70 what? Dollars? I saw $3.5 each side which I take as $7.0 fee for each transaction + 0.xx pip commision percentage.. By the way what does mm stand for?
Best Forex commission rates?
- Thread starter salamanderforex
- Start date
$70 (10 lots round trip) to ICM. or $35 per side. mm= million since 10 lots = 100,000 x 10 = 1mm. Recently saw fxview, their commission is way low $2/lot, or 10 lots (round) = $20, 3.5 times lower.
In the land of the free you can trade FX futures and options on futures at the CME.
True, and this is fine for larger traders. Bid-offer spreads on those futures make them less attractive than spot for shorter term trades. For longer term trades they may well be cheaper due to the overnight financing costs.
And of course I'm always teasing about the Land of the Free. I'm a fan of the US and Americans in general.
$70 is way too high. Thanks for clarification. IBKR is $20. And do they charge in pips too on top of this $70?
Can you tell us the good and bad about fxview? I would call them way too low either because again IBKR has that same price but I agree it seems like the lowest price available. I would call a $0 transaction or a transaction that pays me rebates low price
Bid-offer spreads on IB are excellent, I really don't think they can be beat.
For example, LMAX make a big song and dance about how good their product is but I've been closley watching the bid-offers on both over the last several months and I'd say on average Cable with IB has been about 1/2 tick whereas LMAX a full tick. Much of the time Cable is offered at 1/10th or 2/10th of a tick. I reckon it would be similar for any FX pair.
That sort of saving for any short term trader is massive.
When you add up IB's advantages, history, safety, country of regulation, products offered, commissions and so on, there is no better broker on the planet. Their only downside is support but most, inlcuding me, never have to contact them. Oh, and TWS is pretty crappy but then I use Ensign for charts and Sierra for DOM.
For example, LMAX make a big song and dance about how good their product is but I've been closley watching the bid-offers on both over the last several months and I'd say on average Cable with IB has been about 1/2 tick whereas LMAX a full tick. Much of the time Cable is offered at 1/10th or 2/10th of a tick. I reckon it would be similar for any FX pair.
That sort of saving for any short term trader is massive.
When you add up IB's advantages, history, safety, country of regulation, products offered, commissions and so on, there is no better broker on the planet. Their only downside is support but most, inlcuding me, never have to contact them. Oh, and TWS is pretty crappy but then I use Ensign for charts and Sierra for DOM.
I never thought they would engineer the ask / bid size but it sounds some do and call it pips fees...
How much do Ensign and Sierra cost? How many book orders can you open simultaneously or receive through their API?
Ensign about $40-$50 a month, can't remember as I buy a discounted 2 year sub which I think makes it about $25 a month. I find Ensign charts look better on my screen. It's also far lighter on the features than Sierra which is fine for my needs.
Sierra is cheaper, maybe $30 a month but it depends on which level you get. Again, I pay a discounted yearly sub. I don't understand APIs but I do know that Sierra puts the damn kitchen sink into their program so it's highly likely you'll be able to do what you want with it. I really don't think there's a more powerful charting/trading package on the market than Sierra. All I do is plug in the data provider (IB, LMAX, and BitMex) and then that powers both the charts and DOM using 3 separate versions of the software (running at the same time on the same PC).
Sierra is cheaper, maybe $30 a month but it depends on which level you get. Again, I pay a discounted yearly sub. I don't understand APIs but I do know that Sierra puts the damn kitchen sink into their program so it's highly likely you'll be able to do what you want with it. I really don't think there's a more powerful charting/trading package on the market than Sierra. All I do is plug in the data provider (IB, LMAX, and BitMex) and then that powers both the charts and DOM using 3 separate versions of the software (running at the same time on the same PC).
You mean you plug Sierra into IB and not the other way around - correct? I see IB has an option in menus to use their party data providers.
Or does Sierra come it's own program and you run IB and your other two brokers and it brings all three brokers into one interface?