Hello,
Besides IBFX Australia, can anyone recommend other good brokers with 1 cents of pipvalue?
Regards,
Rav4
Oanda is what I use. they have very few fees, mostly just a wire transfer, and offer the best spread that I have found. Plus you trade with custom lot sizes so you can trade as low as .01 per pip. Plus they have an unlimited demo, meaning it doesnt time out after a month like almost all the rest. I have been using them for about 6 months now and I can’t complain, only thing is I wish thier platform offered more indicators, but I trade with MACD and a few other basics so for my style it doesn’t make much difference. you can hook up your account to a metatrader if you like that platform better. I did alot of research before I picked a broker and the overwhelming majority of reviews I found had nothing but good things to say with Oanda, and I have to agree at this point.
can anyone recommend other good brokers with 1 cents of pipvalue?
I can recommend reliable broker with min.lot 0.01
Forex4you. Cent NDD account. Spread variable from 1 pip., minimal trade from 0,02 USD, maximum orders No limit, fast execution. Very good broker.
Lite Forex is another that has .01 pips. Oanda would be a good choice also. Oanda mt4 does not have .01 pips just the java platform.
Any broker that offers .01 pips is not a real ECN the same goes for any broker with fixed spread. I have accounts at Liteforex and Oanda I have had no problems with either broker. If I had a large account I would go to a real ECN broker.
How can one find out whether a broker is a real ECN or not? I was concerned with that while looking for a broker and did not trip upon a clear answer yet. Was considering Oanda but by your definition since they offer .01 pip minimum they are not a real ECN.
Just because a broker is a market maker does not make them bad or a cheat. I think that a good market maker (in my opinion Oanda is a fair market maker) does not have a guy sitting at a desk looking at every little trade some Joe Shmo trading from his living room makes. Its all automated and done in a way to let the trader with a small account get as close to the real market prices as they can, and still allow the broker to make a profit on the spreads. This may not be the case with a large account and large orders. This could present a large risk to the broker. I would not want my trade going in against someone in direct control of the spreads, the price I see, my execution speed, and my connection to the market. If I was in a position to put the broker at risk based on my trade size I would look for a an ECN or real STP broker. I would want real access to liquidity providers.
Here is a good read on the subject if you read it you will be able to make a good guess at what model the broker is using by what they offer the client.
ECN brokers list | ECN/STP Forex brokers
Very helpful - Thanks!!