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No-dealing desk broker with 100:1 leverage

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  • First Post: Aug 28, 2006 2:45pm Aug 28, 2006 2:45pm
Please, advise a reliable No-dealing desk broker with 100:1 leverage

Interactive Brokers – everything is OK but leverage is 50:1 The same is with HotspotFx.
MB Trading – for the moment do not open accounts for Belarus citizens.
CoesFx – I don’t know: found negative references.

Are there any more variants ?
well i think if you are excluding a broker that give 50:1 then you are making a mistake, but that is up to you.

but if you need the 100:1, go with COES, they are very good.
Relax and be happy.
Quoting yaskevich
Please, advise a reliable No-dealing desk broker with 100:1 leverage

Interactive Brokers – everything is OK but leverage is 50:1 The same is with HotspotFx.
MB Trading – for the moment do not open accounts for Belarus citizens.
CoesFx – I don’t know: found negative references.

Are there any more variants ?
I agree with Merlin, dont exclude 50:1 leverage. I only use 20:1 myself. It is slower to start, especially if you have little money to work with. Though with 100:1 not only can you make more, you can lose more as well.
The market is my nation. Traders, my family. Hello, brothers and sisters!
http://www.efxgroup.com/

This company is also supposed to be implementing MT4 in the near future if that interests you.
Quoting hidethereal
http://www.efxgroup.com/

This company is also supposed to be implementing MT4 in the near future if that interests you.
OK. These guys are not a broker, but an introducing broker to MB Trading. MB Trading, from what I've heard does have a dealing desk. Otherwise, there is no other way that they can offer minis.
Quoting stockwet
OK. These guys are not a broker, but an introducing broker to MB Trading. MB Trading, from what I've heard does have a dealing desk. Otherwise, there is no other way that they can offer minis.
I don't use them nor am I planning on using them. I'm going by what is stated on the website. I guess they "claim" to have no dealing desk.
Quote
MB Trading, from what I've heard does have a dealing desk. Otherwise, there is no other way that they can offer minis.
MBTrading uses mini lots in trading, so a full lot is 10 minis. They are an ECN like broker because they will bunch orders of 10 minis and place them in interbank as 1 lot. This does take time and may delay your order a little, so its best to place 10 minis multiples in an order to avoid this. This would send the order directly to the ECN. They are not required to hedge the trade (place a trade in the opposite direction) like market makers with dealing desks are.

EFX uses MBTrading but will add a front end graphical interface with charts (planned for September) to make trading easier. They say they are working on trading with MT4 at a later date - we will see.
Quoting merlin

but if you need the 100:1, go with COES, they are very good.
Do you trade with them ?
Because on elitetrader.com I found negative references concerning CoesFX


efxgroup is an IB to MB Trading and also doesn't open accounts for citizens of Belarus

Any more variants ?
Quoting yaskevich
Do you trade with them ?
Because on elitetrader.com I found negative references concerning CoesFX


efxgroup is an IB to MB Trading and also doesn't open accounts for citizens of Belarus

Any more variants ?
Try to do some searches on this forum about CoesFX. You'll see all you need to know about them.
Quoting richx7
MBTrading uses mini lots in trading, so a full lot is 10 minis. They are an ECN like broker because they will bunch orders of 10 minis and place them in interbank as 1 lot. This does take time and may delay your order a little, so its best to place 10 minis multiples in an order to avoid this. This would send the order directly to the ECN. They are not required to hedge the trade (place a trade in the opposite direction) like market makers with dealing desks are.
They can only group orders into 1 lot if enough people are trading at the same price.
10 minis won't fix the problem either I think.
What happens if there are 9 minis in the queue and you add 10 mini's
The 'contructed lot' will probebly be the 1st 10 minis in the queue.
So 9 of your minis remain; and only 1 of your minilost get filled.
May the pips be with you.
Apparently, they must have an arrangement with a number of banks who agree to take $10K mini-lots -- ask 'em ... rather hard to believe, because other FCMs only want stnd $100K or larger lots. Confusing.

