How much ARe you paying?

Discussion in 'Forex' started by enkidu, Jul 30, 2008.

  1. enkidu

    enkidu

    I'm trading AUD and CAD and I feel like I'm paying way too fucking much

    i trade CAD during the US hours using forex.com and they rape me on spreads

    anyone use a broker with lower costs?
     
  2. Try a forex broker with ECN trading, such as IB or MB Trading.
     
  3. What is your spread?
     
  4. enkidu

    enkidu

    i just paid over 5 dollars for a USD/CAD trade.... and no it's not during news time

    that's ridiculous

    do not ever use forex.com
     
  5. IB isn't any good on the USD/CAD. Best option might be to use futures.
     
  6. ssblack

    ssblack

    Forex.com is ludicrous anyway.

    Yeah, for CAD I'd just use the futures.
     
  7. Euler

    Euler

    What I would do is check your broker's spreads against what's offered in comparable futures contracts on the CME/IMM.

    My bias is always towards open crossing markets. At least with such markets, the prices offered are guaranteed to be real (well, at least close to guaranteed, I think). Firms can theoretically "bait-and-switch" OTC contracts, although I have no idea how much of this actually goes on today, if any.

    The fact that an ECN-like system hasn't developed for spot forex seems like an opportunity to me for the players in this space (NYSE ARCA, NASDAQ, BATS, CME....), especially on the seemingly successful make-rebate/take-fee model; but I'm probably missing something about the complexities of implementing such a market for spot forex.