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Stock broker with FX, market spread and low fee, total result can easily be less than 0.1% (and even a lot less most likely closer to 0.01%).

by tonfa 9y ago

yourapostasy 9y ago
How do I get in touch with a "Stock broker with FX"? That's not a term I'm familiar with unfortunately, and searching that string turns up either FX brokers, or FX trading platforms. I've spoken with my US equities/funds brokerage firm, and they have an FX desk, but they're still more expensive than the dedicated FX broker I found and currently work with. Before that, I was regularly raked by my US bank for 4-6% off the mid-market. I haven't seen mid-market spread + 0.01% anywhere, and only seen + 0.1% thrown around for 6-figure and up USD transaction sizes, wire transfer (ACH or SWIFT), at least several of those per month volume. TransferWise works at mid-market + 1%; but they don't work with paper checks. What you're getting is even better than cryptocurrency exchange-facilitated conversions, so I'm very interested in finding out more if you can post a pointer in the right direction. Thanks.
- tonfa 9y ago
  https://www.interactivebrokers.com/en/index.php?f=commission&p=fx https://www.interactivebrokers.com/en/index.php?f=commission... (Not an endorsement in any way and I'm sure there are others). Fees are min($2, 0.002%), typical spread is a few pip or much less (eg. EURUSD at the moment: 1.20015 (sell) 1.20020 (buy)). But you'll also need a bank account in both currency most likely. edit: maybe a downside, but there's a min $10/month activity fee at IB if you have less than 100k holdings (but your transaction fees count against that). But as I said, I'm sure IB isn't the only place with those offerings.
  - yourapostasy 9y ago
    Thanks, I'll keep them in mind if a wire transfer comes up in the future, that looks useful. Unfortunately, many of my non-US customers still request remitting in their native currency via paper check. And IB doesn't seem to accept paper checks from commercial entities other than banks. Part of my forex broker's value add is they have banking points of presence in many nations, and can accept the check there, then convert to any currency I designate (typically USD). That would probably explain much of the spread between IB's and my FX broker's margins.

Stock broker with FX, market spread and low fee, total result can easily be less than 0.1% (and even a lot less most likely closer to 0.01%).

by tonfa 9y ago

Stock broker with FX, market spread and low fee, total result can easily be less than 0.1% (and even a lot less most likely closer to 0.01%).

yourapostasy 9y ago

How do I get in touch with a "Stock broker with FX"? That's not a term I'm familiar with unfortunately, and searching that string turns up either FX brokers, or FX trading platforms. I've spoken with my US equities/funds brokerage firm, and they have an FX desk, but they're still more expensive than the dedicated FX broker I found and currently work with. Before that, I was regularly raked by my US bank for 4-6% off the mid-market. I haven't seen mid-market spread + 0.01% anywhere, and only seen + 0.1% thrown around for 6-figure and up USD transaction sizes, wire transfer (ACH or SWIFT), at least several of those per month volume. TransferWise works at mid-market + 1%; but they don't work with paper checks. What you're getting is even better than cryptocurrency exchange-facilitated conversions, so I'm very interested in finding out more if you can post a pointer in the right direction. Thanks.

tonfa 9y ago
https://www.interactivebrokers.com/en/index.php?f=commission&p=fx https://www.interactivebrokers.com/en/index.php?f=commission... (Not an endorsement in any way and I'm sure there are others). Fees are min($2, 0.002%), typical spread is a few pip or much less (eg. EURUSD at the moment: 1.20015 (sell) 1.20020 (buy)). But you'll also need a bank account in both currency most likely. edit: maybe a downside, but there's a min $10/month activity fee at IB if you have less than 100k holdings (but your transaction fees count against that). But as I said, I'm sure IB isn't the only place with those offerings.
- yourapostasy 9y ago
  Thanks, I'll keep them in mind if a wire transfer comes up in the future, that looks useful. Unfortunately, many of my non-US customers still request remitting in their native currency via paper check. And IB doesn't seem to accept paper checks from commercial entities other than banks. Part of my forex broker's value add is they have banking points of presence in many nations, and can accept the check there, then convert to any currency I designate (typically USD). That would probably explain much of the spread between IB's and my FX broker's margins.