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FXCM, Forex.Com and Oanda VS NFP
NFP (Non Farm Payroll) is one of the most important news which is publishing monthly and has a direct effect on financial markets. Here I try to survey behavior of 3 current famous brokers which are FXCM, Oanda and Forex.com at the time of publishing April NFP in May 1st .
Here we focus only on spreads of these 3 brokers 5 minutes before and 5 minutes after announcing NFP. For doing this we use Spread Monitor Expert which can easily provide us the possibility to do that.
We develop this test on 3 currency pairs of EUR/USD, GBP/USD and USD/JPY aiming to find out which of these brokers has the best condition in spreads. Although here we record minimum spread, maximum spread and average spread, but for me as a News Trader maximum spread and average spread are more important.
|EUR/USD||Min Spread||Max Spread||Avr Spread|
|USD/JPY||Min Spread||Max Spread||Avr Spread|
|GBP/USD||Min Spread||Max Spread||Avr Spread|
Well, we can clearly see in the tables above that Forex.com has had the best spread at the time of announcing NFP and its maximum and average spreads have been half of Oanda and FXCM. So we can declare Forex.com as the WINNER in this competition.
Worth-noting that in this article we never intended to say which broker of these three brokers is the best! You should also notice that having a lower spread does not make a broker to be the best!