How to choose the Different types of Forex Broker?

Forextamil

Junior member
12 0
Hi guys

I think I have worked this out correctly but wanted to check it before settling on my broker.

Assume all other things are equal, fund security, platform tech etc...

Broker A
Typical Spread - 1
Commission - $5 round trip (1 lot)

Broker B
Typical Spread - 0.6
Commission - $7 round trip (1 lot)

Pip value (1 lot) - $10

Broker A total cost of single trade - $15

Broker B total cost of single trade - $13

Initially, I was distracted by the lower commission rate offered by Broker A but assuming the above is correct, and all other things are the same in terms of service and platform, Broker B is the right choice.

Am I missing anything, and in terms of charges it is just spread and commission that needs to be factored in right?

Thank you
 

Beast45

Junior member
33 4
Well the calculation as well as your view of charges are correct.
$0.0001 (aka 1 pip) = $10 (standard lot) + $5 (1 lot) = $15
In that comparison, Broker B is winning in terms of low cost.

But there are some brokers giving even less than B, for instance:
Fxview: $2 + $2 = $4
Tickmill: $1 + $4 = $5
IC Markets: $1 + $7 = $8
 
 
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