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Fake ECN - Old Tricks?

  • #21
  • Aug 2, 2012 10:04am Aug 2, 2012 10:04am
"Rejected by counterparty" message appears because the constraints on the order cannot be met, i.e. price is beyond desired price + slippage control.
  • #22
  • Aug 2, 2012 10:11am Aug 2, 2012 10:11am
Quoting m.m.m.
@fxking

I am live with Dukascopy, not Armada. - I only checked with armada when I saw that JForex "stopped", to see if there was no price action or - once again - Dukas stopped delivering..
Dukascopy seem to be on the negative side lately? how long have u been with them?
  • #23
  • Edited 10:43am Aug 2, 2012 10:11am | Edited 10:43am
Quoting Razorman
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!!
Were the quotes off market price?

I've been hearing "True ECN" all over the net for the last few months. It's becoming a marketing term by some brokers, and by their actions the term is being diluted.... just as "ECN" was diluted before the "true" was added.

Many ECNs allow for last look or counterparty rejection. In fact, the majority of the ECNs I know of that refuse to use 'last look' don't even operate in the retail space (EBS, Reuters, and HotSpot(has the option for no-last-look))

Off hand, I know LMAX offers no last look provisions on their MTF (ECN) within the retail space... that's about it. Please speak up if you know of others.

Even brokers who market themselves as "True ECNs" continue to have last look. Heck, I know a broker that's been spamming the net that they're a "True ECN" just because they have a depth of market feature.. yet they use the exact same feed service and ECN platform as brokers they condemn for not being "True ECNs". It's pretty silly.

An ECN is just a platform with direct access, and that platform can be set anyway the provider wants. You can even look at examples from centralized exchanges, such as the US equities market, where ECN venues differ greatly from each other (some are FIFO, some spread order flow across all orders on the book, some allow mid-point orders, some allow dark liquidity, some pay you for taking liquidity, others won't show their book, most will break trades they feel are done on bad prices or bad ticks... and yet they are all "ECNs" by definition.)

So when I say "let's be fair" I'm not telling you it's 'OK' this happened, I'm saying you should be critical of Dukas for the right reasons. Calling them a 'fake' ECN is simply incorrect...

Just detail your experience, talk about Dukas breaking your trades, be upset, voice your concerns... etc.. etc... but be fair about the claims you make. You have a valid issue, one of their policies cost you a good trade, so talk about it in the right context.
FXGears.com
  • #24
  • Aug 2, 2012 10:19am Aug 2, 2012 10:19am
Hotspot most definately has last look, or better some LPs do(not all of them). If you complain long and loud enough they can set up your account with only non-last look LPs. But it significantly reduces displayed liquidity.

And last look is not last look - how impactful it is depends on how much time a LP is allowed to take before either rejecting or filling an order. 10ms or 30ms most clients wont even notice, 500ms is an eternity and leads to slippage (obv never in the clients favour).
  • #25
  • Aug 2, 2012 10:24am Aug 2, 2012 10:24am
well (what i know) FXDD is market maker , Dukascopy is ECN (if ECN acc), soo.. yeah..
redsword11, IfMyante, KennyZ, bumapatria, JohnPaul77 made my trading style.
  • #26
  • Edited 11:06am Aug 2, 2012 10:24am | Edited 11:06am
Quoting shrike
Hotspot most definately has last look, or better some LPs do(not all of them). If you complain long and loud enough they can set up your account with only non-last look LPs. But it significantly reduces displayed liquidity.
HotSpot does have a no-last look feature. I've seen a few brokers use it in their HotSpot offering.

But yes, as you said, they still have it as an option, so some HotSpot setups might have last look unless stated otherwise. All depends on which participants you allow in your feed from that ECN.


