Hi all,
I have a Newbie question: Does anyone trade with a broker that also has a commission on top of the spread? For example, I’m using one where the spread is 4-5 pips on the G/J, but they also charge a commission of about $1.50 on each transaction (enter/exit)… is this the norm?
Or would they normally just increase the spread and show as 7-8 pips and include it there?
I am finding it a challenge to remember the commissions are added for each transaction… this would seem to discourage making many trades over just a few?
Thanks for any info…!
Dukascopy does the same thing. They also have much lower spreads than my current broker but with smaller deposits (<5k) the commissions suck. With a 50k balance it is a good deal (spread + commision). I don’t trade that pair so not sure if that is a good/bad spread. You could open a demo with a good broker and compare spreads then add commission.
Oanda’s spread on GBP/JPY is 2.7-2.9pips all through the asian session right through to the end of the european session, aside from news events, where it will go up for a few minutes following the report. During low volume periods it ranges between 3-5pips and there’s no commission.
Some people say they don’t like the spread widening during news events, but at least you will get reliable order execution, can’t say that with a lot of other brokers during news events :rolleyes:
Not trying to be a shill but hate to see someone getting ripped off for no reason.
Thanks a lot for the tips… yeah I suspected it was unusual… much appreciated 