Is 3 pips a competitive spread for a FOREX broker to offer?
William J asked:
I am new to FOREX and am considering using HYMARKETS.COM who appear to offer a 3 pip spread. Is this competitive and if not where can this be beaten? Any advice is much appreciated. Thanks
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I am new to FOREX and am considering using HYMARKETS.COM who appear to offer a 3 pip spread. Is this competitive and if not where can this be beaten? Any advice is much appreciated. Thanks
February 20th, 2009 at 12:26 pm
3 pips for the majors is average.
Check out;
These guys only received 2 stars. Be very careful. FX is one of the least regulated industries. There are no good brokers… there are only brokers that are not as bad as others. There is a 96% chance you’ll lose your money in 3 months or less.
Spend some time on education. A year would be a great idea. Paper trading will help you with the platform but will do little to help you with the skill of trading. Your results in paper trading mean very little.
February 22nd, 2009 at 9:11 pm
I work for a broker and it depends of the amount to be operated it can negotiate the spread, up to 1 or 2 if you have doubts you write me for this means.
February 26th, 2009 at 8:09 am
Hi,
Most of the brokers are offering spread ranging from 2-5 pips on various currency pairs. Major currency pairs like usd/eur, gbp/usd, eur/gbp, usd/jpy etc has lesser and other pairs have higher spread. Your broker is offering average spread but if this 3 pips are for minor currency pairs then it would definitely considered competitive.
Hope this information helps you.
February 27th, 2009 at 12:52 pm
3 pip is bad