Broker with best spread...

Discussion in 'Forex Brokers' started by BFreshour, May 29, 2006.

  1. BFreshour


    I just started Forex trading with and their spreads are horrible. Which company offers the best spreads for mini-lots and no commissions?
  2. Not sure if they're the best, but check out OANDA. I signed up for demo and they have terrific position sizing flexibility and very small spreads. I was trading EUR/USD today and while their spreads are variable, I was getting 1.5 pip spread all morning. I didn't even realize they could fractionalize pip spreads until recently.

    BTW, there's a review of them here in ET.
  3. Just on a visual it seemed that Tradestation had among the lowest spreads. Anyone have good or bad experience with them for FOREX?

    FXCM looked decent as well....
  4. mahras2


    Oanda is best for spreads and is very reputable.

    Coach> Stay away from FXCM. There are better brokers out there.
  5. Oanda and/or IB. Forget the rest.
  6. Thanks! I am down to choosing between Tradestation or Oanda, leaning towards TS since they have better charting capabilities and tight spreads on the majors.

  7. mahras2


    Its true that Oanda charting can be improved but will you be doing mostly scalp-short intraday trades? If not then you could use TS for charting and trade using Oanda.

    I never had any experience with TS in terms of FX so I can't comment on that.
  8. Scalp short intraday trades. I am alreadys using TS for charting so I will use it regardless I guess but just like having everything together. i may try it for a few weeks with a small amount of money and take it from there....
  9. I use Oanda, and use the esignal forex charting service (perhaps the best data feed as it is from GTIS). Not "cheap" - but often you can see price moves a second or two before they show up on Oanda (who I use). (don't try and arb Oanda as they can kick you off for doing so.)
    Optionscoach, Tradestation is not cheap - I'm looking at their spreads and they are way high (3 on euro/yen, 4 on aussie, swissy - versus 1.5 on euro, 2 on aussie, yen and 3 on swissy). Better to pay for a charting service with the spread that you will save over the long run if you plan to do any decent kinds of volume. If you plan on scalping 10-30 % of the daily range you need to have access to the same spreads that the institutions are paying = Oanda or IB.
  10. mahras2


    For intraday scalps (especially if you can make profits with the spreads on TS) its your best bet. Speed is key and fumbling with two platforms may cost him money.
    #10     Jun 4, 2006