MBTrading vs HotspotFX vs Dukascopy vs IB | Forex Factory

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MBTrading vs HotspotFX vs Dukascopy vs IB

  • #1
  • First Post: Dec 24, 2007 11:21am Dec 24, 2007 11:21am
Hi guys,

MB claims to be an ECN-Broker?!

Spreads on Hotspot,dukascopy and IB are more often tighter!

For example: spread on USD/JPY

MB: tightest: 1pip
Hotspot: mostly just 0,5pip !!!
dukascopy: 0,5 - 1pip
IB: 0,5-1pip


Spreads on other pairs are with hotspot or IB more tighter than MB and they show more movements than MB.

Here you see MB vs Hotspot:
http://img120.imageshack.us/img120/3...hotspotsj6.png

http://img120.imageshack.us/img120/3...hotspotsj6.png
ForexFactory SUCKS.
  • #2
  • Dec 24, 2007 1:57pm Dec 24, 2007 1:57pm
Very interesting, thanks for the work you put into this post.
  • #3
  • Dec 24, 2007 2:14pm Dec 24, 2007 2:14pm
Quoting htbreaker
Hi guys,

MB claims to be an ECN-Broker?!

Spreads on Hotspot,dukascopy and IB are more often tighter!

For example: spread on USD/JPY

MB: tightest: 1pip
Hotspot: mostly just 0,5pip !!!
dukascopy: 0,5 - 1pip
IB: 0,5-1pip


Spreads on other pairs are with hotspot or IB more tighter than MB and they show more movements than MB.

Here you see MB vs Hotspot:
http://img120.imageshack.us/img120/3...hotspotsj6.png

http://img120.imageshack.us/img120/3...hotspotsj6.png
Question-are these spreads from live accounts or demo? It does make a difference...thanks.
  • #4
  • Dec 24, 2007 3:01pm Dec 24, 2007 3:01pm
Check out rfxt.com (division of Ikon), $9m in excess cap supposedly. Tight spread on usdjpy (1-2 pips), eurojpy(2-4), tight spread during U.S. session.

Execution is very fast. I don't know how they do it, i wonder if it's yet another bucket shop. But my live account execution is great. I'm sure they widen during news... but for position trading, it's great.
  • #5
  • Dec 24, 2007 5:12pm Dec 24, 2007 5:12pm
Is that 1 pip spread I see on GBP/JPY?????? http://www.forexfactory.com/images/icons/icon5.gif

I'll take that anyday. Which platform is that?

Regards,
K.
  • #6
  • Dec 25, 2007 7:19am Dec 25, 2007 7:19am
Quoting TC East
Question-are these spreads from live accounts or demo? It does make a difference...thanks.
It's from Live-Account.
ForexFactory SUCKS.
  • #7
  • Dec 25, 2007 7:23am Dec 25, 2007 7:23am
Quoting kermut
Is that 1 pip spread I see on GBP/JPY?????? http://www.forexfactory.com/images/icons/icon5.gif

I'll take that anyday. Which platform is that?

Regards,
K.
Spread on GBP/JPY ranges from 0,5pip to 6pips. It's not fix-spread.

Platform: for european-users: HotspotDirectVersion 7.12.63 RFV Holdings Ltd.
ForexFactory SUCKS.
  • #8
  • Dec 25, 2007 10:35am Dec 25, 2007 10:35am
Quoting htbreaker
Spread on GBP/JPY ranges from 0,5pip to 6pips. It's not fix-spread.

Platform: for european-users: HotspotDirectVersion 7.12.63 RFV Holdings Ltd.
i wonder if they will let me use that platform, im in the u.s.a.
If I Go Broke Trying Then I Will die happy.
  • #9
  • Dec 25, 2007 5:01pm Dec 25, 2007 5:01pm
Quoting htbreaker
Spread on GBP/JPY ranges from 0,5pip to 6pips. It's not fix-spread.

Platform: for european-users: HotspotDirectVersion 7.12.63 RFV Holdings Ltd.

Half a pip!! wow. I have yet to see anything less than 2-3 pips on GJ on MBT. Is that a live acct with hotspotfxi, or just hotspot (which is their retail side)?

The other impt thing is that you could have a spread as low as 0.5 pip, but as soon as you enter your market order, you never get filled at the price you see. I have experienced this on MBT on every occasion. On Eur/Jpy, my order was always filled 1 pip out of the price I clicked. This was the main reason I went back to Oanda. Well enough having a 1 pip spread, but what is the use if you can never make the most of it!!

Regards,
K.
  • #10
  • Edited 10:04pm Dec 25, 2007 7:48pm | Edited 10:04pm
Quoting htbreaker
MB: tightest: 1pip
Hotspot: mostly just 0,5pip !!!
dukascopy: 0,5 - 1pip
IB: 0,5-1pip
I'm only familiar with Hotspot's institutional platform (I've tested it, but my strategies don't allow for the ~$250MM monthly volume requirement to maintain access to it through certain prime brokers). By far, it has the tightest spreads of any platform. During busy hours, the spreads are oftentimes 0.1 - 1 pip for both the majors and the exotics. I'm not familiar with their retail platform, but that's great to hear that the spreads are nearly as tight.

I have live accounts with IB, EFX (MBT), and Dukascopy. I'd rank them in that order with regards to spreads. IB really is competitive these days with the other institutional ECNs in terms of spreads. EFX/MBT's are oftentimes quite in line with IB's, maybe a pip higher here and there. Dukascopy's spreads are all over the place, sometimes 0.5 - 1 on majors, sometimes higher. Exotics are also all over the map in terms of both spreads and liquidity. I trade CAD/JPY pretty heavily, and their spread & liquidity is almost always behind what IB and EFX are showing. I haven't been with them long enough to follow the intricacies of their liquidity pool (which they are quite vague on).

