Another MT4/ECN broker, any thoughts?? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Any broker with ECN access and credit card deposit/withdraw? 12 replies

Any ECN broker reliable? 27 replies

Could you introduce any broker base on ECN+MT4+4 decimal?? 11 replies

Any One Know Any Trusted And Registered Mt4 Broker 9 replies

Any ECN with MT4 trading platform? 29 replies

Attachments: Another MT4/ECN broker, any thoughts??
Exit Attachments

Another MT4/ECN broker, any thoughts??

  • #1
  • First Post: Dec 24, 2008 1:55am Dec 24, 2008 1:55am
Anyone heard of or use these guys? It was brought up by a member in our private forum for a solution to be able to use a special scalping EA. I know there have been claims by many a broker but these guys say the have it conquered. Now we all must proof that it works fluently first, but I thought I'd check and see if there are any users out there with live accounts with this group who could give us some insight.

www.metaspotfx.com
  • #2
  • Edited 2:56am Dec 24, 2008 2:32am | Edited 2:56am
Quoting mer071898
Anyone heard of or use these guys? It was brought up by a member in our private forum for a solution to be able to use a special scalping EA. I know there have been claims by many a broker but these guys say the have it conquered. Now we all must proof that it works fluently first, but I thought I'd check and see if there are any users out there with live accounts with this group who could give us some insight.

www.metaspotfx.com
Their website brags about "interbank market spreads." Could be worth a look, but who wants interbank market spreads nowadays? Interbank spreads have gone through the roof since Lehman's collapse, which is why I moved my account from probably the best of the Currenex brokers to a fixed spread, MT4 bucketshop. Why? In a word, spreads.

Why would I want to pay a commission, then 15-20 pip spreads on GY "interbank" (during volatile conditions), when I can get 7-9 fixed from the bucketshops with no commission (and even get THEM to pay me a rebate on my trading)? Hopefully, interbank spreads will return to the supertight condition they were in before the financial upheaval, but until then there's no point to an MT4 ECN; you get bad spreads plus pay a commission. I know; I tried it with ATC.

Anyway, my two cents, but thanks for the link I may check them out anyway just in case.
  • #3
  • Dec 24, 2008 2:48am Dec 24, 2008 2:48am
Just an update to above: I downloaded their demo, and it looks like these guys are just an IB for Varengold. I also took a screenshot of their spreads (during Euro session). Honestly, these are probably the worst spreads I've ever seen; 20 GY, 18 GU, 10 EG, 5 EU, etc. I know it's Christmas time, but other brokers are showing much better pricing during this same period of low liquidity. FYI...

Click on pic to be able to see it
Attached Image (click to enlarge)
Click to Enlarge Name: varengold.jpg Size: 219 KB
  • #4
  • Dec 24, 2008 3:58am Dec 24, 2008 3:58am
I Agree!! I'm gonna stick with Alpari-US until further notice. I'm running the ATC demo right now too. ECN brokers make Bucketshop Brokers look good right now. Fixed spreads and my EA likes the smoother datafeed.

Scalpers might like the ECN model but after chasing that Grail its making me appreciate the wall brokers put between me and the interbank market.
  • #5
  • Dec 24, 2008 6:29am Dec 24, 2008 6:29am
Quoting Fulltime247
I Agree!! I'm gonna stick with Alpari-US until further notice. I'm running the ATC demo right now too. ECN brokers make Bucketshop Brokers look good right now. Fixed spreads and my EA likes the smoother datafeed.

Scalpers might like the ECN model but after chasing that Grail its making me appreciate the wall brokers put between me and the interbank market.
Great post so true so true.

I am also about to go live with ATC but I will be holding my Alpari account with funds in it for crisis times.

about 6 weeks back on a Friday night ATC had 10-15 pip spreads on Eur/Usd Alpari jumped to 5 pips for about 4 min then back to 2 and kept em there.
  • #6
  • Dec 25, 2008 10:41pm Dec 25, 2008 10:41pm
Thanks for the input, I thought their spreads are ridiculous as well.
  • #7
  • Mar 7, 2009 10:10pm Mar 7, 2009 10:10pm
Quote
I know; I tried it with ATC.

ATC have now moved to a better feed. Hopefully that will make a difference in their quotes.

On the other hand the only reason your provider spreads were so large was that were only receiving on ECN feed. Those that receive multiple ECNs tend to be very tight, and become ok when one of their giant sized partners collapses.
  • #8
  • Mar 7, 2009 10:22pm Mar 7, 2009 10:22pm
Quoting aquaart
ATC have now moved to a better feed. Hopefully that will make a difference in their quotes.

