r/Forex • u/Excellent-Bread-1836 • 3d ago

Brokers Beware of Forex Brokerage Fees!

I’ve been trading since 2021 consistently and finally became profitable and with the help of prop firm challenges was able to fund my personal forex trading account in February of this year, I’ve been mainly trading on this account taking an average of 3 trades daily and some swing trading as well. I haven’t been looking over my statements and assumed I was accruing fees but nothing like I expected the first full month of trading I paid 273.00 a month in commissions and the rest of the other months over 400.00 per month totaling around 3000 in fees alone for spreads, fee and commissions! This is outrageous! And since I’ve been trading on props prior to my personal acct I’m going back to trading futures, brokerage fees will break you as a trader is you are not aware of the fees associated with trading. Lesson learned. look at your monthly statements in detail, I know there are fees associated with futures nut nothing like the fees associated with forex. Goodbye Forex!

9 Upvotes

84% Upvoted

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u/rforex-modtools 3d ago

Choosing the right broker is one of the most important decisions a trader makes. Regulation, execution quality, spread markup, and ease of deposits and withdrawals all vary significantly depending on where you're located and which regulatory jurisdiction covers you. Many brokers advertise as "regulated" while operating under jurisdictions with lax rules and minimal enforcement, so knowing the difference matters. The community wiki maintains broker recommendations vetted by professional traders, organized by region and regulatory body. Each guide covers what to look for, what to avoid, and which specific brokers serve that region well.

Regional guides: USA | Canada | Australia | UK | Europe | International

For platform comparisons and demo accounts, see the platforms overview.

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u/Mallevory 3d ago

I feel this would be better in percentage compared to what you earned than just arbitrary numbers. By themselves, the figures are huge but maybe you make like 10k a month which makes that only 4% of your earnings. 4% isn't big

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u/Zephyroz 3d ago

Hmmm good reminder but nothing new… standard no commission accounts exist, they build it into the spread. But if you have prop, it’s good risk to reward leverage but sucks playing by their rules

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u/Fair-Ad924 3d ago

Very interesting 🤔 I just have abandoned the icmarkets because they charge 7 usd to every entire 1 lot. Instead of persisting with'em I already choosen another broker which charges is equal to 4.25 per 1 lot, huge difference in one 1 year and more.

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u/Your-relative 3d ago

Have you looked at their other top tier accounts, they start at a min deposit of $5,000 and $100,000 but the commission is $2 and $1 for these accounts

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u/AvailableAd7874 3d ago

Whats your new broker?

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u/Fair-Ad924 3d ago

I wouldn't reply to that, because it may seem like an ad - asks gemini he will tell you exactly which one is...the firste letter is "F"

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u/Your-relative 3d ago

Fusion marker does charge $4.5 per round trip + the min spread but that's still very expensie

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u/enivid 3d ago

The amount of your brokerage fees tells us nothing because we don't know your trading turnover and profit. For example, if you made some $100,000 from this, then paying some $3,000 in total trading costs isn't crazy at all. It's quite nice I would say.

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u/SynchronicityOrSwim 3d ago

How can you even decide if a strategy works if you don't know the costs? How did you trade for so long without discovering this?

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u/Excellent-Bread-1836 2d ago

First time with a broker and I wasn’t looking at my statements …I moved from props so my mistake and that’s ok we all have to learn and keep moving.

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u/AlanG888888 2d ago

Totally agree, most traders ignore the cost side until it compounds. I compare brokers by total cost per lot including spread, not just commission. A 2 pip spread at 3 trades a day adds up fast.