Fake ECN - Old Tricks? | Forex Factory

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Fake ECN - Old Tricks?

  • #1
  • First Post: Edited Jan 31, 2019 3:37pm Aug 2, 2012 8:15am | Edited Jan 31, 2019 3:37pm
test
  • #2
  • Aug 2, 2012 8:37am Aug 2, 2012 8:37am
'Last look' feature in action?
  • #3
  • Aug 2, 2012 8:41am Aug 2, 2012 8:41am
I had a suspicion it was no true ecn and this confirms it for me! A true ecn would never have "rejected by counterparty" message LOL. In a true ecn you would get filled, yes there may be high slippage, but you will get a fill even if market conditions are wacky.
  • #4
  • Aug 2, 2012 8:57am Aug 2, 2012 8:57am
FXDD is just a front for Dukascopy and uses them.

I don't know but it may be the case that FXDD routes through Dukascopy and so there may be some problems there and so FXDD isn't directly linked to ECN.

Only thing I can think of as SWFX (the ECN) is real and quite large.
  • #5
  • Aug 2, 2012 8:58am Aug 2, 2012 8:58am
Yeah i know it is through Dukascopy. That is why i signed up, but it looks like it is no ECN.
  • #6
  • Aug 2, 2012 9:02am Aug 2, 2012 9:02am
Yes, lately Dukascopy seems to have some problems.. Their platform (JForex) now had at least 3 times a dropout of several minutes in the last few days when things got volatile; also they have practically doubled the (already wide) spread in EU in the last 3 days or so..
  • #7
  • Aug 2, 2012 9:05am Aug 2, 2012 9:05am
Quoting m.m.m.
Yes, lately Dukascopy seems to have some problems.. Their platform (JForex) now had at least 3 times a dropout of several minutes in the last few days when things got volatile; also they have practically doubled the (already wide) spread in EU in the last 3 days or so..
In a true ECN environment orders are matched, the message on the platform clearly indicated that orders are not passed through like they should, and instead the broker is taking the other side. On top of that they are charging commission.
  • #8
  • Aug 2, 2012 9:14am Aug 2, 2012 9:14am
Quoting Razorman
In a true ECN environment orders are matched, the message on the platform clearly indicated that orders are not passed through like they should, and instead the broker is taking the other side. On top of that they are charging commission.
'True ECN' is a question of definition. How do you define it?

If you define it as "like an exchange" few firms would qualify. If you define it more broadly like STP / agency broking / not taking risk on client positions and a bit of client-to-client trading and so on, more would qualify.

IMO its mainly a question of how much leeway a platform grants its LPs. If they are allowed to do basically everything (like for example sit on an order for half a second and then reject it - or fill it if it suits them) then its pointless to trade through a service like that.
  • #9
  • Aug 2, 2012 9:38am Aug 2, 2012 9:38am
Quoting m.m.m.
Yes, lately Dukascopy seems to have some problems.. Their platform (JForex) now had at least 3 times a dropout of several minutes in the last few days when things got volatile; also they have practically doubled the (already wide) spread in EU in the last 3 days or so..
EU spread is a little bad for an ECN which has 200mio on each side all the time.

Is has average around 0.8pips for the last quarter and with commission its pretty much 1.0 pips.

There are better but I like Dukascopy so for swing trades I dont mind about 0.3 pips higher spread.

Plus crosses are good. GBPNZD is always around 5 pips and most other are like 10 so thats great for me.
  • #10
  • Aug 2, 2012 9:54am Aug 2, 2012 9:54am
Quoting JeremyWS
EU spread is a little bad for an ECN which has 200mio on each side all the time.
Yep.
Quote
Is has average around 0.8pips for the last quarter and with commission its pretty much 1.0 pips.
Yea it averaged more around 1 pip; but it was the last few days (pretty much after the problems started) that it went up and I have seen up to 2 pip spread in EU and most of the time it was from 1.3 - 1.6. Right now it is "back" to "normal".
Quote
There are better but I like Dukascopy so for swing trades I dont mind about 0.3 pips higher spread.
Read 3rd post here: http://www.dukascopy.com/swiss/engli...b6e821c9f44a73
  • #11
  • Aug 2, 2012 10:05am Aug 2, 2012 10:05am
When the platform locked up like it did today, for me that is a major red flag.
  • #12
  • Aug 2, 2012 10:28am Aug 2, 2012 10:28am
Quoting shrike
'Last look' feature in action?
basically


