Best Forex commission rates?

[salamanderforex]

IBKR is charging something like $20 USD for $1 million transaction. Their margin rate is 1.25% or 1.55% for overnight. IBKR provides 5 decimal places for Forex trading on USD.

1- Is there anyone else who charges less in both commissions and margin rates or in one?

2- Does any other provider do better than 5 decimal points for USD or any other currency trading? like 5.5 or 6 decimal points?

Thanks,

 

[David's faith]

IC Markets charges 0.07 per 0.01 lot. And out of the small brokers its ECN is by far the best. They do 5 decimals. You will not find any better I think. You can check them out here https://www.icmarkets.com/
I can say with confidence, that if your capital is bigger then 25k there is no alternative to IB, but if you are below or do forex on the side (like I do), then IC is the place to be. I use them for 8 years now and did not nind any better brokerage regarding comissions, swaps or ECN.

 

[salamanderforex]

IC Markets charges 0.07 per 0.01 lot. And out of the small brokers its ECN is by far the best. They do 5 decimals. You will not find any better I think. You can check them out here https://www.icmarkets.com/

Thanks for the helpful feedback!

1- Can you please translate the 0.07 and 0.01 in terms of $1M transaction as to how much the fee/commisions will be?

2- You mentioned "out of small brokers". How is small and advantage of any?

3- How do you mean their ECN is the best? Some technical advantage?

5 decimal place is done by IBKR as well so that wouldn't go towards an advantage to my original post.

Thanks,

 

[David's faith]

Thanks for the helpful feedback!

1- Can you please translate the 0.07 and 0.01 in terms of $1M transaction as to how much the fee/commisions will be?

2- You mentioned "out of small brokers". How is small and advantage of any?

3- How do you mean their ECN is the best? Some technical advantage?

5 decimal place is done by IBKR as well so that wouldn't go towards an advantage to my original post.

Thanks,

1. Means 7$ per 1 Million. But if you have that high volume you should contact their support, they will give you even better prices.

2. I mean it is not an advantage, it just means IB IB is a big big player for everything, like TD and Charles Schwaab. There are tons of small forex& cfd brokers like IC, typically every brokerage that relies simply on Meta Trader and has less then 100'000 clients. More then 1000 of these brokerages exist I have found. But IC is by far the best of them (and the biggest).

3. It means small spreads, fast and reliable executions (no stoplosses that do not get executed)
4. I did find not a single broker that has more decimals then 5 in my 8 years of forex.

Let me stress this again: above 25k capital - IB, below IC Markets. There are no better brokerages for forex in this regard.

 

[salamanderforex]

1. Means 7$ per 1 Million. But if you have that high volume you should contact their support, they will give you even better prices.

I thought they are $3.5 each side (what marketing term - really $7 commision) regardless of our t traded + 0.1 pip which is $0.0001 * 1M = $10 so total of $17. Is my math correct? If so, this is $20 on IBKR so your finding is 15% cheaper.

2. I mean it is not an advantage, it just means IB IB is a big big player for everything, like TD and Charles Schwaab. There are tons of small forex& cfd brokers like IC, typically every brokerage that relies simply on Meta Trader and has less then 100'000 clients. More then 1000 of these brokerages exist I have found. But IC is by far the best of them (and the biggest).

Can you explain a meta trader vs others? I want to know technically. I am assuming it's the broker that has direct access to two banks while the small brokers buys into their system to allows it's own customers to trade Also, what is the other type called (the one opposite to meta trader) AND is there a 3rs or 4th type of brokers?

3. It means small spreads, fast and reliable executions (no stoplosses that do not get executed)
I thought stoploss always works just as asked - no? There is slippage to this? I can't even wrap my mind why slippage would exist in currency trading at all given its a highly liquid market and all positions get filled as asked.


4. I did find not a single broker that has more decimals then 5 in my 8 years of forex.
Thanks for confirmation. Maybe the forex mothers (banks) don't support or want to support more than 5 decimal?!

Let me stress this again: above 25k capital - IB, below IC Markets. There are no better brokerages for forex in this regard.
What is IB? IBKR? Can you please explain the first sentence by rephrasing it.

One last question, can all these brokers show the same rates universally to their clients from all over the world? Is there a single data source where they get the forex real time Book Depth and Sale prices from for example? Because if not this can be a disadvantage (i.e. bigger brokers showing more choices for buy/sell than smaller peoviser).

Thanks again.

 

[David's faith]

1. Means 7$ per 1 Million. But if you have that high volume you should contact their support, they will give you even better prices.

I thought they are $3.5 each side (what marketing term - really $7 commision) regardless of our t traded + 0.1 pip which is $0.0001 * 1M = $10 so total of $17. Is my math correct? If so, this is $20 on IBKR so your finding is 15% cheaper.

2. I mean it is not an advantage, it just means IB IB is a big big player for everything, like TD and Charles Schwaab. There are tons of small forex& cfd brokers like IC, typically every brokerage that relies simply on Meta Trader and has less then 100'000 clients. More then 1000 of these brokerages exist I have found. But IC is by far the best of them (and the biggest).

Can you explain a meta trader vs others? I want to know technically. I am assuming it's the broker that has direct access to two banks while the small brokers buys into their system to allows it's own customers to trade Also, what is the other type called (the one opposite to meta trader) AND is there a 3rs or 4th type of brokers?

3. It means small spreads, fast and reliable executions (no stoplosses that do not get executed)
I thought stoploss always works just as asked - no? There is slippage to this? I can't even wrap my mind why slippage would exist in currency trading at all given its a highly liquid market and all positions get filled as asked.


