On the low entry deposite, ecn accounts (real), I use Trader's way..it works for me. Just remember that not all brokers offer real ecn accounts though they may state it is one..
- #23
- May 2, 2013 2:30pm May 2, 2013 2:30pm
- Joined Jun 2010 | Status: Trader | 3,896 Posts
Make your losses in demo. Earn your profits live.
- #25
- Edited 10:44pm May 2, 2013 9:43pm | Edited 10:44pm
- | Commercial User | Joined Dec 2010 | 1,135 Posts
No longer trading forex. Looking for full time job.
- #32
- Aug 17, 2013 8:21pm Aug 17, 2013 8:21pm
Hi ymleong.
You have a few things wrong about FXOpen AU so let me help you.
5 unit commission each way is for ECN micro accounts from $200-$999 balance. Small accounts like this are really only designed to try out our execution so it is recommended to increase balance to $1000 or more take advantage of STD account commission of 2.5 units each way or VIP commission of 1.8 each way for balances $25k and above.
Actually our commission is fixed (if you have the same balance) based on the USD value of the base currency.
1) 0.01 lots is not possible on an ECN unless your trades are thrown in the b-book. FXOpen AU doesn't have a b-book. We are a pure ECN.
2) Faster than same day?
3) We don't run contests at the moment. We concentrate on just giving you the best trading conditions at the right cost to trade.
4) FXOpen AU is required by law to keep all client funds in an Australian bank. We do offer a SGD bank account and SGD trading accounts so you can use SGD to deposit, trade and withdraw so you avoid conversion fees.
5) FXOpen AU spreads are without markup for all account types unless specified by an IB or Money Manager who must disclose if they take a markup on our normal spreads or commissions.
6) FXOpen AU stop out level is 50% which gives you more leeway and time to rectify the situation. Margin call is at 100% which gives you a warning to do something before stop out.
1) AML law is quite specific on what information we must get from you in order to provide a financial service to you. I know it is a hassle but AML and Know your Client rules are there to protect you from unscrupulous dealers.
All bank deposits need a reference for the simple reason that it's so much easier to get your money deposited into your account if we see that reference in our bank accounts.
Commissions are based on the base currency per pair because Liquidity Providers can also charge us that way.
Our spreads are the same for Micro, STD and VIP. Only the commissions are different.
2) If you need a faster service, choose FXOpen AU as our bank (CBA) transfers to Singapore or Malaysia within a day or two from my experience. FXOpen NZ's bank is in Europe which is why it may take a little longer. Neither company has Malaysian accounts as Forex is generally illegal in Malaysia.
3) Likewise, FXOpen AU concentrates on offering the best service as a broker without unrealistic bonuses or promotions.
You have a few things wrong about FXOpen AU so let me help you.
I have been with FXOPEN, their spreads for eu is abt 0.3-0.5pips and their comms is NOT 2.5 per side rather 5 units of cur / RT. This meant if u are trading GBP, u will get a larger comms coz of the GBP vs USD.
Their comms is not fixed compared to ExcelMarkets which fixed their comms at USD5/RT. Similarly, IC Markets is also fixed USD7/RT (w/o rebates). I choose ExcelMarket, IC Markets over FXOPEN.
Pros:
1) EM, ICM allows 0.01 (or 1000 units) for cur
2) Process wd/deposit faster
3) Both EM and FXopen has loads of fun contests almost every mth, fxopen had more, some needs payment, others are free to join
4) ICM has an option for local banks outside of Aussie, I remitted yesterday to RBS in Singapore, really super and given Singapore's way to getting things done since last year, my deposit will likely sit into my trading acct by Mon evening latest (No time lapse due to global traveling of bank wire needed from Singapore to NY or Aussie...
2) Faster than same day?
3) We don't run contests at the moment. We concentrate on just giving you the best trading conditions at the right cost to trade.
4) FXOpen AU is required by law to keep all client funds in an Australian bank. We do offer a SGD bank account and SGD trading accounts so you can use SGD to deposit, trade and withdraw so you avoid conversion fees.
5) FXOpen AU spreads are without markup for all account types unless specified by an IB or Money Manager who must disclose if they take a markup on our normal spreads or commissions.
6) FXOpen AU stop out level is 50% which gives you more leeway and time to rectify the situation. Margin call is at 100% which gives you a warning to do something before stop out.
Cons:
1) FXOpen has too much security, can make u paranoid, its good to protect trader's acct, but quite a bit of a hassle just to do a wd/deposit. FXopen needs u to quote a specific reference as well during deposit into your bank wire Comms is based on cur unit, which can worked out to be more expensive esp cur like GBP ECN acct lowest lot=0.10 or 10,000 units Can have higher spreads for other acct types (added spreads from std acct for micro) (That is, I remember that FXOPEN state that there is some added spreads for micro accts, the spreads...
All bank deposits need a reference for the simple reason that it's so much easier to get your money deposited into your account if we see that reference in our bank accounts.
Commissions are based on the base currency per pair because Liquidity Providers can also charge us that way.
Our spreads are the same for Micro, STD and VIP. Only the commissions are different.
2) If you need a faster service, choose FXOpen AU as our bank (CBA) transfers to Singapore or Malaysia within a day or two from my experience. FXOpen NZ's bank is in Europe which is why it may take a little longer. Neither company has Malaysian accounts as Forex is generally illegal in Malaysia.
3) Likewise, FXOpen AU concentrates on offering the best service as a broker without unrealistic bonuses or promotions.
- #34
- Aug 18, 2013 2:42am Aug 18, 2013 2:42am
Comms: pls refer http://www.fxopen.com/ECNCommissionCalculation.aspx 5 units of Cur, if you follow the link, the amt is different for different cu).
I am representing FXOpen AU which is a different company with different conditions to FXOpen NZ so when I refer to Micro, it is ECN Micro and not MM micro as FXOpen.com has. Sorry if you were confused.
And I held a ECN acct not MICRO as stated I waited for 2 days even when deposit was made to HSBC in Malaysia, whilst I waited for 48hrs when I deposited with Axitrader whose bank was in NY, Bank of Mellon, NY. So I cant really appreciate that difference?
As for depositing in SGD, I always wanted USD trading accts. I am just stating that ICM allows me to do so. Maybe AU branch offers same day, it was not the same experience for me (NZ branch maybe) Contest is just for fun, I dont get twisted whether a brokerage has it Stopped out at 50% is neither good or bad, if you had trades that already went 50% either u are doing something wrong (maybe shld throw out that EA or strategy) or being overleveraged. I am just stating that with this stopped out level, it would be better to have a good strategy or...
YES, I have PROOF that bank wire was made to HSBC in Malaysia, for FXOpen. You may want to check with NZ branch again. I have attached that proof of a bank wire I made to HSBC, Malaysia whereby the recipient was FXOPEN, take it apart, have fun I think it was miscommunication that you thought I said that there is a Malaysia acct. I mentioned FXOPEN but did not mentioned the branch, that was my fault that gets you confused. No issues, ultimately its abt comfort level from the trader's perspective {image}
I assumed you were talking about FXOpen AU since we have representation on this forum.
Different company. Different conditions. Maybe you would like to try us one day? We would like the opportunity to show how we can support you quickly and professionally as we always strive to do.
- #40
- Edited 9:16pm Oct 16, 2013 1:34am | Edited 9:16pm
- | Commercial User | Joined Dec 2010 | 1,135 Posts
No longer trading forex. Looking for full time job.