I've been trading forex for a long time now and as my currency trading volumes have risen so to have my trading costs in the form of commissions. I read on the web that you may earn forex broker rebates from your trading commissions so I asked my broker if I was eligible for this, they said no. I noticed a really great deal online so I wanted to share my experience with you.
When I heard about forex cash back programs I spoke to my ex-broker (who I won't name) who said they didn't offer forex cash backs or commission discounts. I'm glad they said no as I've since learnt about the many types of forex brokers that exist today. When I first started trading forex way back in 2006 I didn't have this variety and I've only changed brokers a couple of times.
I decided to look for a forex cash back program as my month-to-month fees are becoming more and more and I stumbled across an advertisement with "earn kickbacks for your trades". I clicked on the advertisement and was taken to the forex cash back web-site, only to discover virtually every broker on the planet displayed excluding the kind I was looking for. I'm primarily interested in ECN brokers, this is personal choice but I can reduce my charges far more with an ECN/STP broker. Almost all of the forex cash back web sites endorse deal desk brokers with unfavorable trading conditions that don't suit my trading method.
Later I eventually came across a brokerage which satisfied all my criteria; tight spreads, competitive commissions and licensed. This particular brokerage was indeed IC Markets and I speedily started a simulated account with IC Markets and quizzed their crew over the web based chatting service. The crew ended up being seriously helpful and knew what they were talking about.
I was able to locate a exclusive forex rebate site just for IC Markets. I was very shocked since this was different to the kickback companies I had come upon earlier. They offered a commission discount plus a month end refund option, I went with the commission discount as I'm a active traders and like lower trading costs. With the commission discount I'm now charged five dollars fifty cents for each round turn standard lot, without having this special it is usually $7.
When I heard about forex cash back programs I spoke to my ex-broker (who I won't name) who said they didn't offer forex cash backs or commission discounts. I'm glad they said no as I've since learnt about the many types of forex brokers that exist today. When I first started trading forex way back in 2006 I didn't have this variety and I've only changed brokers a couple of times.
I decided to look for a forex cash back program as my month-to-month fees are becoming more and more and I stumbled across an advertisement with "earn kickbacks for your trades". I clicked on the advertisement and was taken to the forex cash back web-site, only to discover virtually every broker on the planet displayed excluding the kind I was looking for. I'm primarily interested in ECN brokers, this is personal choice but I can reduce my charges far more with an ECN/STP broker. Almost all of the forex cash back web sites endorse deal desk brokers with unfavorable trading conditions that don't suit my trading method.
Later I eventually came across a brokerage which satisfied all my criteria; tight spreads, competitive commissions and licensed. This particular brokerage was indeed IC Markets and I speedily started a simulated account with IC Markets and quizzed their crew over the web based chatting service. The crew ended up being seriously helpful and knew what they were talking about.
I was able to locate a exclusive forex rebate site just for IC Markets. I was very shocked since this was different to the kickback companies I had come upon earlier. They offered a commission discount plus a month end refund option, I went with the commission discount as I'm a active traders and like lower trading costs. With the commission discount I'm now charged five dollars fifty cents for each round turn standard lot, without having this special it is usually $7.
About the Author:
Overall I'm pleased with my decision to go with IC Markets as the service was speedy and the commission discount fits my kind of trading, I believe they were the best forex rebate program on the net when comparing the spread and commission fee versus every other deal.
No comments:
Post a Comment