Hi everyone, I am looking for a broker with an OCO orders and a very low spread on EUR/USD. Thanks in advance.
Interactive brokers.----> www.interactivebrokers.com. They have bracket orders which are really simple to create and modify. Ex. (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: http://www.interactivebrokers.com/en/trading/orderTypesMatrix.php?ib_entity=llc 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.
Thanks, 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.
The order type you are looking for is called OCA (one cancels all) at IB http://www.interactivebrokers.com/en/trading/orderTypesMatrix.php?ib_entity=llc#oca