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FXopen ECN

  • #1
  • First Post: Edited Jul 8, 2009 10:13pm Jul 4, 2009 1:30am | Edited Jul 8, 2009 10:13pm
Anyone Tried this bastards ? if yes
fast-execution? any slippage?

I readed they claim client do what he wants and no trading restrictions..so if they play with clients orders... will complain to FPA to Put them in Scam Side
so i think its good chance to take Revenge... and take 'em down
Charting Markets into the Future...MǎҖ€¥.
  • #2
  • Jul 4, 2009 2:09am Jul 4, 2009 2:09am
it is useless. they have ads on FPA to shut the mouth.

they don't offer STP to micro acc so I cannot test it.
  • #3
  • Jul 4, 2009 3:20am Jul 4, 2009 3:20am
As i know they are still testing their ECN/STP on demo account and still unavailable on real accounts
But since they ask us to install an additional program for it, i don't want to try it XD
  • #4
  • Jul 4, 2009 3:24am Jul 4, 2009 3:24am
Quoting AdamN
As i know they are still testing their ECN/STP on demo account and still unavailable on real accounts
But since they ask us to install an additional program for it, i don't want to try it XD
it is available on standard live acc, you can ask to convert it by pushing support.

the other program in demo is a new mt4 which looks like broco's ecn backend price feed & market orders but moves much slower.
  • #5
  • Jul 4, 2009 7:53am Jul 4, 2009 7:53am
Quoting MaXeY
Anyone Tried this bastards ? if yes
fast-execution? any slippage?

I readed they claim client do what he wants and no trading restrictions..so if they play with clients orders... will complain to FPA to Put them in Scam Side
so i think its good chance to take Revenge... and take 'em down

LOL I'm sure you're their biggest enemy in the form of trading and reputation-wise. If you're able to trade with them without problem in their ECN I think it'll be priceless to them reputation-wise.
  • #6
  • Jul 4, 2009 7:58am Jul 4, 2009 7:58am
no, I know at least 5 real person that claim profit removed on withdrawal including maxey... on standard acc... I guess for micro they don't bother it.

obviously their manager know everything about it but simple avoid it.

Quoting MyaNyx
LOL I'm sure you're their biggest enemy in the form of trading and reputation-wise. If you're able to trade with them without problem in their ECN I think it'll be priceless to them reputation-wise.
  • #7
  • Edited Jul 5, 2009 3:59am Jul 4, 2009 9:57am | Edited Jul 5, 2009 3:59am
Quoting billye
no, I know at least 5 real person that claim profit removed on withdrawal including maxey... on standard acc... I guess for micro they don't bother it.

obviously their manager know everything about it but simple avoid it.
Just like any market makers who works as the counterparty of each deals their customers make,
they only worries about traders who made alot of profits(big money) within short time, and need to stop them before it cause them any financial problem XD

That's why on micro accounts they don't really care
i even saw a broker who limit maximum balance to $500 on micro LOL

And yes, i do thinx their manager know about it,
i remember when the 1st time i trade on a MT4 MM broker with $1 minimal deposit,
i start with $2, and then the 1st day i trade i made $3 profit and then withdraw that $3(to make sure i got my money back w/ some profit ^_^)
and then on my 2nd day i turned the $2 i left in my account into $9.xx (i double my risks since i already had my money back ^_^)
i post about it in a forum (FXOpen thread) even though i wasn't trading at FXOpen, and then a FXOpen IB Manager advice me to withdraw often,
so i guess he knew what will happen on my account if i keep making this kindda profits
  • #8
  • Jul 4, 2009 10:24am Jul 4, 2009 10:24am
well their micro lots are okey if trading daily and higher T/F,
I actually think that 100$ position size offer and oanda are 2 live acc option that one can trade off a real system and learn w/o much cost of a big acc.

but maxey hates them so we have not been allowed to talk about it here, hahaha. today is a exception coz he raise it himself.

Quoting AdamN
Just like any market makers who works as the counterparty of each deals their customers make,
they only worries about traders who made alot of profits(big money) within short time, and need to stop them before it cause them any financial problem XD

That's why on micro accounts they don't really care
i even saw a broker who limit maximum balance to $500 on micro LOL

And yes, i do thinx their manager know about it,
i remember when the 1st time i trade on a MT4 MM broker with $1 minimal deposit,
i start with $2, and then the 1st...
  • #9
  • Jul 4, 2009 11:56am Jul 4, 2009 11:56am
Quoting billye
no, I know at least 5 real person that claim profit removed on withdrawal including maxey... on standard acc... I guess for micro they don't bother it.

obviously their manager know everything about it but simple avoid it.
All news trader like MaXeY?

