Good Reputable Brokers with Low Spreads? | Forex Factory

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Good Reputable Brokers with Low Spreads?

  • #1
  • First Post: Feb 18, 2014 9:07am Feb 18, 2014 9:07am
Want to change from IBFX(been using for 7 years), i think the spread is is kinda high compare to ICMarket?

Whats the spread in ICmarket and other brokers for EURUSD any below 1.5 pip? Im thinking of ICMarket are they good? Any recommendations will be great!
  • #2
  • Feb 18, 2014 9:30am Feb 18, 2014 9:30am
All the main regulated brokers have better spreads than IBFX.


Attached Image (click to enlarge)
Click to Enlarge Name: Spreads1.png Size: 44 KB



You could also read forex broker reviews on Forex Peace Army. You have to take into account that all brokers have the odd rubbish review from newbies usually due to their own poor trading.
  • #3
  • Feb 18, 2014 11:12pm Feb 18, 2014 11:12pm
Yep i dont trust those reviews haha, i have been trading for years and didnt bother much about the spread ! i am suprised that IBFX has such a HIGH spread. Geez, wonder how many pips they took from all my trades in total.

Oanda looks really good! i might try ICmarket though, is oanda and other brokers true ECN like IC markets? meaning i dont win money from the brokers directly, what are some other true ecn brokers. ill google it later if no one knows heh.
  • #4
  • Feb 19, 2014 12:18am Feb 19, 2014 12:18am
Oanda is not an ECN broker. They are a MM, even says on first page of their website. That spread caption from above was just coincidence that Oanda had lowest spread on EUR/USD as usually they don't but still competitive.

I think IC Markets is probably a ecn or at least stp. I think its only real dodgy buckshops that false advertise as surely regulated brokers can not do this. Like most of the Australian brokers IC seem to have good reviews (even though you say you don't trust review sites).

Other similar brokers maybe worth looking at Pepperstone, Axitrader and Global Prime. Global Prime sends you are trade receipt from liquidity provider who filled the trade to prove they didn't take the trade themselves.
  • #5
  • Feb 19, 2014 1:45am Feb 19, 2014 1:45am
on an average the spreads on eurusd is 1.6 but it can get wider, btw i trade with hotforex good luck
  • #6
  • Feb 19, 2014 1:52am Feb 19, 2014 1:52am
Hey thanks all! appreciate it. any more 'personal' reviews here please feel free to post, i trust FF members =p

Oanda and ICmarket probably on top of my list now.
  • #7
  • Feb 19, 2014 12:07pm Feb 19, 2014 12:07pm
I'm had no issues with Oanda, the spread varies around 1.2p and the execution is very good compared to other brokers, you need to stay away from news
  • #8
  • Feb 20, 2014 3:58pm Feb 20, 2014 3:58pm
Quoting Hobbs100
I have no problem with my broker 1lotstp . It has fast mt4 execution and also good support.
I like it when traders say they enjoy their brokers, you know sometimes I can't help but feel that these brokers are under a lot of pressure. I really do commended my broker for the way they handle their business!
  • #9
  • Feb 20, 2014 7:21pm Feb 20, 2014 7:21pm
ECN: http://www.mbtrading.com/exnspread.aspx

ECN: https://www.interactivebrokers.com/
  • #10
  • Feb 20, 2014 8:19pm Feb 20, 2014 8:19pm
Newbie here. Please bear with me. I have read a lot of bad horror stories about Oanda and their extreme spreads during news events. sometimes even 50+. anyone ever experience this? is it really that bad? I have a demo with them right now and i use MT4. but i only do this part time as i have full time job and hence have not been able to experience such an event.

Another question i have about Oanda is I am experiencing a bit of slippage while doing one-click trading via MT4. sometimes pretty bad. I spoke to support and they said it is an MT4 issue where they do not allow deviation whereas their fxtrade platform allows to limit deviation.

any help would be very appreciated.
  • #11
  • Feb 20, 2014 8:44pm Feb 20, 2014 8:44pm
Quoting BankRobber
ECN: http://www.mbtrading.com/exnspread.aspx ECN: https://www.interactivebrokers.com/
Finally someone speaks some sense
Nothing is impossible, with a willing mind!
  • #12
  • Feb 24, 2014 1:00am Feb 24, 2014 1:00am
Quoting mitch77
All the main regulated brokers have better spreads than IBFX. {image} You could also read forex broker reviews on Forex Peace Army. You have to take into account that all brokers have the odd rubbish review from newbies usually due to their own poor trading.

