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MT4 with ECN brokers' list

  • #21
  • Jun 8, 2009 8:20am Jun 8, 2009 8:20am
Ah yes, the commission-free MT4-ECNs without market-depth. If something like that counts as an ecn, then the term "ECN" is nothing more than a marketing gimmick.
  • #22
  • Jun 8, 2009 8:58am Jun 8, 2009 8:58am
Quoting shrike
Ah yes, the commission-free MT4-ECNs without market-depth. If something like that counts as an ecn, then the term "ECN" is nothing more than a marketing gimmick.
I'm not certain your use of the term "marketing gimmick" is correct, but I do have the following observations to share.

I've been demoing the GoMarkets (http://www.gomarketsaus.com/) MT4 interface along side the ATC (http://www.atcbrokers.com/) MT4 platform, and there is quite a difference. The GoMarkets platform updates much slower than the ATC platform, and their quotes appear to be in the vicinity of 5 pips lower than those on the ATC platform. So, it appears they're scraping off a variable number of pips as the quotes go through their system. Hmmm...

I've been having good success with the ATC folks and their MT4 interface, and from what I've seen today, it looks like I'll be staying with them. They do charge a commission, but it's a flat $8.00 per trade (which is much lower than the MBT commission structure, I might add). So, going into each trade you know what you're paying them. I like that.

Anyone else notice any differences with the GoMarkets platform?

Cheers,
Ed in Columbus, OH
  • #23
  • Jun 8, 2009 9:16am Jun 8, 2009 9:16am
oooff...! The GoMarkets platform is a NoGoMarkets for me! I've been monitoring them all day long now, and the spreads for the two pairs I watch are:

EURUSD: 20 pips
GBPUSD: 30 pips

Good grief! That's absurd!
  • #24
  • Jun 8, 2009 2:57pm Jun 8, 2009 2:57pm
Gomarket now 5 digit

so 20pips = 2.0 pips

Quoting enewbold
oooff...! The GoMarkets platform is a NoGoMarkets for me! I've been monitoring them all day long now, and the spreads for the two pairs I watch are:

EURUSD: 20 pips
GBPUSD: 30 pips

Good grief! That's absurd!
Charting Markets into the Future...MǎҖ€¥.
  • #25
  • Jun 8, 2009 4:00pm Jun 8, 2009 4:00pm
I like MBT mt4 the best. the most real mt4 ECN you're gonna get. very close to lifting the BETA label and going full blown live trading. I like their spreads and got a live beta account now. the EURGBP in the Asian session is what it should be. averaging 2 pips. you will even see less than a pip at times. anybody charging more than that i would take caution. FXCM is ok for hedging i believe and have bots that can do that there.
  • #26
  • Jun 8, 2009 10:41pm Jun 8, 2009 10:41pm
Quoting enewbold
oooff...! The GoMarkets platform is a NoGoMarkets for me! I've been monitoring them all day long now, and the spreads for the two pairs I watch are:

EURUSD: 20 pips
GBPUSD: 30 pips

Good grief! That's absurd!
FYI in case anyone didn't notice, but you can't open a GoMarkets account if you reside in the US.

http://www.gomarketsaus.com/open_account
  • #27
  • Jun 8, 2009 10:57pm Jun 8, 2009 10:57pm
The problem is...

Is there any authority site which categorized ECN brokers or not and the criteria?

Please help. Would love to have those information. Dribble
Just a monkey who love to dance and laugh. {Promotion Removed}
  • #28
  • Jun 8, 2009 11:15pm Jun 8, 2009 11:15pm
Quoting Fulltime247
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...
What is PFGs commission per lot (roundturn)? I have been pondering if I should open an account with them too.

Do they have any order book available for mt4? Have you checked if the liquidity is as good as with currenex?
  • #29
  • Jun 9, 2009 4:12am Jun 9, 2009 4:12am
Quoting TC East
FYI in case anyone didn't notice, but you can't open a GoMarkets account if you reside in the US.

http://www.gomarketsaus.com/open_account
You're right! It's stated right in the middle of their sign-up page:

"US and Indonesian citizens/residents are not permitted to open an account with Go Markets"

However, you CAN open up a demo account and paper trade with it.
  • #30
  • Jun 10, 2009 5:30pm Jun 10, 2009 5:30pm
This quote from Go Markets yesterday, after I wanted them to confirm ECN status.

"We are not an ECN broker. We are a non-dealing-desk broker. We get our price feeds from Currenex who derive their prices from up to 70 banks. One of the major advantages of us over an ECN is that we do not have a minimum account balance, you can trade in micro lots and we do not charge commission."
We all see the same dream, just from different viewpoints
  • #31
  • Jun 11, 2009 11:19pm Jun 11, 2009 11:19pm
Quoting enewbold
"US and Indonesian citizens/residents are not permitted to open an account with Go Markets"
That is very strange, why they are not permitting US and Indonsian citizens to open an account with them? Or they only allowing US and Indonesian citizens to open accounts??
Just a monkey who love to dance and laugh. {Promotion Removed}
  • #32
  • Jun 12, 2009 12:08am Jun 12, 2009 12:08am
Quoting Ironbark
This quote from Go Markets yesterday, after I wanted them to confirm ECN status.

"We are not an ECN broker. We are a non-dealing-desk broker. We get our price feeds from Currenex who derive their prices from up to 70 banks. One of the major advantages of us over an ECN is that we do not have a minimum account balance, you can trade in micro lots and we do not charge commission."
Yes I have recently clarified my understanding of ECN through this experience.

Their trading range is normally substantially less than other brokers with continual fixed spreads during the London and NY sessions. During the Tokyo session it widens.

I might ask them if they can move to a genuine ECN feed, because MBTrading are definitely very good. They are commission based, but if costs are converted into pips, they are normally significantly cheaper than fixed spread brokers.

In addition, reduced spread means greater liklihood of profiting in trade, as the quotes have to travel less distance to make the same pip profit.

So MBTrading seem to be No1, when they are fully released. Pity they are US based with counter trend trading it would termed hedging.

ATCBrokers are two.

GoMarkets are somewhere lower, but better than a fixed spread bandit like IBFX (who do not call themselves fixed, but have a fixed minimum spread just no fixed maximum LOL @ that).
  • #33
  • Last Post: Jun 12, 2009 3:14am Jun 12, 2009 3:14am
I think that Go Markets are just as good as the two other brokers you mention above.
But I would definitely classify IBFX among the lowest though.
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