EFX, Why will you choose them ? | Forex Factory

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EFX, Why will you choose them ?

  • #1
  • First Post: Nov 7, 2007 12:55pm Nov 7, 2007 12:55pm
Hi friend, Iam looking for a good broker. Currently iam confuse.ok........
here are my questions (about EFX) -
(1) Are they really honest(norequoto,no price manipulation,stop hunting or order hunting) ? (I know they are ecn but i want to know how can an ecn offer mini account while other are offering more then $5000)
(2) What do you think are they cheap compair to retailer or marketmakers ?
(3) Are they offering good swaps ?
(4)Why would You not like to choose them. why ?(give me a reason)
Above questions only for traders not for jleblang or any any EFX pramoter or employee. Ok.

Here is question for jleblang or for any other EFX pramoter or employee.
(1) I didnot find chart on your plateform.Now i have headache. Where can i find them ? please help me i work only on chart using price action.

Sorry about my english because iam not an english.
Let's trade together.
  • #2
  • Nov 7, 2007 12:58pm Nov 7, 2007 12:58pm
Quoting FXBaby
Sorry about my english because iam not an english.
That's ok, the English aren't very swift at it either.
  • #3
  • Nov 7, 2007 1:09pm Nov 7, 2007 1:09pm
Quoting FXBaby
Hi friend, Iam looking for a good broker. Currently iam confuse.ok........
here are my questions (about EFX) -
(1) Are they really honest(norequoto,no price manipulation,stop hunting or order hunting) ? (I know they are ecn but i want to know how can an ecn offer mini account while other are offering more then $5000)
(2) What do you think are they cheap compair to retailer or marketmakers ?
(3) Are they offering good swaps ?
(4)Why would You not like to choose them. why ?(give me a reason)
Above questions only for traders not for jleblang or any any EFX pramoter or employee. Ok.

Here is question for jleblang or for any other EFX pramoter or employee.
(1) I didnot find chart on your plateform.Now i have headache. Where can i find them ? please help me i work only on chart using price action.

Sorry about my english because iam not an english.
FXBaby ~

If you read through the actually EFX Thread I think you'll find every answer you are looking for from actually clients...not just me, but I do look forward to seeing some of the responses here.

We offer a couple solutions for charts:

1) IntelliCharts - http://efx.tradesecuring.com/Misc/EFX.asp. This is a pay charting services that we offer a 50% discount for if you have a live account with us.

2) New EFX/MBTF Beta Navigator found here http://efxgroup.com/efx-navigator.php does have charting built into through the Navigate menu on the top tool bar.

3) EFX Remote Trader - our new platform coming out shortly also has built-in charting and will allow for trading directly from the charts in the 2nd & 3rd revisions by end of year or early 2008.

You can also use:

1. QuoteTracker
2. Ninja Trader
3. Tick Quest

and probably many more.

Hope this helps.

PS. If the people responding come back with responses that are not accurate I will be correcting them.
  • #4
  • Nov 7, 2007 9:15pm Nov 7, 2007 9:15pm
what still confuses me is why go through an intro broker like EFX ? i mean am i at a loss by trading forex with MBTrading ? basically i feel that EFX offers not much except maybe the upcoming omega.
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  • #5
  • Nov 7, 2007 9:46pm Nov 7, 2007 9:46pm
jjk2 , that sig is feckin hilarious. Componde!
  • #6
  • Nov 7, 2007 9:49pm Nov 7, 2007 9:49pm
Quoting jjk2
what still confuses me is why go through an intro broker like EFX ? i mean am i at a loss by trading forex with MBTrading ? basically i feel that EFX offers not much except maybe the upcoming omega.
If you have to ask, you don't really know. ;-)
FXChant Singing the World of Forex
  • #7
  • Edited 10:53am Nov 8, 2007 10:32am | Edited 10:53am
I have started to read it. But there are some question in my mind.
(1) You are ecn or market maker.
(2) I know that spread widen during news but i donot know How much(maximum) ? Is it work same on demo (iam asking about spread during news)? Iam using your demo.
(3) Iam suprised you are offering minimum trade size .1 lot (1000 currency unit). It means minimum money required to open a position is $10. How are u managing yourself ? Iam feeling unsafe here Please clear my doubt. You pass orders directly to banks, but i think it is too small trade size. are your banks allowed these type order or here you work as a retailer ?
(4) If minimum trade trade size is $10 then what commission you charged for opening a new position ?
(5) What is cost to join chart package with and without discount ?
(6) Can i trade long and short position at same time ?
Let's trade together.
  • #8
  • Nov 8, 2007 10:49am Nov 8, 2007 10:49am
Quoting FXBaby
I have started to read it. But there are some question in my mind.
(1) I know that spread widen during news but i donot know How much(maximum) ? Is it work same on demo (iam asking about spread duing news)? Iam using your demo.
(2) Iam suprised you are offering minimum trade size .1 lot (1000 currency unit). It means minimum money required to open a position is $10. How are u managing yourself ? Iam feeling unsafe here Please clear my doubt. You pass orders directly to banks, but i think it is too small trade size. are your banks allowed these type order or here you work as a retailer ?
(3) What is cost to join chart package with and without discount ?
1. Would anyone who trades the news with us like to comment? I know what my answer is.....the spreads widen, sometimes they tighten...its different for each announcement, but nothing like you would find at a deal desk. Usually the spreads on the majors remain constant at 1-4 pips during news.

