by hugg » Mon Sep 20, 2010 2:52 am
For a mini-account or a micro-account, you can't. The smallest spread I've ever seen was 1.5 pips offered by Interactive Brokers. However, they required that you have an account size of $25,000.00.The only other broker that I know of that comes close is Oanda. They offer spreads that get very low during times of high liquidity for very small accounts. However, during other times of the day, the spread on the EUR/USD can get as high as 6 pips.If a broker is willing to give you a fixed 2 pip spread and let you trade an account that is only $200 in size, that is a problem. I can almost guarantee you there is some shading of the price going on. In other words, you aren't getting the real price. You've getting a price that will be more favorable to the broker. That means you'll have more losing trades. The old phrase, buyer beware, has much meaning in the forex broker world.