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FXOpen AU Discussion

  • #121
  • Mar 17, 2013 2:46am Mar 17, 2013 2:46am
So deposits are only in USD, but you don't allow US clients?

Deposits take a 'couple of minutes'? Does that mean there is human handling? If so, is this the case 24/5? Why not instant like other brokers?
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My comments are not to be taken as trading advice, not a financial advisor
  • #122
  • Edited 3:32am Mar 17, 2013 3:29am | Edited 3:32am
For those who can't be bothered reading the PDS.

Note there is nothing really new here, it is pretty much a std type template of all the FX brokers in Aus, but it does conflict a little with FXOjafar's comments.

The FX game is still largely unregulated, so the PDS is their main defence if any concerns arise. The most common excuse is the old chestnut, blame the 'third party software' so it is quite convenient for brokers to use metatrader or similar. Been through it all with ASIC and F.O.S support and got my money back, not with FXOpen but a couple others. Just know where you stand with every trade: evidence, stops, screen captures, second platform etc.

FXOpen appears to have competitive spreads and stop/limit order distance at zero so I am keen to try at least.
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My comments are not to be taken as trading advice, not a financial advisor
  • #123
  • Mar 17, 2013 9:04am Mar 17, 2013 9:04am
Quoting cogs
So deposits are only in USD, but you don't allow US clients?

Deposits take a 'couple of minutes'? Does that mean there is human handling? If so, is this the case 24/5? Why not instant like other brokers?
Hi Cogs. We accept deposits and withdrawals in AUD, USD, EUR, GBP, CHF, JPY and SGD. Manual processing is for your safety to ensure that the correct amount of money goes to the correct account. We also sometimes call you and confirm withdrawal requests. Skrill deposits however are automatic due to the Skrill API.

Quoting cogs
For those who can't be bothered reading the PDS.

Note there is nothing really new here, it is pretty much a std type template of all the FX brokers in Aus, but it does conflict a little with FXOjafar's comments.

The FX game is still largely unregulated, so the PDS is their main defence if any concerns arise. The most common excuse is the old chestnut, blame the 'third party software' so it is quite convenient for brokers to use metatrader or similar. Been through it all with ASIC and F.O.S support and got my money back, not with FXOpen...
You know that we are legally bound to declare that MT4 is not under our control and if Metaquotes releases a patch that causes instability, we cannot be held responsible. Our own proprietary platform is still under development but when it is complete, you will have a choice of trading platforms. You can even trade without MT4 using our API if you are so technically inclined to use it.

I look forward to you trying our services and I hope that you will be 100% satisfied.
  • #124
  • Mar 17, 2013 9:32am Mar 17, 2013 9:32am
Quoting mmaker
I think both of Jafar's replies have answered you clearly, but you kept asking the same questions. He already told you they only have ECN account types. And no re-quotes.

I don't see any reason Jafar should post the same reply the 4th time. If you don't get it, you never will.
i think u should know what u r talking abt before u open your mouth,i have live chatted with their rep & guess what the answer differ fr what jafar told me,u get it? maybe u will never...
  • #125
  • Mar 17, 2013 9:36am Mar 17, 2013 9:36am
Quoting fxking
i think u should know what u r talking abt before u open your mouth,i have live chatted with their rep & guess what the answer differ fr what jafar told me,u get it? maybe u will never...
Which rep did you speak to and what did they say?
  • #126
  • Mar 17, 2013 9:46am Mar 17, 2013 9:46am
Quoting FXOjafar
Which rep did you speak to and what did they say?
let me go retrieve the live chat contents 1st and will PM u,i rather talk to someone who try to know!
  • #127
  • Mar 17, 2013 9:51am Mar 17, 2013 9:51am
Quoting fxking
let me go retrieve the live chat contents 1st and will PM u,i rather talk to someone who try to know!
From your previous posts I think you may have confused FXOpen NZ with FXOpen AU.

I await your PM.
  • #128
  • Edited 4:18am Mar 18, 2013 3:59am | Edited 4:18am
Thanks for your reply FXOjafar.

Any broker that goes the extra mile with presumed honesty will certainly be appreciated by retail traders.

One question I forgot to ask yesterday was: How can you set stop/limit order distance at zero when the minimum requirement (according to Pepperstone and other brokers) is 20 pips?

Just using your demo now, there are profits to be made.

I will be interested to see how long you can keep the settings as they currently are. How long do you plan to let the spread settings stay so thin and even minus?
My comments are not to be taken as trading advice, not a financial advisor
  • #129
  • Mar 18, 2013 4:53am Mar 18, 2013 4:53am
Quoting FXOjafar
Hi Cogs. We accept deposits and withdrawals in AUD, USD, EUR, GBP, CHF, JPY and SGD. Manual processing is for your safety to ensure that the correct amount of money goes to the correct account. We also sometimes call you and confirm withdrawal requests. Skrill deposits however are automatic due to the Skrill API.
instant deposits is not so much about technology in the backoffice of being able to credit the client account, but also about risk management. Especially with the potential for credit card fraud and other frauds, a few minutes delay is not going to kill most traders, even if you were approaching a margin call situation.