a lot of retail FX feeds were lagged today; I got lucky and shorted EU at 1.2365 on citifx while underlying market was trading below 1.23s.. I better not a call from them later today telling me they are going to bust the trade.
  • #13
  • Aug 2, 2012 10:30am Aug 2, 2012 10:30am
Quoting Razorman
I have an acc with FXDD(through Dukascopy) with Jforex that supposedly is an ECN and they charge commission. Well here is today's screen shots from the GBP/USD. I tried placing a few orders and guess what happened. First the orders were "REJECTED" then the platform was blocked for a few minutes. Those kind of tricks are from the old MT4 days LOL.

Did you do market order or limit order?


but you are correct, counterparty can't reject a trade if they are showing u the liquidity, you hit/lift it, it's yours.


Sounds like dealer intervention in the "ECN"
  • #14
  • Aug 2, 2012 10:44am Aug 2, 2012 10:44am
Ye the dealer @ the "ECN" did not like my order
  • #15
  • Aug 2, 2012 10:50am Aug 2, 2012 10:50am
What time did it lock for everyone, I don't recall mine not working any point. About 30 an hour after he crazy volatilty i went away for a few minutes but was fine the rest of the time.
  • #16
  • Aug 2, 2012 11:04am Aug 2, 2012 11:04am
Quoting Razorman
I have an acc with FXDD(through Dukascopy) with Jforex that supposedly is an ECN and they charge commission. Well here is today's screen shots from the GBP/USD. I tried placing a few orders and guess what happened. First the orders were "REJECTED" then the platform was blocked for a few minutes. Those kind of tricks are from the old MT4 days LOL.
This is really a case of broker going ga-ga..and to think they are promoting their accounts as real ecn is like a joke gone real bad.
  • #17
  • Aug 2, 2012 11:20am Aug 2, 2012 11:20am
Could someone explain the logic where a broker having technical issues causing them to reject trades for a period of time automatically invalidates their "ECN" status?

Let's be fair here.
FXGears.com
  • #18
  • Aug 2, 2012 11:39am Aug 2, 2012 11:39am
When the message on the platform is "rejected by counterparty" then ye that is a BIG problem for a broker that claims to be ECN. In a true ECN a "counterparty" cannot reject an order, orders are matched based on available liquidity and que!!!!! The fact that this happened during high volatility is even more damning. That is a classic market maker BS!!

Quoting Jack_Larkin
Could someone explain the logic where a broker having technical issues causing them to reject trades for a period of time automatically invalidates their "ECN" status?

Let's be fair here.
  • #19
  • Aug 2, 2012 11:49am Aug 2, 2012 11:49am
Quoting Jack_Larkin
Could someone explain the logic where a broker having technical issues causing them to reject trades for a period of time automatically invalidates their "ECN" status?

Let's be fair here.
Lets start being fair; you should start by educating yourself. A 10v does not automatically make you smart, its actually an indicator for stupidity.


Brokers are supposed to match trades.

A "ECN" relieves them of that duty, because they aren't doing any matching, you match yourself based on the available liquidity.


Using the words BROKER and ECN in the same sentence is an oxymoron. You're either one, or the other, not both.

A brokers technical issue should not hinder "ECN" execution
  • #20
  • Aug 2, 2012 11:58am Aug 2, 2012 11:58am
Quoting m.m.m.
I can see a gap on M1 chart (and on M5), it reads (candle time) 13:18 gmt, then, the next candle starts from 13:22 gmt, so, 3 minutes or so. Also I saw it directly on an occasion before, as price (EU) first shoot up on Draghi's speech the feed froze (I had an mt4 instance open with armada markets feed - there the price ticked regularly, no delay).
bro,whats your experience with armada markets so far? any frozen mt4 platform so far,even during big news releasing periods?
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