think its worth asking around... acm used to be pretty good, now its getting pretty obscene... (thankfully there r ways around that stuff, but still...)
What are the commission rates? All transactions (trades) are charged $3.00 per 100,000 base currency units (bcu) transacted. http://www.hotspotfx.com/openacct/faq/
around $10 / $mio traded (per side) on the instit platform (u have to add yr prime broker fee as well, again around another $10 / $mio)... dunno for their retail platform, didn't ask... why dont u check and tell us ;-)
They don't have 1/2 pip pricing on the retail side yet. I think its supposed to be coming in the first quarter upgrade to the platform. You can get 1 pip prices alot of the time though in EUR and JPY
2cents, Does the amount by which ACM moves their spread vary, depending on your position size? If so, then what is the relationship? It seems to me that if you can measure the relationship, then maybe you can use this knowledge against them. Suppose the amount by which they move the spread is the same, for all position sizes. You first take a very small position, opposite to the direction in which you wish to trade. They move the spread against your small position, at which time you hit them hard with a far larger position, your true order, going in the opposite direction.
thanks jim, very good thinking ;-) i do play these games with acm actually, and the reason i am still there is i do manage to take advantage of some of their moves on average... but it's not a very healthy situation is it?
You *might* get a better entry on your 2nd trade, but what is stopping them from "re-adjusting" your spread, once you're in it? That's even assuming that you'll be able to enter that 2nd trade at the better-than-true-market price, as opposed to entering the wonderful world of 1) delays, 2) requotes and 3) manual executions. In the meantime, you've already deliberately realized a loss on your 1st small trade, the "throw-away" bait. It's gonna be tough to beat a dealer, employing unfair dealing practices, at his own game in the long run.
correct late apex, although... there are ways... but its not a very healthy relationship of course... but don't worry i'm conscious of the risks... another fun one, i don't have the screenshots this time, so its just my word... last week ny day time outside of figures announcements etc but in a context of high vol on cable, acm spread suddenly goes to 30(!) and stays there for a couple of minutes... then goes to... 70!... this time for less than a minute... even funnier is for a few seconds of panic, their 'ask' went 20 pips below the mkt's bid ))))))))))) and yes, i did....... u know what ))))) but i also had a thought for the guys whom the dealer was obviously trying to shake, and the guys who'd placed system stops etc...
These brokers gives you 2 pips spreads on all pairs: http://www.forex-swiss.com http://www.fxtrader.net
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