Anyone trading live with ODL Securities and EFX Group? | Forex Factory

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Anyone trading live with ODL Securities and EFX Group?

  • #1
  • First Post: Edited 8:33am Jan 8, 2007 8:07am | Edited 8:33am
Dear all,

I am pretty much new to this forum and after a month of research I decided to go for a ECN broker. Searching through some old threads on ODL securities and EFX group I have found that there are very limited information on ODL securities and so I am starting a thread to hear your opinions on them. About EFX group, other than the long thread run by its employee (though helpful, but you always want to hear from someone not from their company), I found that there are almost nobody starting threads on EFX group regarding their good or bad experience with them (unlike Oanda, FxSol, some other which you always see new threads about them, bad or good,). So, I would like to know if anyone trading live with ODL Securities and EFX group and what do you think about them - please list their pros and cons, like

1) Speed of execution
2) Live experience with their spreads during volative times
3) Honesty (any suspicious stop hunts, platform freezes, delay execution,etc)
4) Other

Forum users with less than 80 posts or without a live account with them please don't respond as I don't want to trigger some fake responses (thought I am not saying there are any with these 2 companies but I have heard bad things about many such behaviour for a few other companies based on some thread in this forum).

Also, for ODL securities users, what are the minimum deposit requirements for opening an account now? I know they are using currenex/hotspotfxi, but do they run a dealing desk as well? Are they any good?

Thanks.
  • #2
  • Jan 8, 2007 8:39am Jan 8, 2007 8:39am
I'm happy w/ ODL Prime but i woudn't use there retail platform if you paid me.

The min are diff for everyone there is not set rate which means the fee to trade isn't a set rate.. It is what ever you can work out w/ them.

or are other as well GFT Prime & MAN

turbo
  • #3
  • Jan 8, 2007 12:29pm Jan 8, 2007 12:29pm
Been using ODL prime for several months now and I can't think of a single thing to complain about. It's perfect in every way...
  • #4
  • Jan 8, 2007 12:47pm Jan 8, 2007 12:47pm
Just out of curiosity, does ODL Prime have an API?
  • #5
  • Jan 8, 2007 7:41pm Jan 8, 2007 7:41pm
Hi Turbo and Darkstar,

Thanks for your reply. I think most Currenex requires 25k+ deposit to start from, and if there is no fixed amount as Turbo mentioned, do you mean you can start with 10k but you need to pay a higher transaction cost? Though it's ECN, do you have any experience with suspicious stop hunting? Do you guys open account with the U.S or UK office and which one is preferred?

Thanks.
  • #6
  • Jan 8, 2007 8:07pm Jan 8, 2007 8:07pm
Hi All,

Can anyone tell me if Currenex offer Contingent orders on thier platform?
  • #7
  • Edited Jan 9, 2007 1:06am Jan 8, 2007 11:36pm | Edited Jan 9, 2007 1:06am
Quoting forex778
Hi Turbo and Darkstar,

Thanks for your reply. I think most Currenex requires 25k+ deposit to start from, and if there is no fixed amount as Turbo mentioned, do you mean you can start with 10k but you need to pay a higher transaction cost? Though it's ECN, do you have any experience with suspicious stop hunting? Do you guys open account with the U.S or UK office and which one is preferred?

Thanks.
they requre more but when i say no fixed amount i mean everything is negatable.

But to realy start looking at anything prime you will need 50k, 500,000 min trade
  • #8
  • Jan 8, 2007 11:37pm Jan 8, 2007 11:37pm
Quoting BigBadBull
Hi All,

Can anyone tell me if Currenex offer Contingent orders on thier platform?
If you mean OCO not yet I have seen in the demo in beta but it hasn't gone live yet
  • #9
  • Jan 8, 2007 11:56pm Jan 8, 2007 11:56pm
Hi Turbokaos,

"contingent" or "If Done" orders

eg.

Buy 100,000 EUR/USD @ 1.3050 on stop

"If Done" (If the first order is filled then work the following order)

Sell 100,000 EUR/USD @ 1.2950 on stop.

Cheers
  • #10
  • Jan 9, 2007 1:00am Jan 9, 2007 1:00am
Hi there,

Why don't you just contact ODL, and get all the answers to the basic questions first. Then armed with that information, you will be in a better position to ask questions on forums.

Just because someone here was able to open an account with 50K, and pays $20 per 1M round trade, doesn't mean that is the benchmark for another person. It all depends on how the bank sees you as a risk.

Do the initial basic research first. You will find out more information that you bargained for this way.

Cheers,
K.
  • #11
  • Jan 9, 2007 1:08am Jan 9, 2007 1:08am
Quoting BigBadBull
Hi Turbokaos,

"contingent" or "If Done" orders

eg.

Buy 100,000 EUR/USD @ 1.3050 on stop

"If Done" (If the first order is filled then work the following order)

Sell 100,000 EUR/USD @ 1.2950 on stop.

Cheers
same diff if done or OCO not yet but like i said have seen in the demo beta so it is in the works.. i was sent a manual upgrade about it before xams but it hasn't been implemented
  • #12
  • Jan 9, 2007 9:13am Jan 9, 2007 9:13am
Quoting forex778
Forum users with less than 80 posts or without a live account with them please don't respond as I don't want to trigger some fake responses (thought I am not saying there are any with these 2 companies but I have heard bad things about many such behaviour for a few other companies based on some thread in this forum).

