EFX Groups vs GFT

Hi Everybody,

I really need your valuable advices about which of the two brokers is a better one for a technical trader? I am not really satisfied with my current broker, and I need to find one that is more suitable with my trading style. I am mainly based on technical analysis but I would keep my eyes on the fundamental data as well (ie PPI, CPI, Interest Rate, News, etc). I would avoid taking position before any crucial data comes out, and I consider myself as a swing trader. I ususally hold position from 3 days to weeks.

So, which one do you guys think is a better broker for me according to broker style, platform, and provided charts & indicators? And according to spreads and liquidity? EFX Groups or GFT?

Thanks all for your advices and have a great weekend!

Eikon

i will pick any broker who don't have a dealing desk and offer strraight thru process.

Thanks for your response.

Would you suggest another broker that works well for you?

Eikon

OK, here's the big catch with using MBT, EFX Group, CoesFx (if you're not trading with their fixed spread Meta Trader platform) or most any ECN or ECN model platform.

If you don't have a way of databasing your feed, you don't have a way to get charting without an extra signal. Essentially those platforms don't have integrated charting packages yet. They are working on it, but there is no immediate solution without subscribing to another signal service. So while speed an reliability will be there, you won't have charts that reflect your immediate feed.

Now, I know you can use demo accounts, other platforms and even free charts online...but where it becomes especially noticable is during high-volatility and news releases. Often times, you will see ECN volatilities take off MUCH SOONER than their fixed spread counter parts, and that's not something that will be reflected in your chart feed (unless you database your quotes and produce charts via their APIs).

It's not a big caveat for a lot of people (it isn't for me, as I use MBTrading which is where EFX Group gets their feed/platform from).

So, if charting isn't a big deal, or you feel as though you can rely on other charting platforms, then I would definitely recommend going with something like EFX Group / MBTrading as opposed to any fixed spread dealer.

Thanks Mrmikal for your response.

Charting is kind of important to me since most of my trades are based on technical analysis. And I would like to use the 4 hours chart to backtest some of the models I have read in this forum.

Is there any charting service you would recommend? Free or Paid. Thanks a lot!

Eikon

Yea i would like to see more on this thread....competitors with GFT.

One thing to keep in mind, if you end up not doing business with GFT, they sell your email address out. I own my domain, so I gave them a custom throw away email address which has suddenly been slammed with stock spam - this is one day after they sent me a "we can't get through to you email"

So as a heads up, if you can provide them with a throwaway (i.e. yahoo or hotmail) address, do so.

Justin at EFX just announced that they wont be using MT4 in trading because it doesn't allow partial fills - they may fill only 10 of 20 lots and MT4 cant handle that. Too bad.

did you see what else he said about using mt-4 platform and dealing desk. to sum it up he said to use mt-4 trades must go thru a deal desk.

Hi all,

I'm using the MBT demo now and am noticing that the price on my GFT platform is always 1-3 pips higher depending on the pair.

Has anyone else noticed this? And is the Live MBT Navigator exactly the same as the demo?

Thanks traders!

Hi txfx ~

Thought I would quote our website for you;

Are the Demo platform and the Live platform the exact same?

While the qualified destination quotes are identical on both the Demo and Live platforms, our ECN technology allows customers to place their own limits orders into the system and display them for other customers. Obviously, “demo” orders cannot interact with a live market, so the ECN trades from customer to customer work from demo clients to demo clients and from live clients to live clients, but demo orders do not display in the live market. Issues in our demo environment are not a reflection of our live platform.

Hope this helps.

Thank you very much jleblang.

I would also like to get a little feedback from the GFT users out there. Have any of you noticed this pip difference between the two platforms?

EUR/USD is typically off by 1 pip on the Bid while GBP/JPY is off anywhere between 1-3 pips. While I understand that two different feeds may show different prices at any given time I'm really looking to see if other Dealbook users are seeing the same thing that I am.

Thanks for your replies.