Big broker dilemma

system · December 4, 2015, 2:15pm

So I am at this broker now called XM. Spreads are not so good, around 1.8-2.5 pips on majors, and 3-6 pips on minors. The reason I chose it, because I am trading from Hungary, and they offer a HUF account.

Now my idea was, that even though I have to pay bigger spreads, but my profits remain in HUF, so I can take out the money as it is, and I don’t have to pay spread again, when I change the USD/GBP/EUR or something else back to HUF in the bank, or at a currency exchange point.

But as I’m testing other brokers now, it starts to seem like I spare more money on the much lower spreads in comparison to, that my money is not in HUF, and I’ll have to change it back to HUF again.

Thanks for the tips, and especially to those, who use an exotic currency on daily level, and trade with a major currecy.

Zarterose · December 5, 2015, 2:51am

Darastonius:

So I am at this broker now called XM. Spreads are not so good, around 1.8-2.5 pips on majors, and 3-6 pips on minors. The reason I chose it, because I am trading from Hungary, and they offer a HUF account.

Now my idea was, that even though I have to pay bigger spreads, but my profits remain in HUF, so I can take out the money as it is, and I don’t have to pay spread again, when I change the USD/GBP/EUR or something else back to HUF in the bank, or at a currency exchange point.

But as I’m testing other brokers now, it starts to seem like I spare more money on the much lower spreads in comparison to, that my money is not in HUF, and I’ll have to change it back to HUF again.

Thanks for the tips, and especially to those, who use an exotic currency on daily level, and trade with a major currecy.

Hi Darastonius,

I might be able to help you. I wanted to write you private message or email, both options are turned off. Maybe you can specify a bit your wishes and what kind of a trader you are. For example how often do you trade? What kind of a strategy you use? What is important when choosing your broker?

Have a great weekend and looking forward for your reply.

Karlsen · December 5, 2015, 6:49pm

To be fair, i believe you should rather look for safety instead of spreads given, if you are good enough then little higher spread shouldn’t be any issue, but this is just my view. I am sure you have other reasons too while i won’t suggest anything now till you answer the above things mention by Zarterose.

ijak · December 9, 2015, 4:23am

Darastonius:

So I am at this broker now called XM. Spreads are not so good, around 1.8-2.5 pips on majors, and 3-6 pips on minors. The reason I chose it, because I am trading from Hungary, and they offer a HUF account.

Now my idea was, that even though I have to pay bigger spreads, but my profits remain in HUF, so I can take out the money as it is, and I don’t have to pay spread again, when I change the USD/GBP/EUR or something else back to HUF in the bank, or at a currency exchange point.

But as I’m testing other brokers now, it starts to seem like I spare more money on the much lower spreads in comparison to, that my money is not in HUF, and I’ll have to change it back to HUF again.

Thanks for the tips, and especially to those, who use an exotic currency on daily level, and trade with a major currecy.

i heard XM now introducing new account called zero spread accounts
i have read the account specifications, well, from my point of view comparing with other brokers, nothing special, their commisions is a bit high comparing with another broker, for example Tickmill,
they charged 1 pips for one lot, tickmill is 2,5 times smaller

anon5370623 · December 9, 2015, 7:35am

Darastonius:

So I am at this broker now called XM. Spreads are not so good, around 1.8-2.5 pips on majors, and 3-6 pips on minors. The reason I chose it, because I am trading from Hungary, and they offer a HUF account.

Now my idea was, that even though I have to pay bigger spreads, but my profits remain in HUF, so I can take out the money as it is, and I don’t have to pay spread again, when I change the USD/GBP/EUR or something else back to HUF in the bank, or at a currency exchange point.

But as I’m testing other brokers now, it starts to seem like I spare more money on the much lower spreads in comparison to, that my money is not in HUF, and I’ll have to change it back to HUF again.

Thanks for the tips, and especially to those, who use an exotic currency on daily level, and trade with a major currecy.

I trade USD/RUB with Hotforex and don’t really care about exchange rates. Guess the spread on USD/HUF is not so big that when you make 1-2 exchange daily you lose much money. So try to focus on trading itself instead

dollace · December 11, 2015, 3:52am

You should try zero spread account or similar account for lower spread, of course it goes with commission but I truly think it’s cost lesser.

jingoy · December 28, 2015, 5:25am

I think I read something about XM at forexpeacearmy, will have to check it again, but if you have the time do surf their forum and check for it. there should be something to help you out there.