1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Difference in closing price between brokers

Discussion in 'Beginners Bootcamp' started by SeeMe123, Oct 1, 2011.

  1. SeeMe123

    SeeMe123 Recruit

    Joined:
    Oct 1, 2011
    Messages:
    2
    Likes Received:
    0
    Hi all,

    Sorry if this is a really stupid question but I'm new to forex. I currently have two different demo accounts with two different brokers. I am currently looking at the EUR/USD pair on the 1 minute chat Obviously as it is saturday both brokers are closed but they are closed on different numbers.

    One has closed on 1.33846 and the other 1.33948. What is the reason for this?

    Also I am using MT4 and the market watch toolbar both show different times, one says 20:58:00 and the other 23:59:48.

    Thanks for your help.
     
  2. f-man

    f-man 4Xangels Representative

    Joined:
    Dec 5, 2010
    Messages:
    762
    Likes Received:
    14
    1. It is possible that brokers have different rates on exactly the same time.

    2. Each broker works on a specific time zone, which means that they "close" on a different time than other brokers. This has of course as a result that 100% there will be a different closing rate shown on the platforms when you compare different brokers over the weekend.
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,677
    Likes Received:
    2,224
    Officially, the forex market stays open until 5 PM in New York on Fridays. Some brokers cut off the price feed at 4 PM on Fridays.

    Personally, I wouldn't recommend actively trading during that last hour, but I really wonder why some brokers don't let you close out trades, adjust stops, etc.
     
  4. SeeMe123

    SeeMe123 Recruit

    Joined:
    Oct 1, 2011
    Messages:
    2
    Likes Received:
    0
    Thanks for your replies. It does seem strange that two brokers should show different prices, but I guess it doesn't really matter :S

    Thanks

    Alex
     
  5. DiF0r

    DiF0r Private

    Joined:
    Aug 31, 2011
    Messages:
    6
    Likes Received:
    0
    It is probably not that different when the market is open.

    But I guess this is because of using different liquidity providers and some brokers filter the price feed...
     
  6. Ruth Berlin

    Ruth Berlin Recruit

    Joined:
    Sep 11, 2011
    Messages:
    6
    Likes Received:
    0
    The time differences issue is because each broker sets its own time scale, so you see different periods in each broker. It does not that important, you just have to adjust yourself to the new broker when you change brokers. Regarding the closing levels, that also has something to do with the broker's quotes providers. Some brokers show the after-market trading and some not. However, there should not be such a big different so you need to ask your broker about it.
     

Share This Page