Minimum broker commission. Depository service. How the ranking was made

with a broker or management company, the investor must be aware of the additional costs that accompany opening and maintaining an account. Since the broker (or MC) acts as an intermediary between you and the exchange, he takes a commission for his services.

They may differ significantly, but they are all a set commission fees for certain services.

What are the commissions

Broker's commission for providing access to the exchange. Usually set as a percentage of the client's turnover (percentage of the transaction amount or daily turnover). Most often, as turnover increases, the commission percentage decreases. In some cases, the broker may set a fixed commission (for example, not less than 34 rubles per day). The commission is charged for the day or month in which at least one transaction took place. Accordingly, if there were no transactions, no commission is charged.

Account management fee. Brokers and management companies may charge fixed fees for maintaining an account. The amount is charged regardless of whether transactions have been made or not. But most often, there is no commission for maintaining an account with brokers.

Commission for providing access to the standard program to conclude transactions (for example, QUIK). Rare, but still. For example, the broker JSC "FINAM" offers connection to QUIK for 350 rubles.

In addition, there are a number of brokerage services for which a commission may be charged: a commission for crediting and withdrawing money from an account, a commission for margin lending. Services for the provision of documents, SMS informing, etc. may be paid.

Depository Commission. It is considered separately from the brokerage. It is usually debited if there is a movement on the client's account once a month, regardless of the number of transactions. As a rule, the commission of the depository is on average 100-200 rubles per month.

Separately, you need to keep in mind the commission of the Moscow Exchange. When selling or buying shares, 0.01% of the package value is charged, but not less than 3 kopecks per transaction.

IIS at the broker

Consider the tariffs of the top five brokers (by the number of open investment accounts). We note right away that there can be a lot of options and nuances, so each individual case must be considered separately. For example, we take the average portrait of a novice investor. This is a person who independently makes purchase and sale transactions. We consider brokers' tariffs for IIS only for stock market. The frequency of transactions corresponds to the type conservative investor rather than an aggressive trader.

IIS for management companies

Since management companies offer not only access to the exchange, but also professional capital management, you conclude a trust management agreement with them, and purchase ready-made strategies. If you are not ready to make decisions on your own, but are quite willing to trust professionals, take a closer look at the proposals of management companies.

We will talk more about the products of the management company in the next review, and now we will focus on the remuneration that management companies charge for their services.

It is worth noting that often both brokers and management companies belong to the same financial family, while being completely different, even competing organizations. A classic example: the brokerage business of PJSC Sberbank and MC Sberbank Asset Management, Otkritie Broker and MC Otkritie. Each holding has its own strategy in working with IIS.

In addition to the commission for opening and maintaining an account, management companies may incur costs in the performance of their duties. Expenses are deducted from the property on the IIS account in the amount of actual expenses. These costs include:

• registration fees and other fees charged for re-registration of property rights valuable papers under management, paid in favor of registrars and depositaries,
• remuneration of depositories / registrars for maintaining depo accounts / personal accounts on which securities under management are recorded,
• commission fees of trading systems, exchange platforms,
• remuneration of brokers engaged by the manager to make transactions with securities in cash constituting the property of the founder of the management,
• expenses for notarial certification of documents for opening the necessary accounts under the agreement,
• commissions paid by the manager for the transfer by the founder of the management of funds to trust management under the agreement, by paying with a bank card,
• expenses associated with the transfer of the property of the founder of management to management and with its return from management,
• other documented expenses incurred by the manager in the implementation of property management under the contract.

OOO MC Alfa-Capital offers three strategies with different investment goals and, accordingly, indicators. All three strategies are united by the fact that the funds are invested in the assets of Russian issuers.

AT JSC "Sberbank Asset Management" You can choose one of two strategies - ruble or dollar. Particular attention should be paid to the fact that the remuneration of the management company varies depending on whether you opened an IIS online or in the office (spoiler: opening an IIS online is cheaper).