Quote
You know that we are legally bound to declare that MT4 is not under our control and if Metaquotes releases a patch that causes instability, we cannot be held responsible. Our own proprietary platform is still under development but when it is complete, you will have a choice of trading platforms. You can even trade without MT4 using our API if you are so technically inclined to use it.

I look forward to you trying our services and I hope that you will be 100% satisfied.
Didn't know you had an API. Can you tell us more about minimum trading volume, or any other minimum conditions to obtain access to API?

Are the order trading conditions the same as MT4? like minimum order is 0.1 lot or 10,000 units of base currency?
Measure trends automatically with zero lag
  • #130
  • Mar 18, 2013 2:14pm Mar 18, 2013 2:14pm
Quoting cogs
Thanks for your reply FXOjafar.

Any broker that goes the extra mile with presumed honesty will certainly be appreciated by retail traders.

One question I forgot to ask yesterday was: How can you set stop/limit order distance at zero when the minimum requirement (according to Pepperstone and other brokers) is 20 pips?

Just using your demo now, there are profits to be made.

I will be interested to see how long you can keep the settings as they currently are. How long do you plan to let the spread settings stay so thin and even minus?...
We could not claim to be an ECN if we placed restrictions on where you want to place your limits or stops. With us you are trading on a true market. If there is someone there willing to take your offer, you will get a fill. That is not going to change.

Quoting ybfjax
Didn't know you had an API. Can you tell us more about minimum trading volume, or any other minimum conditions to obtain access to API?

Are the order trading conditions the same as MT4? like minimum order is 0.1 lot or 10,000 units of base currency?
There is a thread on the FXOpen forum concerning the FXOpen Development Kit (FDK)
http://forum.fxopen.com/showthread.php?87322-FDK

The min trading volume is still 0.1 as that restriction is via the FXOpen ECN bridge. 0.01 is possible, however there is a high level of rejection for orders below 0.1 lots and in testing proved too unreliable for real trading. Few LPs would get out of bed to fill such a small order
  • #131
  • Mar 19, 2013 3:47am Mar 19, 2013 3:47am
ybfjax,

Quote
instant deposits is not so much about technology in the backoffice of being
able to credit the client account, but also about risk management. Especially
with the potential for credit card fraud and other frauds, a few minutes delay
is not going to kill most traders, even if you were approaching a margin call
situation.
Didn't ask for your opinion mate.
But while I have our attention - I had an account many years ago with City Index, and now Pepperstone have instant, and mate, it makes a difference!

Too many excuses for delays of why our hard earned funds aren't in our trading accounts.
My comments are not to be taken as trading advice, not a financial advisor
  • #132
  • Mar 19, 2013 6:58am Mar 19, 2013 6:58am
Quoting cogs
ybfjax,


Didn't ask for your opinion mate.
But while I have our attention - I had an account many years ago with City Index, and now Pepperstone have instant, and mate, it makes a difference!

Too many excuses for delays of why our hard earned funds aren't in our trading accounts.
His opinion is valid and correct. Instant deposit and withdrawal of everything is the realm of the offshore scammers who don't follow any rules. I know I would rest easier knowing my broker is making 100% sure that the money goes to where it is supposed to go.
  • #133
  • Mar 19, 2013 7:03am Mar 19, 2013 7:03am
Quoting cogs
ybfjax,


Didn't ask for your opinion mate.
But while I have our attention - I had an account many years ago with City Index, and now Pepperstone have instant, and mate, it makes a difference!

Too many excuses for delays of why our hard earned funds aren't in our trading accounts.
I'm curious to know how instant deposit makes a difference.....Please explain?
  • #134
  • Mar 19, 2013 8:54am Mar 19, 2013 8:54am
Quoting cogs
ybfjax,
Didn't ask for your opinion mate.
But while I have our attention - I had an account many years ago with City Index, and now Pepperstone have instant, and mate, it makes a difference!
Too many excuses for delays of why our hard earned funds aren't in our trading accounts.
From the client's point of view, they want instant deposit and instant withdrawal. Any delays is frowned upon and complained. So when a broker offered such quick deposit and quick no-question-asked withdrawal, the client is happy. Unfortunately for this to happen, the broker is unregulated and allowed the transactions off the book.

From the broker's point of view, deposits and withdrawals required paperwork and approvals in accordance with banking or regulator requirements. That means delays of up to 3 business days. Clients hate that thinking that the broker is holding back money to earn extra interests or simply not going to let client withdraw profits. Unfortunately, this is the procedure for a fully regulated broker.
No longer trading forex. Looking for full time job.
  • #135
  • Apr 3, 2013 8:55am Apr 3, 2013 8:55am
Hello

What liquidity aggregation system do you use? Does it provide LPs with last look function? How reliable is it and how often do you get disconnections and are stops still functional in the event of a disconnection?