But that actually improves my point: few ECNs are no-last look, and often they are just on the institutional level.
FXGears.com
  • #27
  • Aug 2, 2012 1:30pm Aug 2, 2012 1:30pm
Quoting fxking
Dukascopy seem to be on the negative side lately? how long have u been with them?
About two years now. And I cannot remember almost any glitches, until very recently. They have a very good API and only a few monts ago they started to have problems with their historical data server. But the problems mentioned here are since the last few days only.
  • #28
  • Aug 2, 2012 8:43pm Aug 2, 2012 8:43pm
For your perusing pleasure regarding FXDD:
(do your own homework, use good judgement and exercise caution; forex is a den of vipers)

(reviews: note how the tone of comments has changed lately)
http://www.forexpeacearmy.com/public...w/www.fxdd.com

(massive possible 3.5M NFA fine against FXDD for asymmetrical slippage)
http://forexmagnates.com/nfa-hits-fx...-it-over-3-5m/

The NFA complaint reads like fiction with lies, deceit and bad slippage, and shows what type of intransigent management you deal with if you choose to engage in business with FXDD. This is another firm that has a bad reputation and I'll never deal with them.
  • #29
  • Aug 2, 2012 8:47pm Aug 2, 2012 8:47pm
fxdd will be the next forex broker go out of business, you watch, never trust your money with this broker
  • #30
  • Aug 2, 2012 8:53pm Aug 2, 2012 8:53pm
them or citi, it's pretty even i think

Quoting PoundTrader
fxdd will be the next forex broker go out of business, you watch, never trust your money with this broker
  • #31
  • Aug 2, 2012 11:38pm Aug 2, 2012 11:38pm
Quoting PeterE
them or citi, it's pretty even i think
You really think Citi and FXDD are on the same level? If Citi's forex unit goes under and doesn't pay out client funds there will be a uproar.

It should have happened already with MFG or PFG, but if Citi's forex unit went kaput and no major regulatory changes were made the U.S. retail forex market will be dead as a legitimate investment vehicle.
  • #32
  • Aug 3, 2012 4:30am Aug 3, 2012 4:30am
Considering what happened in the last few months it looks like no place is safe.
  • #33
  • Aug 3, 2012 5:33am Aug 3, 2012 5:33am
Quoting PeterE
them or citi, it's pretty even i think
you have no idea about citi, i wish you luck with your next broker
  • #34
  • Aug 3, 2012 1:17pm Aug 3, 2012 1:17pm
oh, Pound, do you have an account with citi...........i would never have said anything, my apologies

Quoting PoundTrader
you have no idea about citi, i wish you luck with your next broker
  • #35
  • Aug 6, 2012 7:26am Aug 6, 2012 7:26am
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.
I kinda doesn't understand about this matter. Can someone clearly explain clearly. It's possible to you to get the FXDD account broker with Dukascopy?? What i know Jforex is only platform like metatrader 4 which can used by any broker. If you get the FXDD account, it's should your problem is FXDD because they your Liquidity Provider. Or i am wrong, please explain this more clearly to me.
  • #36
  • Aug 6, 2012 8:50pm Aug 6, 2012 8:50pm
Quoting jmsblack18
I kinda doesn't understand about this matter. Can someone clearly explain clearly. It's possible to you to get the FXDD account broker with Dukascopy?? What i know Jforex is only platform like metatrader 4 which can used by any broker. If you get the FXDD account, it's should your problem is FXDD because they your Liquidity Provider. Or i am wrong, please explain this more clearly to me.
FXDD administers your account and acts as a whitelabel partner of Dukascopy. Through this, US traders can get JForex/SWFX/Dukas' while FXDD does all the compliance stuff in the background.

I'm also to understand that Alpari offers the same whitelabel-to-Dukas service as well.
FXGears.com
  • #37
  • Last Post: Aug 6, 2012 8:51pm Aug 6, 2012 8:51pm
Quoting PoundTrader
you have no idea about citi, i wish you luck with your next broker
..think he was just pulling your chain dude
FXGears.com
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