Suitable ECN Broker for 1million+ Account Size | Forex Factory

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Suitable ECN Broker for 1million+ Account Size

  • #1
  • First Post: Sep 19, 2014 11:29pm Sep 19, 2014 11:29pm
Hi Everyone,

Interested in hearing from people who have experience with FX accounts in the $1,000,000+ range. I am looking for a new brokerage who can fill my orders a lot faster then my current broker is. My entries are market orders, my exits are limit orders. Spread and commission do not matter to me, I am looking for quality company that is trading in huge volumes. I am not willing to disclose my current account balance, trading strategy or brokerage in this thread. I am looking for new options to expand my account further.

I would love to see a list of potential brokerages(preferably that support MT4) that can handle this volume of money without order delays. I am experiencing partial fills when I exit(limit orders) my trades, as well as my market orders are taking up to 20 seconds to execute when I enter.

Any links or advice would be greatly appreciated, and I will investigate thoroughly.
  • #2
  • Sep 20, 2014 3:16am Sep 20, 2014 3:16am
Hi Chris

There are three things to consider: Brokerages, Exchanges, and Banks.

Not let's start of with the brokerage. The brokerage is just the link between you and the exchange, so the brokerage does not provide you with any liquidity, the exchange does.

So basically, the question is not "which is the right brokerage for me", but the question is "Which is the right Exchange for me".

You need to find out which exchange is the right one for you. If one exchange is not enough, there is the possiblity to aggregate multiple exchanges together.

Another possibility, which i would do and recommend in your case is to establish a relationship with a Bank like Morgan Stanley, UBS, Barclays etc. You get two additional Advantages here: 1st, you get better Prices that on the exchanges. 2nd, most banks these days are internalizing. So there is big liquidity available within a bank.

Personally I would go with Deutsche Bank FX Autobahn. However there are plenty of others
Forex is a losers game.
  • #3
  • Sep 20, 2014 2:59pm Sep 20, 2014 2:59pm
my broker does not work with accounts smaller then $10mio
doesnt fit you.....
My Best Trade is Next Trade!
  • #4
  • Sep 20, 2014 3:13pm Sep 20, 2014 3:13pm
Thanks trader121, I will take a look at Deutsche Bank FX Autobahn.
  • #5
  • Sep 20, 2014 3:19pm Sep 20, 2014 3:19pm
Take care buddy, in today's world where even futures account holders who's brokers are required to mark to market everyday, maintain separate segregated accounts and what not have lost their money.
  • #6
  • Sep 20, 2014 4:39pm Sep 20, 2014 4:39pm
Quoting fugly
Take care buddy, in today's world where even futures account holders who's brokers are required to mark to market everyday, maintain separate segregated accounts and what not have lost their money.
My accounts are already segregated. I am more interested in hearing about what my options are. If you have any suggestions, please add to the conversation.
  • #7
  • Sep 20, 2014 6:29pm Sep 20, 2014 6:29pm
Quoting trader121
Hi Chris There are three things to consider: Brokerages, Exchanges, and Banks. Not let's start of with the brokerage. The brokerage is just the link between you and the exchange, so the brokerage does not provide you with any liquidity, the exchange does. So basically, the question is not "which is the right brokerage for me", but the question is "Which is the right Exchange for me". You need to find out which exchange is the right one for you. If one exchange is not enough, there is the possiblity to aggregate multiple exchanges together. Another...

1mil probably isn't enough to open with any tier 1 bank. At my shop, it wouldn't be sufficient, normally needs to be 10-20mil before being considered. Tho depends on whether you want the full prime brokerage package.

But if you do go down a route with a bank, I wouldn't recommend DB autobahn, for someone who wants to use MT4, you're going to be confused using an interbank platform, for example, how do you want to enter the trade? With citi you have different execution methods like Dagger-8 or dagger-7, BNPP have execution methods named after weird reptilian animals, like iguana etc.

Simplest bank platform I've used is JPM. Tho, I really doubt 1mil would be enough.

Finally, you'd be surprised on the pricing, having a relationship with one bank really doesn't offer great pricing (ask if you want further details on this), but basically, to get good interbank spreads you need a PB, then a "line" to all the other banks/ECNs so you can sweep BB/BOs from around the market.

TL;DR - don't go with a bank.
  • #8
  • Sep 21, 2014 2:23am Sep 21, 2014 2:23am
Thanks Aws1962, by the sound of it you have worked or work on a dealing desk team? Are you suggesting I avoid Banks till the 10mil~ range? If so, if you could suggest a couple of leads for me for the 1mil to 10mil range I would greatly appreciate it. I do have a fulltime developer working for me who can bridge MT4 into almost any platform so I do have a little bit of flexibility there.

Thanks for your input.
  • #9
  • Sep 21, 2014 6:51am Sep 21, 2014 6:51am
Quoting chrisbelcher
Thanks Aws1962, by the sound of it you have worked or work on a dealing desk team? Are you suggesting I avoid Banks till the 10mil~ range? If so, if you could suggest a couple of leads for me for the 1mil to 10mil range I would greatly appreciate it. I do have a fulltime developer working for me who can bridge MT4 into almost any platform so I do have a little bit of flexibility there. Thanks for your input.
I am not Sales and trading for FX, I was a market maker in interest rate swaps a few years ago tho. But, now I am an FX strategist.

