An STP broker with a commission of $25 per million. The main features are its good spreads, awesome swap rates, the lot size of 10k (instead of the regular 100k) and the minimum lot size and lot increment of 0.01 which combine to allow proper money management on accounts with a low balance. I will eventually get around to recording and posting some average spread numbers. Since the lot size is 10k, the round trip commission per lot works out to $0.5. For those interested, the GMT shift is 2 (3 during DST).
The change to commission-based STP was performed on 22.08.2011 together with a slight tone down of the execution to meet the complaints of the people who mentioned that it’s unrealistically good. The aim is to provide conditions that closely match those offered in the environment of choice for most people, which seems to be commission based STP/ECN nowadays.
Starting from 2012, PrivateFx also has a cent account type where everything from the balance up to the lot size is expressed in cents. The contract size is $1000 (¢100000), the min lot is 0.01 and the commission is just like above, $25 per million (equivalent to $5 per lot round-trip). The spreads are variable, identical to those for the regular account type.
The fact that PrivateFX is, well, private means that you can’t get an account here. If you want an account with similar lot sizes suited for very small investments, I advise looking into the GO Markets L-Plate account or the LiteForex Floating Spread account – both have very good spreads and a lot size of 10k, min lot 0.01, lot increment 0.01 and all kinds of deposit methods. Although others report having problems with LiteForex, I have many accounts with them and I’ve had no problems at all – so far, during the course of about 1 year, the only time I had to contact support was when I mistakenly entered my birthday incorrectly. Similarly, I’ve encountered no issues with GO Markets, but I only have a single account there because L-Plate accounts are limited to one per individual. If you’re looking for an ECN/STP broker with good execution, good spreads and low commission, try FXOpen.