IB
pros: best retail spreads, great retail swap rates, FedFunds - 25/50bp interest paid on account balances, ability to trade on nearly every stock & futures exchange in the world from the same platform
cons: cumbersome P&L and swap conversion (gains & interest are credited in the foreign currency & must be manually converted), limited cross-rate margin (4% maintenance)

MBT/EFX
pros: very good spreads, best ECN for beginners (lowest opening minimum ($400) & lowest lot sizes)
cons: uncompetitive commissions (2.5x IB and Dukascopy's rates), terrible swap rates last time I checked (negative on certain yen crosses), no interest paid on unused margin

Dukascopy
pros: decent but mixed spreads, great commissions ($18/mm starting Jan 1st), none of IB's conversion or margin issues, bank line of credit offered for larger accounts (trading capital kept at bank, daily P&L settled directly)
cons: least pairs available, spreads & liquidity can be highly variable for exotics, no interest paid on unused margin
  • #11
  • Dec 26, 2007 2:14am Dec 26, 2007 2:14am
Quoting Trader KGB
I'm only familiar with Hotspot's institutional platform (I've tested it, but my strategies don't allow for the ~$250MM monthly volume requirement to maintain access to it through certain prime brokers). By far, it has the tightest spreads of any platform. During busy hours, the spreads are oftentimes 0.1 - 1 pip for both the majors and the exotics. I'm not familiar with their retail platform, but that's great to hear that the spreads are nearly as tight.

I have live accounts with IB, EFX (MBT), and Dukascopy. I'd rank them in that order with regards to spreads. IB really is competitive these days with the other institutional ECNs in terms of spreads. EFX/MBT's are oftentimes quite in line with IB's, maybe a pip higher here and there. Dukascopy's spreads are all over the place, sometimes 0.5 - 1 on majors, sometimes higher. Exotics are also all over the map in terms of both spreads and liquidity. I trade CAD/JPY pretty heavily, and their spread & liquidity is almost always behind what IB and EFX are showing. I haven't been with them long enough to follow the intricacies of their liquidity pool (which they are quite vague on).

IB
pros: best retail spreads, great retail swap rates, FedFunds - 25/50bp interest paid on account balances, ability to trade on nearly every stock & futures exchange in the world from the same platform
cons: cumbersome P&L and swap conversion (gains & interest are credited in the foreign currency & must be manually converted), limited cross-rate margin (4% maintenance)

MBT/EFX
pros: very good spreads, best ECN for beginners (lowest opening minimum ($400) & lowest lot sizes)
cons: uncompetitive commissions (2.5x IB and Dukascopy's rates), terrible swap rates last time I checked (negative on certain yen crosses), no interest paid on unused margin

Dukascopy
pros: decent but mixed spreads, great commissions ($18/mm starting Jan 1st), none of IB's conversion or margin issues, bank line of credit offered for larger accounts (trading capital kept at bank, daily P&L settled directly)
cons: least pairs available, spreads & liquidity can be highly variable for exotics, no interest paid on unused margin
thanks for your detailed explanation trader KGB,so which broker will u choose as your 1st choice?
  • #12
  • Dec 26, 2007 2:34am Dec 26, 2007 2:34am
Quoting fxking
thanks for your detailed explanation trader KGB,so which broker will u choose as your 1st choice?
IB. I do most of my business with them. Their "cons" as I listed aren't an issue to me (they were in the very beginning, just like they are for all new IB clients, you get over it). Their pros put them far ahead of any other broker, retail and prime.
  • #13
  • Dec 26, 2007 3:27am Dec 26, 2007 3:27am
Quoting Trader KGB
IB. I do most of my business with them. Their "cons" as I listed aren't an issue to me (they were in the very beginning, just like they are for all new IB clients, you get over it). Their pros put them far ahead of any other broker, retail and prime.
thanks for your reasoning.
  • #14
  • Dec 26, 2007 10:05am Dec 26, 2007 10:05am
For heavy scalpers, I would vote it like that:

1.Hotspot
2.IB
3.Dukascopy
4.EFX/MBT

I mostly get the price on Hotpsot that i see. Slippage is rare.
ForexFactory SUCKS.
  • #15
  • Dec 26, 2007 5:13pm Dec 26, 2007 5:13pm
htbreaker - are you using market or limit orders?
  • #16
  • Dec 26, 2007 6:48pm Dec 26, 2007 6:48pm
htbreaker...are your limit orders fill or kill.
  • #17
  • Dec 27, 2007 10:46am Dec 27, 2007 10:46am
Quoting bugscoe
htbreaker - are you using market or limit orders?
Normaly market orders. Haven't any problems yet.
ForexFactory SUCKS.
  • #18
  • Dec 27, 2007 2:06pm Dec 27, 2007 2:06pm
Quoting htbreaker
Normaly market orders. Haven't any problems yet.
Thanks. How about commission per 100,000? Their website does not provide that info that I can see?
  • #19
  • Dec 27, 2007 2:48pm Dec 27, 2007 2:48pm
Quoting bugscoe
Thanks. How about commission per 100,000? Their website does not provide that info that I can see?
hotspotfx is $6 round turn 100k. and dont foreget hotspot pays intrest on your account.
If I Go Broke Trying Then I Will die happy.
  • #20
  • Dec 28, 2007 1:43pm Dec 28, 2007 1:43pm
how small positions can you take with hotspot? looks like a good broker if it has good capitalization. i am finding MBT spreads less than satisfactory.
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