2. Let me state very clearly: THIS IS NOT THE CASE. Our relationships with the banks (and they are numerous) that provide liquidity into our system are strong enough that those banks have broken up their electronic feeds to allow our customers to interact with their liquidity at any increment. And let me stress…this ultimately could mean micro-minis as well. If you think about how this works, it isn’t a big leap. If a bank is showing $100,000 of EURUSD at a price, previously, they required that this be purchased as one block of $100,000 because it kept the number of transactions down. However, once they realized that many smaller players could still add up to the same amount and that our system was providing that sort of volume for them, they simply allowed the transactions to be broken up into smaller increments. It has worked out well for them and for our traders. Remember that unlike futures, such as the ES/SP contracts, forex is not traded as a “contract.” The idea of mini versus full is in name only. You are transacting actual cash, so the only limitation is what the entities on both sides set as a minimum.

3. Online IntelliCharts package $40 w/out discount & $20 with discount. Desktop version $100 w/out discount & $50 with discount.

Is there anything else I can help you with?
  • #9
  • Nov 8, 2007 11:14am Nov 8, 2007 11:14am
Yes
(1) Are u ecn or marketmaker ? (I read on this forum that you are marketmaker.)
(2) If minimum trade trade size is $10 then what commission you charged for opening a new position ?
(3)Where can i see swaps on your trading plateform ? Iam using demo account. Iam not familiar with this plateform.
(4) Can i trade long and short position at same time ?
(5) Iam not alone i have my 30 clients. It is start from my side all will depend on your service. What is requirement for your IB and What about my clients fund safety?
Let's trade together.
  • #10
  • Nov 8, 2007 11:25am Nov 8, 2007 11:25am
Quoting FXBaby
Yes
(1) Are u ecn or marketmaker ? (I read on this forum that you are marketmaker.)
(2) If minimum trade trade size is $10 then what commission you charged for opening a new position ?
(3)Where can i see swaps on your trading plateform ? Iam using demo account. Iam not familiar with this plateform.
(4) Can i trade long and short position at same time ?
(5) Iam not alone i have my 30 clients. It is start from my side all will depend on your service. What is requirement for your IB and What about my clients fund safety?
1. Yes we are an TRUE ECN broker utilizing the technology of TDFX.

2. Minimum trade is not $10...you can place trades as low as .1 lot or 1000 currency units. The commission of $5.00 per 100,000 will just scale up or down depending on your size.

3. To view swap rates, go to the Navigate button on our platform and select watchlist. A new window should appear and have columns for Buy Prem. & Sell Prem. If these columns are not visible, right click in the columns row and select add/remove columns.

4. Hedging is not available on our system, but you may open multiple accounts and link them together each funded separately so that you can have long and short positions in the same pair.

5. For IB questions please email us directly via our contact us page.
  • #11
  • Nov 8, 2007 12:38pm Nov 8, 2007 12:38pm
Twice today, during fast price action, my EFX platform went offline. It starts with the quotes freezing. This seems to happen quite a bit.