LLC UK "Opening" represents a wide range of conservative, aggressive and moderate strategies, but is modestly silent about the amount of his remuneration. The amount of the CM remuneration consists of three variables, each of which is calculated using a formula. You can get acquainted with the calculation technique in the standard company agreement http://www.open-am.ru/common/img/uploaded/PDF-files1/am/trust-deed_250717.pdf

OOO IK "KyuubiF" (QBF) offers several strategies for IIS. Early withdrawal of funds from the account is possible, but in this case, you will have to return the money received to the state. It should be noted that not all brokers and management companies allow early closure of IIS. As part of the strategies, it is proposed to purchase shares, bonds, carry out REPO transactions with the Central Committee, as well as purchase units of the Closed Share Investment Fund Real estate (ZPIFN) "CUBIEF REAL ESTATE" and open-ended investment fund "CUBIEF EUROBONDS".

OOO UK Finam Management offers 10 diverse strategies available on IIS. True, the high minimum entry threshold (500,000 rubles) makes them less accessible to a wide range of investors.

This article provides general provisions and conditions. But in every separate case an individual approach is needed.

Hello, dear readers of the blog site. In this article, you will learn about broker commissions, how much and for what he takes.

In fact, not only the broker takes commissions. In addition to the broker, commissions are also taken by the Exchange and the Depository.

Exchange

Exchange takes commission for the transaction.

Both a purchase and a sale are considered a transaction.

For example, you bought a bond, held it for a while, then sold it - these are two transactions, and the exchange commission must be paid twice. The amount of commission for a transaction with bonds on the MICEX exchange is 0.0035% - 0.0065%.

For a share transaction, the commission is higher, since shares are part of the property.

In addition to stocks and bonds, options are also traded on the market. Although they do not directly concern us, I will still say about them.

Commissions for trading futures or options are much lower than commissions for shares, since futures and options are not property, in general they are not some kind of material thing, in fact futures and options are an idea, an abstract intangible concept.

Commissions for transactions with futures and options are several times lower than commissions for transactions with stocks and bonds.

Depositary takes a fixed fee for storing securities in it.
The fee is small, 100-200 rubles / month.

Broker

He takes a lot of things, so I will write down the points:

1. The broker also takes a commission for completed transactions, a separate commission for the purchase, separately for the sale. This commission is different, it depends on the broker, depends on the tariff plan, which depends on the volume of trade. The larger the trading volume, the lower the commission. But for large volumes of trading, it becomes more profitable to take the Unlimited tariff.

   Large volumes are several hundred thousand rubles a day and more. Transactions for several hundred thousand rubles a day (every day) are mainly made by "scalpers", intraday speculators who trade in stocks, futures, or something else like that. Or banks/investment organizations with a bond transaction amount of more than 10 million rubles. For a private investor, a normal commission is something around 0.04 - 0.08%.

   There may also be such a trick: a broker can take some kind of commission, for example, 0.045%, and say that the commission is 0.045% per transaction, but not less than 30 rubles per transaction.
   Or a commission of 0.045% per transaction, but not less than 300 rubles / month, if there was at least one transaction during the month.

2. A broker may have such a type of commission as a “minimum broker fee”, if, for example, there is less than a certain amount in the account. Usually this amount is 50,000 - 100,000 rubles. The commission is about 200 rubles.
3. My broker recently got a new commission: for participating in an offer. If I apply to participate in the offer, the broker's commission for collecting required documents- 1,000 rubles.
4. Payment for trading terminal(computer program for trading). Usually the first terminal is free, if the amount on the account is more than a certain amount, about 30,000 rubles. If the amount on the account is less, then the trading terminal costs about 300 rubles / month. The second trading terminal is paid, it does not matter if it is installed on a computer, on a tablet, or on a phone, the second trading terminal costs about 200 rubles / month.
5. It is not necessary to trade through the trading terminal, you can call the broker by phone and place an order to buy or sell at a certain price. In this case, the broker's commission will depend on the volume of the transaction, for example, 50 rubles with a transaction volume of less than 100,000 rubles.
6. Fee for maintaining a FORTS account (terms market, futures and options are traded on it), 100 rubles/month. The FORTS account can be connected by default from the very beginning, so check if you are not going to trade on the derivatives market, then you can disable it. My broker charges for using the FORTS account only if I used this account (made deals on the futures market). If you did not use / did not commit, then the fee for the use is not charged.
7. The broker can have the "International quotes broadcast" service connected to the trading terminal. The fee is about 100 rubles / month. If you do not need international quotes, they can also be disabled.

Well, there are little things.

All broker commissions that I wrote are the main job of a broker - to provide access to the exchange.

