CoesFX - MT4 - Mini Accounts

I wanted to bump this thread to post some updated info about COESFx and their mini account platform.

I talked with another guy over there named Joseph. I asked him about this COESFx-meta trader 4 thing, and he gave me the skinny on what's going down with them...

COESFx DOES trade minis, BUT, they are on a fixed spread platform because they can't guarantee liquidity due to the size of the lots. Apparently, when trading with banks, the minimum size lot is absolutely 100K units. Hence the reason why it's called "standard". With these platforms, orders have to be "pooled" together to make a standard lot, and thus the MINI platform remains on a fixed spread (so multiple traders can be pooled together to make a standard lot).

Their mini-spreads aren't that awesome, really...but it's probably why they don't really push it...they want real traders (and introducing brokers) trading larger volume. That's really who they cater too.

So...just FYI with the mini thing...

Great company though...they're excellent about doing call backs and walking through demos...I'll keep you guys posted, but I'm excited about these guys.

Good deal. Thanks for the info MM...

So I guess they are open to the public.
Will give them a call first thing Monday.

Thank you for applying for a live trading account on StrategyBuilderFX MT4 trading platform, you have chosen “CoesFX Clearing Inc” www.coesfx.com
as your designated clearing firm.

COESfx is a pure ECN giving buyers and sellers of Foreign Currency access to the best Bid/Ask prices. Traders can buy and sell within the Bid and Ask prices in effect, making them a market maker. COESfx does not run a trading desk, which can be utilized to trade against the End User.

CoesFX Contact
Institutional Sales Manager
Gilbert Beovides
(954) 861-6360
[email protected]


Spreads” Typically 1-2 for all pairs


Minimum Account: Regular: $5,000 Mini $250

To ensure the timely opening of your account, please download applicable account application here;

Individual accounts:

Full: http://www.strategybuilderfx.com/pdf...idual-SBFX.pdf

Mini: http://www.strategybuilderfx.com/pdf...idual-SBFX.pdf

Joint: http://www.strategybuilderfx.com/pdf/Joint-SBFX.pdf


Corporate accounts:

Full: http://www.strategybuilderfx.com/pdf/Corporate-SBFX.pdf

Mini: http://www.strategybuilderfx.com/pdf...orate-SBFX.pdf


Trust Accounts:

Full: http://www.strategybuilderfx.com/pdf/Trust-SBFX.pdf

Mini: http://www.strategybuilderfx.com/pdf...Trust-SBFX.pdf



Please read through account application carefully. Complete the signature page and either fax to 1. 914 821-9000 or scan and email to [email protected]

A representative will contact you via e-mail or telephone to inform you of your account application status.

After your account has been approved and opened we will send you the bank information for your initial deposit.

If you need any further assistance, please do not hesitate to contact us.


Kind Regards and Happy Trading

StrategyBuilderFX Support
[email protected]
954 456 2685 Phone
914 821-9000 Fax

Isnt CoseFX is the one who scammed Stockwet in that Stop Hunting thread?

Here is the post revealing the broker...
http://www.forexfactory.com/forexfor...&postcount=142


Not COESfx..

thanks Scott

Thanks for the link. Apologise for any confusion to anyone.

Folks,

A couple of things to be aware of on this (and warned about). (And, given the cynical view of most traders on the forum, you're welcome to go corroborate this information yourself.)

CoesFX does not do clearing for MINI accounts. They've established a relationship with another broker in order to do the clearing. For those who understand how the interbank market works, you'll readily see why this is the case. CoesFX normally charges a commission for order processing. This is the only money they make off a transaction. Customers of CoesFX must normally trade a minimum of single lots. Why? Because a single lot is the standard unit in the interbank market. Banks don't actually recognize mini orders. Any broker who offers mini orders MUST actually have a dealing desk in order to aggregate the orders into standard lot sizes before sending them to the interbank market. CoesFX was unwilling to change their business model, thinking that it would compromise the integretity of their true STP, anonymous model.

CoesFX established a relationship with a firm called CFGTrader to do the clearing on it's MT4 accounts. You'll recognize that the name of this broker is the name of the SAME broker that executed that text book stop hunt referred to previously. How did I find this out? Well, it turns out that the guys at CFGTrader I had been working with (the COO) is Steve Janjic. Read Steve Janjic's bio at cfgtrader.com and you'll see that he came from CoesFX. I asked the guys at CoesFX about him and that's where they told me that CoesFX has a reciprocal relationship with CFGTrader. CFGTrader clears their minis with their dealing desk and CoesFX provides the access to the interbank market.

Here's the good news, though. For standard (not mini) CoesFX accounts, the CoesFX CEO insisted that CFGTrader have no part in those transactions as it messes up their (CoesFX) business model. Next week I have a conference call with CoesFX which will include their institutional sales manager leading the effort on the MT4 project. Naturally, I told them I was concerned about CFGTrader's role in all of this and they promised to meet with me and explain exactly how everything works in the relationship and have also promised to provide a written guarantee that CFGTrader will not have any ability or right to do anything with my standard orders except to pass them through directly to CoesFX. They seemed pretty adamant about this being a fundamental aspect of their CFGTrader relationship.

Spreads, for the moment, are fixed. I'm not sure they've figured out entirely how to have a variable rate plus commission using MetaTrader as this is their first integration effort. That may change in the future.

If anyone would like to corroborate this information, feel free to call Joe Pulaski at CoesFX. I've had him jump through a lot of hoops to get me this information and he's been able to have a lot of conversations with a number of people at CoesFX to be able to get back to me on my questions. Tell him Taylor sent you to him to find out the skinny on the MT4 integration.

Regards,

stockwet

Let's let the numbers speak for themselves.

Out of all the ECN model brokers INTERACTIVE BROKERS really take the lead by the net capital.

Check it out.

http://cftc.gov/files/tm/fcm/tmfcmdata0604.pdf


Best of trading
-Alex

I spoke w / a support person at COESfx (Scott) 2 weeks ago and I asked him about the minis. He mentioned straight up that one would be trading against a dealing desk. No mention of the actual clearing house but I have no reason to doubt the above mentioned. The standard acct is an ECN, not the mini.

I have been watching amd comparing coes' pricing with Oanda's, which I had previously decided like you, Mr. Trend, was the best. But Coes is better.

After you watch, compare and see for yourself the only thing left in the decision is if you trade big enough to compensate for the commission. But actually I think thier pricing is good enough to overcome even that, and if the mini account info is true, then oandas gonna have a fierce competitor, and be very good for big and small traders.

Has anyone opened a mini account with coes? Just curious as to how things went. I'm conisdering opening an account with them but I would like some feedback from people actually using their accounts.



Thanks in advance!

if anyone knows the answers to any of these questions, please post. thx!

for standard lot size accounts:

1) does CoesFX offer 100:1 leverage? for MT4? and what about their regular platform?

2) do they pay swap or just deduct swap? In the MT4 client demo swap would only be debited, never credited (e.g. you pay swap on long eurusd but don't receive any for short eurusd)

3) can accounts be opened with bank gurantees if they are large enough?

I tried using their email contact form a couple of times but never had any response.

Plus I don't know how to get rid of the daily account summary emails that this MT4 CoesFX Direct client keeps sending me. Anyone know how to do this?