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CoesFX - MT4 - Mini Accounts

  • #1
  • First Post: May 20, 2006 3:18pm May 20, 2006 3:18pm
Found this in a yahoo group

Quote
CoesFX has mini accounts and they use MT 4.0
Just to let you know that CoesFx has mini acounts available and they
are using MT 4.0 for the mini accounts. So, for all of you MT fans you
now have another choice for brokers.

The following link will allow you to download the demo account.

http://www.coesfx.com/Downloads/st4setup.exe

Steve

Iīve downloaded the platform, datafeed seems to be GMT+2
(European Time), spreads are a little bit high at the moment.

Regards
Chris
The trend is your friend, unless itīs about to end Thomas DeMark
  • #2
  • May 20, 2006 3:32pm May 20, 2006 3:32pm
Hey pipmaker,

does CoesFx charge a commission other than the spread? I've asked their support people this question over email a few times now and they never answer me.

Is there any difference for the mini vs regular account in this regard?


thanks for any help,
lonespruce.
  • #3
  • May 20, 2006 4:29pm May 20, 2006 4:29pm
Isn't COESfx a ECN? I thought all ECNs charge a small commission, because they pass price through ( no dealing desk) and spreads can be very close.



Quoting lonespruce
Hey pipmaker,

does CoesFx charge a commission other than the spread? I've asked their support people this question over email a few times now and they never answer me.

Is there any difference for the mini vs regular account in this regard?


thanks for any help,
lonespruce.
  • #4
  • May 20, 2006 4:37pm May 20, 2006 4:37pm
that was the impression I got,

problem is - i can't find how much this commission is anywhere - let alone for the mini account.

  • #5
  • May 20, 2006 8:41pm May 20, 2006 8:41pm
Boy would I love it if coes would have a spread and use MT4. Sure looks like a spread to me. I am gonna be looking into this. I had a guy call me last week and we talked for a while. He tlad me that he would call back once they had mini accounts all figured out. When I talk to him, I'll find out about this.
JOHN 3:16
  • #6
  • May 20, 2006 9:09pm May 20, 2006 9:09pm
Don't worry, they've got it figured out, but only for a private group at present

And whoever gave you that link is out of line.
In the days of old when sailors were bold, and seldom if ever contented.
  • #7
  • May 20, 2006 9:46pm May 20, 2006 9:46pm
Quoting pt49
Don't worry, they've got it figured out, but only for a private group at present

And whoever gave you that link is out of line.
I talked with a guy named, Scott at CoesFX, he didn't mention being able to trade minis.

Secondly, the transaction costs are $10 for 100K units EACH SIDE...this means that they will charge you $10 for opening a 100K Euro lot, or 100K GBP lot or a 100K USD lot...then when you liquidate the position, you get charged another $10...make sense?

Again, I hope they have minis, but Scott said that they only traded standard lots...
  • #8
  • May 20, 2006 10:03pm May 20, 2006 10:03pm
All the things that are great about coes will get thrown out the window if they use metatrader. No market depth, no matched transactions, no buying at bid/selling at ask, and no more realistic interbank pricing. What a waste.
  • #9
  • May 20, 2006 10:05pm May 20, 2006 10:05pm
pt49

Could you elaborate on your statement out of line? Do you mean this information is not for the public, or is it that you mean it is incorrect? Please expain. thanks scott


Quoting pt49
Don't worry, they've got it figured out, but only for a private group at present

And whoever gave you that link is out of line.
  • #10
  • May 20, 2006 10:08pm May 20, 2006 10:08pm
Yes It concerns me too as I have just been allowed to open a $50,000 Demo
account using MT4 with COESfx.

What is up? They do not seem to be making any secret of it.

It is called COESfx Direct

But also my regular account is still valid as well with the Java applets

Quoting Darkstar
All the things that are great about coes will get thrown out the window if they use metatrader. No market depth, no matched transactions, no buying at bid/selling at ask, and no more realistic interbank pricing. What a waste.
  • #11
  • May 20, 2006 11:47pm May 20, 2006 11:47pm
Quoting mrmikal
I talked with a guy named, Scott at CoesFX, he didn't mention being able to trade minis.