The broker earns on interest from transactions,
made by his clients.

This is the broker's main source of income.

But the broker wants to earn more, and offers.
Any signals to enter or exit a transaction, recommendations on which shares to buy, which to sell, some quotes by e-mail, training, and so on.

I think that all this should be turned off immediately, and only what is needed to enter the exchange should be left.

If you choose a suitable tariff, leave only what you need, then the commissions of the broker, exchange and depository will be quite reasonable, something around 500 rubles / month for normal trading.

Now back to the topic of brokerage commissions. Since 2007, I have been working with LLC "Company BCS", in principle everything suits me. I even opened an account in Novosibirsk - without ever appearing at the BCS office - according to e-mail scans and originals by regular mail (then I lived in a small Siberian town 300 km east of Novosibirsk, where there were no brokers, three banks and one Internet provider Sibirtelecom, with which there were problems, what was easier to make the Internet through a satellite dish, yes well, times), transferred money through the bank.

Since the beginning of this year, I have withdrawn all the money for personal needs - only 4 kopecks remain on the account ...) And now I will start it again, and then I plan to regularly replenish the account for purchases of 30-50 thousand rubles a month.

What do we have for commissions?

Commission of the Moscow Exchange - 0.01%.

BCS broker commission. I have a "Professional" plan. The most suitable for me, the company has other tariffs, but they are more like a “money scam”.

Tariff plan "Professional"

but not less than 35.4 rubles per day (the minimum amount of remuneration per day) and not less than 177 rubles per calendar month (the minimum amount of remuneration per calendar month), if at least one trade during this day (month).

Maintenance of a trading depo account (trading section of a depo account) (for a month, if there are transactions on the account) the remuneration of BCS Company LLC when working through Depository Clearing Company CJSC is: 177 rubles.

The monthly fee for using the software for the computer system QUIK MR "Broker" or the webQUIK system is 300 rubles (VAT is not charged), if on the last business day of the reporting month the total value of assets on the Client's account is less than 30,000 (thirty thousand) rubles. Monthly fee for using the computer program " Workplace of the QUIK Information and Trading System for PocketQUIK Pocket PCs (hereinafter referred to as the QUIK Workstation for PocketQUIK Pocket PCs) is 200 rubles (VAT is not charged), if on the last business day of the reporting month the total value of assets on the Client’s account is less than 100,000 (one hundred thousand ) rubles.

Recently, BCS has introduced a minimum commission for accounts less than 100,000 rubles. even without transactions.

25. Minimum brokerage fee

25.1. In addition to the remuneration of BCS Company LLC for the provision of brokerage services of a professional participant in the securities market, paid by the Client in accordance with this Appendix and (or) the Supplementary Agreement to the General Agreement, The Client, who, within the framework of the General Agreement, makes transactions and (or) other operations at his own expense, on a monthly basis, regardless of the fact that the Client submits instructions and concludes transactions in pursuance of the specified instructions in the corresponding month, pays BCS Company LLC the minimum remuneration of the broker in the amount of 200 (Two hundred) rubles, reduced by the following types of remuneration, commissions, fees withheld or subject to withholding from the Client in the relevant month:

25.1.1. remuneration to BCS Company LLC for making transactions in all trading systems in which the Client is serviced in accordance with the terms of the General Agreement, including the trading system of Moscow Exchange OJSC ( Currency market), and in the over-the-counter market; etc. …

I was always amazed at the ability of lawyers to confuse everything so much. That's why it couldn't have been simpler to write this: "A client who, under the Master Agreement commits transactions and (or) other operations at its own expense, on a monthly basis, regardless of the fact that the Client has submitted instructions and concluded transactions in the relevant month in pursuance of the specified instructions, BCS Company LLC shall pay the minimum brokerage fee in the amount of 200 (two hundred) rubles, reduced by the following types of remuneration, commissions, fees deducted or subject to deduction from the Client in the relevant month.

Those. « The Client who, under the Master Agreement makes deals and (or) other transactions at own expense, monthly”, and does not perform - “regardless of the fact that the Client has submitted instructions and concluded transactions in the relevant month in pursuance of the specified instructions”. How to understand this??? There will be a commission, even if there are no transactions or there were nonetheless. It seems that even if it wasn't.

