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Currenex platform broker with low deposit?

  • #1
  • First Post: Jul 3, 2007 6:56am Jul 3, 2007 6:56am
I am mostly trading news and fed up with the huge slippage I keep experiencing. I have heard that currenex brokers will still slip you but not by as much… unfortunately they all seem to require at least $20 000 as an initial deposit. Does anyone know of a company which offers currenex and would let me open an account with, say, $5000? Or, alternatively, an ECN broker with “tolerable” slippage?
  • #2
  • Jul 3, 2007 3:12pm Jul 3, 2007 3:12pm
Quoting piskey
I am mostly trading news and fed up with the huge slippage I keep experiencing. I have heard that currenex brokers will still slip you but not by as much… unfortunately they all seem to require at least $20 000 as an initial deposit. Does anyone know of a company which offers currenex and would let me open an account with, say, $5000? Or, alternatively, an ECN broker with “tolerable” slippage?
you quite obviously have no idea what an ecn or how the market works and yet you are trying to trade around periods of potentially extreme volatility. I woudl recommend that seeing as you can only afford to put up $5k, then you should not risk it trading
  • #3
  • Jul 3, 2007 5:20pm Jul 3, 2007 5:20pm
Quoting sccz97
you quite obviously have no idea what an ecn or how the market works and yet you are trying to trade around periods of potentially extreme volatility. I woudl recommend that seeing as you can only afford to put up $5k, then you should not risk it trading
Now thats some good advice...
Keep it simple stoopid....
  • #4
  • Jul 4, 2007 2:56am Jul 4, 2007 2:56am
A disater waiting to happen.
If I Go Broke Trying Then I Will die happy.
  • #5
  • Jul 4, 2007 3:39am Jul 4, 2007 3:39am
Quoting piskey
I am mostly trading news and fed up with the huge slippage I keep experiencing. I have heard that currenex brokers will still slip you but not by as much… unfortunately they all seem to require at least $20 000 as an initial deposit. Does anyone know of a company which offers currenex and would let me open an account with, say, $5000? Or, alternatively, an ECN broker with “tolerable” slippage?
Hi,

most importantly, dun think you can maintain a healthy margin trading on currenex at such low amounts. Most currenex dealers dont offer more than 100:1 leverage.

try not to trade the news, you'll have no reason to be frustrated that way.

Oh and if you are really looking for a low deposit "ecn-like" broker, then efx could probably be the answer for your calling. They are the closest thing to the real thing imo.They always keep their spreads low but their prices are usually 20-30pips away from market during news time.

Conclusion...news = no win

regards
jest
  • #6
  • Jul 4, 2007 3:42am Jul 4, 2007 3:42am
you can also try atcbroker $10k to open account, 100:1 leverage.
If I Go Broke Trying Then I Will die happy.
  • #7
  • Jul 4, 2007 4:23am Jul 4, 2007 4:23am
Quoting Moe
you can also try atcbroker $10k to open account, 100:1 leverage.
But don't think your getting a true multi-bank feed w/ 10K.
  • #8
  • Jul 4, 2007 4:56am Jul 4, 2007 4:56am
what or you getting?
If I Go Broke Trying Then I Will die happy.
  • #9
  • Edited 5:00pm Jul 11, 2007 10:13am | Edited 5:00pm
i use pip-forex where miminum deposit is $200.

here you can get it {link removed, see rule #3}

it is very straight forward and userfriendly
  • #10
  • Jul 18, 2007 1:23pm Jul 18, 2007 1:23pm
Quoting turbokaos
But don't think your getting a true multi-bank feed w/ 10K.

VERY TRUE! Turbo....
FXCMPro has currenex account Mini open 10k with 200-1 leverage ( though why a trader wants 200-1 is beyound my understanding ).....but the spreads are NO better than the NDD desk. Just try the Demo, see for yourself.....I'd put 10k or even 5k with Oanda.....my opinion. Hell, I'm thinking of putting/ moving my currenex acount to Oanda......Very competive spreads. Plus daily interest!
Now you open with 50k.....things get FAR better with them ,FXCMPro, as with most other Currenex platform providers.
At 5k....I'd be trading 1-2 lot mini's, no more than 2 pairs at most!!

Trading the news........well, we all chose our own poison.
Proper Prior Planning Prevents Piss Poor Performance
  • #11
  • Sep 3, 2007 5:10am Sep 3, 2007 5:10am
Quoting FxJarhead
VERY TRUE! Turbo....
FXCMPro has currenex account Mini open 10k with 200-1 leverage ( though why a trader wants 200-1 is beyound my understanding ).....but the spreads are NO better than the NDD desk. Just try the Demo, see for yourself.....I'd put 10k or even 5k with Oanda.....my opinion. Hell, I'm thinking of putting/ moving my currenex acount to Oanda......Very competive spreads. Plus daily interest!
Now you open with 50k.....things get FAR better with them ,FXCMPro, as with most other Currenex platform providers.
At 5k....I'd be trading 1-2 lot mini's, no more than 2 pairs at most!!

Trading the news........well, we all chose our own poison.
Do you have any exp with fxcmpro ? how are things going there?

P.S. what do you mean when saying NDD desk, where? at regular fxcm?