Why has this never been fixed?
  • #12
  • Edited 12:37am Nov 9, 2007 12:26am | Edited 12:37am
I read it on EFX intro group from gidnoa post 777
Quote
u can trade .1 lots (1k) but execution is NOT the same as someone has to agree to take the other side of your .1 increments (everything less than 10k appears as 0 on level 2).
Many times i had the 1st order in the Q for less than 10k and it traded through me for the same price (ie, best bid was mine at 1.3310 (1st there) and it traded there without filling me).
It means it is necessary some one other side for .1 lot and I will wait in q for less than 10k.
Please clear these doubts. And what solution of bugscoe (see above post) ? Will it happen always during fast price action ?
another thing you are telling minimum trade size is 1000 currency unit (with 100 leverage) then require money to open trade is = 1000/100 =$10 (if i have mini account and you are allowing me to trade micro lot) because .1 lot in mini account is called micro lot can be open with $10. Am i correct ? For a mini lot 1 you need $100 as a required margin. and when we are talking about mini lot .1 it means required margin to open position is $10 . If iam not correct give me a example.
Please answer jleblang.

Thanks
Let's trade together.
  • #13
  • Nov 9, 2007 12:34am Nov 9, 2007 12:34am
why not just throw the minimum into an EFX account and test it out for yourself(it's something like 500$)? No matter what others say you still have to see it with your own eyes bad or good. Based on what a bunch of peopel say on a forum would you then just go dump 50k into whichever gets the most praise? I hope not. You try it out first.

I have accounts with EFX/MB and Oanda. Both have good and bads, but both are good brokers and I have no major complaints.
  • #14
  • Nov 9, 2007 2:27am Nov 9, 2007 2:27am
Quoting bugscoe
Twice today, during fast price action, my EFX platform went offline. It starts with the quotes freezing. This seems to happen quite a bit.

Why has this never been fixed?
i second that.matter of fact my live acct was quoted as bad as 65pips(nzd/usd) spread during last week's trading,i emailed them but till today no reply was given and when i spoke to them ,they claimed that its my computer having problem and not theirs,amazingly its only the pair that i trade was giving me the bad spread but not the others(so i am not sure if what they said its true?),the incident happened a couple of times,so i am not talking based on just one incident.i really hope that mbt should buck up! i do also observe that their spreads for most pairs r not that good recently,as compared to last time.
  • #15
  • Nov 9, 2007 2:54am Nov 9, 2007 2:54am
Quoting fxking
my live acct was quoted as bad as 65pips(nzd/usd) spread during last week's trading,
Are you sure you're counting right? You're getting spreads of 65 pips?

I'm on a live account and trading NZD/USD, and although I confirm that the quotes for most of the currency pairs have been showing larger spreads more frequently lately, for me, they are normally averaging 5 pip spreads, never 65 pips (at least not that I'm aware of).

That's really bizarre if you're getting that horrendous kinds of spreads. Something is not right about that.
  • #16
  • Nov 9, 2007 3:11am Nov 9, 2007 3:11am
Quoting leighsww
Are you sure you're counting right? You're getting spreads of 65 pips?

I'm on a live account and trading NZD/USD, and although I confirm that the quotes for most of the currency pairs have been showing larger spreads more frequently lately, for me, they are normally averaging 5 pip spreads, never 65 pips (at least not that I'm aware of).

That's really bizarre if you're getting that horrendous kinds of spreads. Something is not right about that.
thats why i was v.mad and demanded a explanation fr them,in the end they claimed that its probably connection problem fr my side and not theirs.65pips is the worst spread that i ever see,matter of fact nowadays i compared mbt's spread with others to make sure that i am not short change.if u ask me,after adding commission and spread,mbt does not really have a better spread than other dealing desk brokers anymore and i am kind of getting abit disheartened with then already.if there is another true ecn that offer low deposit for new acct,then mbt will be history for me.
  • #17
  • Nov 9, 2007 3:37am Nov 9, 2007 3:37am
Quoting fxchant
If you have to ask, you don't really know. ;-)


what dont i know about white label brokers . me and you can set up a website right now call it XFE Forex there we go we have created a non desktop dealer with MBTrading.
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  • #18
  • Edited 4:12am Nov 9, 2007 4:02am | Edited 4:12am
Quoting fxking
in the end they claimed that its probably connection problem fr my side and not theirs
Hmmmm, what I know about connection problems, that wouldn't be what would cause the spreads to go to 65 pips. If you had connection problems, you wouldn't even be seeing the quotes, or else the quotes would freeze on you. If you're seeing the quotes moving, then I can tell you, the spreads are not being caused by connection problems. That explanation doesn't make sense, quite honestly and I'm surprised that they would tell you that.

