Lowest trading costs broker (min deposit under 10k)? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

LMAX introducing broker with $1000 min deposit 2 replies

Brokers with 'real limit orders' and less than $10k deposit 4 replies

ECN Broker with Spreads on E/J under 2Pips, Leverage 1:200, Minimum Deposit $1000 39 replies

Any low min. deposit currenex broker? 2 replies

Any ECN with $10K min deposit? 4 replies

Attachments: Lowest trading costs broker (min deposit under 10k)?
Exit Attachments

Lowest trading costs broker (min deposit under 10k)?

  • #1
  • First Post: Dec 28, 2016 11:13am Dec 28, 2016 11:13am
I am looking to decrease my trading costs and recently found "core spreads".

Their spreads are actually really good and i just applied for an account but they are asking for my docs to be verified by a public office holder.

As i am trying to get in contact with one and make him do that once he understands whats the Foreign Exchange, i would like know about some more brokers who have such low trading costs and dont require a min deposit above 5-10k.

Thanks.
  • #2
  • Dec 28, 2016 11:38am Dec 28, 2016 11:38am
These are the spreads on a demo at the time of this post, have to pay a commission of 3$/ 100k.

But with even including the comms the total cost wont cross 1 pip and it will only get betert in Jan as liquidity returns.
.
Attached Image
  • #3
  • Dec 28, 2016 12:39pm Dec 28, 2016 12:39pm
Have you tried pepperstone?
  • #4
  • Dec 28, 2016 12:46pm Dec 28, 2016 12:46pm
I'm a big Pepperstone booster, (apparently) but that "core spreads" outfit doesn't look bad at first glance. It's also $1 less than pepperstone per 100,000 unit round turn. If they really are a regulated UK outfit with some history in the space, they're probably as low as you'll find for trading costs. I think if you get lower than that, you're asking for a shady broker.
  • #5
  • Dec 28, 2016 1:01pm Dec 28, 2016 1:01pm
Usually there is a reason when one is the cheapest on spreads and commission. They have other methods in place to generate the revenue. I would just look for an average priced broker. And on the other side, one with good execution, no conflict of interest (which means proven market execution or a net hedging model) and good regulation.
Core Spreads for example is just a spread betting company, which means they need you to loose in order to make money. As they control the data feed and the slippage, you could have not the experience you will have on your demo account there. I do not recommend any and would not listen to those paid agends here.
Pat
  • #6
  • Dec 28, 2016 1:25pm Dec 28, 2016 1:25pm
DerPat actually brings up something important that I had forgotten about. Too many years away from FX forums, and being a Canadian.

The only "major" difference between forex and spread betting in the UK is that spread betting is considered gambling, and is thusly tax free. There's some concern that if it's your primary source of income that it could be taxed, but your milage may vary on that.

More importantly perhaps, is that this broker doesn't appear to be a market neutral broker that trades in the market to offset their risk of losing when you win. This financially incentivises the broker to manipulate your price feeds, and regulators really don't have any way of stopping them doing that without solid proof that such a thing has happened. So you might ask yourself, are you ok trading with a firm that is incentivised to see you lose? I'd not be terribly comfortable with that, even with effective regulators because not everything is easy to prove when you're the victim.
  • #7
  • Dec 28, 2016 4:00pm Dec 28, 2016 4:00pm
Some ideas:

Tickmill (FCA regulated) 4$/RT + Cashback
Darwinex (FCA regulated) 5$/RT

Don't know about slippage there.
  • #8
  • Dec 28, 2016 4:08pm Dec 28, 2016 4:08pm
I just opened a live account with Pepperstone and was charged 8$ (compared to 3$ at corespreads) comm. Which mean they are charging double of what Corespraeds is charging.

Dont you guys think that they are not using any third party news/tech service, that may be part of the reason that they have less running costs and can offer better rates to their clients and that does seem to be their motto with that name "corespreads".

if i can save a pip on every trade that seems to be big deal for me cause i am trading 5m-15m and average around 3-5 trades a day.
  • #9
  • Dec 28, 2016 5:01pm Dec 28, 2016 5:01pm
Well, their big savings advantage is more because they're not trading in the market by the looks of it. With FX brokers, you're actually trading currency lots in the interbank market. With a spread betting service, you're typically just betting on prices, and not actually trading in the interbank market.

Again, this means that the spread betting service can manipulate their feed to you and you'd likely have no solid way to prove that they did. Not saying that they would, but if they're financially incentivised to see you lose, I'm not sure I'd be so comfortable with that. That said, any broker could theoretically trade against you and manipulate price feeds to you to see you lose, but there are less incentives at work to make that happen with a broker that charges commissions to cover their fees that they actually pay to liquidity providers by trading in the interbank market.

