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to join via fx rebates or NOT

  • #1
  • First Post: Apr 11, 2010 3:12am Apr 11, 2010 3:12am
hi,

I am looking to switch my broker because of "high commisions" my current broker gives me 1.9+ spreads on GBP/USD and 0.9 commision.. thats about 2.8 spread on GU. I plan to switch to FxPro. which has 1.7 avg. and no commision. still hearing lot of "BAD" comments about execution, but will test it out becuz execution indeed is crucial!

SO My main question is, should i join through one of these fx cash back rebate programs? will that benefit me? because i am suspicous of the fact, if i go thru some affiliate site like cash rebate fx, then my spreads may rise as part of their insider dealing.

Question is: should i join via cash rebate program? or just directly join? any inputs will be appreciated.
  • #2
  • Apr 11, 2010 5:55pm Apr 11, 2010 5:55pm
If you do enough volume to make rebates worth while, then you should probably be on an ecn to begin with.

Making 5 bucks back a month in rebates isn't worth jumping ship over.

Also a 2.8 spread on g/u is good, not the best but good. Also you will find fxpros spread may increase during certain periods, sometimes to 4 or so.

Best bet is to stick to what you know. Unless that is making you 'lose' money and i dont mean the cost of trading.
  • #3
  • Apr 11, 2010 7:41pm Apr 11, 2010 7:41pm
Quoting Takisd
If you do enough volume to make rebates worth while, then you should probably be on an ecn to begin with.

Making 5 bucks back a month in rebates isn't worth jumping ship over.

Also a 2.8 spread on g/u is good, not the best but good. Also you will find fxpros spread may increase during certain periods, sometimes to 4 or so.

Best bet is to stick to what you know. Unless that is making you 'lose' money and i dont mean the cost of trading.
thx for input takisd well, my concern was whether cashback rebate brokers manipulate spreads or NOT? If they don't they y not join via cash-rebate program 5 or 10 bucks. It's free money, which can adds up over time.

My broker is actually MBT, 2.8 is just starters, often i'll get 3.3 or more...meanwhile FXPRO spreads seems to be lovely, it would reduce my transaction cost by 50% + no commission. I hope their execution is NOT bad as ppl mentioned in these forums.

Still anyone out there know for sure?! if cashbackrebate sites manipulate spreads?

can anyone recommend highest paying cash rebate program for FXPRO?
  • #4
  • Last Post: Apr 12, 2010 12:14am Apr 12, 2010 12:14am
Quoting GoodBoy
thx for input takisd well, my concern was whether cashback rebate brokers manipulate spreads or NOT? If they don't they y not join via cash-rebate program 5 or 10 bucks. It's free money, which can adds up over time.

My broker is actually MBT, 2.8 is just starters, often i'll get 3.3 or more...meanwhile FXPRO spreads seems to be lovely, it would reduce my...
TBH i have had nothing but bad experiences with fxpro. A few evident 'funny quotes' (about 5 pips off market) stopped me out a few times. Didn't do any major damage as I only was 'testing' their services. But I wouldn't recommend them.

I still think you should forget about the rebates and focus on quality. MB is pretty good quality, and you shouldn't have any real issues with them.

Alot of brokers don't up the spread for referral accounts, but some do. You'd need to check each broker individually before going through that process. Also, remember that the rebate pushers online are sales people not traders. They aren't here to help you, they are here to make money themselves.

IMO stick with mbtrading.
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