It turns out if you have an account of 100,001 rubles. and you did not make transactions - they will not take anything from you, and if 99,999 rubles, then 200 rubles, which is 0.2% per month or -2.4% per year. Policy to combat small investors is in full swing.
There are still expenses if you take leverage, but I will resort to this opportunity very rarely (almost never) - for example, if the RTSVX volatility index is more than 110 points (this was the case during the 2008-2009 crisis), now it is below 25.

Conclusions.

It is clear that the broker is interested in large clients, so it’s better not to go with an initial amount of less than 100,000 rubles (and there will be no special use for you with amounts less than 100 thousand rubles), - you shouldn’t give 200 rubles a month just like that. And also then for small amounts (5-25 thousand rubles) you should not make purchases. Sometimes I come across recommendations to buy regularly at least a little (5000-10000 rubles a month) shares and then you will become rich. But very rarely, overhead costs are taken into account in such calculations. Another thing is to save up to the required amount for bank deposit, and then buy stocks if stock prices are reasonable.

I calculated the total overhead costs of the investor, if, for example, he already has more than 100,000 rubles on his account and makes purchases once a month for one trading day at the “Professional” rate in BCS. I am most interested in the range of 30-100 thousand rubles.

Graphically it looks like this




The larger the transaction amount, the more profitable. In principle, expenses are acceptable at 360-364 rubles per month with purchases of 60,000 - 100,000 rubles (0.36-0.60% of the amount), since, I think, I will not buy every month, and money will accumulate.

Probably, it would not be right to write only about BCS, maybe I will change the broker.

Sberbank. Tariff plan "Independent"

In Sberbank, there are no expenses for the depositary and no minimum levels for commissions (yet), as a result, the figures are 3-7 times lower for amounts of 30-100 thousand rubles than in BCS (!). But there is some strange fee for a USB-key in 1990 rubles, this is a one-time fee, as I understand it, only for a certain period, then you won’t need to change it again ??? But apparently, this is all for security purposes invented ...)

Alfa Bank. Tariff plan "Optimal"

As for the tariffs in Alpha, I did not fully understand. It's so expensive with the QUIK program, but if you work for Alfa-Direct, then generally a penny is cheaper than in Sberbank ??? Another 500 rubles for a flash drive with an EDS again. Plus, the depository takes 0.06% per annum from market value securities (!), up to 2-3 million rubles is still profitable.


VTB 24. Tariff "Investor standard"

And here it is 2 times cheaper than in BCS ...


Finam Tariff plan "Day"

Seems pretty low fares, but there are very important point– “At the same time, the amount of the Broker's commission for the execution (partial execution) of one order of the Client, with the exception of orders for transactions on the Standard market, is at least 41 rub. 30 kop.", which changes everything. The amount of commissions will turn out to be much higher than in my calculations. Finam - definitely not.

IT Invest. Tariff plan "Favorite"

Here only there is no usual KVIK, the tariffs are higher than those of BCS, if I understand correctly the minimum 300 rubles for the broker and 300 rubles for the depository will be taken from you if there were transactions ...

Opening Tariff"Professional"

We got the lowest rates - even lower than in Sberbank. If the account is less than 50 tr, then they also take a minimum commission of 295 rubles in any case. If I have not missed anything, the depository does not take money, if this is the case, then everything is correct. Colleagues, please write in the comments.

As a result, it turns out that BCS is not so good in terms of tariffs ...

I was interested in Sberbank, Alfa and Otkritie. Clients of Sberbank, Alfa and Otkritie write in the comments - how is the quality of service and tariffs all right??? If I need to make transactions no more than once a month on shares on the MICEX in the amount of 30-100 tr.???

After all, if the tariffs in BCS are several times higher than in Sberbank, Alfa and Otkritie, then why don't customers transfer there from BCS? And there are other brokers - KIT-Finance, Uralsib, ALOR, and so on ... Is it worth leaving BCS for another broker because of 100-250 rubles per month ???

Judging by the statistics for this and last year in June, the volumes are falling, but why doesn’t the “expensive” BCS fall more??? Should I or shouldn't I bother???
June 2013

June 2012

Waiting for comments...

More broker rates on the FORTS derivatives market -

The costs of an investor when buying and selling securities on the stock exchange consist not only of taxes. The exact number of expense items and their size depend on the terms of service of a particular broker and the tariff plan that you choose

1. Broker's commission for providing access to the exchange. Charged based on the results of the month or each day in which you made at least one deal. No transactions for the period - no commission.

