Well Yea, This Is A Given
Once a house breaks the trust you thought you had, the first step obviously is to find a new place to trade. I could bore you with the details, but after 3 days of due diligence, I am transferring some trading funds to Assets FX Trading. Here is the web link:
My two main criteria are 1) safety and segregation of funds, and 2) very low spreads, and I’m satisfied both are met here. This is a 10 year old Finnish trading firm specializing in EA’s and scalping, although all trading models are welcome. This is a pure ECN, DMA, and STP brokerage house; never any re-quotes, no freeze zones, and no minimum distance for stops. This is institutional grade liquidity on the MT4 trading platform with the lowest spreads I have seen for non-dollar crosses available to retail accounts.
They offer high leverage [if you want it], low opening account balance, and they accept U.S. clients.
Since you basically have institutional access to the inter-bank market, there is a commission on each round turn trade; $2.60 per 100,000 base unit of currency. This is 2.6 tenths of a pip; Whoopee whoop whoop!!
Here are some sample spreads I observed today:
GBPAUD 2.3 PIPS
GBPUSD 0.7 PIPS
AUDUSD 0.6 PIPS
EURAUD 1.7 PIPS
EURUSD 0.5 PIPS
USDJPY 0.2 PIPS
EURJPY 0.5 PIPS
GBPJPY 1.1 PIPS
Now, these spreads aren’t “low-ball”, they are common throughout the European and U.S. trading sessions. In the Asian session, GBPAUD and GBPJPY averaged about 0.3 – 0.5 PIPS more, but the other pairs listed here remained about the same. Of course, there are another 50+ pairs you can trade, and I invite you to find the pair that is most appealing to you.
I got to admit, looking at that EURJPY spread has my eyes watering.
If you traded EURJPY only 2 times [round turn] each trading day, and traded a 1 lot [100,000 base currency], your fees [including the spread] would be $15.20. If you did the same trades at another house [like Forex-Metal for instance] with a 3 PIP spread and no commission, your fees would be $60.
That’s a $44.80 difference over approximately 240 trading days in a year; a savings of – are you ready? - $ 10,752 per year!
That’s a lot of $$ moola $$ to be shoveling to a brokerage house for nothing!
And that’s just with 2 lots! Imagine if you did 5 lots?
I would expect and encourage you to visit the website and get on chat if you have any questions; live chat runs from 07:00 – 22:00 server time.
This is the first piece of the equation; I’m in the finalizing part of getting vendor service for signals and I’ll have more on that in the next couple of posts.
Have a great day everyone.