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Originally posted by Smooth Operator
Do the brokers with the narrowest spreads try to make up for it in other ways?
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I think they vary. Some do, perhaps. Sometimes the ones with the narrowest spreads have difficult trading platforms and lots of re-quotes. Others have spreads that are very changeable. On Oanda, for instance, the EUR/USD quote is sometimes as low as 1.8 pips but sometimes as high as 12 pips. The problem is that everyone's experience is different, and there are therefore about as many opinions on "who's best" as there are traders!
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Originally posted by Smooth Operator I have been paying a 5 pip spread to trade GBPUSD and I'm tempted to switch to a broker with a spread of 3 pips.
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I suppose it depends what sort of trading you're doing. If you're talking about longer-term positional trading it's probably not worth the hassle, especially if you're otherwise satisfied with your current broker. On the other hand if you're scalping, opening and closing positions all day long, then it would make a significant difference.
Personally, I'd rather pay a pip extra to deal with a company I trust and one that has good customer service in the event of any mistakes/accidents, but that's just my view.