1 pip trading

[sohailbutt]

I mostly trade in EUR/USD. I trade on oanda with spread of 1.8-2 pips. I have heard that the interbank market trades at 1 pip. How to get access to a system where I can trade on 1 pip margin?

While trading I wish to access to market conditions regarding:
current trading volumes
open orders

where can I get real time data on the above

 

[rog1111]

You could trade the Globex EUR futures via Interactivebrokers.com (or others). The spreads are nearly always 1 pip. $12.50 per pip.

rog1111

 

[The General]

BTW, what is the minimum account required to trade (day) forex ?

 

[JTrader]

Usually 1% margin is offered by the forex (bucket) shops. Some are slightly more = 1.5% - 3%.

So on a $10,000 position +$1 per pip, margin requirment = $100 - $300.

 

[JTrader]

Hotspotfx offer 1-3 pip spot forex trading via an ECN. This is the interbank market. Spreads are 1-3 pips + a small commission.

 

[JumpOff]

Hotspotfx offer 1-3 pip spot forex trading via an ECN. This is the interbank market. Spreads are 1-3 pips + a small commission.

Their website says they take the other side of your trade. Also, you cannot cancel or amend your order if it is within 10 pips of the market. I looked throught the 'individual investor' part of the website. No mention of pip spread anywhere...
JO

 

[JTrader]

Hotspotfx

Below are copies of 3 email correspondences that I have had with the customer service team of www.hotspotfx.com.

We at Hotspot FX do not trade,nor do we take the other side of our client's trades.
The prices on our trading platform are supplied by our liquidity providers(banks).
Trading on our platform is instantaneous,there is no requote or repricing.
euro/$ spread fluctuates between 1 to 3 pips
gbp/$ spread fluctuates from 4 to 2 pips
You can put your own bids or offers directly on the platform,inside or outside the spread.
I don't know the other platforms,but trading on our platform is pretty much straight forward.
For example ,you can set your preferred dealing amount,and to trade all you do is double click on the price and the deal is done.
We have ample liquidity,24 hours a day!
You can send orders directly from the platform.take profit,stop loss,or one cancels the other.
We do not accept trailing stops.
We charge $3/100/000.However for trading amounts 500,000 and above,there is no commission if you place your own bid or offer directly on the platform and you deal.
Given that we have pretty narrow spreads,the pips you save every time you deal,more then make up for the small commission we charge.
Margin is 2% for accounts up to $100,000,and 3% for above.
The margin system is us$ based,therefore a 100,000 euro/$ position takes up $121,000 position from your limit.if euro is 1.21 to $.
I invite you to log on to our retail website,
http://www.hotspotfx.com/main.jsp
Register and download the demo to get an idea of how our platform functions.

since we at hotspotfx do not trade,all orders are passed to our liquidity providing banks.all stop loss orders
are executed when bid or offered.ex.if you have a stop loss to buy euro at 1.2250,your stop will be done when
the interbank market is 1.2250 bid. the execution is therefore done at the next price,so in the vast majority of times the execution rate will be 1.2251 or 1.2252.we feel this is the most professional method to execute stops.
our clients know this,therefore they place stops taking the slight slippage into account.with this method,our clients are confident that the market was actually there,and that they're not being stopped out for fairy tale
excuses(some platforms make their money stopping out clients arbitrarily).
we do not guaranty stop loss order rates,and in cases like last unemployment figures where euro
gapped up big figures,the stops we had were executed by our banks at the next price available in the interbank market.but our stops were no where near the horror stories i've heard from other platforms!

I think we have a few misunderstandings in our last emails.
When you deal on our platform,what you see is what you get.
So,if you click to sell at 15 for example,and the price is there, you sold it.
It immediately reflects in your deal log, posititon,account,etc.
I strongly suggest that you let me know when and how I could call you
at your leisure,so we can clarify your concerns.We really have a great trading
platform,and I don't want you to give up before you even experience it.
I am in the office from 5am to midday London time,for this week.

 

[s-a]

I've used a demo of hotspotFX for the past few weeks now and like what I see. I'm considering trading with them in the near future. Trading inside the spreads is great and I often saw most of my watched pairs trading within a 1 pip range. This included usd/cad, aud/usd and gbp/usd. Seeing the market depth is cool too.

HG