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Collective FX has LOST its Mojo. (New Feed is WORSE)

  • #101
  • Jan 6, 2010 4:30pm Jan 6, 2010 4:30pm
Quoting onu
thx for the info. OK, what does this mean in the end for the NFA affected brokers (and traders)? As long they get new customers through their IBs they could work around the dump NFA rules? Or do i miss something?
ATC is a IB for FXCM-UK. UK being the key part of that sentence. NFA regulation has no effect on FXCM-UK.
  • #102
  • Jan 6, 2010 8:14pm Jan 6, 2010 8:14pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Aja
ATC is a IB for FXCM-UK. UK being the key part of that sentence. NFA regulation has no effect on FXCM-UK.
NOW i got it....

Thx.
  • #103
  • Edited 6:22am May 2, 2010 6:00am | Edited 6:22am
I know I'm reopening a 4 month old thread here, but....

How are collective fx doing lately?

Where I stand is I thought I had no chance of an account due to statements like
"NOTE:We apologize but several tiers are now full, and we are no longer accepting applications for those tiers. If some members close their accounts, and slots become available, you may get on our waiting list, and you will be notified on first come, first served basis."

I popped my name on the waiting list and a day later I get this "There will be an account slot coming available in the next few days. As the next person on the waiting list, we will offer this to you. "


I'd like to hear from anyone who has had genuine experiences with cfx, good or bad. I prefer to deal in facts and not hearsay


Thanks

Ben
  • #104
  • May 2, 2010 7:44am May 2, 2010 7:44am
I'm with them and loving it. Spreads are nice and fills are excellent!! After bouncing around a few brokers they finally seem to be the one that lives up to the hype. If you have a profitable system this is the best place to run it.
  • #105
  • May 2, 2010 11:39am May 2, 2010 11:39am
Waiting lists? Monthly subscription fees? Sounds absolutely ridiculous if you ask me...
  • #106
  • May 2, 2010 11:41am May 2, 2010 11:41am
Quoting Trader KGB
Waiting lists? Monthly subscription fees? Sounds absolutely ridiculous if you ask me...
I take that as you don't use them....who do you use/recommend?
  • #107
  • May 2, 2010 11:55am May 2, 2010 11:55am
Quoting BenScoobert
I take that as you don't use them....who do you use/recommend?
I use and recommend both IB and MBT.
  • #108
  • May 2, 2010 12:39pm May 2, 2010 12:39pm
Quoting Trader KGB
I use and recommend both IB and MBT.
MBT are high on my list too
  • #109
  • May 2, 2010 2:14pm May 2, 2010 2:14pm
both of those choice are good (with IB being the best) but I need a MT4 broker with hedging and Collective FX fills the bill quite nicely for me. The monthly payment with CFX is actually cheaper for me than paying spreads plus commission on EVERY trade!! - If you have a profitable system that trades semi-frequently you can save quite a bit of money plus by not padding the spread it makes it easier for you to get into and out of trades.
  • #110
  • May 2, 2010 2:16pm May 2, 2010 2:16pm
Quoting Aja
both of those choice are good (with IB being the best) but I need a MT4 broker with hedging and Collective FX fills the bill quite nicely for me. The monthly payment with CFX is actually cheaper for me than paying spreads plus commission on EVERY trade!! - If you have a profitable system that trades semi-frequently you can save quite a bit of money plus by not padding the spread it makes it easier for you to get into and out of trades.
I dont need hedging for now, if I do i can use alpari uk despite their prices

I might pop $400 in MBT and test them for a couple of months before deciding

collective seems a good idea to me, but you are committing to monthly installments, so for now im hesitant
  • #111
  • May 2, 2010 5:09pm May 2, 2010 5:09pm
Quoting BenScoobert
collective seems a good idea to me, but you are committing to monthly installments, so for now im hesitant
I trade with them, have for almost a year. They've been my 1st broker and I've had no major complaints, other than some rare outages - nothing approaching anything unreasonable.

EAs can run into issues depending on how they're coded - their feed uses a "_fx" suffix designation on their pair names, so you need to be able to work with that. I'd caution though against their demo - it used to be exactly the same as the live feed, but months ago that's not been the case - it presents a less flattering picture of spreads, than is the case with the live feed; I think there are some other demo servers that might be out there, but since I'm live, I've not explored it.

