broker

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RayC
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broker

Post by RayC » Fri Feb 23, 2007 6:15 pm

hey. can anyone recommend a broker? i am using bnbc right now. they guarantee orders and fixed spreads and competitive rates even during news time, but the only thing is that they require me to put my stop and limit orders at least 20 pips away from the market. was wondering if there are any brokers out there that doesn't do that and gives u the rest of the stuff. thanks.

Old European
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Post by Old European » Sat Feb 24, 2007 4:18 am

RayC,

Have a look at Oanda (https://fxtrade.oanda.com/).

Strictly speaking, they are not a broker but a market maker. Extremely professional, very tight spreads and 1 USD minimum position size (I'm not joking!).

They allow the small retail trader to play on a level playing field with the large banks.

Old European

RedRock
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Post by RedRock » Sat Feb 24, 2007 10:45 am

Old European wrote:RayC,

Have a look at Oanda (https://fxtrade.oanda.com/).

Strictly speaking, they are not a broker but a market maker. Extremely professional, very tight spreads and 1 USD minimum position size (I'm not joking!).

They allow the small retail trader to play on a level playing field with the large banks.

Old European
:?: Old European, or anyone else who may have used both Oanda and Interactive Brokers Forex systems. Could you be kind enough to compare the two in benefits and drawbacks.

Cordially, Redrock

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Post by Old European » Sun Feb 25, 2007 12:17 am

RedRock,

I've never used IB so I can't compare the two. But it is very difficult to find reliable information on their quote spreads. And as far as high-frequency algorithmic forex trading for example is concerned, the spread is by far the largest cost.

Old European

RedRock
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Post by RedRock » Sun Feb 25, 2007 12:16 pm

Old European wrote:RedRock,

I've never used IB so I can't compare the two. But it is very difficult to find reliable information on their quote spreads. And as far as high-frequency algorithmic forex trading for example is concerned, the spread is by far the largest cost.

Old European
Ive learned this much so far...

I looked around the Oanda site again after a few years. Very impressive how they display their average spreads. And even graph the order balance on their books showing how many longs vs short positions are at a profit or loss. Etc etc. IB for the EUR US has been around 1 pip and at halfs at times. Pretty decent. They charge a small commission vs trying to shave off the spread. Not sure about the other pairs, they seem a bit wider. Its a new arena for me but I'm quite intrigued so far. IB also is not 24/7 as Oanda is. Oanda goes to a 10 point spread on weekends. But, one can trade on a weekend if its really urgent.

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