As a rule, the commission is set as a percentage of the client's turnover. On average, the commission is 0.03-0.1%. You can often find tariff plans with a floating rate: the higher the amount for which the client has already concluded transactions through a broker, the lower the percentage that will be valid for him. Depending on the specific tariff plan, the current value of the floating rate may change both within each day and on the basis of the previous day or the previous calendar month.

In some cases, the commission may be determined not as a percentage, but as a fixed amount for each transaction (from 30 rubles).

Some brokers set a minimum allowable commission, below which it cannot fall. The minimum commission can be provided for each concluded transaction, at the end of each trading day or calendar month;

In the documents of brokers, the amount of the commission is often given without VAT, that is, the actual amount of the commission exceeds the indicated figures by 18%;

Some brokers offer actively trading clients to pay a commission, the amount of which is limited from above - about 25,000 - 35,000 rubles per month. For example, such conditionally unlimited tariffs are offered by Zenit Bank and Unicom Partner;

2. Fee for maintaining a brokerage account. Unlike the monthly minimum commission, payable regardless of whether you have traded securities or not. As a rule, it is 118-300 rubles per month and is not withheld if the client's commission for the past period exceeds this amount. Some brokers do not charge a fee for maintaining a brokerage account. In particular, KIT Finance, Alfa-Bank, VTB24 do not hold it.

Additionally, a one-time fee may be charged for opening a brokerage account and registering a new client on the exchange (100-300 rubles);

Sometimes the subscription fee is charged only from those clients whose brokerage account amount or securities portfolio value is below a certain value, for example, 50,000 rubles, as in the Otkritie brokerage house.

3. Fee for depository services of a broker. Undertakes the custody of securities and the processing of transactions with them. It can be charged daily, at the end of the month or once a year. Usually it is 100-300 rubles per month and is not deducted for the months in which you did not conduct any transactions on the stock exchange, but simply kept your papers.

The costs of holding securities may include the following items:

a) subscription fee for maintaining a depo account;

b) an annual or monthly fee for holding securities;

c) daily processing fee exchange operations with securities.

The depositary's rates are usually published separately from the rates for all other brokerage services. Therefore, it is important not to forget to find them and study them separately when comparing the terms of service of different brokers;

Some brokers additionally charge a one-time fee for opening and/or closing a depo account (100-200 rubles);

Additionally, a commission may be charged for crediting dividends on shares and interest on bonds that you own (0.2-1.5% of the credited amount).

4. The fee for using a standard program for concluding exchange transactions (Quik, Netinvestor, etc.) is most often not charged. You only pay for additional software if you choose to use it.

In cases where the broker still charges a fee for using the standard trading program, it is 100-300 rubles per month;

This fee may be reduced by the amount paid in brokerage commission.

5. The commission of the exchange when buying or selling shares is 0.01% of the value of the package, but not less than 3 kopecks per transaction.

When buying or selling bonds, the exchange commission is calculated according to the formula: 0.0001% * K, where K is the number of calendar days remaining until the bond is redeemed. At the same time, the commission cannot exceed 0.01% of the transaction amount and be less than 3 kopecks;

Some brokers include exchange fees as part of their own commission, that is, you do not need to pay them additionally.

6. The commission for crediting or withdrawing money from a brokerage account, as a rule, is about 0.2-1.5% of the transaction amount. Most often, brokers withhold it only when withdrawing funds, and some do not charge at all.

7. Margin lending is an additional, but very popular service for stock trading. Therefore, the costs of investors who actively use leverage sometimes exceed all other costs.

Cash loans (for the purchase of shares with leverage) are provided at an average rate of 14-18% per annum. Equity loans (to open short positions) - at an average rate of 12-18% per annum. The fee is charged only for the rollover of margin positions to the next day. Within one day, lending is free.

Most often, the fee for using a margin loan is debited daily. If you continue to keep the position open longer, then the actual cost of the loan will be slightly higher than the declared one due to the fact that “interest on interest” will accumulate. For example, if you do not close a long margin position at 16% per annum for a whole year, then in reality you will have to pay 17.3%;

If the rates of the broker you are interested in do not clearly indicate the cost of lending with shares, look for the line "broker's commission for concluding special repo transactions" or similar - it contains the information you need.

