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Noob question about brokerages and fees

  • #1
  • First Post: Dec 16, 2009 10:10am Dec 16, 2009 10:10am
I do all of my stock/options investing through Interactive Traders, and I have done a few forex trades using their setup there, but I'm thinking about trading more frequently from now on, and thinking that it may be better to find a cheaper brokerage that is more specialized in forex. Right now at interactive brokers, there is a flat fee of $2.50 per trade, but it goes up depending on the volume.

So right there there is a loss of $5 on every trade. And the platform itself was apparently meant to discourage speedy execution, I think. Then again I may just be doing it wrong.

So I have two questions here:

How much do you pay for your trades at your brokerage?

Also, do you recommend yourcurrent brokerage? Are you satisfied with it? Is it good for those of us just starting out?
  • #2
  • Dec 16, 2009 12:34pm Dec 16, 2009 12:34pm
u might have better luck asking these questions on the Broker forum....or just search, plenty of threads comparing brokerages.
  • #3
  • Dec 16, 2009 5:02pm Dec 16, 2009 5:02pm
If you worry about this sort of problems you better look for a J.O.B. If I misunderstod you please pm me.

regards
Peter
{Promotion Removed}
  • #4
  • Dec 17, 2009 2:02pm Dec 17, 2009 2:02pm
Quoting Shokupanman
I do all of my stock/options investing through Interactive Traders, and I have done a few forex trades using their setup there, but I'm thinking about trading more frequently from now on, and thinking that it may be better to find a cheaper brokerage that is more specialized in forex. Right now at interactive brokers, there is a flat fee of $2.50 per trade, but it goes up depending on the volume.

So right there there is a loss of $5 on every trade. And the platform itself was apparently meant to discourage speedy execution, I think. Then again...
I pay fourty dollars per 100,000 units of any currency and I get it back if trade closed in $0 or loss.

In most places you'll pay from $25 to $50 per 100K traded.
  • #5
  • Dec 17, 2009 2:41pm Dec 17, 2009 2:41pm
Quoting lavatrader
I pay fourty dollars per 100,000 units of any currency and I get it back if trade closed in $0 or loss.

In most places you'll pay from $25 to $50 per 100K traded.
That's rediculous! 25 to 50 $ per lot? I pay $ 35 per million. If you want to change broker I can maybe help out. Please PM me with some more details like account size, leverage required, type of trader you are.
Look forward to your reaction

Best regards
Peter
{Promotion Removed}
  • #6
  • Dec 17, 2009 2:53pm Dec 17, 2009 2:53pm
Quoting azibi
That's rediculous! 25 to 50 $ per lot? I pay $ 35 per million. If you want to change broker I can maybe help out. Please PM me with some more details like account size, leverage required, type of trader you are.
Look forward to your reaction

Best regards
Peter
Peter, please allow for the member to learn more from the community (ex. unbiased reviews, first hand experiences, etc.) before trying to solicit him.

Thanks!
  • #7
  • Dec 17, 2009 2:58pm Dec 17, 2009 2:58pm
Because BostonForex has no interest at all other than benevolent information and discussion in this forum.

$25 to $50 per 100K is indeed ridiculous.
  • #8
  • Dec 17, 2009 3:09pm Dec 17, 2009 3:09pm
Quoting BostonForex
Peter, please allow for the member to learn more from the community (ex. unbiased reviews, first hand experiences, etc.) before trying to solicit him.

Thanks!
Sorry but I understood from the boss moderator himself that it is not allowed to mention names and thus promote here. I was given an official waring before
so hence I keep silent. Apparently you work for Boston?

Sorry and regards
Peter
{Promotion Removed}
  • #9
  • Dec 17, 2009 3:10pm Dec 17, 2009 3:10pm
Quoting lavatrader
I pay fourty dollars per 100,000 units of any currency and I get it back if trade closed in $0 or loss.

In most places you'll pay from $25 to $50 per 100K traded.
  • #10
  • Dec 17, 2009 4:59pm Dec 17, 2009 4:59pm
Quoting BiggerPips
One way or the other, I still find this fee structure rediculous. Am sure you pay the spread as well?

Regards
Peter
{Promotion Removed}
  • #11
  • Dec 18, 2009 11:14am Dec 18, 2009 11:14am
Quoting BiggerPips
Do you pay less? How much you pay for 100,000 EUR?
  • #12
  • Dec 18, 2009 11:39am Dec 18, 2009 11:39am
Quoting lavatrader
Do you pay less? How much you pay for 100,000 EUR?
think no more than 8 bucks or so.....
{Promotion Removed}
  • #13
  • Dec 18, 2009 1:46pm Dec 18, 2009 1:46pm
Quoting azibi
think no more than 8 bucks or so.....
Which means that you trade with a 0.8 pip spread. I know some”brokers" who claims that you can trade with even lower spread but in the most cases it is BS. There is no free lunch. Usually, they give a nice spread to enter but when it’s time to get of the trade you'll be ripped off. Remember that tricks with an opposite spread on ECN shops?
Many sales reps will probably disagree with me but I know what I am talking about.
Unfortunately, like in a many other places when you see “cheap” prices its turns to the very expensive thing.

Just as an opinion.
  • #14
  • Dec 18, 2009 4:40pm Dec 18, 2009 4:40pm
Quoting lavatrader
Which means that you trade with a 0.8 pip spread. I know some”brokers" who claims that you can trade with even lower spread but in the most cases it is BS. There is no free lunch. Usually, they give a nice spread to enter but when it’s time to get of the trade you'll be ripped off. Remember that tricks with an opposite spread on ECN shops?
[color=black][font=Verdana][color=black][font=Verdana]Many sales reps will probably disagree with me but I know what I am talking...
Well I am not a sales rep either. But I do know that you get nice spreads and pretty low costs at some bro houses. Also depending what YOU bring in. Often I read comments of people that want a "Soros" treatment but they do not put more as $ 5k on the table. What you say? (no offense meant btw)
The very most important after 25 years around, I can guaranty you, is having an excellent personal relationship with your broker. You can always reach him on Skype or MSN 24 hours a day, that sort of thing. Perhaps you pay a pip more for the service but it is well spend!! After all if you treat your broker well he will treat you well!! You will be the winner!
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  • #15
  • Last Post: Dec 28, 2009 2:16am Dec 28, 2009 2:16am
"After all if you treat your broker well he will treat you well!! You will be the winner!"

Until he brokes you, this is funny....
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