I dunno nasir.kahn. Cheap commissions in this case are likely just the result of this broker not actually trading in the FX market, but it's undeniable that a spread bettor that does not trade in the interbank market to offset your own trades wins when you lose.
  • #10
  • Dec 28, 2016 6:35pm Dec 28, 2016 6:35pm
Live Spreads: http://www.myfxbook.com/forex-broker-spreads

ECN Brokers with Spreads+Commissions+Leverage+Min Depoist+Regulated/Unregulated : https://www.100forexbrokers.com/mt4-ecn-brokers


Cross referencing being the idea here and use the "shift" key for multipe column comparison with "100forexbrokers"
Learn, a forex trader must, unlearn and relearn he will.
  • #11
  • Jan 2, 2017 3:06am Jan 2, 2017 3:06am
Quoting COGSx86
Live Spreads: http://www.myfxbook.com/forex-broker-spreads ECN Brokers with Spreads+Commissions+Leverage+Min Depoist+Regulated/Unregulated : https://www.100forexbrokers.com/mt4-ecn-brokers Cross referencing being the idea here and use the "shift" key for multipe column comparison with "100forexbrokers"

much info is outdated on 100forexbrokers moreover some really good offers are missed there or posted late. I prefer myfxbook for a broker search
  • #12
  • Jan 3, 2017 7:23am Jan 3, 2017 7:23am
Quoting themoney
Some ideas: Tickmill (FCA regulated) 4$/RT + Cashback Darwinex (FCA regulated) 5$/RT Don't know about slippage there.
How to receive cashback when using Tickmill? Special offer from them or some third party company?
  • #13
  • Jan 3, 2017 11:14am Jan 3, 2017 11:14am
@nasir.khan
Do yourself a favour and just try some brokers - have a look at slippage, delays, server latency and so on. Just comparing the spread might not necessarily get you very far as it's rather simple to create a very tight spread top of the book if they don't operate any minimum size for the prices in their feed - a very tight spread can be a decoy price very unlikely to reflect the price you'll actually get.

BTW: once you make decent volume all these retail commissions will appear rather high to you.
  • #14
  • Jan 3, 2017 11:53am Jan 3, 2017 11:53am
Quoting available
{quote} How to receive cashback when using Tickmill? Special offer from them or some third party company?
Third party, just google "Tickmill rebate" or "Tickmill cashback"!
But as I said before, I dont know about the slippage. Slippage is an important factor....

Salute
  • #15
  • Jan 5, 2017 9:39am Jan 5, 2017 9:39am
Quoting nasir.khan
These are the spreads on a demo at the time of this post, have to pay a commission of 3$/ 100k. But with even including the comms the total cost wont cross 1 pip and it will only get betert in Jan as liquidity returns. . {image}
It tells nothing actually. Live spreads are completely other story, they can widen, change in crazy way, give slippage etc.
Hang over there for some time and then report about your results. Will be much worthy to read and discuss.
LS.
  • #16
  • Jan 14, 2017 5:16am Jan 14, 2017 5:16am
Quoting leebsurag
{quote} It tells nothing actually. Live spreads are completely other story, they can widen, change in crazy way, give slippage etc. Hang over there for some time and then report about your results. Will be much worthy to read and discuss. LS.
Have you experienced heavy slippage with Tickmill (news trading, rollover times etc.)? Does anybody by a chance has a record of slippages during the times of high volatility which happens periodically (for example during NFP release) with this broker?
Thanks.
  • #17
  • Jan 15, 2017 3:16am Jan 15, 2017 3:16am
What do you guys expect? No slippage during the news? Get back to reality and stop scalping volatility events with high leverage. Its not going to work for you anyway.
  • #18
  • Jan 15, 2017 10:25am Jan 15, 2017 10:25am
Quoting nasir.khan
I just opened a live account with Pepperstone and was charged 8$ (compared to 3$ at corespreads) comm. Which mean they are charging double of what Corespraeds is charging. Dont you guys think that they are not using any third party news/tech service, that may be part of the reason that they have less running costs and can offer better rates to their clients and that does seem to be their motto with that name "corespreads". if i can save a pip on every trade that seems to be big deal for me cause i am trading 5m-15m and average around 3-5 trades...

check out PAYBACKFX is your looking to lower your commissions.

http://www.paybackfx.com/dashboard
Learn, a forex trader must, unlearn and relearn he will.
  • #19
  • Jan 16, 2017 11:04am Jan 16, 2017 11:04am
Quoting available
{quote} Have you experienced heavy slippage with Tickmill (news trading, rollover times etc.)? Does anybody by a chance has a record of slippages during the times of high volatility which happens periodically (for example during NFP release) with this broker? Thanks.

Basically it is 0-10 pips range, but I have low record of NFPs traded as I don't trade them everytime. IMO, you would need at least 400-500 NFPs sampling to calculate standard deviation of slippage (what sounds pretty odd ) and I doubt it is subject to some known distribution laws. And its really hard to gather that sampling..
  • #20
  • Jan 22, 2017 7:23am Jan 22, 2017 7:23am
Quoting leebsurag
{quote} Basically it is 0-10 pips range, but I have low record of NFPs traded as I don't trade them everytime. IMO, you would need at least 400-500 NFPs sampling to calculate standard deviation of slippage (what sounds pretty odd ) and I doubt it is subject to some known distribution laws. And its really hard to gather that sampling..

Is quality of the execution differs when using different lot size or its always the same?
0 traders viewing now