Hello, I want to try a risk-management strategy for scalping but I’m not sure which broker I should try to make a demo account from. Do you guys have any recommendations which brokers offer tight spreads but also low to no commissions?
TD365 is a UK regulated broker who has fixed tight spreads.
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Hi @MoeHaruna, I was reading this book called “Forex Price Action Scalping by Bob Volman”, it is mentioned in the book that the best spread for scalping is 1pip which of course the EURUSD make it a perfect fit.
I am using a broker called Exness. Their spread for EURUSD fluctuate between 8pippetes and 1pip-not higher than that except during news release. The GBPUSD also fluctuate between 8pippets to 1.2pips.
Based on reddit posts, the company is not that reliable. And based on my experience using the platform, I have observe that their platform lags when I am using it to execute trade. So, what I do, I have an account with them but I use MT5 platform to execute my trade, which sometimes I experience negative slippage but not as often as compare to using the broker’s platform.
So, I think the best action you should take, is to search for brokers that serve your region and open a demo account with them to see how their platform works. And make sure that the spread adhere with the spread mentioned above 8pippets to 1pip max. No commission.
Edited: I observe that Babypips is running an ad for FXCM. Which I believe if Babypips is running ads for a broker that means the broker is definitely legit.
You can checkout this babypips content on how to choose a broker.
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Welcome @NOUREG at the babypips forum. Don’t you think it is best to take the time to learn the ins and outs of forex trading rather than blindly following signals offer by other forex traders?
Most brokers advertise their “best” or “normal” spreads. But that says nothing about what they do with spreads at certain times of day, for example when major trading centres such as London or New York are opening or closing, or when market-sensitive news stories come out.
At some times when prices are moving quickly, a broker can even stop accepting new trades.
The only way for a scalper to be sure of what spread you will have to meet is to watch the market continuously minute by minute and make a log or visual recording.
Don’t forget that charts show only one price from the spread, and it is usually the bid price: this will not tell you what the spread was at any point. In any case, quoted prices can be different to chart prices anyway, and quoted prices are what make your trade, not chart prices.
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Try either ICMarkets, CedarFX or Fusion Markets
Yeah. Basically, that’s what going on with the broker I am using.
I have been getting good spreads with fxview and xtb. In terms of commissions, fxview charges a dollar per lot and pepperstone $3.5. Both are good for scalping.
ECN brokers seems to be the most suitable for scalping because they offer more liquidity as they aggregate it across many liquidity providers. In contrast, STP brokers rely only on one LP and may offer you disadvantageous prices during the most lucrative times like news releases or session openings/closes. It is not easy to find a ECN broker, even harder to find that they do ECN because most of them hide info where they liquidity comes from.
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nobody - however kind-hearted or optimistic - who has ever seen FXCM’s regulatory record, and read the wording of multiple international regulators stating the findings leading to repeated fines in the multiple millions imposed on FXCM, could ever possibly even begin to describe FXCM as “legit”!
i don’t think Babypips actually selects who advertises here? the ads will presumably be served by an agency - maybe Google, maybe someone else, but the appearance here of FXCM ads, i’m pretty sure, doesn’t mean that the forum is in any way endorsing them as a broker!!
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I concur with @steve369
TD365 also have an off-shore set up, where funds are held in an escrow account in Barclays London, and 200 leverage which is useful for scalpers.
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