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Boston Prime - best broker for Scalpers?

  • #1
  • First Post: Mar 13, 2013 4:31am Mar 13, 2013 4:31am
Came across Boston Prime whilst tracking Fxintel.com for the best spreads on EUR-JPY - they are consistently amongst the tightest.

Signed up for a demo.

Commissions are only $10 per mm! However the minimum invoice is $1500 per month which makes them slightly out of my league.

Is anyone trading with them? I can't find much written in the way of reviews. Interestingly, they are FSA regulated...

M
  • #2
  • Mar 13, 2013 4:55am Mar 13, 2013 4:55am
They don't have a license to deal with retail customers. They are in the business of providing services to other broker-firms. If you were to start your own broker firm, they could set you up with all the required technology and liquidity. You pay them a fixed monthly fee + $10/million, you charge your customers more and live on the difference.
  • #3
  • Mar 13, 2013 5:00am Mar 13, 2013 5:00am
I see! Thanks Shrike.

M
  • #4
  • Mar 13, 2013 11:45am Mar 13, 2013 11:45am
Quoting MarkW1979
Came across Boston Prime whilst tracking Fxintel.com for the best spreads on EUR-JPY - they are consistently amongst the tightest.

Signed up for a demo.

Commissions are only $10 per mm! However the minimum invoice is $1500 per month which makes them slightly out of my league.

Is anyone trading with them? I can't find much written in the way of reviews. Interestingly, they are FSA regulated...

M
What is spread you saw here for EURJPY?

Thanks
  • #5
  • Mar 13, 2013 12:40pm Mar 13, 2013 12:40pm
If you are looking for the best spread, you can check right here on FF in real time http://www.forexfactory.com/brokers.php#spreads
  • #6
  • Mar 13, 2013 7:21pm Mar 13, 2013 7:21pm
commission is quite high. i originally thought the $8 per round lot over at atcbrokers is high, but compared to this, boston prime is definitely higher. also, the spreads are not as competitive as tradersway, lqdmarkets, and exness. i would suggest you go check out tradersway instead of boston prime as they are much better.
  • #7
  • Mar 15, 2013 7:43am Mar 15, 2013 7:43am
http://www.myfxbook.com/forex-broker-spreads <--- you can compare many brokers spread here... average spread etc...
  • #8
  • Apr 7, 2013 8:27am Apr 7, 2013 8:27am
To trade with boston prime,
minimum deposit is 50k.
leverage is 1:100 only.
  • #9
  • Feb 4, 2014 8:21am Feb 4, 2014 8:21am
Just to clear things up. Anyway the last thread reply was almost 1 year ago....

@jhehe: $8 per roundturn lot on atcbrokers is more expensive. Actually, BT prime charge $10 per million traded, meaning it's $1 per roundturn lot. (1 lot is equal to 100,000). I think if you convert it to pips, it'll be equal to 0.1 pips. I happen to see their gold package though.... and yes, the leverage is 100:1 only.
That's all I can confirm.
  • #10
  • Feb 4, 2014 2:26pm Feb 4, 2014 2:26pm
Quoting freewilly
$10 per million traded, meaning it's $1 per roundturn lot. (1 lot is equal to 100,000)
no it isn't. round-turn means you are trading both ways (that makes it 2$ per million $ round-turn). 1 lot is 100.000 of base currency, not necessarily 100.000 $. That works only if the currency pair has USD as the base currency.

Quoting freewilly
I think if you convert it to pips, it'll be equal to 0.1 pips.
no it won't... that would work only if the other currency would be at parity wit the USD.
I'm not insane; my mother had me tested.
  • #11
  • Feb 4, 2014 4:16pm Feb 4, 2014 4:16pm
$10 per million would be ~0.27 pips in EUR/USD right now. Still very cheap.
  • #12
  • Feb 4, 2014 8:15pm Feb 4, 2014 8:15pm
@RoBiK: Ah.. yes... You are right. Anyway, Boston Prime only serve brokers. I think I know why brokers made a lot of money now.
  • #13
  • Feb 5, 2014 6:28pm Feb 5, 2014 6:28pm
shoot i misread. would it be better to find a broker that's using BPT?
  • #14
  • Feb 7, 2014 3:14am Feb 7, 2014 3:14am
Quoting jhehe
shoot i misread. would it be better to find a broker that's using BPT?
Hmm... I dont think so. If you are looking for low spread, definitely go for STP/ECN broker like IC Markets. They have the lowest spread.
  • #15
  • Feb 7, 2014 4:33am Feb 7, 2014 4:33am
Quoting freewilly
{quote} Hmm... I dont think so. If you are looking for low spread, definitely go for STP/ECN broker like IC Markets. They have the lowest spread.

Lmax has the lowest spreads if that is the only concern or yours but it just so happens that they are the best broker


Attached Image (click to enlarge)
Click to Enlarge Name: IC_and_Lmax.png Size: 13 KB


Includes commission.
  • #16
  • Feb 7, 2014 4:35am Feb 7, 2014 4:35am
Quoting freewilly
{quote} Hmm... I dont think so. If you are looking for low spread, definitely go for STP/ECN broker like IC Markets. They have the lowest spread.
saying that with no proof of backing it up? oh will you look at mitch77's post or go on fxintel yourself to show spread monitor proof before making that claim?
  • #17
  • Feb 7, 2014 6:20am Feb 7, 2014 6:20am
Hello. I use both Boston Prime and IC markets.

I can confirm that the spread is tighter at IC markets, however you pay more on the commissions than Boston Prime.

Execution is also faster at IC markets because there is no MT4 bridge.
  • #18
  • Feb 11, 2014 9:08pm Feb 11, 2014 9:08pm
Quoting jhehe
{quote} saying that with no proof of backing it up? oh will you look at mitch77's post or go on fxintel yourself to show spread monitor proof before making that claim?
Hi jhehe,
as you suggested, here is the spread comparison from fxintel. I still believe IC Market has tightest spread. Apology if I didnt show this earlier. Agree with you there should be proof to back it up.
Attached File(s)
File Type: pdf spread.pdf   1.3 MB | 717 downloads
  • #19
  • Last Post: Feb 13, 2014 4:59am Feb 13, 2014 4:59am
Hi Willy, I am sure IC Markets are a really good broker and who cares which broker has the lowest spreads as long as there is minimal slippage and the spreads are competitve.

I would like to point out though that your link shows the spreads without commission, include commission and they wont be the lowest.
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