Hello everyone and I have a noob question...

[Joe H]

Hi All,

I'm Joe and am new to trading forex. I have done several online courses in trading and have programmed (basic) EA's

My question is about my broker's fees. According the their hlep pages, fees are £4.50GBP per contract. In another part of their site they say a contract is 1.0 lots. I want to trade small at first, so I will be starting with 0.01-0.05 lots. How do I work out the fees for smaller trades like these ahead of time?

Thanks!

Joe.

 

[FxMaster]

Hi All,

I'm Joe and am new to trading forex. I have done several online courses in trading and have programmed (basic) EA's

My question is about my broker's fees. According the their hlep pages, fees are £4.50GBP per contract. In another part of their site they say a contract is 1.0 lots. I want to trade small at first, so I will be starting with 0.01-0.05 lots. How do I work out the fees for smaller trades like these ahead of time?

Thanks!

Joe.

Does your broker provide live support?
If yes then you can ask the same to them and you will have proper answer from broker itself. Here you can get the opinion but there you will get the exact answer.

 

[Joe H]

Thanks for you reply FxMaster. I'll do as you suggest.

Joe.

 

[Lee-me]

There are plenty of calculators to work with online.

 

[PhoenixJ]

Pretty sure different brokers offer different spreads, commissions, and swaps. So if you intend to code an EA, the details should comply with the specific broker that you want to work with. For accurate information it's better to contact the broker's support. Also, working with a broker that offers a fixed spread can save you a lot of trouble.

 

[mahomesfx]

Pretty sure different brokers offer different spreads, commissions, and swaps. So if you intend to code an EA, the details should comply with the specific broker that you want to work with. For accurate information it's better to contact the broker's support. Also, working with a broker that offers a fixed spread can save you a lot of trouble.

About the recommend the same... Well said

 

[PhoenixJ]

About the recommend the same... Well said

Thanks

 

[Joe H]

Do your broker provide live support if yes then you can ask the same to them and you will have proper answer from broker itself. Here you can get the opinion but there you will get the exact answer.

I did as you suggested and my brokers put me straight. Thanks for the tip.

 

[Joe H]

Pretty sure different brokers offer different spreads, commissions, and swaps. So if you intend to code an EA, the details should comply with the specific broker that you want to work with. For accurate information it's better to contact the broker's support. Also, working with a broker that offers a fixed spread can save you a lot of trouble.

My broker explained it to me carefully and it's fine. Doesn't change my plan in any way. Thanks!

 

[VasilTodorov]

Hi All,

I'm Joe and am new to trading forex. I have done several online courses in trading and have programmed (basic) EA's

My question is about my broker's fees. According the their hlep pages, fees are £4.50GBP per contract. In another part of their site they say a contract is 1.0 lots. I want to trade small at first, so I will be starting with 0.01-0.05 lots. How do I work out the fees for smaller trades like these ahead of time?

Thanks!

Joe.

First, I actually think that you got it wrong, they do not usually say that 4.5 GBP, they show it based on pips, so, you should look more carefully. then if we assume that for 1 lot you pay 4.5GBP spread, for a 0.1 lot, it will be 0.45 GBP, and for a 0.01 lot it would be 0.045 GBP. I think you can calculate for the rest. btw, does that broker have live support services?