My current broker charges 6-10 pips for GBPUSD which happens to be my fav pairing and I really feel ripped off by them. The only reason I am sticking to them is the ease of deposit and withdrawal and web-based platform.
Anyone has a better deal?
I would prefer deposit/withdrawal via credit card and a web-based platform. Thanks.
wow, that really is a lot. Is that their advertised spread for GBP/USD, or what the actual trading spread average is? Yes, I understand that payment facility is important to all of us, some brokers still only accept Bank Wire transfers.
Well my broker for over 3 years is ACM, Advanced Currency Markets, who are based in Switzerland. I am in Seattle but am able to fund my account via credit card, this really does simplify life. Your fetish pair are advertised at 2.8 pips and generally tend to hover between 2.8 and 4 pips, depending on the market volatility. I am more of a cable guy to be honest, this pair is advertised “as low as” 0.5 pips and does often reach it, again it depends on the volatility. One important piece of information for you regarding this broker, they guarantee fills with market orders.
ACM has more than less given me a great playing field for trading the FX market, I like their platform and fast execution, in fact it was just awarded Best Trading Platform for 2008 in Dubai, alongside Best Broker for the Middle East, so don’t take my word alone. I hope this helps and good luck finding the one that’s right for you!
Yes, your 6-8 is suprissingly high :eek:, but be carefull, all depend on market volitility! All STP broker remember are giving you the spread that is given to them by the liquidity providers, it is the best price at the moment, so, when there is a spike for a few second it is actually the bank that do this to protect themselves, not the broker. I agree with Peter Jones, with ACM it is more in the 4 pips during this fast market. During normal market it is more or less at advertised spread, which is real fantastic especially with very fast 1 click execution!
Ya, I agree with the other posts. 6 is high, but only if its for normal market conditions.
Oanda has a spread of 2.9 for GBPUSD but it can get up to 6 during news times and low liquidity.