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My concern on lot commissions

Jakemark
Feb 09 at 11:41
37 postów
Fabiandelph842 posted:
Kroolsc posted:
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

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?!

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.

Malajind
Feb 09 at 12:52
75 postów
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.

advancedsmifser
Feb 09 at 12:53
35 postów
togr posted:
Ericdier752 posted:
advancedsmifser posted:
Is anyone here using a no-commission broker?

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.


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.

Okay here are few queries I got:
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.

sailingconsist
Feb 10 at 05:19
33 postów
Gleywilleyy posted:
debragonzalez posted:
Fabiandelph842 posted:
Kroolsc posted:
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

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?!

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.

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.

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.

advancedsmifser
Feb 10 at 11:28
35 postów
debragonzalez posted:
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.

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.

Ericdier752
Feb 11 at 07:37
59 postów
advancedsmifser posted:
debragonzalez posted:
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.

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.

A newbie is always at risk. And so they must demo trade with every broker they want to use.

Mikehussey
Feb 12 at 05:32
58 postów
I agree with you Eric! Starting with demos can make a big difference to a trade and for newbies it can even be better.

Fabiandelph842
Feb 12 at 09:44
24 postów
Commissions can turn out to be an extremely important parameter and it is completely okay to make a decision based on that. Lower commission brokers are easily available, so there’s no reason to shell out more bucks.

Lorencecolling
Feb 12 at 12:31
49 postów
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.

Jakemark
Feb 15 at 08:30
37 postów
Lorencecolling posted:
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.

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.

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