I have a micro account with FXOpen but too bad I'm in loss so I don't know about withdrawal problem.
  • #10
  • Jul 5, 2009 4:44am Jul 5, 2009 4:44am
caution: fxopen really is a very dangerous bucket shop
  • #11
  • Jul 5, 2009 5:29am Jul 5, 2009 5:29am
Quoting john123x
caution: fxopen really is a very dangerous bucket shop

can't figure it out why these bucketshops r still in existence?? when they have such notorious reputations. y does people still want 2 trade with them?? if u want 2 throw away your money, might as well play the lottery. at least u stand a chance 2 win something.
  • #12
  • Edited 6:30am Jul 5, 2009 6:03am | Edited 6:30am
Quoting winningfx
can't figure it out why these bucketshops r still in existence?? when they have such notorious reputations. y does people still want 2 trade with them?? if u want 2 throw away your money, might as well play the lottery. at least u stand a chance 2 win something.
yes... because among the 3 cent mt4 acc I researched fxo, masterfoex and liteforex.

fxo is the only one better regulated they bare less risk if you deposit 10$ to trade 100$ position live. (cent acc, 1pip=1cent)
they put ads on FPA to shut mouth of news traders they play dirty trick to remove profits of glitch EA and scalpers when withdraw profits
but otherwise they don't have a motivation to rob your 10$ deposit then. when you challenge them in the face, they do admit they don't like these trading (but if you do this trading and lose then it's a valid trading haha)

the reason we need a better one of all bad cent mt4 acc to exist because this will prevent newbie trading standard lots with big money and lose more.

they have a strategic value to the trader community as newbie protection and live trading practices.
(oanda 10$ acc + demo mt4 ecn is much better no doubt and 1000$ mini mt4 is not bad I did not deny that,
but if you just want to trade live off daily/weekly, a 10$ or 100$ cent mt4 is more than sufficient... mt4 is industry standard charting/trading,
and average expectation of loss during learning is much less than a standard acc coz even if you trade ecn, newbie still lose to market)

what is average a newbie lose while forex learning? 500-1000$? what is average a newbie lose to a scammer? 10k$?
if newbie could stick to trading 10$ or 100$ acc and never open more than 100$ position,
majority could finish a daily/weekly trading training w/o losing more than 100$... I guess bigger bucketships will be unhappy at that.

back in my home community, no newbie ever blow up in the process of learning live trading and most losers lose <3% a month and absolute loss is small like tens dollors.
why? because we keep the big scammers and high leverage big position size brokers out of the door and choose a safe environment for people to learn.

this is in conflict of interest of big bucketshops but it's in the interest of traders.

if you find better cent acc mt4 provider pls point out but I compared masterfoex and liteforex yesterday they are all worse at withdrawals....
  • #13
  • Jul 5, 2009 6:28am Jul 5, 2009 6:28am
Quoting billye
yes... because among the 3 cent mt4 acc I researched fxo, masterfoex and liteforex.

fxo is the only one better regulated they bare less risk if you deposit 10$ to trade 100$ position live. (cent acc, 1pip=1cent)
they put ads on FPA to shut mouth of news traders they play dirty trick to remove profits of glitch EA and scalpers when withdraw profits
but otherwise they don't have a motivation to rob your 10$ deposit then. when you challenge them in the face, they do admit they don't like these trading (but if you do this trading and lose then...
That's true, cent accounts are suitable for newbie to practice trading with real money after they practice on demo,
they might be surprized with the difference between trading on demo and real/live account which could affect their emotion (eg. alot of requotes, bad execution time, and more problem that could occurs on live account) which could cause more loss as expected.
While on demo we trades almost without any problem, and nearly instant execution (live account usually slower) and demo account doesn't always had as many instruments as what live account offers.

Imagine how much loss they could make if they first experience trading with real money is at a broker with large minimum deposit (eventhough its a great broker for professionals), because newbies always loose their money on first time trading with real money (eventhough they were great at demo account)
  • #14
  • Jul 6, 2009 1:26am Jul 6, 2009 1:26am
This is the most illiterate and ill-informed thread I have seen to date on fxfactory.

