FXOPEN AU cheap commission but IBFX commission is 0? | Forex Factory

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FXOPEN AU cheap commission but IBFX commission is 0?

  • #1
  • First Post: Jun 10, 2014 4:30pm Jun 10, 2014 4:30pm
ive been using IBFX but recently took a look at other brokers, for example FXOPEN AU claimed to have low comission so i tried opening a 1 mini lot trade.

so i took a long 1 mini lot EU with IBFX & FXOpen AU demos to compare.
FXOPEN AU
it started at USD -6.88 with my EU trade . Comission shows -4.88, and my position started at -2pips. so in total -6.88

IBFX AU
started at USD -2.90 , comission shows 0, position started at -2.9 pips. so in total -2.90


Does this mean ibfx is the cheapest broker out there?
  • #2
  • Jun 10, 2014 6:58pm Jun 10, 2014 6:58pm
Quoting FatHuntresS
ive been using IBFX but recently took a look at other brokers, for example FXOPEN AU claimed to have low comission so i tried opening a 1 mini lot trade. so i took a long 1 mini lot EU with IBFX & FXOpen AU demos to compare. FXOPEN AU it started at USD -6.88 with my EU trade . Comission shows -4.88, and my position started at -2pips. so in total -6.88 IBFX AU started at USD -2.90 , comission shows 0, position started at -2.9 pips. so in total -2.90 Does this mean ibfx is the cheapest broker out there?
No

IN fx open you may have open i full lot therefore it is showing -4.88 as commision please check your lot in both account.

Thanks
  • #3
  • Edited Jun 11, 2014 3:46pm Jun 10, 2014 9:21pm | Edited Jun 11, 2014 3:46pm
Edit: it seems like i was comparing using differently scaling, seems like mkfx may be right, im opening a few trades and leaving it open to test it.
  • #4
  • Jun 10, 2014 9:23pm Jun 10, 2014 9:23pm
Quoting FatHuntresS
ive been using IBFX but recently took a look at other brokers, for example FXOPEN AU claimed to have low comission so i tried opening a 1 mini lot trade. so i took a long 1 mini lot EU with IBFX & FXOpen AU demos to compare. FXOPEN AU it started at USD -6.88 with my EU trade . Comission shows -4.88, and my position started at -2pips. so in total -6.88 IBFX AU started at USD -2.90 , comission shows 0, position started at -2.9 pips. so in total -2.90 Does this mean ibfx is the cheapest broker out there?

IBFX is making money from the spread. So right now with lower lots its cheaper but if you were to buy 10 standard lots @ 2.9 spread you'd be start off -$290.00 compared to the 4.88 commission+ -$200, for the spread(-$204.88)(i may be wrong in the sense that commissions may go up when trading higher lots but i don't think it does.)
Luck is what happens when preparation meets opportunity
  • #5
  • Jun 11, 2014 12:52am Jun 11, 2014 12:52am
I dont trade with either broker but to say IBFX is cheaper than FXOpen just seems wrong.

First image with commission included. Second image without commission included. I think that is proof or am I missing something?

Most brokers are cheaper than IBFX. They are one of the most expensive brokers around going by there high spreads

Attached Image (click to enlarge)
Click to Enlarge Name: FXopen2.png Size: 10 KB
Attached Image (click to enlarge)
Click to Enlarge Name: FXOpen1.png Size: 9 KB
  • #6
  • Jun 11, 2014 1:15am Jun 11, 2014 1:15am
Quoting FatHuntresS
ive been using IBFX but recently took a look at other brokers, for example FXOPEN AU claimed to have low comission so i tried opening a 1 mini lot trade. so i took a long 1 mini lot EU with IBFX & FXOpen AU demos to compare. FXOPEN AU it started at USD -6.88 with my EU trade . Comission shows -4.88, and my position started at -2pips. so in total -6.88 IBFX AU started at USD -2.90 , comission shows 0, position started at -2.9 pips. so in total -2.90 Does this mean ibfx is the cheapest broker out there?

Commission plus spreads equal total spreads. So visit myfxbook broker section to learn more about spreads of brokers. Well spreads are a very small part of trading. Also remember when you close your order you would lose more profit due to the spreads. Slippages are something most would ignore. Trade on both for a day and make 20 trades or more and at the end of the day you would understand which is actually cheaper(trading costs wise).
  • #7
  • Jun 11, 2014 5:44am Jun 11, 2014 5:44am
Ahh I see. I wondering if it adjusted for lot size. Thanks for letting me know! So I guess wether you use commissions or pay the spread the price is almost equal(unless you get really low spread)?
Luck is what happens when preparation meets opportunity
  • #8
  • Jun 11, 2014 6:20am Jun 11, 2014 6:20am
Someone had already made a withdrawal from fxOpen ?
Trade Safe !
  • #9
  • Jun 11, 2014 9:02am Jun 11, 2014 9:02am
Quoting Goodgame42
Someone had already made a withdrawal from fxOpen ?


Due to low spread I am planning to open an account with fx open. Is there some thing wrong with fxopen ?

Please let us know if some issue with this broker.

Thanks
  • #10
  • Jun 11, 2014 10:07am Jun 11, 2014 10:07am
Quoting mkfx
{quote} Due to low spread I am planning to open an account with fx open. Is there some thing wrong with fxopen ? Please let us know if some issue with this broker. Thanks
I want to open account with FXOpen too. I want to know its disadvantages from real users too.
  • #11
  • Jun 11, 2014 2:15pm Jun 11, 2014 2:15pm
Quoting Mr.Kane
{quote} I want to open account with FXOpen too. I want to know its disadvantages from real users too.
+1

has anyone withdraw profits (more than he/she deposited)?
  • #12
  • Jun 11, 2014 3:47pm Jun 11, 2014 3:47pm
go and pm FXOJaafar i think his nick in the forum, he is the director for fx open au. and he is quite active in the forums.

There shouldnt be a problem withdrawing imo. and no i have not tried using fxopen. He seems nice though.
  • #13
  • Last Post: Jun 12, 2014 2:59am Jun 12, 2014 2:59am
Quoting FatHuntresS
go and pm FXOJaafar i think his nick in the forum, he is the director for fx open au. and he is quite active in the forums. There shouldnt be a problem withdrawing imo. and no i have not tried using fxopen. He seems nice though.
Jaffar is active here and that's nice however we are asking if a trader made profits and withdraw everything...
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