MT4 with ECN brokers' list | Forex Factory

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MT4 with ECN brokers' list

  • #1
  • First Post: Nov 10, 2008 7:39pm Nov 10, 2008 7:39pm
Can you help me compile a list of brokers that have ECN-style MT4 platforms? It would also help if those who have live experience with any of them could tell us about the pros and cons of each. I'm sure many of us would find the information useful.

Some of those that I've heard of are: FXCM, ATC, SFXB, Metaspot, Varengold.

Thanks for your input.
Amor Fati--F. Nietzsche
  • #2
  • Nov 10, 2008 11:17pm Nov 10, 2008 11:17pm
Quoting doji
Can you help me compile a list of brokers that have ECN-style MT4 platforms? It would also help if those who have live experience with any of them could tell us about the pros and cons of each. I'm sure many of us would find the information useful.

Some of those that I've heard of are: FXCM, ATC, SFXB, Metaspot, Varengold.

Thanks for your input.
ATC Brokers is the only ECN with MT4 I know of. I am trialing the demo.
  • #3
  • Dec 1, 2008 8:52pm Dec 1, 2008 8:52pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Alchemist
Fastbrokers is another ECN forex broker using MT4. They are registered with NFA and have headquarters in the United States. I have installed their demo and will probably start live trading there too. Their spread is very attractive. Well, it is an ECN broker
Be very careful with this company!!! Once a friend opened live acc. with them and he ended in the FXLQ mess. They were just introducing broker for this fraudster. Let a lawyer check any contract with them BEFORE GOING BELLY UP.
I would not even touch them with gloves
  • #4
  • Dec 1, 2008 9:07pm Dec 1, 2008 9:07pm
fast brokers are just an ib that does a white label and puts themselves out to be an fcm...
  • #5
  • Dec 5, 2008 2:29pm Dec 5, 2008 2:29pm
How about HotSpot (now tih Mt4) and FXDD ECN (MTextreme) ?

If I'm not wrong Dukasopy is a liquidity provider for HotSpot, I don't know about FXDD or FastBroker (If it's a IB wich broker their rappresent? )
  • #6
  • Feb 27, 2009 10:35am Feb 27, 2009 10:35am
Quoting Alchemist
As far as I know, FXCM and IBFX are the only major non-dealing desk (NDD) forex brokers offering MT4. And I have never heard about any true ECN forex broker with MT4. The platform was created for and fits best market makers' needs.
CMS Forex is offering a NDD option on MT4 as well...
  • #7
  • Feb 27, 2009 2:49pm Feb 27, 2009 2:49pm
Quoting doji
Can you help me compile a list of brokers that have ECN-style MT4 platforms? It would also help if those who have live experience with any of them could tell us about the pros and cons of each. I'm sure many of us would find the information useful.

Some of those that I've heard of are: FXCM, ATC, SFXB, Metaspot, Varengold.

Thanks for your input.
The only real ECN's with MT4 I know of are ATC and PFG Forex. However, with ATC now having migrated to FXCM, I'm not sure about them anymore. MB Trading is working on one but it's not ready yet.

Don't be fooled by what anyone tells you about the other so-called ECN's (such as IBFX that someone mentioned, Varengold, etc.). They are all Class-A bucketshops, no matter what their websites say.

One possible exception is FXCM, although I've heard even with their new supposed "no dealing desk" model, they are still the same old bucketshop you hear all the legendary complaints about. But I can't say for sure with them.

But with IBFX for example, any seasoned trader will get a good laugh hearing them called a legitimate ECN
  • #8
  • Feb 27, 2009 3:30pm Feb 27, 2009 3:30pm
Quoting TC East
MB Trading is working on one but it's not ready yet.
We've developed bridge between mt4 and MB Trading. Demo is available
BJF Trading Group
  • #9
  • Feb 27, 2009 9:13pm Feb 27, 2009 9:13pm
FXCM is a bitch broker!!!!!

never do stop and limit .it limit your trade. when you trade it aways die or busy !!!! unless oneday only trade one order.
http://bestfx.5d6d.com/userdirs/1/d/...Ib7LkLkl7C.gif
http://bestfx.5d6d.com/userdirs/1/d/...AOPcOT4AFt.gif
  • #10
  • Feb 27, 2009 11:15pm Feb 27, 2009 11:15pm
Has anyone used FXDD MTXtreme yet? It smells fishy. only 4 digits and $15.00!!!! per lot commission. It seems to perform ok but I cant really see it being worth it - specially with 10k minimum account.


Quoting Ebk
How about HotSpot (now tih Mt4) and FXDD ECN (MTextreme) ?

