A broker told me MT4 ecn is misleading...

i will attach the chat, but will remove the broker name

you: is mt4 ecn?

Relationship Manager_14: Hello how can I assist you today?

Relationship Manager_14: no

you: dealing desk

Relationship Manager_14: anyone who tells you that thier mt4 is an ecn is misleading you

Relationship Manager_14: we have a dealign desk

you: there isn't ecn bridge?

Relationship Manager_14: ecn is the wrong term

you: currenex ecn? is there commission?

Relationship Manager_14: an ecn allows you to see liquidity and market depth

Relationship Manager_14: mt4 does not provide that functionality

Relationship Manager_14: currenex can be plugged directly into bank liquidity using FIX API yes

Relationship Manager_14: but that would be STP

Relationship Manager_14: not ecn

you: is mt4 stp?

Relationship Manager_14: no

Relationship Manager_14: we have a dealign desk and fixed spreads

Relationship Manager_14: i have a question for you

you: u mean currenex is stp, not ecn?

Relationship Manager_14: yes

you: what is ecn?

Relationship Manager_14: do you have any idea what an ecn is?

you: maybe no, why don't you tell me

Relationship Manager_14: i will

you: pls

Relationship Manager_14: http://www.investopedia.com/universi...g/trading5.asp

Relationship Manager_14: read that first

Relationship Manager_14: an ecn electronically connects counterparties to traders

you: many site stating ecn? what does that mean?

Relationship Manager_14: if you have $200 you cant even open a bank account with a major investment bank

Relationship Manager_14: do you think they will let you trade with them,?

you: so who would i Trade with?

Relationship Manager_14: your best bet woudl be to trade with a dealing desk broker with a good reputation

you: example?

Relationship Manager_14: THE BROKER

Relationship Manager_14: from looking at your previous request we can allow you do trade however you like

you: then who are the ecn/stp broker?

Relationship Manager_14: i dont beleive anyone who claims they are an ecn or stp on mt4

you: why not?

you: this is what i found

you: http://www.100forexbrokers.com/stp-ecn-brokers

Relationship Manager_14: walk down to UBS and tell them taht you want to open up a $200 account with 1:400 leverage and trade spot FX

Relationship Manager_14: and tell me what they say

you: what is the min require for UBS and what are their leverage?

Relationship Manager_14: $250,000

you: leverage?

Relationship Manager_14: 1:100 at most

Relationship Manager_14: if you had 250,000 i could set you up with what you are looking for

Relationship Manager_14: but not with a 200 credit card deposit

Relationship Manager_14: do you understand?

you: what platform will that be?

Relationship Manager_14: i dont have time for this

Chat session has been terminated by the site operator.

i dont like to trade with an ECN via MT4 but anyway this is my choice , there is many types of ECNs some r for small retail clients , some r for bigger clients , some r for institutional clients , they r not all the same , forex is a big market , everyone make a market , and regarding his comments on banks , yeah big banks will not let u trade micro and mini lots they even require higher deposits , but put in mind that there is 100s of banks in the US ....

BTW who is your broker he is rude " i dont have time for this ! " ... ?

Lol, yeah, I don't know why you feel obligated to protect the identity of the broker. His dialogue with you is rude and condescending.

But re. the subject matter, he's getting mired in the exact definitions of all the terms, and is completely missing the point (I think deliberately). And that point is, a dealing desk is trading AGAINST you, whereas an ECN, STP, etc. whatever the heck you want to call it, is not. If you end up in another chat with this guy, maybe you can ask him about that...

lol that was a funny chat

True I think the term ECN as we know it is just a marketing ploy...

Check jadeinvestments.com they mention STP a lot but not ECN. and they look so transparent (have an open forum) never seen anything like em

They don't have time for riff raff .... I would have responded the same way
it's like pretty woman... You walk down rodeo drive with $10 in your pocket and expect prime service.... Your crazy... regardless, he answered the questions and was not rude.

I disagree with u , look at IGmarkets in the UK they have tens of thousands of accounts , average balance under 1 k , they have good CS for everyone , how much they made ? 1 M pounds in revenue every bussiness day , these small amounts can add up ....

Lol, well hopefully you don't have to deal with customers in your chosen profession.

There's no excuse to be rude and condescending. And consistency in how you treat customers or prospective customers matters; things like word of mouth, forum posts , etc. have a way of getting to the customers you DO care about.

Plus, who knows how much money this guy was going to trade with anyway; a lot of times people play dumb just to see what kind of response they will get.

But the POINT (that apparently you missed) was that this rep skirted the whole issue of DD brokers trading against you, and just launched into a discussion of meaningless definitions. The rudeness was secondary, but all the more reason to trade someplace else in my opinion...

Said rude broker is very ill informed.

UBS won't give you 1:100 leverage.......... And most probably won't take a $250 000 account, although maybe they will take it now that times are tough.

Should have asked him 'what if an mt4 broker gave you market depth'.

Sounds like the gomarkets guy almost, except they claim to be stp, so perhaps its not .

Perhaps if you said "what if they shut off the dealing desk functionality, wouldnt that be STP?"..

Should ask him whether other liquidity providers would provide you liquidity on a more realistic figure like $10 000 at 1:100 or a $100 000 lot. Would have been interesting to see what he says to that.

Expose thy broker!

This entire conversation is interesting because it is obvious that the Relationship Rep has no idea what the difference is between an ECN and STP/DMA. I would be surprised if he knew what a Dealing Desk does.

ECN this model connects traders to counter-parties the key thing here is that it allows client to client trading as well. By client to client it means that you can place a rate in the system and it can be hit by another client(s) if they think the rate is good for them.

STP this model sends trades straight through to the counterparty without screening by the dealing desk, most of the time these trades are going through to banking institutions or large hedge funds who are providing liquidity.

DMA same as STP trades go directly to banks no intervention.

All three usually have commission attached. No commission means that they are marking the spreads so be aware of this.

I don't think the CS rep was rude. He was very clear that they operate as dealdesk/mm. Its not his job to answer questions about UBS or ECNs or what not.

"i dont have time for this " ! he lost a client by his way ...

I think he does not want such a client anyway lol

I mean, just look at those very stupid questions. It's a wonder that the broker rep he answered so many, the guy who asked those questions has absolutely no idea about what he's asking about. It's a little bit like a 7 year old who's in a store for the first time and wants to buy cigarettes and asking the merchant if he can buy them without filters.

What he does not realize is that for a standard, non-professional forex trader (or in other words a fish that will be eaten by the sharks) it absolutely does not matter if he uses STP, ECN, ABC, XXX or whatever. As an expert told me once about brokers:

"You will always receive your money if you win, and you will always have to pay if you lose no matter what broker it is"

I agree. 100%