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[mysteri]

hey all,

i was thinking about opening a mini-account with some broker(maybe for ex.com) and i was seeing up front that a mini might need $250 investment there(to cover margin, as i have learned). as of now, i'm assuming i can download some free trading software from somewhere and get going. are there any other initial, intermittent, ongoing or otherwise, fees that i should look foward to? i understand that there is a datafeed service offered by some and i was thinking that the broker might cover that. i'm assuming that the pip-spread covers the brokers for their service(?), but i just would like to be prepared. when i get my computer back up and running, i'd like to go ahead and get started w/ my demo, and hopefully even a mini by some time next month. thanx to all in advance, just still trying to strategize my "entry" into forex.

[forexc]

There are not unforeseen fees, but maybe you should consider even the lending/borrowing interest rates game when you open a position.

[mysteri]

thanx forexc. so where could i go to find out what that means?

[mishak]

Hello mysteri

The major "nforeseen fees" are LOSSES.
You are right to start with demo trading. Everything should be negligible. Probaly you'll suffer from spread if you scalp.

If you manage to keep you demo account on break-even - you are good.

[TryingHard]

Hi,

I heard there are fees on withdraws.

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[T4fast]

hidden fees, -->

inactive acount fee !
interest fee
wire transfer fee (sending & receiving)

[mysteri]

ahh... that's more like it. withdrawal fees sounds pretty common(as long as it's not too much more than an ATM fee). inactive account? hmm.. interest fee?? care to explain a bit about that one? thanx in advance, much appreciated.

[T4fast]

wire transfer 20 $
interest fee, if u buy GBP/USD u will get 0.29$ if u keep ur postion floating overnight, and if u sell GBP/USD u will be charged 1.85$ for keeping ur position floating over night. On wednesday this charge is doubled!!
inactive account fee, i dont know how much, simply if u dont trade for certain period, the broker will cut from ur account some money for the inactivity!

[fxhst329]

Most of the brokers will warn you of all the fees and they should be explained in the agreement. just read everything carefully before you open the account and compare fees of different brokers.
Compare the spread, interest (premium), unused margin interest (this is positive), wire transfer fees, commissions, markup. if you're opening account thru some IB, please check the difference between them and market maker. they usually use markup...their spread is higher or they have a commission. these fees of some IB's can be sometimes damaging when trading some strategies and about these fees you will sometimes find out already too late, after you open the account.