The usual industry-standard spreads hover around 0.1-1 pips for major forex pairs. But, on Etofx Markets platform, I noticed that the spreads were often in excess of 2-3 pips and sometimes even more.
For example, in one trade with EUR/USD, one of the most traded currency pairs, the spread was as wide as 3.5 pips, even during market hours. This difference of 2.5-3.5 pips might seem insignificant at first, but its impact became apparent on my trades.
Take for instance a particular trade, where I was expecting a profit margin of around 6-7 pips. Under normal circumstances, deducting a typical spread of 1 pip, I would still have made a decent profit. But because of the 3.5 pips spread at Etofx Markets, my net gain was reduced significantly.
In fact, higher spreads turned profits into losses on several occasions. Over time, these larger spreads cut into my potential profits, affecting my overall portfolio's performance and success rate.
The usual industry-standard spreads hover around 0.1-1 pips for major forex pairs. But, on Etofx Markets platform, I noticed that the spreads were often in excess of 2-3 pips and sometimes even more. For example, in one trade with EUR/USD, one of the most traded currency pairs, the spread was as wide as 3.5 pips, even during market hours. This difference of 2.5-3.5 pips might seem insignificant at first, but its impact became apparent on my trades. Take for instance a particular trade, where I was expecting a profit margin of around 6-7 pips. Under normal circumstances, deducting a typical spread of 1 pip, I would still have made a decent profit. But because of the 3.5 pips spread at Etofx Markets, my net gain was reduced significantly. In fact, higher spreads turned profits into losses on several occasions. Over time, these larger spreads cut into my potential profits, affecting my overall portfolio's performance and success rate.
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