Most Forex brokers have spreads of at least 2 pips on EUR/USD and many are 3 or 4 pip spreads. I’m currently using Interactive Brokers whose spread on EUR/USD runs about 1 to 2 pips plus a small commission. Are there any Forex brokers that are better?
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I haven’t heard of any. You’re probably better off where you are, paying a small commission to keep the spread small.
The spreads are terrible on the cross pairs, 8 and 10 pips. That’s a $100 commission.
But really, execution is more important than the spread. If you pay a one pip spread but get 2-10 pips slippage, you’re worse off than just paying the 2-pip spread.
I broker through FXDD (through PremiereTrade), and have been having real solid executions, right on the money, with no slippage at all until last Friday’s Non-Farm Payroll report, and got raped for 56 pips from my order on the Euro. But there was some funny business with that report. My Entry Order executed at 8:29 a.m., one minute before the Report. Somebody was front-running, with advance knowledge, and everybody else got raped. How’d you do?
dredude52@yahoo.com
Comment by dredude5 — June 27, 2009 @ 12:31 am