My concern on lot commissions
Feb 06, 2021 at 06:16
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads
Member Since Nov 12, 2020
23 posts
Feb 08, 2021 at 09:44
Fabiandelph842 posted:I think most of the traders only choose a broker on the basis of the commission. This should not be the only criteria but leverages and spreads and other things should also be thought of while choosing a broker.Kroolsc posted:There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads
Member Since Feb 22, 2011
4862 posts
Feb 08, 2021 at 09:49
Ericdier752 posted:advancedsmifser posted:I prefer low commission brokers over no commission ones. I think when the brokers don’t charge commissions directly, they try to charge it some way or the other. I could be wrong though.
Is anyone here using a no-commission broker?
1. Broker always charges you a fee
2. It is either hidden as spread markup so for example eurusd spread 35 pipettes.
3. It could be transparent as commission e.g. $5.5 for 1 lot
4. It could be combination of both so spread markup e.g. 8 pipettes and $10 commission
5. Moreover while commissions are fixed the spread may be variable or dynamic
6. Also brokers charges you fee for keeping trade open called swap. Rarely they pay you this fee. It depends on pair and broker.
Member Since Jun 30, 2020
47 posts
Feb 09, 2021 at 09:40
debragonzalez posted:Yes, that’s true. If a trader looks at just one feature, it won’t work. There are a number of things that must be considered if you want to make sure that you make a good broker choice.Fabiandelph842 posted:I think most of the traders only choose a broker on the basis of the commission. This should not be the only criteria but leverages and spreads and other things should also be thought of while choosing a broker.Kroolsc posted:There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads
Feb 09, 2021 at 11:41
Fabiandelph842 posted:I have also seen many forex broker scams in my trading career. So, whenever I am choosing a broker, I make sure that it is well regulated and won’t scam me.Kroolsc posted:There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads
Feb 09, 2021 at 12:52
I also made a choice of a broker for a very long time, because I wanted to choose one with which it would be safer than which it would not cheat, therefore, I consider Amarkets worthy, and if it were not so, it would not have lasted on the market for 13 years.
Member Since Oct 29, 2020
35 posts
Feb 09, 2021 at 12:53
togr posted:Okay here are few queries I got:Ericdier752 posted:advancedsmifser posted:I prefer low commission brokers over no commission ones. I think when the brokers don’t charge commissions directly, they try to charge it some way or the other. I could be wrong though.
Is anyone here using a no-commission broker?
1. Broker always charges you a fee
2. It is either hidden as spread markup so for example eurusd spread 35 pipettes.
3. It could be transparent as commission e.g. $5.5 for 1 lot
4. It could be combination of both so spread markup e.g. 8 pipettes and $10 commission
5. Moreover while commissions are fixed the spread may be variable or dynamic
6. Also brokers charges you fee for keeping trade open called swap. Rarely they pay you this fee. It depends on pair and broker.
How is swap rate different from rollover?
What is a reasonable commission price if the broker claims to offer 0 spreads?
Isn’t 35 pips way too much?
Thanks in advance.
Member Since Oct 26, 2020
33 posts
Feb 10, 2021 at 05:19
Gleywilleyy posted:I agree. When I was choosing brokers for myself, I made sure that my brokers fit my trading requirements well so that I don’t end up regretting my decision later. My brokers- Fxview and Pepperstone don’t put any restrictions from their end. I can customize my trades as per my analysis.debragonzalez posted:Yes, that’s true. If a trader looks at just one feature, it won’t work. There are a number of things that must be considered if you want to make sure that you make a good broker choice.Fabiandelph842 posted:I think most of the traders only choose a broker on the basis of the commission. This should not be the only criteria but leverages and spreads and other things should also be thought of while choosing a broker.Kroolsc posted:There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads
Member Since Oct 29, 2020
35 posts
Feb 10, 2021 at 11:28
debragonzalez posted:That’s true. The biggest mistake that a newbie can ever make is while choosing a broker. They often overlook the fact that just because their fellow traders are using a broker, it doesn’t mean that it will work for them also.
I think commissions and spreads are very important in our trades because they will decide how much profit we will take home in the pocket. This is a common newbie mistake that they gain only half knowledge.
Member Since Sep 30, 2020
58 posts
Feb 12, 2021 at 05:32
I agree with you Eric! Starting with demos can make a big difference to a trade and for newbies it can even be better.
Member Since Oct 01, 2020
49 posts
Feb 12, 2021 at 12:31
I’ve been using some low commission brokers for my trades which includes Fxtm, Fxpro and Fxview. The spreads are also pretty tight on these. So it’s a win-win for me. Otherwise I have seen that brokers with low commission give not-so-appealing spreads.
Feb 15, 2021 at 08:30
Lorencecolling posted:I hope they are good with their demos too? What I mean is that the demo environment is similar to the live one, like it should be realistic.
I’ve been using some low commission brokers for my trades which includes Fxtm, Fxpro and Fxview. The spreads are also pretty tight on these. So it’s a win-win for me. Otherwise I have seen that brokers with low commission give not-so-appealing spreads.
Member Since Nov 07, 2020
25 posts
Feb 16, 2021 at 05:08
Trading can actually be very simple. You choose the medium you want to use for learning, and then get on with a demo account to practice what you’ve learned. The next step is the live market, for which micro accounts given by so many brokers like ic markets, fxtm, fxview, octafx, etc make perfect sense. So ya, using a micro lot is not really a choice, but a done thing if you want to be a successful trader. Bypass it at your own financial risk!
Member Since Oct 01, 2020
37 posts
Feb 16, 2021 at 07:58
Like the way you put it Halex :)
Feb 16, 2021 at 10:17
@Halexpark Ya I agree, I would never advise anyone to start big. However my only bone of contention is these cheap brokers like xm, fxview who allow trading from even a dollar or 5? What justice is that gonna do? Trading with like $5 or $10 won’t even enable learning from price fluctuations as the swings won’t be visible.
Member Since Oct 01, 2020
37 posts
Feb 17, 2021 at 14:46
(edited Feb 17, 2021 at 15:15)
@forextrader777 That makes all the sense in the world.. sadly, newbies are also the first to fall prey to some brokers with hidden costs in the form of varying spreads that can go really high. Just curious... which broker did you start off with?
Feb 18, 2021 at 04:23
Lorencecolling posted:Even I feel that demo trading is a great way of knowing whether a broker is worth your needs or not. And the best part is that the choices are not limited. You can always find a broker of your choice. You don’t need to settle for just anything.
Yes Jake, the demo accounts do give an idea of the live ones. The market data is real.
Member Since Oct 29, 2020
35 posts
Feb 23, 2021 at 10:02
I have been thinking about demo trading but after I read a few negative reviews about it, I never used it. But I think I should give it a try.
Feb 23, 2021 at 11:38
advancedsmifser posted:demo trading in? are you talking about just demo trading or with broker?
I have been thinking about demo trading but after I read a few negative reviews about it, I never used it. But I think I should give it a try.