4. I did find not a single broker that has more decimals then 5 in my 8 years of forex.
Thanks for confirmation. Maybe the forex mothers (banks) don't support or want to support more than 5 decimal?!

Let me stress this again: above 25k capital - IB, below IC Markets. There are no better brokerages for forex in this regard.
What is IB? IBKR? Can you please explain the first sentence by rephrasing it.

One last question, can all these brokers show the same rates universally to their clients from all over the world? Is there a single data source where they get the forex real time Book Depth and Sale prices from for example? Because if not this can be a disadvantage (i.e. bigger brokers showing more choices for buy/sell than smaller peoviser).

Thanks again.

For comisions - they have different account models that vary in spreads and comissions. I have an ECN account (prices as described), you might find raw spread cheaper depending on your trading style. For me secure stoplosses are more important (which are better with ECN) then comissions.

2 regarding broker: there are also Ctrader and other plattforms. Metatrader is for me my favorite because I coded some indicators for it without having deep knowledge. There are 3 types of forex brokers. First the typical bank, which offers bad prices but has everything, basically for people who are too lazy to search better offers. Secondly the vast big players who have everything (IB, TD Ameritrade). And 3dly the small forex shops like IC Markets. Amongst the 3d category there are also scam brokers (stop hunting by widening spreads, no reliable price action, trading only beeing simulated etc. Plus 500 is a good example).

 

[David's faith]

1. Means 7$ per 1 Million. But if you have that high volume you should contact their support, they will give you even better prices.

I thought they are $3.5 each side (what marketing term - really $7 commision) regardless of our t traded + 0.1 pip which is $0.0001 * 1M = $10 so total of $17. Is my math correct? If so, this is $20 on IBKR so your finding is 15% cheaper.

2. I mean it is not an advantage, it just means IB IB is a big big player for everything, like TD and Charles Schwaab. There are tons of small forex& cfd brokers like IC, typically every brokerage that relies simply on Meta Trader and has less then 100'000 clients. More then 1000 of these brokerages exist I have found. But IC is by far the best of them (and the biggest).

Can you explain a meta trader vs others? I want to know technically. I am assuming it's the broker that has direct access to two banks while the small brokers buys into their system to allows it's own customers to trade Also, what is the other type called (the one opposite to meta trader) AND is there a 3rs or 4th type of brokers?

3. It means small spreads, fast and reliable executions (no stoplosses that do not get executed)
I thought stoploss always works just as asked - no? There is slippage to this? I can't even wrap my mind why slippage would exist in currency trading at all given its a highly liquid market and all positions get filled as asked.


4. I did find not a single broker that has more decimals then 5 in my 8 years of forex.
Thanks for confirmation. Maybe the forex mothers (banks) don't support or want to support more than 5 decimal?!

Let me stress this again: above 25k capital - IB, below IC Markets. There are no better brokerages for forex in this regard.
What is IB? IBKR? Can you please explain the first sentence by rephrasing it.

One last question, can all these brokers show the same rates universally to their clients from all over the world? Is there a single data source where they get the forex real time Book Depth and Sale prices from for example? Because if not this can be a disadvantage (i.e. bigger brokers showing more choices for buy/sell than smaller peoviser).

Thanks again.

3 most retail brokers have very limited acces to the liquidity, as they cause costs to access them. IC has deep liquidity if you go for ECN, you trade with multiple banks and other institutions at once, if you go to smaller retil brokers they may make you trade with only a few counterparties or only simulate trading entirely. Stoplosses usually hold at all brokers, where the difference comes in is when big news is released and candles jump triple their usual size.
4 agree

5 yes IB means IBKR- Interactive Brokers. Its just the most fair broker among all, they really care the most about your well beeing and have the best reputation. There is no more serious retail brokerage on this world then IB, not only in the forex universe.

Trading currencies is not done via public exchanges as it is with stocks for example. It is basically two banks dealing directly with each other (just to make it graphic) and showing each other their prices at which they like to buy or sell. An ECN is basically a server plattform that shares these prices and transactions to everyone who has access to it. To get connected to these ECN's banks and other institutions pay fees. The bigger the brokerage the better ECN they might afford. Therefore the smaller the brokerage the worse their ECN's they are connected to and the less liquidity, less security for stoplosses and worse price action/executions for their clients.

 

[David's faith]

regarding 5 IB / IBKR / Interactive Brokers has the best ECN there is in retail forex trading. Therefore the best price action, best executions, most secure stoplosses. And IB has a very long history with the best reputation. That in contrast to the small forex shops that offer leverage to infinity. And I said that with the capital because below 25k you might care for big leverage, which at IB is not given (1:40 is the biggest you can get at IB, at IC Markets it is 1:500).

 

[Turveyd]

I've been trading with ICMarkets for 2years no complaints here.

$0.07 per $1 traded is only on gold and similar, Indexes just spread DAX and. NQ 1pt in regular trading hours.


I like being able to set up different accounts then move money to instantly to stop me over trading.

 

[wmwmw]

IB's total trading cost is the lowest but IB requires 10 M to trade forex.
If you don't have 10M, Coinexx is the lowest trading cost FX broker that no one can beat. https://coinexx.com/

EURO spread 0.1 pip, commission $2/lot round turn. 1/500 leverage.So their total trading cost is 0.3 pip.

There are some brokers claiming 0 spread or low spread, but they charge higher commission in stead so that their total trading cost is much higher than coinexx.

Someone mentioned Globalprime, Pepperstone and IC market.
I checked their total trading cost, Pepperstone 0.91 pips on euro,and IC market is higher than Pepperstone.Globalprime EURO spread 0.1 pip but they charge $7/lot commission round turn, so the total cost is 0.8 pip.