On the other hand the only reason your provider spreads were so large was that were only receiving on ECN feed. Those that receive multiple ECNs tend to be very tight, and become ok when one of their giant sized partners collapses.
ohh yeh!

what a nice feed, I have gone full circle on this now closed down Alpari account. sent in ATC application looking forward to live trading with them.

cheers
  • #9
  • Mar 7, 2009 10:25pm Mar 7, 2009 10:25pm
Quoting mer071898
Anyone heard of or use these guys? It was brought up by a member in our private forum for a solution to be able to use a special scalping EA. I know there have been claims by many a broker but these guys say the have it conquered. Now we all must proof that it works fluently first, but I thought I'd check and see if there are any users out there with live accounts with this group who could give us some insight.

www.metaspotfx.com

Any 'TRUE' ECN feed is highly likely to be a 3 or 5 decimal places as that is what is received from the banks.

In other words metaspotfx are rounding out their feed by providing a 2 or 4 decimal place to you. In other words Metaspot at best has an in built commission where they are collecting the extra fractional points that you don't see in the feed, that they feed you.

A smart cost effective way for them to make some additional dollars that most traders don't mind.

However, just because an ECN might give you 3 or 5 decimal places, does not automatically mean that there is not extra widening added to the feed to you. You need to cross compare, look at ATCbrokers and MBTrading side by side with metaspot and you'll get your answers, as to who has the best or truest ECN feed.
  • #10
  • Mar 7, 2009 10:43pm Mar 7, 2009 10:43pm
Quoting aquaart

However, just because an ECN might give you 3 or 5 decimal places, does not automatically mean that there is not extra widening added to the feed to you. You need to cross compare, look at ATCbrokers and MBTrading side by side with metaspot and you'll get your answers, as to who has the best or truest ECN feed.
that's a good post.

has anyone done that?
  • #11
  • Mar 8, 2009 12:33am Mar 8, 2009 12:33am
i'm comparing them all. atc and mbt are the best. everyone else is junk. even fxdd mxtreme sucks next to it (their ecn feed Its only 4 digits AND lags atc/mbt too but orders are entered and exited quickly!)
  • #12
  • Mar 8, 2009 12:44am Mar 8, 2009 12:44am
Quoting Fulltime247
i'm comparing them all. atc and mbt are the best. everyone else is junk. even fxdd mxtreme sucks next to it (their ecn feed Its only 4 digits AND lags atc/mbt too but orders are entered and exited quickly!)
Hi Fulltime,

Thanks for the info.

who looks the best ot of MB and ATC? I still prefer ATC as the com is lower then MB
  • #13
  • Mar 8, 2009 1:13am Mar 8, 2009 1:13am
atc looks like the best broker in the biz right now. mbt in beta and I'll vault them to #1 once they fully debug (it took atc about 6-8 months to achieve current stability) - ONLY because mb will be dealing with their own banks and atc is relying on fxcm (we can see how that bit em with hotspot).

both are the bomb but atc is LIVE right now!
  • #14
  • Mar 13, 2009 9:56am Mar 13, 2009 9:56am
Quoting Fulltime247
i'm comparing them all. atc and mbt are the best. everyone else is junk. even fxdd mxtreme sucks next to it (their ecn feed Its only 4 digits AND lags atc/mbt too but orders are entered and exited quickly!)

IF IT LAGS ... ... it can be used to be highly profitable if you trade with them and have demos else where.
  • #15
  • Mar 13, 2009 2:27pm Mar 13, 2009 2:27pm
[quote=aquaart;2587281]Any 'TRUE' ECN feed is highly likely to be a 3 or 5 decimal places as that is what is received from the banks.

In other words metaspotfx are rounding out their feed by providing a 2 or 4 decimal place to you. In other words Metaspot at best has an in built commission where they are collecting the extra fractional points that you don't see in the feed, that they feed you.

A smart cost effective way for them to make some additional dollars that most traders don't mind.

However, just because an ECN might give you 3 or 5 decimal places, does not automatically mean that there is not extra widening added to the feed to you. You need to cross compare, look at ATCbrokers and MBTrading side by side with metaspot and you'll get your answers, as to who has the best or truest ECN feed.[/

Doesn't MB charge 1 pip commission per round turn?
  • #16
  • Edited 10:13am Mar 14, 2009 12:09am | Edited 10:13am
Quote
Doesn't MB charge 1 pip commission per round turn?
No

They charge $5 USD per lot traded (where a lot is the standard lot $100 000)

OR

They charge $0.50 USD per 0.1 lot traded (where a 0.1 lot is the standard 0.1 lot of $10 000)

This equates to less than 1 pip for any of the top traded currencies. The top 7 traded currencies in order are USD, EUR, JPY, GBP, CHF, AUD and CAD.

If USD is your trading currency (deposit currency) and the pair being traded is:

  1. xxxGBP, that equates to about 0.36 pip. (e.g EURGBP)
  2. xxxJPY, that equates to about 0.48 pip. (e.g GBPJPY)
  3. xxxUSD, that equates to half or 0.50 of a pip. (e.g AUDUSD)
  4. xxxCHF, that equates to about 0.59 pip. (e.g USDCHF)
  5. xxxCAD, that equates to about 0.68 pip. (e.g EURCAD)
  6. xxxAUD, that equates to about 0.76 pip (e.g GBPAUD)
  7. xxxNZD, that equates to about 0.95 pip. (e.g AUDNZD)

In the end its between 0.72 pip and 1.9 pip per trade. As I have been informed that it is per side that the commission is charged.

However, it still works out to be cheaper than any retail market maker broker.

But it also means they make more money per pip on lesser valued currencies like NZD and AUD.

Only if you trade currencies like xxxNOK, xxxSEK does the $5 per lot traded equate to more than 2 pip. But those currencies tend to move many more pips as well.

  • #17
  • Mar 14, 2009 4:21am Mar 14, 2009 4:21am
Quoting aquaart

  1. xxxGBP, that equates to about 0.36 pip. (e.g EURGBP)
  2. xxxJPY, that equates to about 0.48 pip. (e.g GBPJPY)
  3. xxxUSD, that equates to half or 0.50 of a pip. (e.g AUDUSD)
  4. xxxCHF, that equates to about 0.59 pip. (e.g USDCHF)
  5. xxxCAD, that equates to about 0.68 pip. (e.g EURCAD)
  6. xxxAUD, that equates to about 0.76 pip (e.g GBPAUD)
  7. xxxNZD, that equates to about 0.95 pip. (e.g AUDNZD)

Its less than a pip in every single case above.

But it also means they make more money per pip on lesser valued currencies like NZD and AUD.

Only...

Yes, but if you count round-trip (because you have to open and close a trade in order to make profit) it will double, i.e. it will be more than 1 pip on almost all of them.
Please correct me if I am wrong.
  • #18
  • Edited 10:15am Mar 14, 2009 8:17am | Edited 10:15am
Quoting pescador
Yes, but if you count round-trip (because you have to open and close a trade in order to make profit) it will double, i.e. it will be more than 1 pip on almost all of them.
Please correct me if I am wrong.
Yes that is correct.

Commission is on a per side basis. One sell trade equals a commission for opening and closing the trade according to the lot size of the trade. When I say that it equates to 0.56 pip, this DOES NOT mean that they widen the spread 0.56 pip. They simply put a dollar amount charge onto your account per trade.

The pip cost that I mentioned above will fluctuate a little, except for the xxxUSD pip cost.

But generally the currencies such as the CHF, AUD, NZD or CAD as the 2nd currency (quote currency) in the pair, will have a higher pip cost, because the value of that currency is lower the USD.
  • #19
  • Mar 14, 2009 11:18am Mar 14, 2009 11:18am
Quoting aquaart
No, that is entirely wrong, unless you have a super dodgy broker / dealer.

Commission is on a per trade basis. One sell trade equals one commission according to the lot size of the trade. When I say that it equates to 0.56 pip, this DOES NOT mean that they widen the spread 0.56 pip. They simply put a dollar amount charge onto your account per trade.

However, the commission can be converted into an overall pip equivalent, if you know how to work out the dollar value of a pip in the first place.

The pip cost that I mentioned above will fluctuate...
I think they charge 5$ per 100000$ trade each side as cited in their website, not a round-trip. Also, I think your calculation on your previous post about commission equivalent to pip somewhat incorrect.

EX: EUR/GBP, the commission in $ per standard lot "each side" should be approximate 6.46$ not 5$ as your calculation, converted into pip is about 0.462 pip/lot.

Btw, I think the way they calculate commission rate in exotic pair is suck. Let's take their CHF/JPY commission rate for instance.

Quote
4. CHF/JPY - Exotic: US dollar cross (CHF/USD) isn't available but base is (USD/CHF) Since CHF/USD does not exist, use USD/CHF, and since USD is the base currency, use the same formula as example #1 above.
Formula: Deal Size x 0.00005
10,000 currency (1 lot) x $0.00005 = $0.50 commission
It should be $0.413 per mini lot instead.
Trading is the game of fear and greed.
  • #20
  • Mar 14, 2009 5:41pm Mar 14, 2009 5:41pm
Quoting Fx chartist
I think they charge 5$ per 100000$ trade each side as cited in their website, not a round-trip. Also, I think your calculation on your previous post about commission equivalent to pip somewhat incorrect.

EX: EUR/GBP, the commission in $ per standard lot "each side" should be approximate 6.46$ not 5$ as your calculation, converted into pip is about 0.462 pip/lot.

Btw, I think the way they calculate commission rate in exotic pair is suck. Let's take their CHF/JPY commission rate for instance.

It should be $0.413 per mini lot instead.
Actually, the way they calculate it is the way the banks charge them and it is the industry norm. After looking at what MB charges you can add one pip to their spread. They could actually have core spreads most of the time on eur/usd and usd/jpy and they would still be more expensive then where I trade. I want to like MB but I just have trouble liking them. Their technology has glitches that I didnt even know about, they have more down time to clear trades then any other ECN. They have a ways to go before they get any of my business. I hope they make great strides soon.
0 traders viewing now