Secondly, the transaction costs are $10 for 100K units EACH SIDE...this means that they will charge you $10 for opening a 100K Euro lot, or 100K GBP lot or a 100K USD lot...then when you liquidate the position, you get charged another $10...make sense?

Again, I hope they have minis, but Scott said that they only traded standard lots...
$10 is 1 pip on a standard account, so they are charging you 2 pips on a round trip each trade. Given that you can get into a trade with a 1 pip or even with a zero pip spread, thats sounds very fair to me.

The problem is you need to realize that even if the spread was 3 pips they make no money off it. They charge a commission on the trades to make their income.

In return you get to trade with the banks instead of the bucket shop.
In the days of old when sailors were bold, and seldom if ever contented.
  • #12
  • May 20, 2006 11:58pm May 20, 2006 11:58pm
I have never heard of zero pip in the market yet.It is very new concept for me.
Do you mean that it is possible that some one is offering bid at the same rate at which he is offering ask.
How is it possible please elaborate for my knoweldge.
  • #13
  • May 21, 2006 12:09am May 21, 2006 12:09am
It is possible to get a negative spread. I've seen it on the public trading station. The MT4 trading staion in the demo at the start of this thread is not a public TS. It has a spread that includes the commission.

To see the feed with the spread/price without the commission included, download the trading station off the front page link at Coesfx or EXFgroup websites. You'll need to wait until trading starts later today though to see it in action.

It's friggin' freaky fast man.

If you are trading say the EUR/USD with a bucket shop, just drag the fast feed price box to alongside your bucket shop price box and compare.
In the days of old when sailors were bold, and seldom if ever contented.
  • #14
  • Edited 1:23am May 21, 2006 1:16am | Edited 1:23am
Quoting pt49
$10 is 1 pip on a standard account, so they are charging you 2 pips on a round trip each trade. Given that you can get into a trade with a 1 pip or even with a zero pip spread, thats sounds very fair to me.

The problem is you need to realize that even if the spread was 3 pips they make no money off it. They charge a commission on the trades to make their income.

In return you get to trade with the banks instead of the bucket shop.
Oh, I'm not saying it's unfair...in fact, I think it's the way of the future, really. And $10 is a pip on standard accounts for currency pairs that have USD as the SECOND pair (like EUR/USD or GBP/USD)...$10 is more than pip on USD/CHF and USD/JPY...but it's close enough right now...(just wanted to make sure that was clear).

You're right...commission is all the ECNs want.

Kolachi, the 0-pip spread concept is really just another way of saying that you can trade INSIDE the spread...so think of it like this...if the EUR/USD is trading at 1.2900 and 1.2903, with a regular broker, you CANNOT place an order (even a limit order) within the spread (like a BID at 1.2902), because they can't show your price (because there is no liquidity at that point from their banks). ECNs or ECN models allow you to trade within the spread, effectively giving you the ability to make your own spread...thus if you want to BUY at 1.2900, you could effectively give yourself a ZERO spread because your order would become the bid at 1.2900...of course, if you wanted to try to go for a better chance of getting a fill, you could bid just under the ask and get a 1-pip spread...your order would then shrink the spread to 1 pip and someone would be bound to take it at that price. Make sense? The key here is trading within the spread...which you cannot do at ANY regular forex broker.
  • #15
  • May 21, 2006 2:20am May 21, 2006 2:20am
Right now, I have no problem trading with a non-ECN like Oanda.

For one, if I went the ECN route, I would get charged $10 a pop, in each direction for $20. Doesn't matter if I'm successful in the trade or not, AND STILL have to deal with a spread.

I've watched Oanda and have compared their feed with about 15-20 broker feeds within eSignal. They are very very very close. If anything, Oanda gets rid of all the noise...news time is off... but I don't trade news.

So all I have to do is be successful on a trade, and I don't pay anything. If I lose and am trading the EUR, then it's 1.5 pips * $10 + my loss.

