stay away from them...and not just because they don't accept US clients.
Try forex-swiss. No comission. 2 pips spread. I haven't tried them. Just know of them. But they don't accept US clients.
P.S: Just information not a recommendation.
need low spread on gbp/jpy and only deposit of 5k or less, please help?
Ignored
May want to take a look at the regulated futures brokers whom are entering the forex fray. Maybe look at RCG fxtrader, 5/6 spread on the gbp/jpy and a $5 commission in and $5 out....no limit ( 1m trade= 5/6 spread plus$5 and than $5 to exit ) very quick execution....now if you scale in and out, those commissions can eat you up. They seriously need to work on ease of use though. PLUS, open profits are held til close 48 hours later ( fx 2 day turnaround ) They are a preferred broker with FF. Charting is so-so, though I've noticed the ask prices are pretty much spot on with those of a Metatrader platform. Spreads do change depending on liquidity, though still tight. FF has a broker list, good place to start.....