Not sure what monthly tier they offered you, but if it suits the volume you'd expect to do, the math on the dollar savings vs. a commission and/or higher spread broker is easy to prove as beneficial to you. I trade GBPJPY and you're hard pressed to find a 2.8 (London) or 3.2/3.8 (Asia) spread for it; I think EURUSD is around 0.9 - would have to double check the live feed though. Their LP is CitiBank, and the MT4 trading volume (for VSA users) is substantial. Slippage is almost non-existent, and almost instantaneous fills for the multiple full lots I tend to trade. If a slot comes up, I'd go for it - if you're unhappy for whatever reason or want to leave, there's no issue doing so.
  • #112
  • May 3, 2010 2:15am May 3, 2010 2:15am
Where do you wire your money to when you open an account with CFX ?
  • #113
  • May 3, 2010 2:44am May 3, 2010 2:44am
You wire money to CFX. They act like a funds central point. CFX then transfers your cash to their current liquidity provider to establish your trading account. The liquidity provider (currently CitiBank) then authorizes you to trade their price feed.
  • #114
  • May 3, 2010 3:32am May 3, 2010 3:32am
Quoting Aja
You wire money to CFX. They act like a funds central point. CFX then transfers your cash to their current liquidity provider to establish your trading account. The liquidity provider (currently CitiBank) then authorizes you to trade their price feed.

How does Citi authorizes you to trade their price feed ? Anything you have to sign ?

Where is CFX incorporated and where do they have their bank account ?
  • #115
  • May 3, 2010 10:39am May 3, 2010 10:39am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I was checking them out too. I had questions why they didn't state their LP on their site bc I was concerned regarding safety of my funds. In the end, after reading this thread :http://www.forex-tsd.com/metatrader-...ouncement.html and their site :http://www.thecollectivefx.com/members/thecollectivefx I realize I don't trade frequently enough to pay the monthly fee's. By the way, the reason they don't state the LP your money is deposited with is they will change LP's from time to time. Hope that helps you.

By the way, any new news regarding the CFTC's proposed 10:1 regulation? I thought it was either going to be passed or not last month?
"Wishful thinking dies hard." Igor T.
  • #116
  • May 3, 2010 11:50am May 3, 2010 11:50am
Quoting Cocoflanel
Where do you wire your money to when you open an account with CFX ?
The money gets wired to Wells Fargo in California and trading is through Citibank as LP - I think that's a purposeful separation of duties. They've changed LPs only once, to allow better straight through processing, and lots as small as 0.01. I think CFX is incorporated in Delaware. CFX isn't part of the NFA, so hedging is as you wish, and I assume there will be no 10:1 applicability. Yes, there's stuff to sign. If you sign up, you should really know what you're doing ... helpdesk is straight through to high level guys at Citibank, but you'd better have a real or major issue - no baby step guidance provided with any part of the relationship.
  • #117
  • May 3, 2010 12:11pm May 3, 2010 12:11pm
Quoting Beljevina
.. helpdesk is straight through to high level guys at Citibank, but you'd better have a real or major issue - no baby step guidance provided with any part of the relationship.

I would like to check out first they really have a relationship with Citibank.
  • #118
  • May 3, 2010 12:13pm May 3, 2010 12:13pm
Quoting Beljevina
as 0.01. I think CFX is incorporated in Delaware..

Why you think that ?

I would like to see this confirmed by themselves
  • #119
  • May 3, 2010 1:20pm May 3, 2010 1:20pm
5th review down is a statement from Citi - 7th down is a note from FPA regarding CitiFX.

http://www.forexpeacearmy.com/public...llectivefx.com
  • #120
  • May 3, 2010 1:33pm May 3, 2010 1:33pm
Quoting Cocoflanel
Why you think that ?
I would like to see this confirmed by themselves
I'm not sure what I can tell you. Someone mentioned Delaware incorporation is a red flag - you can google it, but declaring them guilty by association doesn't mean anything. I'm not their salesman. I know they work, and there are no horror stories that I've been through. If you really want the Delaware info or other legal paperwork or a screenshot of spreads please PM me.
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