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Currenex and MT4?

  • #21
  • Jul 6, 2007 1:15am Jul 6, 2007 1:15am
mbtrading to me has better spreads then currenex these days, but there comm is a killer to damn high, all most $200/1mio round turn.
If I Go Broke Trying Then I Will die happy.
  • #22
  • Jul 6, 2007 1:25am Jul 6, 2007 1:25am
Quoting Moe
right now they don't take u.s. client for the hotspotfxi platform
That seems rather odd.. Any idea why? I guess I'll find out tomorrow when I call. It was nice to see one other choice besides Vcap. Oh well.
  • #23
  • Jul 6, 2007 1:30am Jul 6, 2007 1:30am
Quoting Trader KGB
That seems rather odd.. Any idea why? I guess I'll find out tomorrow when I call. It was nice to see one other choice besides Vcap. Oh well.
it's not them its there primebroker witch is located in london, they told me they or in the process of switching to another prime broker in the u.s.
If I Go Broke Trying Then I Will die happy.
  • #24
  • Jul 6, 2007 1:52am Jul 6, 2007 1:52am
Quoting Trader KGB
Thanks. Do you know how much cheaper it is if just using Currenex alone? Or HotspotFXi alone?

I'm unfamiliar with Currenex's average spread. Right now I'm demoing HS FXi and the spreads are simply amazing. Oftentimes it's 0.4 - 1 pip or less on majors and 1 pip or less on non-majors. Seeing a >2pip spread on anything is rare. See attached, current spreads at 12:30am EST. 0.4 pip on the majors, heck 0.4 pip on NZDUSD (!) and 1 pip on NZDJPY. How does Currenex compare with this?
isn't HotspotFXi intented for banks and funds? this is my impresion from a quick look on theyr site...

Btw: this guy lost 26k on currenext from a slippage
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #25
  • Edited 2:07am Jul 6, 2007 1:55am | Edited 2:07am
Quoting semar
isn't HotspotFXi intented for banks and funds? this is my impresion from a quick look on theyr site...
Yes, institutions/funds are the target market. However, said funds who are prime brokers (vcap, ats) can allow individual clients access to these platforms, as long as certain account thresholds are met.
Quote
Btw: this guy lost 26k on currenext from a slippage
ODL has many scam complaints on the broker review sites. Currenex is not centralized in the sense that FXi is, there are "hubs". As such, liquidity can dry up like that, especially during news. Also, Currenex has the dreaded "last look" feature for the banks. Banks do not have to honor quotes/orders the way they do on FXi.
  • #26
  • Jul 6, 2007 2:53am Jul 6, 2007 2:53am
I emailed HotSpot regarding Prime brokerage..

They replied:

Quote
Thank you for your interest in our platform. Regarding your prime brokerage question, as an individual it is quite difficult to enter into a relationship with a first tier prime broker unless you can show capital in the region of 5 million USD on hand. Even then many first tier prime brokers will not deal with individuals. You could approach one of our secondary prime brokers with a deposit more in the range of $250,000 but use of a secondary prime broker would carry another layer of fees.

While there is no hard minimum trade size requirement, we highly suggest that our FXI clients trade in lots of at least 500,000 at a minimum and more likely in volumes of greater than 1 million per trade.

If you would like to discuss either prime brokerage situation I can certainly suggest some of our partners for you to contact. Please note that we also offer a margin based platform offering the same pricing as the prime brokerage platform which may be more suited to individual traders.