If I am to deposit >25k with you guys then I am on the VIP commission rate but does my balance need to stay above 25k to remain on the rate? Also, is there room for extra discounts on commission based on volume traded?

My concern is that last look function slows down execution time and causes excessive slippage. From your comments on the fact that in your testing, 1000unit orders where rejected then I would assume that the aggregation system you use does have the last look function. I was close to opening an account with IC markets but read another thread in a different forum that were talking about poor execution, disconnections and very large slippage. IC markets have blamed this on multiple rejections by their LPs using the last look feature as well as ctrader going down often (their aggregation system) and have taken measures to fix the problems which I will have to wait and see about. I currently trade with OANDA (and have an account with lmax but it is too early to comment on their performance) and I am used to market maker conditions with certain 'guarantees'. That being that slippage is virtually non-existant and if the platform goes down my stops are still in effect. But, I pay a premium spread for this and would like to open a few more ecn accounts. I realise that slippage is part of the game, but in liquid times in the absence of any major news announcements I would expect it to be -0.5-0.5 pips 99% of the time. Also, the risk is just too great if my stops are not in effect at the time of disconnection. IC market users where reporting 10pip+ slippage which seems to be due to last look feature, which is not acceptable.

Thank you for your time

ps - metatrader is crap for charting and crap for execution. Please consider other platforms. You mentioned if I 'build my own bridge' I can use a different package. Is this possible for someone with no programming skills?
  • #136
  • Apr 3, 2013 9:57am Apr 3, 2013 9:57am
Today, i did open demo ecn account.
mt4 connection status is unstable.
my internet connection is good.
and ohter brokers are good.
  • #137
  • Apr 3, 2013 9:45pm Apr 3, 2013 9:45pm
Quoting Agro
Hello What liquidity aggregation system do you use?
Hi Agro. We have our own proprietary aggregator.

Quoting Agro
Does it provide LPs with last look function?
No.

Quoting Agro
How reliable is it and how often do you get disconnections and are stops still functional in the event of a disconnection?
We aim for 99% uptime. Stops are executed server side so they will still function if you get disconnected.

Quoting Agro
If I am to deposit >25k with you guys then I am on the VIP commission rate but does my balance need to stay above 25k to remain on the rate?
Yes.

Quoting Agro
Also, is there room for extra discounts on commission based on volume traded?
Naturally we are open to negotiation if you bring us some heavy volume. Our commission is already very competitive though.

Quoting Agro
My concern is that last look function slows down execution time and causes excessive slippage. From your comments on the fact that in your testing, 1000unit orders where rejected then I would assume that the aggregation system you use does have the last look function.
The rejection rate was based on available counterparties to such small volumes, not because of a last look function.

Quoting Agro
I was close to opening an account with IC markets but read another thread in a different forum that were talking about poor execution, disconnections and very large slippage. IC markets have blamed this on multiple rejections by their LPs using the last look feature as well as ctrader going down often (their aggregation system) and have taken measures to fix the problems which I will have to wait and see about. I currently trade with OANDA (and have an account with lmax but it is too early to comment on their performance) and I am used to market...
Our ECN is full of offers from traders and larger LPs. You are also a participant in the market so your orders are out there for someone to fill. If the offer is there at the price/volume you want, you are filled immediately. Again, we do not have a last look function, nor do we delay or mess with your execution or any other tricks. We are quite proud of our ECN, and if you give it a try you will most likely agree that it is among the best available.

Quoting Agro
ps - metatrader is crap for charting and crap for execution. Please consider other platforms. You mentioned if I 'build my own bridge' I can use a different package. Is this possible for someone with no programming skills?
We are working on our own platform but I can't give you an estimate as to when it is finished. You can interface with our ECN with another platform (or even no platform!) using the FXOpen FDK, but you do need to have some skill as a developer to do it.

Our MT4 with one click trading is just a front end to the ECN. You shouldn't suffer execution delays since all of your orders pass straight through and are not executed in the Metatrader system at all.

I hope that answers your questions to your satisfaction.
  • #138
  • Apr 3, 2013 9:47pm Apr 3, 2013 9:47pm
Quoting entheos
Today, i did open demo ecn account. mt4 connection status is unstable. my internet connection is good. and ohter brokers are good.
Hi Entheos

Our Demo system may experience disconnections or other instability as it is a testing environment. We cannot guarantee it's reliability unlike our live servers which are rock solid.
  • #139
  • Apr 3, 2013 10:24pm Apr 3, 2013 10:24pm
Just now, i did open live ecn account.
Do i need reinstall after remove mt4?
Quoting FXOjafar
Hi Entheos Our Demo system may experience disconnections or other instability as it is a testing environment. We cannot guarantee it's reliability unlike our live servers which are rock solid.
  • #140
  • Apr 3, 2013 10:31pm Apr 3, 2013 10:31pm
I have question for you.
What is avg,ask symbols?
Quoting FXOjafar
Hi Entheos Our Demo system may experience disconnections or other instability as it is a testing environment. We cannot guarantee it's reliability unlike our live servers which are rock solid.
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