FX Brokers fee Comparison

G

gober

Hello All,

I've been trading with IB for a while now. But I'd like to know about other brokers such as Oanda, or others alike.
I love IB...with the spread and all, even during news announcement. But after a while, I wonder if there's a "better" broker in terms of commission, assuming everything else is equal to IB.
Looking at my trades today...and every other days before is almost the same...do you guys think what I'm paying for commission is "fair"???

Sincerely,

YCaesar
 

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What's the average spread you're paying? At roughly 1/2 pip you're marginally better off at IB. At 1 pip you'll keep a lot more at Oanda.
 
For eur/usd...usually half-pip...even though on my fx trader screen quotes sometimes it shows a pip...but usually only half-pip.

I never used other broker than IB, for forex that is, and so I'm just wondering what's other brokers' commission structures like.

Do you use Oanda? How's the spread like in normal hours and during (or 1-2 minutes after) forex news?
 
Quote from gober:

For eur/usd...usually half-pip...even though on my fx trader screen quotes sometimes it shows a pip...but usually only half-pip.

I never used other broker than IB, for forex that is, and so I'm just wondering what's other brokers' commission structures like.

Do you use Oanda? How's the spread like in normal hours and during (or 1-2 minutes after) forex news?
More...

9/10 most of the day.
 
Why would he be marginally better off? Commission at IB for an eur/usd trade equates to 0.52 pip with price at ~1.30 - if im not mistaken.

I did look at a Alpari Direct pro (currenex) demo recently. That looked quite competitive. Eur/usd spread is 0.6 to 0.7 mostly, and fees are $15/m ($12.50/m if you do more than 500mil per month). It looked like the majors are about the same or maybe a tad more expensive than oanda, but the crosses are a bit cheaper to trade on average. Didn't like ther russian background tho. But atleast they are domiciled in London.
 
Quote from Pippi436:

Why would he be marginally better off? Commission at IB for an eur/usd trade equates to 0.52 pip with price at ~1.30 - if im not mistaken.

I did look at a Alpari Direct pro (currenex) demo recently. That looked quite competitive. Eur/usd spread is 0.6 to 0.7 mostly, and fees are $15/m ($12.50/m if you do more than 500mil per month). It looked like the majors are about the same or maybe a tad more expensive than oanda, but the crosses are a bit cheaper to trade on average. Didn't like ther russian background tho. But atleast they are domiciled in London.
More...

Good point. I haven't traded on idealpro is a couple of years. I assumed it was cheaper. I would be hesitant putting any real money with Alpari.
 
I doubt I do more than 500M every month...I like the fact that IB is based in US. If there are other firms that offers 10-15% better commission than IB, I still probably stick with IB.

I'm looking for firms that can save me at least 20-25% commission compares to IB, holding the service level, connection, execution, etc...etc equal.

Am just trying to see what's out there. Thanks much for the inputs though :)

Oh yeah, I mostly trade eur/usd...a bit gbp/usd and aud/usd. No exotics.
 
Yes i do have slight psychological problems forking over cash to a bunch of russians too.. although there is some sort of bancruptcy protection and regulation in UK for retail customers.

gober: i doubt it will get significantly cheaper than IB's $20, unless you trade more.
 
gober,

when you trade 7.5 lot, do you usually get slipperage?

I just started with small account in forex and still debating when my account does grow, should I go to futures instead.
 
When I place market orders, I get the price that I see on the FXtrader...plus/minus half pip (which is seldom).

1minute before and after news announcement...when you place market order...then you're just asking for big slippage :p

Overall, IB is pretty good in forex. In futures...I traded HSI...as far as I remember...the slippage occurrence is higher in the latter than in forex.

PS: in forex...it also depends on the currency you trade. for example...you're likely to get slippage in pounds than in euro.

hope that helps.

Thanks for the inputs on this thread.

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