I don't know if ECNs are that great with that said -- especially if you find a decent broker like Oanda.

But I am on the fence, however. I don't like the price manipulation that you know goes on at non-ECNs...
Mr. Trend
  • #16
  • May 21, 2006 2:47am May 21, 2006 2:47am
It was really a new thing for me as I have never tried any ECN.Thanks Mrmikal.
Like Mr.trend, I think presently I am also fine with my broker because I do not trade news.I like calm and cool charts rather than jumping candles.
  • #17
  • May 21, 2006 2:56am May 21, 2006 2:56am
Quoting mrmikal
I talked with a guy named, Scott at CoesFX, he didn't mention being able to trade minis.

Secondly, the transaction costs are $10 for 100K units EACH SIDE...this means that they will charge you $10 for opening a 100K Euro lot, or 100K GBP lot or a 100K USD lot...then when you liquidate the position, you get charged another $10...make sense?

Again, I hope they have minis, but Scott said that they only traded standard lots...
I am a little bit surprised that Coes would charge $10 per 100,000 traded because both MB Trading and Interactve Brokers are both $5 per $100,000 traded. All 3 are ECN brokers, and one would think that to be competitive in that market, a broker would have to be at least fairly similar in commission rate to the other choices available.

I am positive about the rate for MB Trading since I have been trading an account with them for months, the information relative to Interactive Brokers I got from their website. Since it was a rate identical to MB Trading I found it very credible. However, a similar ECN broker charging twice the commission sounds strange to me. I would not think that they would get much business if they did that since very few traders I know are willing to spend more on their transactions than is absolutely necessary.
  • #18
  • May 21, 2006 3:13am May 21, 2006 3:13am
Quoting moonchild
I am a little bit surprised that Coes would charge $10 per 100,000 traded because both MB Trading and Interactve Brokers are both $5 per $100,000 traded. All 3 are ECN brokers, and one would think that to be competitive in that market, a broker would have to be at least fairly similar in commission rate to the other choices available.

I am positive about the rate for MB Trading since I have been trading an account with them for months, the information relative to Interactive Brokers I got from their website. Since it was a rate identical to MB Trading I found it very credible. However, a similar ECN broker charging twice the commission sounds strange to me. I would not think that they would get much business if they did that since very few traders I know are willing to spend more on their transactions than is absolutely necessary.
Well...it depends on how you look at it.

MBT and IB are very credible, so I'm not saying anything negative about what they're doing...I actually have an account with MBT as well...however, don't mislead by the $5 for $100K statement...if you're buying 100 GBP, your commission with BOTH MBT and IB is going to be closer to $10 a side (because the rate of 1 GBP is almost $2 USD)...With COESFx, it's $10 for 100K UNITS...so when trading GBP, it's pretty close.

There are other things to note here too...despite being able to trade inside the spread, there still has to be liquidity available in order for your order to get filled...the tighter the spread, the better the liquidity for your order inside the spread...I haven't been able to see a live COESfx feed, but I have been told that some of the even MORE volatile spreads are tighter (because of the numerous high-quality feeds that COESFx uses). GBP/JPY (I was told) is less than 2-4 pips most times, which is slightly better than the average 5 pips that MBT gives...this doesn't mean much, really, but it definitely doesn't hurt the situation...I'll have to verify this in a couple of weeks.

However, I agree, the commissions for COESfx could be a bit better. It would definitely help their situation. They may have to look into that if a lot of their business goes to MBT or IB.

When I get my COESFx account up and running, I'll let you guys know if the feeds are comparable or better/worse.
  • #19
  • May 21, 2006 3:27am May 21, 2006 3:27am
Quoting mrmikal
When I get my COESFx account up and running, I'll let you guys know if the feeds are comparable or better/worse.
Please do mikal. That information would be nice.
Mr. Trend
  • #20
  • May 21, 2006 7:09am May 21, 2006 7:09am
Mr Trend,

Could you post a Cable chart in eSignal with ECN feed. I'm curious when you say their chart is close to a non-ECN broker.
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