FOREX 3 or 4 pips?

[damianoakley]

I currently trade EUR/USD intraday with FXCM.

I like FXCM because they have an office in the UK and operate a Mini-Account (ie - $10,000 lot size) whilst maintaining a reasonably tight spread of 4 pips.

Does anyone know of any other broker(s) that offer this $10,000 lot size together with a 3 pip spread? I've seen other brokers offering the 3 pip spread but only at a minimum $100,000 lot size.

In intraday trading, the spread size can become quite important, so if I can save just 1 pip on every trade, it would save me about 100 pips per week ! (I make about 20 round-trip trades per day).

Any recommendations would be gratefully received.


Many Thanks.

 

[dailydow]

d4f spread bet has a 3 pip spread and sticks very closely to the real time figures much better than the dow and s&p.
has its well documented faults but its all tax free

 

[damianoakley]

Thanks for the prompt reply.

I'd rather not spread bet to be honest. I want to trade properly in the actual market rather than bet against a bookmaker. As my account size increases, I would envisage problems spread betting.

I'm running this as a professional full-time trading business and will pay tax on my profits like any other business in the UK.

Many Thanks for the suggestion.

Damian

 

[darrenf]

Jonnyt trades eur/usd via futures with a reported spread of 1. If you are trading intraday, this may well be an attractive alternative worth exploring. There will of course be commission on each futures transaction.

 

[darrenf]

PS Just thought, cmc also offer an fx platform (not sb) and the spread on eur/usd is 3. I have to say though, if the SB spread is the same as the "real" fx platform and the sb prices track the "real" price, why not take advantage of the tax free status of sb's?

 

[Miki]

Oanda.com - 2 pip spread - tiny account size needed.

 

[dailydow]

i usually trade £10 per point with cmc and have open usually four differant crosses at same time never have a problem so fareven yesterday was able to open and close at those amounts while all the fomc hoooo haaaaa was going on.worth trying them out as they are tax free.
havent been trading forx long but now have a sizeable account with cmc and i would recomend all index traders to check it out.
follows trend lines to perfection.havent looked at an index for 2 months now and dont miss them

 

[JonnyT]

I trade the EUR/USD future via www.interactivebrokers.com

The costs are as follows:

Spread 1 pip
$2.4 per side i.e. $4.8 per trade per contract
1 contract = $12.5 per pip
Margin is < $1500 per contract

The market is very liquid during London and US hours

I do not see the point using artifically created markets as per most unregulated FX Brokers when you can trade a regulated market, through an excellent broker, at an excellent cost, with excellent gearing.

JonnyT

 

[darrenf]

JT

what value is one futures contract? $100,000?