QtimeFX is chosen to have lowest spread and commission on the market. How could you increase profit by forex trading? Trading strategy is important but, reducing trading costs is more important. By trading at broker with low spread and commission, could increase your net profit.
If you have ever traded forex, you must have heard of what spread is. But traders are unaware that spread takes significant part of your profit. According to an organization, over 30% of trader’s profit is taken away by brokers through spread and commission. This means that if you have made $1000 profit, $300 would be paid to the broker, and the rest $700 can be withdrawn by traders. In order for you to decrease the amount paid to the broker, you should choose broker with low spread and commission.
In many advertisements, you would see something called “Spread starts from 0 pip”. This is the most commonly used phrase in forex advertisement, but there is a problem in this ads. Most of the brokers advertising zero spread actually does not have zero spread. The reason is, forex market is opened 24/5 but there is a time of a day where the market resets. At this time, just for less than a second, spread stays 0pip and reaches over 1pip to 1.5pip which lasts for the whole day. The brokers are making make ads with spread less than a second of a day.
Additionally, there are account types called the “Zero Spread”. In this case, actual spread stays 0pip for the whole day. But they ask for commission usually from $10 to $20, which is similar to having spread of 1 pip to 2 pip. The spread stays low, but actual money paid to the broker is, as a result, the same. Brokers are taking away money from novice traders without them knowing.
For traders to trade smart, they must lower the cost paid to the brokers they are using. Chart above shows the price difference while trading at 0.5pip and 1.5pip. When you traded 1 lot, amount paid to broker is $5 for 0.5pip and $15 for 1.5pip. When you traded 100 lots, the amount paid to broker is $500 for 0.5pip and $1500 for 1.5pip. Last, when you traded 1000lots, the amount paid to broker is $5000 for 0.5pip and $15000 for 1.5pip. the difference here is up to $10000 that could have been your additional profit.
Recently, comparing over 100 licensed brokers, QtimeFX was known to have lowest spread and commission. QtimeFX is a broker founded on 2016 at Singapore. Spread is as low as EUR/USD – 0.4pip, EUR/JPY – 0.5pip, GBP/USD – 0.5pip, USD/JPY – 0.4pip, GBP/JPY – 0.8pip, AUD/USD – 0.7pip, CAD/USD – 0.7pip, all currencies with no commission.
QtimeFX provides spread and commission lower by 30% to 50% than other brokers. Therefore, QtimeFX is now one of the most famous brokers among traders.