Quoting fxking
if u ask me,after adding commission and spread,mbt does not really have a better spread than other dealing desk brokers anymore
I have to admit, the higher spreads may hurt EFX/MBT, but as an ECN, they claim they aren't manipulating the spreads. That is their selling point, quite frankly, so I'd be surprised if they would do such a thing.

I just figured that when the market is moving fast, there will be gaps in the bid and ask. However, I do admit, I have thought it was strange that there should be a lot of gaps sometimes when there's supposed to be high liquidity on some of those pairs and there wasn't any news going on. It somehow didn't seem all that probable to me that people weren't putting in bids/asks closer together.

I remember Justin mentioning in one of his posts in the "EFX Group Introduction" thread that they don't show all the liquidity from their providers when someone had asked about it. I wasn't really sure what that meant though ... whether those quotes are there invisibly or if they just aren't available to us?

In any case, what I have been doing to compensate for this, is wait for the spreads to get at least to about 2 pips and then I just place the trade even though I know I am going to be 2 pips in the negative from the get-go.

I use limit orders, and I rather guarantee a 2 pip shy rather than take my chances with getting filled at 5 pips trying to place the limit order between the spread.

Sometimes I can get it at 1 pip, but if I don't want to miss my entry, I just go in and not worry about it, cuz that extra pip isn't going to hurt me. I've switched to trading longer-term anyway nowadays, so I'm not needing to save on every little pip.
  • #19
  • Nov 9, 2007 5:48am Nov 9, 2007 5:48am
Quoting leighsww
Hmmmm, what I know about connection problems, that wouldn't be what would cause the spreads to go to 65 pips. If you had connection problems, you wouldn't even be seeing the quotes, or else the quotes would freeze on you. If you're seeing the quotes moving, then I can tell you, the spreads are not being caused by connection problems. That explanation doesn't make sense, quite honestly and I'm surprised that they would tell you that.



I have to admit, the higher spreads may hurt EFX/MBT, but as an ECN, they claim they aren't manipulating the spreads. That is their selling point, quite frankly, so I'd be surprised if they would do such a thing.

I just figured that when the market is moving fast, there will be gaps in the bid and ask. However, I do admit, I have thought it was strange that there should be a lot of gaps sometimes when there's supposed to be high liquidity on some of those pairs and there wasn't any news going on. It somehow didn't seem all that probable to me that people weren't putting in bids/asks closer together.

I remember Justin mentioning in one of his posts in the "EFX Group Introduction" thread that they don't show all the liquidity from their providers when someone had asked about it. I wasn't really sure what that meant though ... whether those quotes are there invisibly or if they just aren't available to us?

In any case, what I have been doing to compensate for this, is wait for the spreads to get at least to about 2 pips and then I just place the trade even though I know I am going to be 2 pips in the negative from the get-go.

I use limit orders, and I rather guarantee a 2 pip shy rather than take my chances with getting filled at 5 pips trying to place the limit order between the spread.

Sometimes I can get it at 1 pip, but if I don't want to miss my entry, I just go in and not worry about it, cuz that extra pip isn't going to hurt me. I've switched to trading longer-term anyway nowadays, so I'm not needing to save on every little pip.
i doubt too when they told me that my pc is having the problem,anyway whether if mbt is really a true ecn,time will tell.for now i must say that i am v.unsatisfied with their so-call ecn's spread and time taken to reply to emails.if a low deposit true ecn come along,i will close my acct
  • #20
  • Edited 6:31am Nov 9, 2007 6:19am | Edited 6:31am
Iam waiting for answers of question listed at page 1. Some complains are also here. Let's see how Jleblang satisfy to all.
Let's trade together.
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