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CitiFX

  • #21
  • Feb 20, 2011 11:57am Feb 20, 2011 11:57am
Aja: is CollectiveFX introducing only - i.e. you send the money directly to Citi, or do you send the money to a CollectiveFX account? Where are they domiciled, and what is their regulatory status?
  • #22
  • Edited 3:06pm Feb 20, 2011 2:46pm | Edited 3:06pm
You send cash to Collective FX since THEY have the account with the liquidity provider - I dont know if your money eventually gets deposited with the Liquidity Provider but I'm assuming it must since they allow you to trade their platform. But dont quote me on that, however it works its never been a issue for me and I've never had reason to dig into it more. I remember asking all of those questions in the beginning (I had just been burnt by a Swiss broker), so whatever answers I got were fine with me. Also years of deposits/withdrawals and NEVER a problem.

They're unregulated and dont need to be since they NEVER hold your trade. If they did for even a millisecond they would have to be regulated but since they actually pass you off to the liquidity provider broker rules dont apply to them. Its true STP to the LP. They're a small boutique that I think is in FL. They're a 'for traders, by traders' type of thing - They want a clean, unfiltered feed for their own trades and if we help pay we can trade the same feed. Because of their accumulated volume we get to trade some of the best feeds in FX with Good Spreads, 100:1, microlots, HUGE Max Orders and a pretty unfiltered feed with GREAT Execution. It still sucks to me after all these years that no BIG operation will duplicate this model and give a FX operation that just as unregulated and free but backed up by BILLIONS is Wall Street security and cash.

CFX is more than a IB because of their negotiated Liquidity Contracts. I've seen them add/change LQ's, add more options, add microlots to STP trading (they have one of the few BANK microlot contracts. Most any other 0.01 broker is a bucketshop that does micros in-house) - They're basically a wishlist of what you and a group of trading buddies would create for yourselves.
  • #23
  • Feb 20, 2011 3:07pm Feb 20, 2011 3:07pm
Hi,

just because a broker is 100% STP doesnt mean he doesnt need a license or registration. Not implying they are crooks - but i doubt what they are doing complies with regulation in the USA. Even guaranteed IBs that never ever come near client-money need to register nowadays.
  • #24
  • Feb 20, 2011 4:00pm Feb 20, 2011 4:00pm
As I said before I dont recall the exact answer to the 'How are you allowed to Hedge/LIFO in the USA?' query but all you have to do is fire off a email to them and they'll be happy to respond. I'm just a satisfied customer and can only really relate what my experience has been over an extended period running LIVE.
  • #25
  • Feb 20, 2011 5:57pm Feb 20, 2011 5:57pm
I'm surprised CollectiveFX wasn't one of the shops recently sued by the CFTC. These guys could not be more shady - no NFA registration, no names, no address, and pretty much a blank homepage right now. On top of all of this, they had a bizarre monthly subscription requirement. How on earth they ever managed to attract business is beyond me..
  • #26
  • Feb 20, 2011 5:58pm Feb 20, 2011 5:58pm
Quoting Aja
They're unregulated and dont need to be since they NEVER hold your trade.
Shrike is correct, it doesn't matter, they need to be regulated if they're accepting US clients.
  • #27
  • Feb 21, 2011 1:50pm Feb 21, 2011 1:50pm
Quoting Trader KGB
I'm surprised CollectiveFX wasn't one of the shops recently sued by the CFTC. These guys could not be more shady - no NFA registration, no names, no address, and pretty much a blank homepage right now. On top of all of this, they had a bizarre monthly subscription requirement. How on earth they ever managed to attract business is beyond me..
i would never put my money with such broker or ib for a broker
  • #28
  • Feb 26, 2011 7:18pm Feb 26, 2011 7:18pm
Interesting ... I've been waiting for the old cfx site to come back up, and just found the following through google - looks like a EU accented presence given the spot fx legalities coming out of the US. Nothing yet officially launched to existing customers, and it's still heavily under construction, but certainly more impressive: http://thecollectivefxeu.com
  • #29
  • Feb 26, 2011 9:18pm Feb 26, 2011 9:18pm
Quoting Beljevina
Interesting ... I've been waiting for the old cfx site to come back up, and just found the following through google - looks like a EU accented presence given the spot fx legalities coming out of the US. Nothing yet officially launched to existing customers, and it's still heavily under construction, but certainly more impressive: http://thecollectivefxeu.com
Not surprised, since their US outfit wasn't legal without NFA registration. Still, $975 a month? I don't see the purpose in disguising a commission model as a monthly fee, just use an upfront commission model like every other ECN.

