in regards to ECN accounts which up to the end of 2012 are going to be commission free, and on Jan 2 2013 will come into effect commissions of USD60 per USD1 million traded round turn (USD30 per side) will be applied while trading up to USD500 million in a calendar month.
So if in a calendar month, round turn trades ares less than UDS1 million, the commission charge for all of the trades made will be USD60?
I am new to forex trading so please correct me if I’m wrong.
You are correct. Commission charges apply for all trades opened or closed from 2 January 2013. Commission is based on volume traded per calendar month and commissions are nominal per currency pair traded.
**Round turn trade refers to a complete trade, from opening to closing a position.
Foreign exchange / precious metals trading at Alpari (UK) is dealt on a “spot” basis only. This means that all trades settle two business days from inception, as per market convention. As a result, positions are subject to a swap charge or credit as specified here.
Actually, ‘financing charges’ are a little bonus brokers award to themselves when calculating rollover fees … dolly money.
On a more serious note: They are a sort of partial apportionment for costs incurred relating to administrative tasks for calculating and effecting the actual swap charge, which are being passed on to the broker’s clients.
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure. (Colin Powell)
