Broker with an OCO orders and low spread.

Discussion in 'Forex Brokers' started by igor123, May 7, 2006.

  1. igor123


    Hi everyone,

    I am looking for a broker with an OCO orders and a very low spread on EUR/USD.

    Thanks in advance.
  2. ddunbar

    ddunbar Guest

    Interactive brokers.---->

    They have bracket orders which are really simple to create and modify.


    (Entry); Buy 100,000 EUR/USD 1.2650 limit 1.2648 Stop
    (Exit Profit); Sell 100,000 EUR/USD 1.2675 Limit
    (Exit Loss); Sell 100,000 EUR/USD 1.2640 Stop

    Once Entry order executes, the Exit Profit and Loss orders become activated on an OCO basis. You can do a lot more than this simple example with bracket orders. There's also conditional orders.

    See order types:

    Spread on Eur/USD is .5 to 1.5 pips. Avg is 1 pip during US session. But IB doesn't fix or force you to pay a spread. Instead they charge a commission because instead of being a maker maker, they're like an ECN broker. The commission is $2.50 min/ side. After $2.50 it's .00002 (2/10th of a pip).

    So if you were to trade 500,000 Eur/USD, commision would be: 500,000 * (exch rate) * .00002 = approx $10 per side or per order.

    Any order under 125,000 EUR/USD would fall under the min $2.50/side rule.
  3. igor123



    I have checked the link that you have posted, and have not found the type of order that i am looking for. I'd like to place two entry orders above and below the market and when one of them gets filled the other is cancelled.
  4. igor123