The lowest volume in the forex market (which usually leads to wider spreads and more erratic price moves and spikes) is seen after the close of the New York session (22:00 GMT), those two hours before Tokyo opens.
I got slipped by 16 pips on my trade on Collective2 at the New York close, January 28, which is considerable given that forex brokers usually compete by offering spreads as low as 1 pip, sometimes even less.
Naturally I take full responsibility for that. I was scheduled to modify my target to avoid that pitfall but I had a schedule mishap.
Collective 2 somewhat indirectly provide the standard option of cancelling a trade at the end of the day, but it would be even better if they could impose a cutoff between 22:00 GMT and 23:00 GMT as most professional Forex brokers do rightfully so to help traders avoid the erratic spreads during that time.
Such a cutoff would prevent trades from happening even if the target is reached during that time.
I’m kind of dropping this as a suggestion in the suggestion box for the C2 platform continuous development.
Note that, unlike some professional brokers as mentioned above, unethical Forex brokers use that time to enlarge spreads by 50 or even 100+ just to wipe out clients.
Therefore spreads between 22 and 23 GMT can be used as a test to spot unethical brokers.