Bill13
Banks are not always the only counterparties in a Dealers liquidity network.
Profit is where readiness meets Opportunity
Just a small question,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o> </o>

Are Hotspotfx truely an ECN????<o></o>

I went to their website just to check it out and there are 2 different interfaces: for the big players (hedge funds, banks, etc) and for the small ones (retail, ib's, etc).<o></o>

In the institution interface there is clearly said that they are ECN. HOWEVER on the interface for all other fx participants there is NEVER mention to them being ECN.<o></o>

This makes me think that they are only a ECN for the institutions, not for anything else!!!! So basically they are just like all the others.<o></o>

<o> </o>

Plus apparently you can’t cancel orders within 10 pips of the market price!!!!! Major drawback!<o></o>
Quoting Bill13
Apparently, they must have an arrangement with a number of banks who agree to take $10K mini-lots -- ask 'em ... rather hard to believe, because other FCMs only want stnd $100K or larger lots. Confusing.

Bill13
your right thats what they told me thats the arrangement thay have with there banks they have an unique set-up and that they don't use some of the big name banks.
If I Go Broke Trying Then I Will die happy.
Quoting Moe
your right thats what they told me thats the arrangement thay have with there banks they have an unique set-up and that they don't use some of the big name banks.
Right, but don't you think that somewhere along the way, there's someone that is aggregating these at a dealing desk? Otherwise, the interbank market for minis just isn't big enough to provide the liquidity for ALL the people using minis on their system. Isn't that how InterbankFX got away with all their "Straight Through Processing" advertising? They didn't run a dealing desk - they just passed the orders off to their interbank partner who did.

I don't know, I think my ignorance of how this market really works and how orders really get filled is at play. I guess, in the end, it really doesn't matter. As long as you get good pricing, good fills and good execution, I'd go with them.
Please, advise a reliable No-dealing desk broker with 100:1 leverage

Interactive Brokers – everything is OK but leverage is 50:1 The same is with HotspotFx.
MB Trading – for the moment do not open accounts for Belarus citizens.
CoesFx – I don’t know: found negative references.

Are there any more variants ?



i use http://www.gftforex.com/ they provide up to 400:1 leverage. and to the people that say that leverage is too risky it all come down on how you trade. i scalp the market and i average alot so 400:1 comes in handy.
Quoting jeff7495
Please, advise a reliable No-dealing desk broker with 100:1 leverage

Interactive Brokers – everything is OK but leverage is 50:1 The same is with HotspotFx.
MB Trading – for the moment do not open accounts for Belarus citizens.
CoesFx – I don’t know: found negative references.

Are there any more variants ?



i use http://www.gftforex.com/ they provide up to 400:1 leverage. and to the people that say that leverage is too risky it all come down on how you trade. i scalp the market and i average alot so 400:1 comes in handy.
I think this person is looking for a non-dealing desk broker, though.
Quoting ilidio
Just a small question,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

Are Hotspotfx truely an ECN????<o></o>

I went to their website just to check it out and there are 2 different interfaces: for the big players (hedge funds, banks, etc) and for the small ones (retail, ib's, etc).<o></o>

In the institution interface there is clearly said that they are ECN. HOWEVER on the interface for all other fx participants there is NEVER mention to them being ECN.<o></o>

This makes me think that they are only a ECN for the institutions, not for anything else!!!! So basically they are just like all the others.<o></o>

<o></o>

Plus apparently you can’t cancel orders within 10 pips of the market price!!!!! Major drawback!<o></o>

Just when we thought we knew something ! !

I was told that there are no true Retail Forex Dealers registered as ECN's.

COESFX, HOTSPOTFXr, MB Trading are all registered as FCM's.

Many of these companies state that they operate "like" ECN's. However, They are FCM's and it is up to us as traders to hold them accountable to behaving as promised.

