Best broker for trading the news?

Trading Discussion News and Economy
1

Preface: Newbie here

I currently demo trade on Oanda, and I’ve noticed that the spreads go through the roof during big news events. I’ve read that this is to be expected somewhat with just about every broker, but when I’ve read reviews about Oanda I see people saying that they are one of the worst when it comes to this, and to not trade a live account there if you are trading the news… Is this accurate? If so, who is a good broker if you are trading the news? Thanks in advance.

2

Hi,
When I started with Oanda they did not have the variable rates that they have now, but so far it is not a problem. I do not trade the news intentionally and when news breaks it is usually in my favor, either going with a trade I am in or (especially in thin markets) giving me the retrace that I was looking for to get in.
Also, I use tight stops and, when stopped, have, so far, been filled at my price. That is important.
Does a guaranteed spread mean it is easier to enter and exit a market?
Anyone using a “guaranteed spread” broker?

3

Unfortunately it looks like a lot of the brokers I have looked at also have similar issues with the spread going nuts around news events. Some of these brokers do it intentionally so that they can make profit off of people. This is another way that specific brokers trade against their clients for profits. FXCM seems to have the worst spreads from what I can see so far but I know it varies w/ each person’s account and trading history since they add you to an A and a B list depending on how profitable your trading is. You might want to find a broker that is listed as an IB such as FinFX or something. Even though FinFX charges commission their spreads remain relatively small and they don’t trade against their clients.

4

FinFX is not bad, but I think the commission is too high. LMAX has very tight spreads but their liquidity is very thin during news so you’ll get huge slippage. I have been trading with vbcapitalfx.com and they have been a nice surprise. I cought the fall yesterday, so I almost doubled my account :slight_smile: Check the statement. statement.zip (9.71 KB)

Withdrawing some funds now :slight_smile: