What is Currenex? | Forex Factory

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What is Currenex?

  • #1
  • First Post: Dec 14, 2006 2:21pm Dec 14, 2006 2:21pm
Hi, I've been hearing alot of talk about using currenex once your account size gets bigger. What is currenex? The way I understand it right now, its a platform for ECN's to connect the customers together. Is that correct? What do we need the interbanks for then? Also, can I use currenex directly? How much money do I need?

Thank you

p.s. In the true fx market who takes the other side of the trades? Is it the other traders? In that case why do brokers need liquidity providers? If its the bank then why are there market makers? How hard is it to connect someone to a bank?
  • #2
  • Dec 14, 2006 6:27pm Dec 14, 2006 6:27pm
Quoting mmnoname
Hi, I've been hearing alot of talk about using currenex once your account size gets bigger. What is currenex? The way I understand it right now, its a platform for ECN's to connect the customers together. Is that correct? What do we need the interbanks for then? Also, can I use currenex directly? How much money do I need?

Thank you

p.s. In the true fx market who takes the other side of the trades? Is it the other traders? In that case why do brokers need liquidity providers? If its the bank then why are there market makers? How hard is it to connect someone to a bank?
Currenex is a broker dependent platform. You cannot open an account with Currenex. You need to find a broker such as ODL who offer Currenex. Usually you need at least $50k to open an account if you want to use Currenex.

Say for example you use ODL then they have a number of liquidity providers (the more the better) which are primarily banks. They are the counterparty to the trades. These counterparties often pass off the trade via systems like EBS. So if you are trading via Currenex you are not trading directly with the Interbank community but with a number of liquidity providers that the broker has agreements with who in turn often pass the trades on so in essence the liquidity providers act as market makers. This is all done via sophisticated trade matching technology.

If you want to trade with or via a bank then you will need alot more capital - Barclays Capital require $1million to open an account.

Unless you have a large amount of capital I would not worry who is on the other side of your trade. There is alot of conspiracies that circulate that brokers hire individuals who watch each individual trade just looking for an opportunity to take you out. This is simply not true.

If you want to learn more about Currenex have a look at their website and you will get a better idea of how they work. EBS is another one to look at and also FXAll.

Monaco
  • #3
  • Nov 27, 2008 2:21am Nov 27, 2008 2:21am
a platform many institute trader use
  • #4
  • Aug 10, 2009 10:36pm Aug 10, 2009 10:36pm
I found a video on youtube with a Currenex ECN overview. Its says $3,500 to start account.
Inserted Video

I may try the demo.
If anybody has any more info on this platform please shed some light. As far as the video goes the host says its true ECN. But who knows for sure with all these Forex scams.


Quoting mmnoname
Hi, I've been hearing alot of talk about using currenex once your account size gets bigger. What is currenex? The way I understand it right now, its a platform for ECN's to connect the customers together. Is that correct? What do we need the interbanks for then? Also, can I use currenex directly? How much money do I need?

Thank you

p.s. In the true fx market who takes the other side of the trades? Is it the other traders? In that case why do brokers need liquidity providers? If its the bank then why are there market makers? How hard is it to connect...
  • #5
  • Aug 11, 2009 10:37am Aug 11, 2009 10:37am
You dont need to open an account with currenex to use currenex. Many brokers use currenex, and they offer better spreads than going through currenex your self.
  • #6
  • Aug 11, 2009 10:55am Aug 11, 2009 10:55am
Quoting XXTrader
I found a video on youtube with a Currenex ECN overview. Its says $3,500 to start account.
http://www.youtube.com/watch?v=WIrVbSlPTDU
I may try the demo.
If anybody has any more info on this platform please shed some light. As far as the video goes the host says its true ECN. But who knows for sure with all these Forex scams.
If you get access to the CNX platform and pricing with $3,500 then something is up...

In most cases, brokers would like to see at least $25K on deposit for CNX platform and pricing, but that doesn't mean you can;t get on for less.

A Currenex account is heavily dependent on trading volume. If you can trade 300MM with $25K then its a good idea; if you trade 50MM with 100K then it might not be the best solution for you.
  • #7
  • Aug 11, 2009 4:47pm Aug 11, 2009 4:47pm
Video says Fx Dirext Dealer on the Currenex title bar - it would appear they are introducing to FXDD then.
  • #8
  • Aug 11, 2009 7:30pm Aug 11, 2009 7:30pm
Currenex is an ECN network that was once one of the biggest spot fx networks around. It currently has been over taken by a few other ECN networks who use currenex network for extra liquidity.

