Hi everyone. I would like to know what you think is the best broker for london time. Im in Portugal currently using XTB, main reason beeing it allows to have long and short orders open at same time. But i had two bad experiences with spread ranges spiking upwards to 50 pips in 1 minute.
So would like other opinios from european traders about brokers of choice.
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Isn’t this more about market volatility than the broker? I wonder what that chart looks like on another broker. See if the same thing happened.
Usually, this happens when there is high market volatility or low liquidity at certain times. Some brokers like Pepperstone, ICMarkets, or Fxview can keep the spreads tighter and more stable, even when the market is volatile. Maybe check them out with a demo account to see how they handle it. Also, could you share a screenshot of your XTB chart? It might help to compare and understand the issue better.
Spreads widen depending on the market liquidity of a particular pair. What pairs do you trade? We don’t know… Choose brokers with a license for the European market FINMA, FCA, CySEC: fxpro, fxopen, dukascopy, icmarkets open a demo account and compare trading conditions with your broker. However, as for market liquidity, everything needs to be compared in real conditions…
I think Finalto can be the best broker
I’m in the US, and I don’t know what factors you have in mind specifically as a European trader, but using a fixed spread broker will fix that problem.
Fixed spreads means huge markup because spreads are inherently variable and the broker should somehow cover the losses where they charged you lower spreads than was in the market. Obviously this should be compensated by charging you higher spreads in other situation, so that in average they are ok.
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I checked for a couple of days and sorted out the pairs wich the largest volatility, its always at 22:00 that the spreads shoot like crazy, so i just choose the ones that have less volatitlity
Is that your local time? 10PM in Portugal? Where is XTB based?
XTB is a polish broker i think, but they have offices in several locations, one of them beeing Lisbon.
22:00 or 23:00 depending if its summer or winter hour, its always at those hours that the spreads widden
Maybe a liquidity providers of XTB is doing something at that time.
And I think that’s US market close, right?
Interesting read.
Regulated by the FCA and main address looks to be in London.