Discussion in 'Forex Brokers' started by TickJob, Oct 28, 2005.
For example a small lot size of $1000.
Oanda appears to be the only forex dealer with 1 unit minimum trade size and 1 unit increments, up to 10 million units.
Interactive Brokers IDEALPro offers unit increments, but with a 25,000 minimum trade size.
Another unit sizing dealer was mentioned by ElectricSavant on ET a month ago. Based on what little was posted, I'd be very cautious (as always):
A number of dealers offer 1,000-unit (NOT $1,000) trade sizing, known as "mini-mini-lot" or "micro-lot" sizing. FX Solutions is one.
FxSol spread is not as good as Oanda. How come no one has the same or better spread as Oanda?
Well, the ECNs do, more or less.
For non-ECNs, here's one reason why:
InterbankFX confirmed that they allow decimal size trades on regular and minis. While using the MetaTrader4 platform you can trade as low as .01 lot sizes. That's a 100 lot size on the mini.
You can use the live chat on their website to confirm this for yourself!
Im wondering if fxdd.com allows this with MT4 as well.
both offer a 2 pip spread on eur/usd. IB= $500 min to open fxdd= $200 to open
EDIT: Personally I trade with OANDA because I use lot sizes as %NAV and the $1 incrament works well for that. but MT4 has some really nice features for backtesting/automation that I am looking into theres just not much of a choice of brokers using that platform.
Good luck with your search, hope this helps!
Becareful with IBFX mini or micro accounts. They charge $1/day interest on each open position at 5pm EST.
You could always open up a full account with $10k, then normal interest is charged or credited.
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