Pepperstone Announces New ‘Razor’ ECN Account for Forex Traders
Australia in the past year or so has been the ‘next thing’ for forex brokers with many US and European
Australia in the past year or so has been the ‘next thing’ for forex brokers with many US and European brokers entering the growing Asian Pacific market through this convenient gateway. In general, while ASIC does have mid-high minimal capital requirements, it is more similar to the FSA than NFA – it allows brokers some freedom of operation and doesn’t have more don’ts than dos. Through Australia brokers can reach out to the whole region including New Zealand and back their operations in China, Japan and Hong Kong if necessary.
New ‘Raw Spread’ account enables retail access to institutional ECN pricing via the industry leading MetaTrader 4 platform (Melbourne, Australia – May 2, 2011) — Pepperstone, a global provider of FX brokerage today launched a new account type dubbed ‘Razor’ for clients wishing to trade Forex. The Razor account offers users the ability to realize round-the-clock liquidity and highly competitive ‘raw spread’ pricing for 26 currency pairs. The account combines institutional grade spreads with direct access to multiple qualified destinations of liquidity – without the traditional burdens of a deal desk. As a result, clients are empowered to trade at the best pricing available without any spread mark-up being applied. Commission is a competitive $3.50AUD per 100K traded whilst also providing attractive leverage terms.
“We are excited to provide ECN Forex trading through the MetaTrader 4 platform for our global client base. The demand is clearly present for an account that provides significant price improvement over other brokers – spread tightening is clearly front and center for retail Forex traders,” said Owen Kerr, CEO of Pepperstone. “Pepperstone is in the business of providing the most advanced and robust trading technologies for our clients to trade successfully – the Razor account further cements our position as the next generation FX Brokerage” The Razor account is a product of Pepperstone’s high frequency trading expertise and is based on the Integral FX Grid, a global inter-institutional connectivity and trading network. A unique feature of Pepperstone’s Razor account is the ability for customers to access an ECN style environment through MetaTrader 4, known for its user-friendly trading interface that includes technical analysis, charting and Expert Advisor programs which allow users to create automated trading systems. The account is also is highly accessible to retail clients requiring an account minimum of $200USD.
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About Pepperstone
Pepperstone Financial Pty Ltd is an execution only forex brokerage firm. The company provides access to fair, competitive and transparent pricing across all major currency pairs by equipping traders with best-in-class trading technology and customer
service. The company is based in Melbourne, Australia. For more information, visit www.pepperstone.com or call +61 3 9020 0155. Pepperstone Financial Pty Ltd is a corporate authorised representative, CAR No. 389931 of CDM Pacific Pty Ltd which holds an Australian Financial Services License (AFSL 223682) issued and regulated by the Australian Securities and Investment Commission (ASIC).
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Commission is rather expensive (~USD 38/M). Wondering how some of these less competitive firms can stay in business when there are quite a few others with smaller comms/spread. Gain for example. But apparently it works out and not all clients watch transaction costs that closely.
$3.8 USD per lot is high commission? I know companies worldwide that charge up to $40 USD per lot and they still get away with it. These days we are used to online brokers than don’t charge commissions but in a lot of places, more “traditional” brokers that have physical offices where clients go and trade still charge hefty commissions for the “service” 🙂
Its high compared to, for example, Interactive brokers who charge almost half of that. In my opinion, paying more than $20/M is paying too much, given the competition out there. But apparently some firms get away with it. I understand that some big institutions(captive customers) cant switch their FX providers just like that, like a retail trader, and may have to pay a premium. But given the mobility of an individual trader and the internet, i dont really see the point. Especially downunder, where there is no language barrier to UK or the states like for asian customers.
etoro itself 🙂
etoro itself 🙂
I have no idea what the profit margins are for agency based brokers. LMax charges $25/M. MBTrading with their passive/agressive commissions is well below $30 too, effecively. London-based Currenex providers like Fixi or LCG and others charge below $20 and go down to $10 depending on trading volume, but have higher minimums. Guessing the feasability of such low prices is just a matter of how much trading-volume a firm can get.