Which broker has the lowest spread for major pairs during the weekends? 20 pip spreads are common during weekends and holidays, but that makes it impossible to trade. Yes, I did do a search, but did not get any results. Thanks, Frank
Several are open for trading on weekends. I'm sure there's more. But, I'm not looking for a count. I'm looking for who has the best weekend spreads.
Check Oanda's weekend spreads. I think they are a bit narrower than the 20 pips you have seen. Why are you looking to trade on the weekends, though? There's zero activity. Are you just looking at that timeframe for position entry/exit?
There's been several times where I wanted to exit my trades during the weekend, however, when doing so, I immediately lost part of my profits. For various reasons, I didn't want to hold the positions any longer. I'm not always in front of the computer to exit before the wide spreads start. And, of course, there were times where some fundamentals changed, and I wanted to enter a position during the weekend too.
I asked because AFAIK the number of forex dealers open for trading on weekends is exactly 1. Besides Oanda (whose weekend spreads on all the majors and several crosses are 10 pips, not 20), where else have you opened or closed a trade on a weekend?
I found a few others that said they were open on the weekends. Or at least they implied they were on their websites. The pairs I trade do have a 20 pip spread at Oanda. At least they did this past weekend. Look at USD/JPY
In all honesty, you should not be trading FX during the weekends. If you think there is any edge gained by doing this, then you should really do more research and educate yourself. There are literally no prices trading on the bank side which is where your prices are eventually derived from. If you haven't captured the move during the trading week then give it a rest for the weekend. There is really no market! Having worked in the interbank side for years, anyone who wanted a deal after hours ( read after 4 pm Friday) better had be special and even then , they were going to pay through the nose. ( Justifiably so in my opinion as there is was too much risk and little if any liquidity) After 4 p.m. CST on Friday, the markets are for all intensive purposes closed. Period. The open is noon or 1pm CST Sunday afternoon . I can't recall the "official interbank open" ( this changes in the summer when we and/or "down under" change their clocks. ) but I think it is noon now. On the rare occasion when there is a bombing, G7 meeting, or any other curve ball, then there may be some trading a little earlier. This is a exception though. Some banks dont even honor trades before the officail New Zealand open if the prices arent justified. There is little sujbectivity here and I have only seen cash prices busted or not honored on one occasion on a Sunday in over 15 years. Many FX platform's sync / coincide tjheir opens with the IMM open at 5pm CST these days. Bottom line, any prices you are able to " deal" on during the weekends are not real prices so I guarantee any system that demonstrates an "edge" during the weekend will fail.
Their platform may be open -- you can login and maybe even play around -- but you can't close an existing trade or open a new one. Which is kind of the whole point, the definition of "open for trading on weekends", isn't it? Go ahead and try it for yourself anywhere, on a minilot. I would love for you to debunk this years-old myth of only 1 weekend currency dealer. Not according to this. The spread for Yen (and every other major) during the weekend of Jan. 12-14 was 10, as usual. If you saw 20 on USD/JPY in your FXTrade, then, obviously, the supposedly above-board, squeaky-clean Oanda has been caught lying through their teeth. What has this world come to?
Thanks for the advice on the weekend trades. That is very useful to know. I just pulled up their platform to see the exact spread this past weekend for 2 JPY pairs. USD/JPY was 10 pips, but GBP/JPY was 20 pips. 235.62/235.82 I thought both were 20 - I will check again this weekend. Frank