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Compare Forex Brokers launches first ever forex brokerage calculator

In the past, it has been almost impossible to work out brokerage when forex trading. This was solved with a calculator taking into account spreads, commissions and more.
How does our forex calculator work?

Compare Forex Brokers provides practical insights and advice about Forex markets, financial instruments and if not most importantly, the various fees and expenses tied into trading FX.

Traders need to understand that most brokers charge a commission on the spread. What does this mean? Practically it is a charge on the percentage of the difference between the bid and ask price. This can be either a fixed or variable spread. The alternative method to allow brokerage firms to make money is by charging commissions.

Forex Calculator
Forex Calculator

One of the platforms that allows for CompareForexBrokers to deliver their reviews on commissions, spreads and various fees is through their Forex Broker Fee Calculator. The main purpose of this tool is to ascertain the relevant forex brokerage fees based on current forex crosses, commissions and spreads based on major currencies and currency pairs.

The calculator also allows for the breakup of the various fees in the overall make up of the final brokerage fee.

The calculator will work out the fees of a specific brokerage firm based on its published spreads and commission rates as well as through live forex cross data via an API. As per the calculations, Fusion Markets offers the lowest commissions out of its competition brokers. The charge is based on the base currency chosen. Fusion Markets has been advertised as the cheapest ASIC regulated forex broker, in combination with these low commissions, there are also no fees on deposits or commissions.

When using the Forex Calculator, it is integral to establish that there are many high-profile brokers including FXTM, FBS and that are not included due to a lack of standard spread information. Another consideration that should be taken into account is that actual spreads can often be quite different from average spreads. For this reason, it is integral to weigh up risk prior to trading.

9 Jul 2020 14:54