I am no way spruiking IBFX , but in the interest of fairness, this spread caption that you have posted is not comparing apples with apples, it is comparing ecn accounts (which do not have the extra spread included) with standard accounts that charge no extra spread. If you notice that red triangle in the top right hand corner next to most of the broker's, that indicated that there is an additional commission charged on-top of the spread you see there

Here are some more meaningful spreads...the are all commission free accounts http://www.forexchurch.com/forex-spreads.cfm . Pacific Financial Derivatives (PFD) seem to be consistently the lowest.
  • #13
  • Edited 4:44am Feb 24, 2014 4:00am | Edited 4:44am
^^^I didn't know I had to find other rubbish brokers for the comparison. You will see that in the top right corner I ticked- include commission.

Any way each to there own, OP can go with a MM or choose a ECN which is still cheaper with commission included and save some money.

EDIT: PFD, I come from NZ originally and I still wouldn't choose a NZ regulated broker especially when most of them have contact addresses that are residential addresses like PFD. I guess it's a good way to keep overheads down, running a broker from your house
  • #14
  • Feb 24, 2014 5:29am Feb 24, 2014 5:29am
Quoting mitch77
^^^I didn't know I had to find other rubbish brokers for the comparison. You will see that in the top right corner I ticked- include commission. Any way each to there own, OP can go with a MM or choose a ECN which is still cheaper with commission included and save some money. EDIT: PFD, I come from NZ originally and I still wouldn't choose a NZ regulated broker especially when most of them have contact addresses that are residential addresses like PFD. I guess it's a good way to keep overheads down, running a broker from your house

Sorry....didn't notice that you had checked an option to include commission. Just because an account is not ECN, it by no way means that it must be MM, it could also be straight STP or DMA/STP (which in my opinion is almost on par with ECN). Regarding PFD a residential contact addess, where did you see that? I have check their site and done a cursory google check and can't see it anywhere >
  • #15
  • Feb 24, 2014 6:20am Feb 24, 2014 6:20am
Quoting JoBlo
{quote} Sorry....didn't notice that you had checked an option to include commission. Just because an account is not ECN, it by no way means that it must be MM, it could also be straight STP or DMA/STP (which in my opinion is almost on par with ECN). Regarding PFD a residential contact addess, where did you see that? I have check their site and done a cursory google check and can't see it anywhere >
No harm done.

My apologies also, I had another look on google maps and it isn't a residential building but just in a residential area. On google maps it doesn't exactly look like a "high flying" broker operation though ie small back office looking operation.

You are right STP is also a good choice for broker execution.
  • #16
  • Feb 24, 2014 12:16pm Feb 24, 2014 12:16pm
"Our True ECN model relies on our clients winning meaning we want you to make money."

I found this on IC Markets site. Can somebody explain how is this true or not true?
  • #17
  • Oct 13, 2014 1:41pm Oct 13, 2014 1:41pm
Quoting Vitez
"Our True ECN model relies on our clients winning meaning we want you to make money." I found this on IC Markets site. Can somebody explain how is this true or not true?
probably they mean that if you blow your account, you won't be around to generate further commissions for them.

as to whether it's true, someone with live experience with them might want to chip in...
  • #18
  • Oct 13, 2014 4:45pm Oct 13, 2014 4:45pm
Quoting Vitez
"Our True ECN model relies on our clients winning meaning we want you to make money." I found this on IC Markets site. Can somebody explain how is this true or not true?
They don't have a True ECN model. A true ECN model allows all their clients to trade against each other ie an exchange.

They have a basic STP commission model which they pass all orders through to the LP's
  • #19
  • Oct 13, 2014 4:47pm Oct 13, 2014 4:47pm
ah, misread that one... I didn't see the "True" lol
  • #20
  • Oct 20, 2014 4:04am Oct 20, 2014 4:04am
Need an opinion from sb who knows exactly.
I looked through myfxbook but the lowest spreads have brokers who I have never heard before. Some names are everywhere, but these ones... Also they have low commission... My question is - can myfxbook write about scam brokers? Coz I found some which I want to work with but I'm little bit nervous
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