Here is a link from the CFTC with a list of registered FCM's

http://www.cftc.gov/files/tm/fcm/tmfcmdata0503.xls
Profit is where readiness meets Opportunity
I wasn't aware that the CFTC distinguished between an FCM and an ECN. I also thought that any entity holding a client's funds needed to be registered as an FCM. In any case, why couldn't an entity be an ECN and also registered as an FCM? Does one exclude the other? I don't know the rules of how these guys are required to register their operations.

In any case, I think you bring up a good issue - what truly is an ECN. Since the market is not really regulated, I don't think any sort of pseudo-official designation can help us figure it out. I'm inclined to think that none of these guys are ECN's, but, that we are willing to give some of them that designation due to how different they operate relative to a traditional broker.

So, I can kind of agree with you. What matters, then, is finding someone that can give you excellent liquidity, execution, pricing, etc.

Quoting FXopportunist
Just when we thought we knew something ! !

I was told that there are no true Retail Forex Dealers registered as ECN's.

COESFX, HOTSPOTFXr, MB Trading are all registered as FCM's.

Many of these companies state that they operate "like" ECN's. However, They are FCM's and it is up to us as traders to hold them accountable to behaving as promised.

Here is a link from the CFTC with a list of registered FCM's

http://www.cftc.gov/files/tm/fcm/tmfcmdata0503.xls
Quoting stockwet
I wasn't aware that the CFTC distinguished between an FCM and an ECN. I also thought that any entity holding a client's funds needed to be registered as an FCM. In any case, why couldn't an entity be an ECN and also registered as an FCM? Does one exclude the other? I don't know the rules of how these guys are required to register their operations.

In any case, I think you bring up a good issue - what truly is an ECN. Since the market is not really regulated, I don't think any sort of pseudo-official designation can help us figure it out. I'm inclined to think that none of these guys are ECN's, but, that we are willing to give some of them that designation due to how different they operate relative to a traditional broker.

So, I can kind of agree with you. What matters, then, is finding someone that can give you excellent liquidity, execution, pricing, etc.

These excerpts may help:

A. National Futures Association

NFA was designated by the Commission as a "registered futures association" on September 22, 1981, pursuant to the provisions of Section 17(p) of the Commodity Exchange Act ("CEAct"). Section 17(p) requires NFA to adopt rules establishing training standards and proficiency testing for persons involved in the solicitation of transactions subject to the provisions of the Act, supervisors of such persons, and all persons for whom it has registration responsibilities, and to create a program to audit and enforce compliance with such standards. NFA is also required to establish minimum capital, segregation, and other financial requirements applicable to its members for whom such requirements are imposed by the Commission and to implement a program to audit and enforce compliance with such requirements. Finally, NFA is required to establish minimum standards governing the sales practices of its members and members’ associated persons.

D. Profile of NFA’s Membership

NFA’s membership includes registered FCMs, CPOs, IBs, CTAs and U.S. commodity exchanges. Commercial firms and banks are represented on the Board of Directors as Public Directors. Though not required to register with the Commission, the commercial firms and banks use the commodity markets for hedging and price referencing.

There were 230 FCMs that were members of NFA as of December 31, 1997. Most of these FCMs carry funds of customers trading commodities and therefore must, under Commission Regulation 170.15, become members of a registered futures association. NFA is the only such association at the present time. NFA Bylaw 1101 prohibits an NFA member from doing business with a non-member (other than a floor broker) that is required to register with the Commission as an FCM, IB, CPO, CTA or leverage transaction merchant ("LTM") that is acting with respect to an account, order or transaction for a customer, a commodity pool or participant therein, a client of a CTA, or any other person. Consequently, an IB, CPO, or CTA that conducts commodity business with the public and with a member of NFA must be a member of NFA.

If you wish to view the whole document the address is:

http://www.cftc.gov/tm/tmnfarer092998.htm

ECN: Electronic Communications Network, frequently used for creating electronic stock or futures markets.

.......and if you really have the hunger to dredge through it:

http://www.cftc.gov/files/ac/acbestpractices.pdf

Alot of Info I know.
Profit is where readiness meets Opportunity
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