Can brokers see your trades?

Can brokers like FX solutions see when you are trading and how much money is in your account at any particular time? Thanks!

Any broker that has a dealing desk can.
http://nondealingdesk.blogspot.com/2...kers-with.html

Thanks for the link, it's informative. Does anyone know is FX solutions has a dealing desk?

Hello Big Bippen, For your information. Effectively, FX Sol is a retail broker and they do have a dealing desk. They do see what kind of trades you make, what is your current balance and so on.

When you make more money, it is better to go with an ECN or non-retail broker where there is no dealing desk. So nobody will go and trade against you as is the practice of a lot of retail brokers

Hope this help

Shreem

Thanks Shreem! Wow, that's crazy that brokers will do that, but then again, it's always about the money. What broker would you recommend that doesn't have a dealing desk?

hi shreem can you explain about ECN / non-retail broker ? is FXCM have dealing desk ?

I suggest you go through the forum and do a search on this. There are number posts which outline this issue. Also, there are quite a few posts where members have shared their experiences (good and bad both). Homer

Yes FXCM has a dealing desk. Oanda does not. Oanda has micro pips. Helps with trade management. But compared to others their charting is very basic.

Lou

hi lou, how do you know that FXCM has dealing desk but oanda doesn't ? and what other broker that doesn't have dealing desk

Thanks

Yes, an ECN broker is the way to go for larger accounts.

What's an ECN?

Electronic Currency Network. They have a direct link to the interbank feed and do not have a dealing desk and have low spreads, but often charge a commission and have lower leverage and larger balance requirements..

Oh, I see, thanks Scott. Will you recommend some brokers that meet this ECN for me to check out? Thanks.

I do not use a ECN, so I am not qualified to recommend one. But I am sure others will read this and have had experience with them and will list some...

Thanks Scott

A level II broker does not play against you. Right now I am checking out EFX Group. They are one of the largest, however the trading platform is a bit difficult to learn but in the long run well worth the effort.

According to this Blogspot link so kindly provided by Johndoe, the Non-Dealing desk trader, EFX DOES have a dealing desk.


Also, interestingly, a poster named Moonchild in the thread Dealing Desk Vs. Non Dealing Desk, stated that MB Trading has no dealing desk stated by a manager of MB trading and yet, on this same blog MB trading is also listed as having a dealing desk.

I thought I found the motherlode of brokers in DBFX last week. It's a division of Deutsche Bank. And they are also listed as having a dealing desk. But they still crush all when it comes to security of funds. I'd rather have my money here than anywhere else.

So now, after reading this blog, I only know of 2 non-dealing desk brokers/ECN'S. Coesfx and Propfx.

I'm starting to think it's actually not that important to require non-dealing desk. To me what's important is proper representation of the market, execution and security of funds. I guess they know who to trade against and who not to. If your a losing trader using high leverage, they trade against you. If your a winning trader using low or high leverage, they hedge your trade automatically in the real interbank market and don't trade against you.

I think this thread and the Dealing Deask vs. Non Dealing desk should get merged.

Lou

Oanda does have a dealing desk.
Here is a list of brokers with dealing desks. ( Source:www.nondealingdesk.blogspot.com/ )

Cobra.

( Source:www.nondealingdesk.blogspot.com/ )
Instead of providing readers with a the names of non-dealing desk brokers, I’ve decided to post the names of those known to operate a dealing desk.. It’s certainly not a complete listing, but that’s where I’m counting on my readers for a little assistance.

If you know of a broker or their shills (introducing brokers) offering commission free trading, fixed spreads, single quotes per currency pair, mini and micro-mini accounts, not listed here let me know. After I’ve had a chance to confirm that they are operating a dealing desk broker or referring traders to one I’ll add them to the list. I will not be responding to individual emails addressing this issue other than to acknowledge the fact that I received it.