If I'm not wrong Dukasopy is a liquidity provider for HotSpot, I don't know about FXDD or FastBroker (If it's a IB wich broker their rappresent? )
  • #11
  • Mar 5, 2009 12:58pm Mar 5, 2009 12:58pm
Why has this broker not been mentioned? I just happened upon their website thru an indirect link and it appears they have succeeded in getting MT4 up and running as an ECN. 100:1, $10.00 rt comm, 0.10 mini-lots. Anyone have any experience with them yet? Thanks, Ken
  • #12
  • Mar 11, 2009 7:56am Mar 11, 2009 7:56am
Anyone? I'm poping this to the top since there are so many questions now about ecn brokers and 4-5 digits. I'm not recommending pfg, just considering using them, but seems I am the only one. Thanks, Ken.
  • #13
  • May 26, 2009 1:09am May 26, 2009 1:09am
Actually the more I find out about http://pfgbest.com the more I like them. True ECN (but 4 digits), 10 bank liquidity - support sounds subpar but their commission is lower than MBTrading and they have better rollovers (MB pays NEGATIVE swap on both sides!) - I'm playing with the Demo and I like what I see.
  • #14
  • May 26, 2009 4:10am May 26, 2009 4:10am
Every time the topic of MT4 ECNs surfaces (which happens a lot lately) I can't help but wondering whether that combination is a good idea... Mind you, I also like MT4 for putting together a "quick and dirty" EA and backtest a strategy (and it is what my market maker broker uses, and what I use to trade live; hell, I am even demoing MBT MT4 right now), but don't you guys think the limited types of orders available to the MT4 platform might leave you very exposed in an ECN environment?

More specifically, I am referring to the fact that MT4 only has market orders and pending (stop, limit) orders, which in turn just become market orders when triggered (at least MBT specifies so). There is no protection in case there is a temporary lack of liquidity, and your order could be filled 100 pips above your desired entry price. In the relatively safe, sandbox-like environment of a market maker that is a lot less likely to happen even at times of great volatility, but in an ECN... off-market quotes are not that unusual (anybody remembers this?: http://www.forexfactory.com/showthread.php?t=24672 ). That is why you have these stop-limit and fill-or-kill orders.

I would welcome any thoughts you have on this... it seems to me that if eventually I am going to make a transition to an ECN I might as well move to a different software platform and move my EA programming to something like C#.
  • #15
  • May 26, 2009 4:36am May 26, 2009 4:36am
Quoting Fulltime247
Actually the more I find out about http://pfgbest.com the more I like them. True ECN (but 4 digits), 10 bank liquidity - support sounds subpar but their commission is lower than MBTrading and they have better rollovers (MB pays NEGATIVE swap on both sides!) - I'm playing with the Demo and I like what I see.
Hey Fulltime,

what FOREX are you demoing?

are u planing to use the currenex?

i think mate that unless u use currenex u wont have an ecn.....
  • #16
  • May 26, 2009 3:20pm May 26, 2009 3:20pm
I'm demoing SparenFX, Alpari-US, FXDD MTXtreme, PFGBest, MBTrading and VarenGold. I like MBTrading and PFGBest - They are the closest MT4 is prob ever gonna get to ECN capabiltiy. ATCbrokers was a nice choice when they were with Hotspot since they did true cutomer2customer (and you could lookup the counterparty and trade inside the spead) but now they're withh FXCM and while it looks good still its not the same. MB will let you trade inside the spread so they truly are the closest but the NEGATIVE swap on both sides really burns me. PFG seems the best compromise for postion traders. (lower commish than MB and better swap rates while giving true STP with 10 banks)
  • #17
  • May 26, 2009 10:20pm May 26, 2009 10:20pm
Quoting PipAdder
Every time the topic of MT4 ECNs surfaces (which happens a lot lately) I can't help but wondering whether that combination is a good idea... Mind you, I also like MT4 for putting together a "quick and dirty" EA and backtest a strategy (and it is what my market maker broker uses, and what I use to trade live; hell, I am even demoing MBT MT4 right now), but don't you guys think the limited types of orders available to the MT4 platform might leave you very exposed in an ECN environment?
Mate if that happened to one of them they would be crying like little babies about stop hunting or foul play or some kind... they have no idea what they want.

I think what they really want is some bucket shop like fxdd who tells them that their MT4 is xtreme gives them a 1 pip euro spread and just takes thier money a little slower
  • #18
  • Jun 7, 2009 7:24am Jun 7, 2009 7:24am
www.GoMarketsaus.com I think can now be added to the list of MT4 - ECN brokers. Commission free, as a result might make their money by "hedging".
  • #19
  • Jun 7, 2009 9:18am Jun 7, 2009 9:18am
Quoting Fulltime247
Actually the more I find out about http://pfgbest.com the more I like them. True ECN (but 4 digits), 10 bank liquidity - support sounds subpar but their commission is lower than MBTrading and they have better rollovers (MB pays NEGATIVE swap on both sides!) - I'm playing with the Demo and I like what I see.

Do you know how much they want to open a live retail MT4 account ?

thanks
  • #20
  • Jun 8, 2009 9:55am Jun 8, 2009 9:55am
Quoting aquaart
www.GoMarketsaus.com I think can now be added to the list of MT4 - ECN brokers. Commission free, as a result might make their money by "hedging".
I think that www.GoMarketsaus.com, which started a new forex data feed last Monday, is a good way to go. I've been demoing it and it appears to be good, fast, secure, etc. It's a currenex ECN feed into an MT4 platform, with limited forex pairs and spot gold and spot silver. Others on this forum has vouched for it as well.
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