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  • #21
  • Jul 20, 2008 4:40am Jul 20, 2008 4:40am
dude don't be so quick to pass judgement

i had about 5 phone conversations with these people... they are willing to bend the rules....

Quoting Trader KGB
50 or 25k! Not quite...
http://www.vcapfx.com/cax-trading-requirements.asp
  • #22
  • Jul 20, 2008 4:42am Jul 20, 2008 4:42am
richard/everyone

the bottom line: do your own homework on services out there. one man's junk is another man's treasure....

if i took every bad broker review to heart that i read, i'd never have made a single trade.

Quoting fxterrapin
I tried their demo and was less impressed. The depth was not greater than what you'd find on a good currenex platform or at MBT or IB. Also, the spreads on some of the exotics were absolutely horrific (EUR/NZD, EUR/AUD).
  • #23
  • Edited 5:47am Jul 20, 2008 5:20am | Edited 5:47am
Quoting tdion
dude don't be so quick to pass judgement

i had about 5 phone conversations with these people... they are willing to bend the rules....
A willingness to bend them too far is a sign of desperation. Have you tried their JAVA client lately? No treasure there... just pure junk.
  • #24
  • Jul 20, 2008 5:22am Jul 20, 2008 5:22am
Quoting tdion
richard/everyone

the bottom line: do your own homework on services out there. one man's junk is another man's treasure....

if i took every bad broker review to heart that i read, i'd never have made a single trade.
Nobody here gave a bad review. It's about hearing from traders who have had live experiences with certain brokers. And even so, without 'bad' reviews how many more people would fall into the forex.com trap?
  • #25
  • Jul 20, 2008 7:41am Jul 20, 2008 7:41am
Quoting Trader KGB
This is not the case. Their minimum is $100k.
Its less through 'London capital group'. They want a 35K deposit and min. deal size is 250K instead of 500K. The only reason i don't trade at FXi is it doesn't support stop orders, but i need them sometimes (cant glue my head to the screen 24/5). So im staying with their retail branch.
  • #26
  • Jul 20, 2008 7:57am Jul 20, 2008 7:57am
Thanks for the input everyone, as far as brokers go my requirements are very simple which means things like spreads on exotic pairs really mean nothing to me. All I require is:

1- True ECN broker that provides liquidity through currenex and other large pools.
2- I trade EUR/USD exclusively so spread on ONLY this pair is important.

3- Lowest commissions possible as I scalp so this is important however I can provide > 500Mil volume a month.

4- 100:1 leverage (this is key so brokers like IB are ruled out unfortunately)

I will check out VCap Tdion, thanks If anyone has any other recommendations please let me know.
  • #27
  • Jul 20, 2008 10:28pm Jul 20, 2008 10:28pm
Quoting tdion
dude don't be so quick to pass judgement

i had about 5 phone conversations with these people... they are willing to bend the rules....
I'm not passing judgment, merely posting what their website claims.

From the experience I had with demo, I could certainly understand their desire to lower the thresholds. They have already shown a tendency to bend the rules since the ECP requirement doesn't seem to be a factor.
  • #28
  • Jul 20, 2008 10:36pm Jul 20, 2008 10:36pm
Quoting fxRichard
1- True ECN broker that provides liquidity through currenex and other large pools.
2- I trade EUR/USD exclusively so spread on ONLY this pair is important.

3- Lowest commissions possible as I scalp so this is important however I can provide > 500Mil volume a month.

4- 100:1 leverage (this is key so brokers like IB are ruled out unfortunately)
Given those requirements, you should really consider the CME FX futures. They offer pretty much the best leverage/commission possible with ECN-equivalent spreads (not sub-pip, but basically 1-pip flat). Based upon the last time I ran the calcs, the EuroFX contract offers intraday leverage of 125:1 at a commission rate of $14.70/M ($2.85 per lot at IB, 1 lot = 125k EUR/USD).
  • #29
  • Jul 21, 2008 8:05am Jul 21, 2008 8:05am
Agree,if you only trade EUR, the CME is a really good place to trade. And you can get professional order-entry software like XTrader (not at IB tho), which certainly doesn't hurt for a scalper.

