jimvt
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Just got an email from Refco claiming a lower spread for EURUSD than anyone else (3 pips). They are claiming:
"Many firms claim to offer 3 pip spreads, yet they only execute your trade if they believe it is in the wrong direction. RefcoFX will execute the trades in either direction based on a 3 pip spread. "
Truth or BS anyone?
The full email:
At RefcoFX, EUR/USD is our most popular currency pair, composing 60% of our trading volume. RefcoFX generally executes billions in EUR/USD trades per month, which is more volume than many of RefcoFX’s competitors do in trades for all their currencies pairs combined over much longer time periods.
As a result of this volume, RefcoFX can command the best prices and execution from our network of international banks. We are passing along these benefits and the resulting lower transaction costs to our clients.
Starting on June 20, 2004, we are lowering spreads for RefcoFX 100K accounts. The new bid-ask spread on EUR/USD trades will be 3 pips, as opposed to the former spread of 4 pips. Many firms claim to offer 3 pip spreads, yet they only execute your trade if they believe it is in the wrong direction. RefcoFX will execute the trades in either direction based on a 3 pip spread.
Spread is not the only consideration when choosing a dealer. A tight spread is only meaningful if the dealer offers superior execution. RefcoFX’s execution stands out because we honor our quotes. You always get executed at the price you hit.
We offer consistently tight spreads. Our spreads remain the same day or night, even in a fast moving market.
RefcoFX guarantees no slippage on Stop-Loss and Limit orders.
"Many firms claim to offer 3 pip spreads, yet they only execute your trade if they believe it is in the wrong direction. RefcoFX will execute the trades in either direction based on a 3 pip spread. "
Truth or BS anyone?
The full email:
At RefcoFX, EUR/USD is our most popular currency pair, composing 60% of our trading volume. RefcoFX generally executes billions in EUR/USD trades per month, which is more volume than many of RefcoFX’s competitors do in trades for all their currencies pairs combined over much longer time periods.
As a result of this volume, RefcoFX can command the best prices and execution from our network of international banks. We are passing along these benefits and the resulting lower transaction costs to our clients.
Starting on June 20, 2004, we are lowering spreads for RefcoFX 100K accounts. The new bid-ask spread on EUR/USD trades will be 3 pips, as opposed to the former spread of 4 pips. Many firms claim to offer 3 pip spreads, yet they only execute your trade if they believe it is in the wrong direction. RefcoFX will execute the trades in either direction based on a 3 pip spread.
Spread is not the only consideration when choosing a dealer. A tight spread is only meaningful if the dealer offers superior execution. RefcoFX’s execution stands out because we honor our quotes. You always get executed at the price you hit.
We offer consistently tight spreads. Our spreads remain the same day or night, even in a fast moving market.
RefcoFX guarantees no slippage on Stop-Loss and Limit orders.
