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Best Broker for Extreme Scalper - When Spreads Matter

  • #101
  • Dec 9, 2014 10:03am Dec 9, 2014 10:03am
I just signed up with KTM, so far I am impressed, uber low spreads! they told me they have previously only cleared for big institutions and now opened for retail traders.
Bulls are stupid Animals!especially when Im short!
  • #102
  • Dec 11, 2014 5:43pm Dec 11, 2014 5:43pm
I haven't seen too much mention of Dukascopy on this thread. Their roundtrip costs are certainly lower than the brokers mentioned at the start of the post.

Dukascopy EUR/USD spread ~0.3 pips.
Roundtrip Commission with 50k deposit: 3.6 $/100k or ~0.36 pips
Total roundtrip = 0.3 + 0.36 = 0.66 pips

Now, sign up through Cash Back Forex or similar, and they knock 20% off the commissions. So roundtrip becomes 0.3 + 0.29 = 0.59 pips.

What reputable broker can beat that?
  • #103
  • Dec 11, 2014 6:44pm Dec 11, 2014 6:44pm
IB, lmax, lcg - all have lower commissions than that. There is really no good reason to pay more than $20/million.
  • #104
  • Dec 12, 2014 10:01am Dec 12, 2014 10:01am
Quoting shrike
IB, lmax, lcg - all have lower commissions than that. There is really no good reason to pay more than $20/million.
Respectfully, the data doesn't agree with your claim:

I use IB as my primary broker. They charge 0.4 pips per roundtrip (0.2 pips per side). Further, their spreads tend to be wider, about 0.5 pips on average for EUR/USD. So overall costs are higher than Dukascopy.

For LCG, these guys say the commission is $3 / 100k, 0.3 pips per side, so 0.6 pips roundtrip. Again, more expensive than Dukascopy.

For LMAX, these guys show that the commission varies between 0.225 and 0.28 per side, or 0.45 to 0.56 roundtrip. Again, more expensive than Dukascopy.

Some other brokers may charge lower commissions for higher deposits or trading volume, but Dukascopy scales down their commissions as well. Their lowest tier is actually 0.1 pips/side, or 0.08 pips per side with the discount applied.
  • #105
  • Dec 12, 2014 10:49am Dec 12, 2014 10:49am
Ok you are right if you depost it 50K with Dukas. With the exception of LCG.

Duaks (50K deposit): $18 ($30 for 10k deposit or $25 for 25k)
lmax (10k deposit): $25 ($20 with ib)
IB (10k deposit): $20
LCG (20K deposit): $15
  • #106
  • Dec 12, 2014 11:36am Dec 12, 2014 11:36am
Quoting shrike
Ok you are right if you depost it 50K with Dukas. With the exception of LCG. Duaks (50K deposit): $18 ($30 for 10k deposit or $25 for 25k) lmax (10k deposit): $25 ($20 with ib) IB (10k deposit): $20 LCG (20K deposit): $15
Thanks for the link to LCG. They seem to have a pretty good offering. I'll add them to my broker shortlist.
  • #107
  • Edited 7:54pm Dec 12, 2014 6:05pm | Edited 7:54pm
Quoting LavoCorp
{quote} Respectfully, the data doesn't agree with your claim: I use IB as my primary broker. They charge 0.4 pips per roundtrip (0.2 pips per side). Further, their spreads tend to be wider, about 0.5 pips on average for EUR/USD. So overall costs are higher than Dukascopy. For LCG, these guys say the commission is $3 / 100k, 0.3 pips per side, so 0.6 pips...
IB's spread is a little different that I do want to clarify just to be fair to them even though I hate them to death (I will be happy to elaborate to you just how bad they are if you ask me). Although they display their spread on all their pairs as 0.5 pips but in reality, their spread is actually comparable to other ECN brokers like IC Markets, LMAX, LCG and etc, 0.1 pips on average. 99.999% of the time your fills are within the displayed spread within on average around 0.1 pips on the more high-volume pairs like E/U, U/J, A/U and N/U and etc. and not really 0.5 pips. Together with their $2.0 per $100K USD commission (Yes with base currency that is more expensive than USD like EUR or GBP, you WILL pay more than $2.5 sometimes $3+) per side, their trading cost is competitive. WHY they choose to display a 0.5-pip spread is something that is beyond my understanding or my desire to understand.

BUT with everything that is a little bit good with IB, IB always manages to come back with something 10 times worse to compensate. Even though you do get decent spread and fills on your market orders, when you place limit orders, you are only allowed to place them with price up to 4 decimal places instead of 5 so basically forcing you to a 0.5 pips spread and not really allow you to put limit orders within their bid/ask.

So there you have been clarified and warned. Good trading and happy broker hunting!
Make your losses in demo. Earn your profits live.
  • #108
  • Dec 12, 2014 6:45pm Dec 12, 2014 6:45pm
You can switch the .5 pip quote display to .1 pips with in TWS preferences.
  • #109
  • Dec 12, 2014 7:53pm Dec 12, 2014 7:53pm
Quoting shrike
You can switch the .5 pip quote display to .1 pips with in TWS preferences.
REALLY? I have never found that in any of the preferences in TWS. Well it's too late now that I don't care anymore. At least I gave them credit for their 0.1 pip spread even though they have never invested the time and efforts to show me all the features and preferences of their TWS.