You can get 1:100 at Hotspot retail too upon request, but commissions will still be more expensive than trading futures.
  • #30
  • Jul 21, 2008 8:10am Jul 21, 2008 8:10am
Thanks guys I will check them out today as I have to make a decision very soon.
  • #31
  • Jul 28, 2008 10:17am Jul 28, 2008 10:17am
http://www.euromoneyfix.com/Article....icleID=1985742

This Dukas press-release is just too funny
I wouldn't want to have my money with these guys tho..
  • #32
  • Jul 28, 2008 10:44am Jul 28, 2008 10:44am
Hmmmm what's wrong with the release? Basically it's saying that they will start offering a white label program so banks and other brokers can offer access to their platform without having to have the initial $50k investment. This is actually a good thing, it will offer more liquidity. At this point I have no hesitations in placing my money with them, the fact that their article is written poorly does not deter me as they are not a US based firm....I have only heard good things from the people that actually use them.
  • #33
  • Jul 28, 2008 10:45am Jul 28, 2008 10:45am
Quoting shrike
http://www.euromoneyfix.com/Article....icleID=1985742

This Dukas press-release is just too funny
That's classic!

Almost tops the "Duka Prayer" and "Duka trend as particle"...

http://web.archive.org/web/200102010...dukascopy.com/
  • #34
  • Jul 28, 2008 10:51am Jul 28, 2008 10:51am
Quoting shrike
http://www.euromoneyfix.com/Article....icleID=1985742

This Dukas press-release is just too funny
I wouldn't want to have my money with these guys tho..

I would have to agree with you, I have always wondered how legit this company is.
  • #35
  • Jul 28, 2008 10:55am Jul 28, 2008 10:55am
Quoting Trader KGB
That's classic!

Almost tops the "Duka Prayer" and "Duka trend as particle"...

http://web.archive.org/web/200102010...dukascopy.com/
TKGB,

Do you still trade with them?
  • #36
  • Jul 28, 2008 11:18am Jul 28, 2008 11:18am
Quoting fxtrader42
TKGB,

Do you still trade with them?
No, left them several months ago. I kept calling them out on HS FXi not being integrated, they couldn't prove otherwise at the time. If they're integrating a 0.1-pip increment network and still quoting in 0.5-pip increments, who are they trying to fool?
  • #37
  • Jul 29, 2008 2:58pm Jul 29, 2008 2:58pm
I'm out too after a rather strange telephone conversation with them that left me feeling pretty uneasy. It seemed as if they really needed my business and this makes me think that they have fewer clients than advertised. Regardless of whether or not they are reputable, a lot of traders get that iffy feeling when they first encounter Dukascopy, which adds to the risk of them simply going out of business down the road. Then there is also the extra layer of bureaucratic risk associated with the upcoming Swiss FX laws.

Oh and is it a Swiss company? Not at all. It is basically 100% East European.

Richard, Trader KGB and I have been discussing Duka for a long time now and
understand your 1:100 dilemma (i.e. how do you get 1:100 without resorting to a bucketshop), but honestly, I do not think they are worth the risk.

(Plus the EUR/USD spreads on the demo were usually 1 pip less than on the live platform.) With a good Currenex hub or MBT (or CME as Trader KGB mentioned) you can probably do much better than that!

If you have 250k+ you can use a Bank Guarantee, but even so, the guarantee is written out to the CEO (Alain) to his account at a no-name Turkish-owned back called BCP (they don't even deem it necessary to use an https connection for their login portal!) Why not use UBS in the first place (which Duka says they do)... it makes no sense at all!
  • #38
  • Jul 29, 2008 3:49pm Jul 29, 2008 3:49pm
They claim to be the biggest decentralized FX-Marketplace.
I've never found any information to which banks they are connected to.

Spreads are often worse than real ECN-brokers.
ForexFactory SUCKS.
  • #39
  • Jul 29, 2008 8:26pm Jul 29, 2008 8:26pm
Quoting fxRichard
Hmmmm what's wrong with the release? Basically it's saying that they will start offering a white label program so banks and other brokers can offer access to their platform without having to have the initial $50k investment. This is actually a good thing, it will offer more liquidity. At this point I have no hesitations in placing my money with them, the fact that their article is written poorly does not deter me as they are not a US based firm....I have only heard good things from the people that actually use them.
Well I used them and did not have good things to say about them... try scalping with them when your currency quotes start blanking out randomly 10 - 15 seconds. I'm getting a bit tried of this pro-duka hype, especially from East Europeans (what? you think we didn't notice), when there clearly are serious problems with their system and their demo is not true to their live platform.

Oh and don't forget that Duka has a backup office in Latvia in case Swizerland doesn't work out.
  • #40
  • Jul 30, 2008 6:37am Jul 30, 2008 6:37am
Thanks for the input guys I will definately have to do some more research into them and look into these issues.
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