1st Direct Futures (IB)
1 World Forex
4XDirect
4XFindMe (IB)
ACM (Alternative Capital Management)
AC Markets
Admiral Investments & Securities
Advanced Currency Markets SA
Advanced Markets, Inc.
AFXI
AKForex
Akmos Trade
AlaronFx
Alpari
Amifx
ANCO Fx
Apex Forex
Castle FX
CBFX
CFOS/FX
Charter FX
CMC Markets
CMS Forex (Capital Market Services)
Compass FX
Currency Connect Trading
dbFX
Deal4Free (CMC Markets)
Delta Stock
DIF Broker
Direct Forex
Easy-Forex
ECN Broker
EFX Group
Enet Speculation
Express Trade
FEXCA
Fibogroup
Fibogroup Canada
Finotec Group
Forex.com (Gain Capital)
Fx Dealer Direct
Forexhsi
Fox Forex
Frieberg Direct
FxActive
FxAdvantage
FXCH
FXCM (Forex Capital Markets)
FXDD
Fx Euro Club
FxInternational Group
FXITG (Forex International Trading Group)
FXINTL
FxInvest Online
FxShell
Fx Solutions
FxStreet (IB)
Fx Trading
FxUniversal
Gain Capital Group (Forex.com)
GCI Capital
GCI Financial
GFT
GFXFOREX
GFX
Global Bank FX
Global Forex Market
Global Forex Trading
Goldberg Forex Group
GTL Trading
High Steet Networking
IFC Markets
IFX Markets
IG Markets
Interactive Brokers
InterbankFX
InterBank Group
Itg Forex
Kerford Investments
Marketiva
MDI Corp
MetexInvest (FXCM IB)
MG Financial Group
MBTrading
Mfgfx
MIGFX
Millenium Penta Futures
Money Forex Financial
Neuimex
North Finance
Oanda
One World Capital Group
One World Forex
Phi Capital Management
Pip Forex
Premier Investment
Premier Trade Forex
ProEdgeFx (IB)
Pro-Forex
QuestTradeFx
RCG Fx Trader
RealTime Forex
RealTrade
RefcoFx (Bankrupt)
RJO Fx
Saxobank
Soco Finance
Speed Forex
Spencer Financial
STS Finance
SwissForex
TimesForex
Traders Exchange
Trade Freedom
Trade Monster
TradeStation Securities
Trading Intl
True Forex
Velocity4x
WestCapFx
Windsor Brokers
XpresstradeFX
Zaner (IB)

Seems to me, people need to read the fine print of disclosure documents. On supposed ecn "broker" states in theirs even though they are an ecn model they still are the counter-party to many transactions, taking the other side of YOUR trade.

This is a fact of life whether you want to believe it or not, yes even true brokers trade againist their customers. While working on the equities side, the broker I worked for often sold stock from their own account. This was perfectly legal and accepted, at least in the eighties.

Some one has to be the counter-party, what do any of you care who that is? If you are not getting burned on the spread costs (and you can track this if you are willing to put in the effort).

I have traded on the currenx platform, fxall, through my personal bank(yeah try that one, people, when two customers will get different quotes based on account size, length of relationship, and who you know at the dealing desk), and through all others in between. If you are going to be successful, you will adapt to the situation. Your choice of broker will have little bearing your your overall success.

It does not matter if you are trading spot or the futures(those who taught this as the way to go make me laugh), just know the risks of doing business within the context of your particular situation.

It doesn't matter whether you use a broker or ECN - they will all be able to see your trades. In fact, not only can they see your trades, they can mine your account history and look at your trading patterns and tendancies. Not that they do this now, but, it would be very easy to do using data mining techniques. In fact, a broker could learn more about your trading behavior and tendancies from this type of analysis than you could know yourself.

Here is a reply from Oanda regarding my question to them if thay have a dealing desk.
Ticket Number: HD309172
Short Description: When you were offline (via LivePerson)

Hello,

Thank you for your interest in FXTrade.

OANDA does not have a dealing desk. By incorporating patented market-making and risk management technologies, OANDA is able to offer you the most innovative and revolutionary online FX trading platform in the market today. Everything is 100% automated - from market-making through trade execution.

Please do not hesitate to contact us if you require further information.

Kind Regards,

OANDA FXTrade Team (IV)
http</SPAN>://fxtrade.oanda.com/fxtrade.oanda.com/