8. Payment for other services of a broker - useful, but optional. For example, access to an extended news feed, SMS informing about the situation on the market and the state of your account, printing of any paper documents, etc. may be paid.

Greetings, gentlemen traders! Today I have prepared a very important article dedicated to Forex commissions (trading costs (expenses)).
Commission on Forex market is the fee charged for trading. Commission on Forex is charged for transactions for buying and selling currencies.

What are the types of commissions?
1) Spread
2) Broker commission
3) slippage
4) Swaps
5) Requotes
6) Other expenses (for deposits, withdrawals, etc.)
7) Influence of the commission on the result of testing trading systems

The main commission in Forex is the spread. Spread is the difference between buying and selling a currency. There are commissions that a trader pays, for example, for withdrawing funds or opening a trade. As a rule, Forex commission is a small amount of money, however, if a trader works in the short term, opening and closing several transactions per day, the commission will be much higher here.

As a rule, the amount of the commission depends on certain factors:
— Liquidity of the currency pair. For example, popular currency pairs have much lower trading fees than exotic currency pairs. As a rule, the value of commissions between currency pairs classic and exotic can differ several times.
- The state of the Forex market itself - affects the value of floating spreads. In anticipation of high liquidity, for example, during the release of important news, the spread can be increased several times by the broker! But even when liquidity is too low, for example during public holidays in the US, the spread can also be increased.

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2) Broker commission
For some types of accounts (usually ECN accounts), a broker commission is charged in addition to the spread. As a rule, its size is small 2-10$ for 1 standard trading lot.
However, these trading costs will also undermine our deposit.

- Commission for depositing or withdrawing funds from the account.
- Other payments - the availability of such depends on each broker individually.

3) slippage

This is a situation in which a trade opens at a worse price than the trader expected.

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Example.
The trader placed a buy stop order at 1.3253
When the price reached this mark, the order was opened at 1.3254 (that is, 1 point worse (more expensive) than the trader wanted).
Slippage occurs when using stop orders (buy stop, sell stop, stop loss). When using limit orders (buy limit, sell limit and take profit), there will either be no slippage at all, or it will be a plus.

5) Requotes (new prices)
This is an old tool that brokers use to deceive traders. Let's look at the essence of the requote mechanism using an example:

Example:
A trader wants to buy euros at 1.3500
He presses the "purchase" button - the terminal thinks for a few seconds. If during this time there is a change in the price for the worse (for the trader) side, for example, the price becomes 1.3502, then the terminal will offer to make a purchase at a new (higher) price. The trader can either refuse the deal altogether or agree to the new price. If he agrees with the price, then the terminal will again think for a few seconds and again may present you with a higher price ... This can continue several times in a row.

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How to protect yourself from requotes?
1) Work with pending orders
2) Switch to ESN accounts (there are no requotes on this type of accounts, but, as a rule, there is a commission).

Other expenses (for deposits, withdrawals, etc.)
__________________________
Other expenses, as a rule, are of a one-time nature. For example, when converting rubles into dollars (if you have a dollar deposit), the broker may charge an additional percentage (about 3-4%) for the conversion. It seems like a trifle, but it's still annoying!

7) Influence of the commission on the result of testing trading systems

Forex commission has a monstrous impact on trading results!

Example
The profit of the trading system is 5%, but the commission also takes 0.1%, so the net income in a profitable trade is 4.9%. The result in any transaction is reduced by 0.1%. First, let's look at the schedule without commissions, then with a commission.

Initially, I was pleased with the results, despite the large drawdown, I got a good profit - 237% in one year! Moreover, 2009 was not trendy at all. See how this chart turned out when you factor in the 0.1% commission on the trade:

The final result is only 133%! That is, the commission ate 100% of the profit! Here is such an insidious thing, this Forex commission.

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General conclusion!!!

We (currency speculators) cannot avoid paying the commission. But we can significantly reduce its impact by holding the trade for a long time (1-4) days. During this time, the price will make enough movement (there will be enough profit), which will allow you to ignore trading costs!

By the way, this topic slightly touched upon in the video - how to choose a timeframe in the foreign exchange market?

Artur Bykov (aka Art-of-Forex) was with you, thank you for your attention!