My personal recommendation (as no bank would accept you yet) would to look to BBGs ECN (tradebook). It is very good, and last time I checked there is virtually no requirement to trade with them.

(also, I think it would be very difficult to bridge bank platforms to MT4, it would take many many hours and cost a fuck-ton)
  • #10
  • Sep 21, 2014 2:16pm Sep 21, 2014 2:16pm
Quoting chrisbelcher
Hi Everyone, Interested in hearing from people who have experience with FX accounts in the $1,000,000+ range. I am looking for a new brokerage who can fill my orders a lot faster then my current broker is. My entries are market orders, my exits are limit orders. Spread and commission do not matter to me, I am looking for quality company that is trading in huge volumes. I am not willing to disclose my current account balance, trading strategy or brokerage in this thread. I am looking for new options to expand my account further. I would love to see...

so you are having a problem investing $1,000,000. lol . i would love to have that problem any time of the day
  • #11
  • Sep 22, 2014 1:17am Sep 22, 2014 1:17am
Quoting ericnyamu
{quote} so you are having a problem investing $1,000,000. lol . i would love to have that problem any time of the day
Mo Money, Mo Problems!
Forex is a losers game.
  • #12
  • Sep 22, 2014 7:16am Sep 22, 2014 7:16am
Quoting chrisbelcher
Hi Everyone, Interested in hearing from people who have experience with FX accounts in the $1,000,000+ range. I am looking for a new brokerage who can fill my orders a lot faster then my current broker is. My entries are market orders, my exits are limit orders. Spread and commission do not matter to me, I am looking for quality company that is trading in huge volumes. I am not willing to disclose my current account balance, trading strategy or brokerage in this thread. I am looking for new options to expand my account further. I would love to see...
if you have to ask this question on a forum i suggest you stop trading now :nerd:
  • #13
  • Sep 22, 2014 8:07am Sep 22, 2014 8:07am
Quoting PoundTrader
{quote}if you have to ask this question on a forum i suggest you stop trading now :nerd:
Spot On
  • #14
  • Sep 22, 2014 8:50am Sep 22, 2014 8:50am
Quoting fugly
{quote} Spot On
but just incase he's serious witch i doubt here's a starting list

https://www.jpmorgan.com/mdapi/08BSI..._MD_intro.html

http://www.admd.com/

https://www.intlfcstone.com/

http://vcapfx.com/

http://www.gaingtx.com/overview.shtml

http://www.tradestation.com/products...forex-services
  • #15
  • Sep 22, 2014 4:00pm Sep 22, 2014 4:00pm
Thanks everyone for the suggestions/links. I will continue my investigation with this knowledge.
  • #16
  • Sep 22, 2014 9:17pm Sep 22, 2014 9:17pm
Brokers give you access to the market which includes hedge funds,banks, HNW's access.
Single bank platforms dont.

What you require is a broker that gives you access directly to wholesale platforms like EBS,HOTSPOTFX,INTEGRAL,CURRENEX.

This access is called prime of prime ie using the brokers prime broker to execute your trades on these platforms.
PM me if you would like me disclose a broker as im not in the business to promote on here.
  • #17
  • Sep 22, 2014 10:48pm Sep 22, 2014 10:48pm
Quoting PoundTrader
{quote}but just incase he's serious witch i doubt here's a starting list https://www.jpmorgan.com/mdapi/08BSI..._MD_intro.html http://www.admd.com/ https://www.intlfcstone.com/ http://vcapfx.com/ http://www.gaingtx.com/overview.shtml http://www.tradestation.com/products...forex-services
http://www.newedge.com/content/newedgecom/en/home.html you need about 10 million just to get there attention
  • #18
  • Sep 23, 2014 6:20pm Sep 23, 2014 6:20pm
As others have commented on here, it's not so much the broker itself which is of paramount importance, but the ECN and liquidity provider(s) behind it. In my time I've been with over 50 different brokers, ranging from bucketshops up to the high end institutionals. The old cliche about them all having pros and cons certainly runs true. However, in the past year I opened an account with www.atom8.com, which is a fairly new broker from London and over all they are the best I've ever dealt with in terms of execution. I believe their main LP is Dukascopy, but they may have some others as well.

It should be noted that I've never used their MT4 platform, so can't say if it's as good or not and to be perfectly honest I'm surprised that if you are considering trading an account in the region of the amount stated in your initial enquiry that you'd bother wasting your time with MT4 at all. It's got pretty charts but not a whole lot else going for it as far as I'm concerned. Of course I could be wrong and if I were you I'd give the Atom8 guys a ring to discuss your needs.

Hope you find what you're looking for.

Ian
  • #19
  • Sep 26, 2014 3:20pm Sep 26, 2014 3:20pm
Ian K. Thank you so much. I just had a wonderful chat with David last night regarding my teams needs, and what a breath of fresh air he is in this saturated market of toxic brokerages. If only I could find a brokerage like this in the US!
  • #20
  • Sep 26, 2014 6:28pm Sep 26, 2014 6:28pm
this whole thread has been a joke http://www.easyfreesmileys.com/smileys/lol-046.gif http://www.easyfreesmileys.com/smileys/lol-047.gif
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