The broker Currenex is a dealer on the currenex network. I would assume they are not offering direct liquidity to the smaller deals.

At the moment, dukascopy have probably got the biggest ECN network at this moment for online/retail traders.

There are definitely places with better spreads and comission than both dukas and currenex.
  • #9
  • Aug 12, 2009 10:17pm Aug 12, 2009 10:17pm
Here's a good link to start your research of brokers who license Currenex technology:

http://www.currenex.com/about_us_white_label.html
  • #10
  • Nov 1, 2009 5:17am Nov 1, 2009 5:17am
I am seeking Currenex users feedback in regards slippage on stop and market orders ?
What sort of slippage (range of outcomes) is to be expected on different size ( 3 mini lots .... 3 lots..... 6 lots) and do you ever "extreme fills" ?

I will be using Currenex for my scalping but am unsure on the slippage on my swing positions....say a stop on the Pound Swiss going off in the low liquidity of the Asian session.

Cheers
  • #11
  • Oct 26, 2010 1:45am Oct 26, 2010 1:45am
I wish we could resurrect this thread and elaborate on the topic of Currrenex slips. Are there any brokers that will allow to set slip limits on Currenex when market order is placed? And similarly, any brokers allow for placing automatic (pre-configured) stop loss when market order is placed?
  • #12
  • Oct 31, 2015 9:53am Oct 31, 2015 9:53am
Continuation of the CURRENEX discussion from "Brokers chasing you for negative account balance":

Quoting HeyYou
no what they do is hosting the platform and rent it, no liquidity there.
Who is "they" ? Currenex ? Yes, they only provide the platform, reason why they have NO incentive shutting it down during the CHF event as it doesn't affect them AT ALL, exactly the opposite of OANDA.

"They" = Brokers ? Retail brokers usually provide a Currenex "white label" with custom LPs, but some MT4 brokers use Currenex (the main platform/exchange) as a liquidity SOURCE, meaning they hedge themselves on Currenex, the same way that some use LMAX for example (even if it's more uncommon than using Integral for example, or external LPs). In this case, the brokers are just a user of Currenex as a trader would be. There even exist a MT4/Currenex bridge for retail MT4 brokers to route all trades executed by customers on MT4 to Currenex, to propose a MT4 "STP" solution.

Quoting HeyYou
Btw I was actually supporting you , if the problem was with currenex servers , then the brokers that were using it should admit it.
???
I don't think there has been any problem with Currenex servers/platform. It has worked like it was supposed to. As I wrote in the "Brokers chasing you for negative account balance" thread:
"It was a "normal" market, maybe without (some) liquidity providers, but with market participants still transacting between them." (on Currenex)
  • #13
  • Oct 31, 2015 10:42am Oct 31, 2015 10:42am
Quoting Mevo
Continuation of the CURRENEX discussion from "Brokers chasing you for negative account balance": {quote} Who is "they" ? Currenex ? Yes, they only provide the platform, reason why they have NO incentive shutting it down during the CHF event as it doesn't affect them AT ALL, exactly the opposite of OANDA. "They" = Brokers ? Retail brokers usually provide a Currenex "white label" with custom LPs, but some MT4 brokers use Currenex (the main platform/exchange) as a liquidity SOURCE, meaning they hedge themselves on Currenex, the same way that some use...
Lol ,you said only the outage "happened at Currenex only". WHATEVER, I'm off this discussion we obviously misunderstood eachothers.
  • #14
  • Last Post: Oct 31, 2015 11:05am Oct 31, 2015 11:05am
I'm pretty sure we understood each other very well, and everybody is able to make their own opinion by reading the thread we are coming from.
As I clearly precised in my very FIRST answer to you: "When I was saying "only", it was in reference of my previous post in which I was talking of Currenex, IB and EBS. So, it was the "only" one between the 3, not among ALL brokers of course."

It just looks as an attempt to add messages to the thread to not let my "discussion" with OandaRep appear for too long as the last available posts.
http://www.forexfactory.com/showthre...52#post8568252
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