I'm playing around with OEC's new forex demo and I don't know anything about Forex, but this spread looks terrible. I mean look at the bid/ask bars on the right: that gap is wider than some of the candles on the chart :eek: I was just messing around with this now, and in order for me to be able to make one pip of profit, price had to move SEVEN pips in my favor. wtf is that crap. And this is on the EUR/USD. Isn't that supposed to have the tightest spread? Hell, even that stop hunting monster Oanda has .9 pip spreads on EURUSD don't they? OEC's futures are wonderful; I had high hopes for their Forex program as well. edit - omg EURJPY is 5 pips spread. what the hell?!
Yes, but that is a bucket shop white label platform they are using. I think someone said they are using Gain as their engine. On ECNs (what's left) the spread is regularly from .5-1, sometimes a little lower and sometimes higher. Even with commissions factored in those spreads are too wide. Oanda's dealing desk platform also has much cheaper spreads, regularly .9-1.5 on the EUR.
Although that's not a good spread, price only needs to move 4 pips for you to get a pip profit. Check out IB.
That is a 2.1 pip spread which is pretty good. My broker is usually 2-3 pips on that pair. The last number they list is the "fraction" of a pip (not sure what the official term is). I have used OEC before and might have to go back now that they have Forex.
Yeah, this is shit. Granted I'm on a demo account, but I just placed a market sell order and look where it filled compared to where the bid/ask actually is.
also, you cannot modify existing limit or stop orders. When I try to move them, it says "error: only accepting modifications of market orders" or something like that. So basically you have to cancel it and re-add a new one. lame!!! The futures platform allows infinite flexibility without any of these stupid rules.
Man this thing is janky as hell. My open position just disappeared. It's still showing an open position in the "Detailed positions" window, but it's no longer registering on my chart, altho my limit orders are still there. This is the second time this has happened. The first time I thought I just had a massive brain fart, but this second time I was sitting here watching it when it happened.