TradeProofer is a forex trader community where members can benchmark their broker’s quote and trade execution against other members’ brokers. TradeProofer release monthly reports on broker spreads to summarize how the community saw brokers’ spreads. This time we focus on May.
- Although forex trading is known for being extremely competitive, there is a 6-8x fold difference between the most and least competitive brokers. It’s like some McDonalds would sell BigMac for 10 dollars and others for 60-80.
- Fixed spread brokers are usually at the lower end of the rankings, steady spread comes at a price.
- 60-80% of top 10 brokers do charge commission, so paying commission does not necessarily mean you are ripped off.
And here are the charts. Click the images to enlarge:
Get the 5 most predictable currency pairs