The bridge that armada used is primexm. They are the best mt4 bridge available that i have experienced. No slippage and fast orders about 125ms if you have server in central london unlike the slippy integral's mt4 bridge.
Funds go to Armada, but client funds are dealt with according to EU law (MiFID), not Estonian law. That meas all client funds are segregated accordingly.
I think margined funds also go to LMAX but I'm not sure about this one.
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Thanks for the clarification. However, after casually reading through the documents I understand that client funds are segregated according to EU law but the funds deposited by trading clients are protected/insured by the particular country where those funds are deposited. For example, if you are a direct client of Lmax or introduced to Lmax by an affiliate like fxmtf.com, your trading account deposit funds are sent directly to Lmax in the UK so those funds are protected by the Financial Services Compensation Scheme (FSCS) in the UK up to £85,000 for deposits and £50,000 for investments. However, if you join Lmax through a partner such as Armada in Estonia, your funds are deposited with Armada in Estonia and protected by Estonia's Investor Protection Guarantee Fund up to 20,000 euro per investor in any one investment institution. Business environment in Estonia: In Estonia foreign investors have rights and obligations equal to those of the local entrepreneurs and foreign investments are protected by international agreements as well as the Estonian law.
Here is a link to a list of the websites of all EU countries that have a Foreign Investor Compensation Scheme. There you will find the compensation limits for each country: Foreign schemes for investor compensation
Although the FSA and all other regulators follow the MiFID directives and segregate clients funds by two methods, they however do not ensure that firms do daily reconciliation of client segregated funds. On the contrary, although they may check that firms have systems in place to do the daily reconciliations, they mostly just accept the firms reconciliation reports but usually do not double check them unless there is reason to believe that firms are misreporting, but by that time is it usually too late. At that point the investor compensation schemes will make up the shortfall up to the limit set by individual countries in the EU. This was the case with both Lehman Brothers Europe as well as WorldSpreads Limited in the UK. So it's good to know how secure your funds are. There is no need for an individual retail trader to keep more than £50,000 on deposit with any forex broker.
I doubt the estonian compensation scheme will pay in case of a default of Armada. They are not registered as securities firm/broker. They write in their FAQ that they are a "registered public company in the Republic of Estonia operating under European Union legislation and its internal systems (dealing, accounting, client deposits) are in compliance with MiFID".
Thanks for the clarification. However, after casually reading through the documents I understand that client funds are segregated according to EU law but the funds deposited by trading clients are protected/insured by the particular country where those funds are deposited. For example, if you are a direct client of Lmax or introduced to Lmax by an affiliate like fxmtf.com, your trading account deposit funds are sent directly to Lmax in the UK so those funds are protected by the [url="http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/"]Financial...
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If you want to have a significant account with a broker then only trade with a broker providing trading with bank guaratee. You may choose your own bank with your own name. Its a tripartite agreement between you, the broker and the bank. LCG offers this and they offer mt4. Their minimum isn't really big. So you can go with them.
But if you have millions you can trade using a prime broker. Even when trading with a prime broker you can use mt4 too to connect to their liquidity.
I doubt the estonian compensation scheme will pay in case of a default of Armada. They are not registered as securities firm/broker. They write in their FAQ that they are a "registered public company in the Republic of Estonia operating under European Union legislation and its internal systems (dealing, accounting, client deposits) are in compliance with MiFID".
That quote says it all really.
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So who will pay in case of a default of Armada or for any other company offering FX trading services in the EU?
1.Lmax doesn't support native stop orders...so MC emulates them sending a market order when your stop price gets triggered...you realize the risk to this with your stop loss orders....datafeed also isn't good ...too many spikes in MC charts...
2.You can use your MC if you are an owner...is this case you don't have to pay for API monthly fees.
1.Lmax doesn't support native stop orders...so MC emulates them sending a market order when your stop price gets triggered...you realize the risk to this with your stop loss orders
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Actually LMAX can be persuaded to support "native stop orders" via an API, but you have to get down to the bare metal to do it.
Of course there is still slippage to contend with!
Actually LMAX can be persuaded to support "native stop orders" via an API, but you have to get down to the bare metal to do it.
Of course there is still slippage to contend with!
Jim
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Yeah - i noticed that - its in the protocol but not the Java API - it looks easy to add though - did you ever try it?
However, it looks like the most glaring omission in the API (or the protocol) is the ability to move/change orders when they are active (SL/TP etc) - looks like you need to use FIX for that - unless i missed something
2.You can use your MC if you are an owner...is this case you don't have to pay for API monthly fees.
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I think that is not correct. Looking at the LMAX website under Account Comparison there are separate charges for API access and Multicharts. Each separately is $60 per month unless you do minimum number of trades.
So even if you bring your own Multicharts if you do not trade at 250 lots per month you will be charged $60 for API access. If you don't have your own Multicharts and use the LMAX license then it will be $60 + $60 = $120 for both.
We're all stories in the end. Just try to make it a good one.
Yeah - i noticed that - its in the protocol but not the Java API - it looks easy to add though - did you ever try it?
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Yes, I have tried it, and even used it anger. (Custom Java API!)
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However, it looks like the most glaring omission in the API (or the protocol) is the ability to move/change orders when they are active (SL/TP etc) - looks like you need to use FIX for that - unless i missed something
I've used that sort of thing in anger too, and without resorting to FIX, but it's rather messy. I haven't delved into the depths of "position in queue" issues as yet for example.
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