Thanks for sharing this info. Shrike.
Make your losses in demo. Earn your profits live.
  • #110
  • Dec 12, 2014 9:39pm Dec 12, 2014 9:39pm
And oh btw, IC Markets is not too bad. Really good spread, good execution speed and not too bad of commission rate, competitive with the others. The only thing is if you are outside of Australia you have to be careful with fees in funding your account.
Make your losses in demo. Earn your profits live.
  • #111
  • Dec 16, 2014 2:23am Dec 16, 2014 2:23am
Quoting jeuro
. The major issue with these type of comparison is the fact that it is impossible to find out if the bid/ask that made the spread were executable prices.. unless sending orders to all 3 in a very synchronized manner and keeping tab of quoted prices, executed price and spread at execution. Even if you try each one of them separately for a while you will not know. If you want to try the one with the smallest commission send me PM. I am local and visited their office a couple times. They run a very clean operation. Quite strict too. Even knowing them...
It's not the best spreads. There are better available
  • #112
  • Dec 17, 2014 6:56am Dec 17, 2014 6:56am
Quoting Ian_Lavoie
{quote} Respectfully, the data doesn't agree with your claim: I use IB as my primary broker. They charge 0.4 pips per roundtrip (0.2 pips per side). Further, their spreads tend to be wider, about 0.5 pips on average for EUR/USD. So overall costs are higher than Dukascopy. For LCG, these guys say the commission is $3 / 100k, 0.3 pips per side, so 0.6 pips...

0.4 round is low commission. it look like they adding to spread? I think that this ecn market is more competetive today.
  • #113
  • Dec 30, 2014 3:46pm Dec 30, 2014 3:46pm
Quoting Denny n Co
Results my scalping techniques with simulator : (225x trade no loss, 500% profit in 3.5 months)
Did you use real ticks for back testing your extreme scalping EA?
Trading is the hardest way to make easy money...
  • #114
  • Jan 2, 2015 3:42pm Jan 2, 2015 3:42pm
If you look for a large number of instruments to scalp with then Interactive Brokers. If you want a broker you can take advantage of then try newbies like Dawrinex or Tickmill. I think they are pretty soft. If you are a whale then try dark pools and places like Hotspot.
  • #115
  • Jan 4, 2015 1:15pm Jan 4, 2015 1:15pm
According to you.it is right to worry about the new "maneuver"of ArmadaMarkets?
  • #116
  • Jan 6, 2015 2:26am Jan 6, 2015 2:26am
Quoting GaeP
According to you.it is right to worry about the new "maneuver"of ArmadaMarkets?
what to worry about, i also receive an email notification regarding their new company name 'tickmill' , new base currency added, and now trading intrument not only limited on forex pair, gold and silver, DAX, S&P500, Nasdaq and Dow jones stock are available now, even I dont trade stock but i think it's good improvement, while I only aim for their traders of the months prize, i notice they double the prize from 500 to 1k for the winner, will manage to it someday .
  • #117
  • Jan 8, 2015 1:03am Jan 8, 2015 1:03am
While you did some good work on comparing spreads, the examples are based on one instant in time. Since you couldn't possibly snap the spread on all three accounts at EXACTLY the same time, I don't think you can count on your example being meaningful.

I suggest that you write an EA (very simple) that would average the spreads over 24 hours and give you a running report every hour or so.

Another thing, you will find that each broker has times when their spreads are very low or very high, depending on the trading times of their client base.

For instance, Armada customers may do a lot of trading between 00:00 and 12:00 GMT and the spread might be lower during those hours than outside those hours.

Just a few thoughts.

Regarding the example brokers you mentioned, I only have experience with Armada (now Tickmill) and Pepperstone. While I'm very happy with both brokers, I find the spreads at Tickmill to be lower "most of the time". There are times when Pepperstone may be lower for the reason I mentioned above. But most of the time (certainly during my trading hours), Tickmill's spreads are lower.

Actually, my accounts are ECN accounts where commissions need to be considered. When I say "spread" above, I mean the combined cost of quoted spread plus commission.

Hope this helps. Good discussion.

By the way, your EA seems too good to be true. No losses when backtesting? How about actual live trading?>
  • #118
  • Jan 8, 2015 4:02am Jan 8, 2015 4:02am
Quoting ChuckNZ
While you did some good work on comparing spreads, the examples are based on one instant in time. Since you couldn't possibly snap the spread on all three accounts at EXACTLY the same time, I don't think you can count on your example being meaningful. I suggest that you write an EA (very simple) that would average the spreads over 24 hours and give you a running report every hour or so. Another thing, you will find that each broker has times when their spreads are very low or very high, depending on the trading times of their client base. For instance,...
I can't find Tickmill regulation link, can you give it to me?

Financial Services Authority (FSA) regulated, Licence No SD008
  • #119
  • Jan 23, 2015 7:59pm Jan 23, 2015 7:59pm
I am planning on trading with them with either Tickmill or IC MArkets, but I know Tickmill is based in the Seychelles with a dubious licence. Anyone used them yet and are happy so far? I am looking for a broker with low spreads and that is reputable
  • #120
  • Jan 27, 2015 2:42am Jan 27, 2015 2:42am
Pepperstone? You gotta be kidding me.
DON'T use pepperstone for scalping.

You can easily get 9-10 pips spread on EUR/USD. I have a spreadsheet on EURUSD from there if you want with the before mentioned spread
written on it.

Also if you get a negative balance with them they will force you to pay it back. Otherwise they will close your account.
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