Thanks
  • #12
  • Sep 4, 2007 8:13am Sep 4, 2007 8:13am
Quoting FXcleaner
NDD= no dealing desk = curenext and similar stuff
:
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #13
  • Sep 5, 2007 11:40am Sep 5, 2007 11:40am
Quoting semar
:

)) thats exactly the same what arose in my head after statement: "fxcm NDD=currenx"

Cheers
  • #14
  • Sep 6, 2007 1:14am Sep 6, 2007 1:14am
Quoting FXcleaner
Do you have any exp with fxcmpro ? how are things going there?

P.S. what do you mean when saying NDD desk, where? at regular fxcm?

Thanks
FXCMPro is not available directly. You have to have a pre-existing prime broker relationship elsewhere. If you do, then FXCMPro can offer your prime broker their Currenex access. This at least was how it was explained during a recent discussion with an FXCMPro rep. If you already have a prime broker relationship, then you most likely have access to Currenex, so I'm not sure why anyone would deal with FXCMPro.

Their Propfx division was folded into FXCM retail. You can still access Currenex through that division, but the spreads are padded a pip on each side (as their 'no-commission' commission). The end result is the spreads are equivalent to their regular retail platform.
  • #15
  • Sep 6, 2007 4:33am Sep 6, 2007 4:33am
Quoting Trader KGB
FXCMPro is not available directly. You have to have a pre-existing prime broker relationship elsewhere. If you do, then FXCMPro can offer your prime broker their Currenex access. This at least was how it was explained during a recent discussion with an FXCMPro rep. If you already have a prime broker relationship, then you most likely have access to Currenex, so I'm not sure why anyone would deal with FXCMPro.

Their Propfx division was folded into FXCM retail. You can still access Currenex through that division, but the spreads are padded a pip on each side (as their 'no-commission' commission). The end result is the spreads are equivalent to their regular retail platform.
Thanks for insights of FXCM retail.

BTW, they replied that one can open acc in pro without any problems, but depo is at least 250..
  • #16
  • Sep 6, 2007 11:02am Sep 6, 2007 11:02am
Quoting FXcleaner
Thanks for insights of FXCM retail.

BTW, they replied that one can open acc in pro without any problems, but depo is at least 250..
Interesting. I had a hunch the guy on the phone didn't have the full story straight. $250k min is the going rate at some prime brokers, Vcap for one. ATC and ADMD are much lower.
  • #17
  • Sep 7, 2007 11:45am Sep 7, 2007 11:45am
Quoting Trader KGB
Interesting. I had a hunch the guy on the phone didn't have the full story straight. $250k min is the going rate at some prime brokers, Vcap for one. ATC and ADMD are much lower.

Such depos are required in some of the prime brokers because they have to make min trading volume in a.e. currenex.

And coz their clients base is not that big, therefore we result in big depos..

This is what i came up with.

Btw, where are you in? (if this is kinda info you will feel comfortable to release of course)
  • #18
  • Sep 7, 2007 12:49pm Sep 7, 2007 12:49pm
Quoting FXcleaner
Btw, where are you in? (if this is kinda info you will feel comfortable to release of course)
I'm still doing my DD on this. The list includes ATC, ADMD, ODL Prime, Vcap, MF Global, CapForexPro, GFT Prime, ChicagoFX, & FXCMPro (there may be others I'll include that haven't come to my attention yet). The ideal candidate will have access to a primary Currenex hub (most are on secondary hubs), access to least one other platform (FXAll and/or Hotspot FXi), friendly API support, reasonable commissions ($20-35/MM), and flexible monthly volume requirements (some require $500MM/month minimum). Also, futures trading is a big benefit (which cuts that list of PBs down to 2-3). I'm in the early stages of funding those 2 or 3, and then after a few months of testing, will opt for the best & close the others (keeping my account at IB open as backup).
  • #19
  • Sep 10, 2007 1:23am Sep 10, 2007 1:23am
Quoting Trader KGB
The ideal candidate will have access to a primary Currenex hub (most are on secondary hubs)
Can you please confirm/explain about the primary/secondary hubs? I thought that the feed is only one..


Thanks in advance
  • #20
  • Sep 10, 2007 2:15am Sep 10, 2007 2:15am
Quoting FXcleaner
Can you please confirm/explain about the primary/secondary hubs? I thought that the feed is only one..
Thanks in advance
The entire architecture of the system was explained to me during an hour-long discussion of the various ECNs with one of the PBs. This is what I gathered from it. There are multiple Currenex hubs ("six primary" & an unknown number of secondary), with various instit. banks/brokers participating in each. The Currenex servers are centralized, but there is not one centralized liquidity pool per se.

As for the differences, there may be many, but this was the only one specifically addressed:

A secondary hub requires an intermediate step in the trade processing for bank confirmation. I'm not sure if this is due to the credit relationship between the client, prime broker, and bank, or some other issue (I assume that secondary hubs also refer to the 3rd party PB hubs such as Traiana or Dealhub). This step was described as virtually instantaneous, but from a high trade frequency/low latency automated-system standpoint, it may present a trade reporting delay burden. To any manual traders, it would not be an issue.

A primary Currenex hub avoids this step. I'm not sure if this is determined by the number of participating institutional banks/brokers in the hub, their credit relations, or some other issue. I also was given the impression that the primary hubs have the most bank partnerships, thus deeper liquidity pools & tighter spreads.
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