Also, for ODL securities users, what are the minimum deposit requirements for opening an account now? I know they are using currenex/hotspotfxi, but do they run a dealing desk as well? Are they any good?

Thanks.

Either way, if you wanted some type of into/answer or not, I believe the min is $500 to open an account. And their application process is a breeze compared to the forms for some of these other ones. Not a fan of their charting, but I like the platform.
That is all I know so far, I'm in the process with them right now.
  • #13
  • Jan 30, 2007 11:15am Jan 30, 2007 11:15am
Hi,

what charting do you guys use (or what would you recommend) when it comes to Currenex / ODL, etc. ?
  • #14
  • Jan 30, 2007 3:11pm Jan 30, 2007 3:11pm
Quoting ycomp
Hi,

what charting do you guys use (or what would you recommend) when it comes to Currenex / ODL, etc. ?
I use the oanda charts. They are so good, I would be willing to venture that oanda is using currenex for upstream hedging.
  • #15
  • Mar 15, 2007 3:07pm Mar 15, 2007 3:07pm
Quoting forex778
Dear all,

I am pretty much new to this forum and after a month of research I decided to go for a ECN broker. Searching through some old threads on ODL securities and EFX group I have found that there are very limited information on ODL securities and so I am starting a thread to hear your opinions on them. About EFX group, other than the long thread run by its employee (though helpful, but you always want to hear from someone not from their company), I found that there are almost nobody starting threads on EFX group regarding their good or bad experience with them (unlike Oanda, FxSol, some other which you always see new threads about them, bad or good,). So, I would like to know if anyone trading live with ODL Securities and EFX group and what do you think about them - please list their pros and cons, like

1) Speed of execution
2) Live experience with their spreads during volative times
3) Honesty (any suspicious stop hunts, platform freezes, delay execution,etc)
4) Other

Forum users with less than 80 posts or without a live account with them please don't respond as I don't want to trigger some fake responses (thought I am not saying there are any with these 2 companies but I have heard bad things about many such behaviour for a few other companies based on some thread in this forum).

Also, for ODL securities users, what are the minimum deposit requirements for opening an account now? I know they are using currenex/hotspotfxi, but do they run a dealing desk as well? Are they any good?

Thanks.

I use EFX and love it. No problems. Their Pro platform has worked flawlessly for me, no problems ever, and they are very responsive to questions when I was learning it. Execution is very quick and they have a ton of liquidity. No complaints.
FXChant Singing the World of Forex
  • #16
  • Apr 6, 2007 8:32am Apr 6, 2007 8:32am
anyone is live with ODL MT4?
what is the minimum to open an account and the max leverage? I haven't find it in their website
  • #17
  • Apr 8, 2007 5:00am Apr 8, 2007 5:00am
Hello FedePresident,

ODL MT4 has max leverage of 100:1. Minimum to open "mini" account is US$1000 - when they say "mini" account that only means you can trade mini lot on the "standard" account (in other broker's term). The speed of execution is pretty good as far as I am concerned. The spread is pretty constant for most of the pairs even during volatile times. They DO have dealing desks but I have no trouble getting my oder filled - I haven't got a requote yet but that might just be lucky. They paid interest on unused margin monthly.

If you want more information, you can contact them via email and they answer the question very quickly.

Hope that helps
  • #18
  • Apr 8, 2007 5:02pm Apr 8, 2007 5:02pm
Quoting Puppy
Hello FedePresident,

ODL MT4 has max leverage of 100:1. Minimum to open "mini" account is US$1000 - when they say "mini" account that only means you can trade mini lot on the "standard" account (in other broker's term). The speed of execution is pretty good as far as I am concerned. The spread is pretty constant for most of the pairs even during volatile times. They DO have dealing desks but I have no trouble getting my oder filled - I haven't got a requote yet but that might just be lucky. They paid interest on unused margin monthly.

If you want more information, you can contact them via email and they answer the question very quickly.

Hope that helps
thank you very much for your infos, very appreciated.
So they are a market maker? do you think they are a good broker for news trading?
What is the interest on unused margin?
  • #19
  • Apr 20, 2007 4:38am Apr 20, 2007 4:38am
Hi FedePresident,

I think you'll find this of some interest http://www.nfa.futures.org/basicnet/...06&contrib=NFA

On March 2, 2007, NFA issued a Complaint charging ODL and Dubuque with misleading promotional activities. The Complaint further charged ODL with failure to adopt enhanced supervisory procedures; failing to maintain adequate books and records necessary and appropriate to conduct its business; failing to take applicable concentration charges; failing to maintain adequate adjusted net capital; and failing to file financial statements with NFA in a timely manner. The Complaint also charged ODL and King with failure to supervise.
Domo Arigato, Mr. Roboto!
  • #20
  • Apr 20, 2007 7:02am Apr 20, 2007 7:02am
I know them don't like much people only trade the news, if you only trade news better other broker.
They seem the better choice, at least don't have as much complaints as other brokers.
That thing of nfa complaints, don't seem so bad as it appears, and its the only thing I see bad from them.
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