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Looking for a broker to trade Geppy

  • #1
  • First Post: Jan 26, 2010 3:52am Jan 26, 2010 3:52am
Hi Traders,

I need your help. I am looking for a low spread provider (ECN, broker) to scalp on GBPJPY. I saw that currenex has an amazing low spread (I have a demo so I dunno if it is exactly the same in real but I think). No idea about the commissions though.

BIG PROBLEM -> it looks like there is no way to have a stop loss to protect the position, and as suicide is not an option I am considering...


I also have a friend using IB. It looks nice but he has chips, I don't. What minimum account size would you guys consider to go thru a ECN ?

I will probably start with 150$ on Micro (so nothing else then FXCM...) just to start to train with real coins :-)

Then 1.500 dollars. Do you think I can consider a ECN with this ?


Thanks for you help,
TW
  • #2
  • Jan 26, 2010 4:45am Jan 26, 2010 4:45am
Quoting The Warrior
Hi Traders,

I need your help. I am looking for a low spread provider (ECN, broker) to scalp on GBPJPY. I saw that currenex has an amazing low spread (I have a demo so I dunno if it is exactly the same in real but I think). No idea about the commissions though.

BIG PROBLEM -> it looks like there is no way to have a stop loss to protect the position, and as suicide is not an option I am considering...


[font=Arial][size=2]I also have a friend...
Hello...can provide you with some info here. First though, you absolutely can place stop loss orders with Currenex; if you couldn't I don't think anyone would ever use it.

No Currenex provider will go as low as $150 account size though, so for what you want to do, FXCM Micro might be the best bet. Another option is Oanda; not an ECN but decent GY spread, no commission, and can open an account with $1 if you want to. I think you can go MB Trading for like $400 minimum.

For Currenex, I think Fast Brokers (who are just an IB), have a setup with FXDD Currenex where you can open with $2500 or $3500; something like that. But that's the lowest I know of.

Other ECN options are ATC Brokers (MT4 ECN using FXCM's no-deal deak pricing, which is quite good for all pairs), but they have a $5,000 minimum.

So anyway, some things to chew on...best wishes!
  • #3
  • Jan 26, 2010 5:19am Jan 26, 2010 5:19am
The choice to move to an ECN account is a very good one, however you are not going to find an ECN where $150 is anywhere near suitable.

$10,000 is more suitable as a minimum deposit for an ECN. You can go as low as $1000 for an ECN that allows less than 1.00 standard lots trades, but you will need to be aware that any volume you trade that is less than 1.00 standard lots will most likely be executed on an STP basis rather than pure ECN as smaller trades would need to be aggregated through some sort of agreement at the ECN broker's prime broker.

If a broker tells you that the mini and micro lots are executed by pure ECN conditions, you should choose another broker They are lying to you. Not that STP is such a bad compromise of course.
  • #4
  • Last Post: Aug 28, 2010 1:03pm Aug 28, 2010 1:03pm
FXDD currenex is now only $1000 minimum. The live spreads are even better than the demo ones, believe it or not.
You can place a stop-loss on entry orders but not on one-click orders, for those you can only apply a limit once the position is on.
Also you are bound to stupid fifo......much more annoying than no stops.
But again, spreads on yen crosses are incredible.





Quoting oakmonster
The choice to move to an ECN account is a very good one, however you are not going to find an ECN where $150 is anywhere near suitable.

$10,000 is more suitable as a minimum deposit for an ECN. You can go as low as $1000 for an ECN that allows less than 1.00 standard lots trades, but you will need to be aware that any volume you trade that is less than 1.00 standard lots will most likely be executed on an STP basis rather than pure ECN as smaller trades would need to be aggregated through some sort of agreement at the ECN broker's prime broker....
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