Firstly, if you research the FXOPEN ECN, you will find that its a bridge to Dukascopy. Not its own individual network. Which means higher liquidity and yes, real live market. I doubt it will effect news traders or scalpers, but the comission round turn is enough to deter any scalpers who have no idea of the concept and get ''lucky''. It has an order book based on the ECN network provided by dukascopy, the volume in the order book is there.

You will find dukas will refer anyone looking for MT4 to fxopen, and Fxopen will refer the people who want another platform to dukas.

Given the reputation of Dukas in the PROFESSIONAL (non cent garbage accounts) fx world, I would say this is a good move for any broker who nets positions. A market maker wouldn't be able to handle such a transformation. But as it has been publically mentioned, fxopen nets positions. Which is only trading vs a minority of their clients rather than trading against the majority.

If you can manage to make money lag trading (as maxey does) on the ECN, I am 100% sure you will get your profit. Because the funds are only going into liquidity, not through a dealing desk. You will get instant execution in any ECN providing the liquidity is available. If you are trading over 100 lots in a thin market, you may have a liquidity issue, and trouble getting a fill (the market isnt a free market, there has to be a buyer for every seller and vice versa).

Now that this thread has been educated, you may want to continue being your illiterate selves, thats fine. I will not personally be trading @ fxopen ECN, as I already trade at dukas. But, I can tell you, that a company like Dukas, would not put their reputation on the line for someone to bucket orders in an ECN.

And a last little piece of information. The minimum lot size in the real market, is 10,000 USD. If every bucketshop followed the laws of the market, the CENT accounts that you mention, wouldnt exist. Which in turn means that if you are still trading a cent account, you wouldn't exist, because there is no possible way of getting live market fills on a few bucks. Fx is only speculated on in 10k lots. Which is why thats the minimum on any legitimate ECN. Or bank platform.

Have fun!
  • #15
  • Jul 6, 2009 4:41am Jul 6, 2009 4:41am
pls offer proof.

Quoting Takisd
This is the most illiterate and ill-informed thread I have seen to date on fxfactory.

Firstly, if you research the FXOPEN ECN, you will find that its a bridge to Dukascopy. Not its own individual network. Which means higher liquidity and yes, real live market. I doubt it will effect news traders or scalpers, but the comission round turn is enough to deter any scalpers who have no idea of the concept and get ''lucky''. It has an order book based on the ECN network provided by dukascopy, the volume in the order book is there.

You will find dukas...
  • #16
  • Jul 6, 2009 5:45am Jul 6, 2009 5:45am
I tried their demo and they are Market Execution which means you can't set slippage control. And opening and closing trades shows some slippage already. I'd hate to find out how much slippage would occur in a fast market.
  • #17
  • Jul 6, 2009 6:13am Jul 6, 2009 6:13am
I watched currenx ecn price feed from broco demo mt4 and fxopen "ecn" mt4 demo.

seems price feed to be matching most of the time,
just fxopen's buy/sell spread has been unreasonably manipulated to fix at 0.5 on demo.

http://www.forexfactory.com/attachme...1&d=1246878715
Attached Image (click to enlarge)
Click to Enlarge Name: stp.GIF Size: 47 KB
  • #18
  • Jul 6, 2009 6:19am Jul 6, 2009 6:19am
I think min lot=1 lot is a show-stopper for me to test it live.

I wouldn't deposit 1k usd and be wiped out soon

they all say different things. broco can trade 0.1lot, fxo say cannot trade <1 lot. then...

======================================================
The round turn commissions per 1.0 lot is 0.007%.
Which is equal 7 USD per 100K traded on USD based currencies.

About your second question:yes you can open positions with the step 0.01 (Example: 1.13Lot or 43.21Lot).
But the minimum position which can be opened is 1Lot
  • #19
  • Jul 6, 2009 6:23am Jul 6, 2009 6:23am
Plus if there is no slippage control and you enter at news, your 1k could be wiped out in 5 seconds.
  • #20
  • Jul 6, 2009 9:31am Jul 6, 2009 9:31am
Domiciled in Mauritius - offshore locations are not entirely trust-inspiring in my book. Guessing they don't want to (or can't) put up the monies to get a license in the EU or USA? Personally i do have psychological problems sending any sort of money to some offshore destination, to people i know nothing about.

Pricing appears to be 1:1 from Dukascopy. They also have a small companion application that displays marketdepth - but only the first top-of-the-book line is available so far.

Dukas has said in the past that orders <250K are a bit problematic, since not all participants on their network accept 100K orders. Begs the question, how many do accept 10K orders?
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