Regards,
Peter


Peter Neczesny
Vice President
Hotspot FXR
  • #27
  • Jul 6, 2007 3:22am Jul 6, 2007 3:22am
Quote
Please note that we also offer a margin based platform offering the same pricing as the prime brokerage platform which may be more suited to individual traders.
I'm not sure if by "margin based platform" he's referring to their retail platform (FXr), but that's certainly a far cry from FXi. I ran the comparison and it's night and day. FXr has fixed spreads (1-2pip), no sub-pip trading, depth of market rarely >1 level deep (vs 6 levels on FXi), very limited fx cross selection (6 to be exact, vs over 20 on FXi). Quite a difference..
  • #28
  • Jul 6, 2007 3:46am Jul 6, 2007 3:46am
yeah he's talking about hotspotfxr retail it not the same as fxi, your best bet is to go thru vcapfutures might be your only choice.
If I Go Broke Trying Then I Will die happy.
  • #29
  • Jul 6, 2007 3:46am Jul 6, 2007 3:46am
Quoting Moe
if you want to trade currenex with mt-4 then go to atcbrokers.com they will set you up, click on forexpro
Hi Moe,
Thnx for your reply - ATCbrokers looks really very interesting. Has someone any personal experiences with this broker ?

Art
  • #30
  • Jul 6, 2007 3:50am Jul 6, 2007 3:50am
also capitalspreads and odl offer hospotfxi, as second tier prime brokers.
If I Go Broke Trying Then I Will die happy.
  • #31
  • Jul 6, 2007 3:53am Jul 6, 2007 3:53am
Quoting GMaster
Hi Moe,
Thnx for your reply - ATCbrokers looks really very interesting. Has someone any personal experiences with this broker ?

Art
i don't but i connected with them thru a trader i met and he tell me he loves them, remember your money won't be with them but the prime broker they deal with.
If I Go Broke Trying Then I Will die happy.
  • #32
  • Jul 6, 2007 4:08am Jul 6, 2007 4:08am
if im not mistaken what the guy from hotspotfxi was saying about fees is that your 2 tier primebroker like vcapfutures will charge you $30/mill, $60/round turn, also hoptspot has the same fee so you will be paying about $120/mill round turn, witch is not bad when most of the time spreads or 0.5 pips.
If I Go Broke Trying Then I Will die happy.
  • #33
  • Jul 6, 2007 4:24am Jul 6, 2007 4:24am
you can try these guys out capitalforex.com
If I Go Broke Trying Then I Will die happy.
  • #34
  • Jul 6, 2007 9:06am Jul 6, 2007 9:06am
Hi Moe,

Thank you for all your valuable information. I’m full time FX trader 5 years and "in business" I’m more than 8 years. But I rate last 2-3 years MT4 platform as really top of all. From this point of view it’s really a big pity that UGMFX is now “out of order”. I checked and tested lot of platforms, including “professional banking tools” which I was used during my work in bank on dealing.
How I see it now - either somebody will go in footsteps of UGM with MT4, or someone brings on the market new product / better than MT4 and connect it via ECB.
Now the connection ODL – MT4 – Currenex looks really good, so we see.
http://atcbrokers.com – its big unknown for me and also communication with them is not easy

GMaster
  • #35
  • Aug 7, 2007 9:04am Aug 7, 2007 9:04am
Emailed them about this.....

Quoting Moe
if you want to trade currenex with mt-4 then go to atcbrokers.com they will set you up, click on forexpro
Here's the reply:


Hi Tom,

Thank you for your interest in ATC.

We are currently working on the connections and have an approximate time of two months.

I have put your email info in our contacts for MT Pro. Once the platform is ready, we will email you.

If you have any additional questions, please let me know.


Regards,

Jack Manoukian
Broker

Avail Trading Corp.
Futures. Forex. ForexPro
toll free:877.654.8400
main: 818.545.8400
fax: 818.545.8410
E-mail: [email protected]
web: www.atcbrokers.com

There is a risk of loss in futures and foreign exchange trading, only use risk capital. The information contained in this message may be privileged, confidential, and protected from disclosure. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you received this in error, please contact the sender and delete the material from any computer.
  • #36
  • Last Post: Apr 29, 2008 1:12pm Apr 29, 2008 1:12pm
There shoyuld be a way to connect MT4 front end with other back end e.g. currenex or other ecn systems. But i've found that i would rather trade with spreads only
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