I'm guessing the site not being updated since last December likely has something to do with this..

The Collective FX sues Boston Technologies
  • #30
  • Feb 26, 2011 9:41pm Feb 26, 2011 9:41pm
Quoting Trader KGB
Not surprised, since their US outfit wasn't legal without NFA registration. Still, $975 a month? I don't see the purpose in disguising a commission model as a monthly fee, just use an upfront commission model like every other ECN.

I'm guessing the site not being updated since last December likely has something to do with this..

The Collective FX sues Boston Technologies
The fee has/had it's merits and is/was debatable, but the industry landscape has changed IMO back to ~2yrs since they launched - there are many 'reputable' brokers offering similar performance with lesser costs, who say they're OK with scalping and EAs. I've spent some time checking out the other MT4 operators though, and I have not found any this good or pure in pricing & completely without the MT4 trickery. It's a rare retail trader of course that would chime in at that $1k price point, although for unlimited the math does make sense. The prices above are right ~$140 gets you 45 lots/month, which is probably beyond a large swath of retailers, at least on these pages.

I too saw that lawsuit, but the turned tables on it make one think. The CFX boys seem to have a healthy disdain for the way the industry's been run, and there's all sorts of ways to portray BT. I don't have a PACER ID, but if anyone does ...
  • #31
  • Feb 26, 2011 9:53pm Feb 26, 2011 9:53pm
Quoting Beljevina
I have not found any this good or pure in pricing & completely without the MT4 trickery.
I don't trade via MT4 so I can't comment. Though I can't imagine the ECNs which have launched their own MT4 offerings are up to any trickery.

Quote
The prices above are right ~$140 gets you 45 lots/month, which is probably beyond a large swath of retailers, at least on these pages.
Indeed, though while on the topic, I'm curious how they intend to bridge with Hotspot for retail traders when Hotspot's minimum order size is 500k (at least a couple years ago when I tried them, they may be down to 100k, though that still excludes a lot of the retail space).
  • #32
  • Feb 27, 2011 2:25pm Feb 27, 2011 2:25pm
Quoting Trader KGB
I don't trade via MT4 so I can't comment. Though I can't imagine the ECNs which have launched their own MT4 offerings are up to any trickery.
I tried London Capital Group's MT4 - it is a downright terrible implementation - they don't let you place a TP/SL within 10 pips of the current price, and the latency and response time is down-right awful. I expected more from them, and yet they filled every MT4 stereotype.

Quoting Trader KGB
... I'm curious how they intend to bridge with Hotspot for retail traders when Hotspot's minimum order size is 500k (at least a couple years ago when I tried them, they may be down to 100k, though that still excludes a lot of the retail space).
I think they're live on Hotspot, and at the 1 standard lot minimum level (It's on MT4 MULTI, and I'm not using it). CFX made a big deal about being the only broker that CitiFX allowed to come in with trading of 0.01 lots.

As an aside, one can do that with MBTrading, since in their MT4 platform, you trade 0.1, and it's really 1,000 (ie., to trade a "full" 100K lot you trade 10).
  • #33
  • Feb 27, 2011 4:33pm Feb 27, 2011 4:33pm
WRT to hotspot, it is possible to trade < 500K, but there is a minimum ticket fee, and marketmakers are only required to set their minimum fill amount to a maximum of 500K - so all quotes you see may not be filling smaller orders, while they are guaranteed to fill 500K+ orders. Unsure of what most firms have their minimum fill amount set to and how impactful this is in reality.
  • #34
  • Feb 27, 2011 6:54pm Feb 27, 2011 6:54pm
Does anyone have a live account and trade directly with CitiFX, rather than through CFX?
  • #35
  • Feb 28, 2011 1:00am Feb 28, 2011 1:00am
hi guys
so is it not possible to open collective fx account at all these days untill their website gets up and running? i have seen their saying under refurb for a few months now.
indra
  • #36
  • Last Post: Apr 3, 2011 3:58am Apr 3, 2011 3:58am
Quoting swamper
Are you using MT4? Any trouble with slippage, lagging, spikes, extreme widening of spreads during news, etc.?
Anybody can answer that?
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