Suggest a good forex provider for me

[sunslush]

I'm experienced asx share trader, and just recently starting to get into Forex and CFDs.


1 of my friend working for CMC market, so i have opened an account whithin CMC. and i particularly love trading GBP/USD, but what i found is their spread is 4pips. I have never used any other provider before, personally i think 4pips is alot. expecially when i trade intraday 5m and 10m chart, the profits are just about to cover the commissions.

any experince traders here can give me some suggestion which provider charge less spread pips? expecially GBP/USD, and must have a good platform as well( I like CMC's Market Maker platform)

and better if they providing Direct Market Access instead of Market Maker like CMC.


thanks alot.

 

[Stormin_Norman]

Re: can some one suggest a good forex provider for me?

there isnt a central market for forex. so every player, no matter how big is essentially a market maker.

 

[lasty]

Re: can some one suggest a good forex provider for me?

I'm experienced asx share trader, and just recently starting to get into Forex and CFDs.


1 of my friend working for CMC market, so i have opened an account whithin CMC. and i particularly love trading GBP/USD, but what i found is their spread is 4pips. I have never used any other provider before, personally i think 4pips is alot. expecially when i trade intraday 5m and 10m chart, the profits are just about to cover the commissions.

any experince traders here can give me some suggestion which provider charge less spread pips? expecially GBP/USD, and must have a good platform as well( I like CMC's Market Maker platform)

and better if they providing Direct Market Access instead of Market Maker like CMC.


thanks alot.

Welcome to the world of FX.
A couple of questions;
1. Why trade GBP/USD?
2. What is your risk reward trading very short term?

Usually spread reflects liquidity.CMC are their own price/market makers.
The downside being that they can stop you out on their market.
If you opt for DMA then spreads vary. You are relying on several price makers to determine your market especially when news or data announcements.Also dangerous.
For consistency I would consider a platform that has a fixed spread and reflects the interbank markets highs and lows.
After that I would then open up a DMA using that as your primary account and having the fixed spread one as your back up.
FX isnt done through a single exchange and its vital to have liquidity access from at least 2 sources.
Wholesale/interbank players have access to at least 2 brokers.
Retail punters should adopt a similar approach.

 

[>Apocalypto<]

I'm experienced asx share trader, and just recently starting to get into Forex and CFDs.


1 of my friend working for CMC market, so i have opened an account whithin CMC. and i particularly love trading GBP/USD, but what i found is their spread is 4pips. I have never used any other provider before, personally i think 4pips is alot. expecially when i trade intraday 5m and 10m chart, the profits are just about to cover the commissions.

any experince traders here can give me some suggestion which provider charge less spread pips? expecially GBP/USD, and must have a good platform as well( I like CMC's Market Maker platform)

and better if they providing Direct Market Access instead of Market Maker like CMC.


thanks alot.

Interactive Brokers Number 1 in my opinion.....

 

[amaro]

Hi, I can suggest FxPro.com They offer floating spreads on all currency pairs but the average spread for GBP/USD is only 2 pips and they advertise it as minimum of 0.8 to 3.0 which is right within the range. I have been using them for some time now and have been thoroughly impressed with their services. The only niggles I had were documentation when opening my account as they are quite strict and I am quite impatient but they told me it is for my own good and protection blah blah blahhh ... well finally we got through with that process and I haven't had any any issues with them since.

Amaro.

 

[1080p]

sunslush - the problem with CMC is that profit/losses are denominated in USD until you manually convert them to AUD which can't be done until 5pm EST.

I like Oanda but charting has a lot of limitations...

 

[roonapa]

I currently use Go markets and IG, Go are in the main very good and seem to be pretty honest and also great if you want MT4 , IG are good in my opinion if you want a whole load of products.
Dont limit yourself to one provider!!