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  • #501
  • Aug 19, 2015 3:09am Aug 19, 2015 3:09am
Quoting SlowFlow
{quote} So if its not them, then who would you recommend? The issue i'm constantly having is after i make a bit of profit and withdraw(%profit+deposit), after a while the brokers starts to slip the fill. Even on small order, like 1 lot(100 000k) i will find it like 1 pip away from market. This is not during news, just regular trading. What i'm after is a broker i can use reliably, costly and can take a couple mill (5m) order, without me having to break it into tiny chunks or find it 3pips away.
May be the issue with brokers is your slow connection to server? Where are you located? If you use ECN, internet speed connection is number 1 requirement.
Because all ECNs use market execution and due to slow speed you may miss the quote???????
  • #502
  • Aug 19, 2015 3:23am Aug 19, 2015 3:23am
Quoting M967
{quote} May be the issue with brokers is your slow connection to server? Where are you located? If you use ECN, internet speed connection is number 1 requirement. Because all ECNs use market execution and due to slow speed you may miss the quote???????
I wish it was the connection, unfortunately its not. 1 of my brokers hase been doing this for close to 3 weeks. The funny thing is, with some of the brokers, if i call up and mention the issues, it goes back to normal @market fills. Also i'm using the "reliable" FCA, FSA brokers.


I just wish there was a broker out there that was actually reliable (IB,MBT) that didn't cost a fortune and not levels FXCM "reliable"



Back on PM before i call them, what is view on day trading. I don't do much news spikes trading, mostly trades run for a couple of hours.
  • #503
  • Aug 19, 2015 3:34am Aug 19, 2015 3:34am
Quoting SlowFlow
{quote} I wish it was the connection, unfortunately its not. 1 of my brokers hase been doing this for close to 3 weeks. The funny thing is, with some of the brokers, if i call up and mention the issues, it goes back to normal @market fills. Also i'm using the "reliable" FCA, FSA brokers. I just wish there was a broker out there that was actually reliable (IB,MBT) that didn't cost a fortune and not levels FXCM "reliable" Back on PM before i call them, what is view on day trading. I don't do much news spikes trading, mostly trades run for a couple...
I can't recommend you any broker, sorry, because don't know retail level. What I can say just double your monthly flow and you'll be eligible to speak any PoP and trade conditions.
  • #504
  • Aug 19, 2015 9:50am Aug 19, 2015 9:50am
i have come to note that there are some forex brokers who give ecn accounts with less that 500usd and they have less than a pip spread on majors and ultra low spreads on other currencies.like Octafx.how are they able to achieve this and why cannot my local broker do this also?
  • #505
  • Aug 19, 2015 10:38am Aug 19, 2015 10:38am
Quoting SlowFlow
Wait so if i close the cnx session that trade is gone? Does it close the trade or just loose the reference to it? This seems like a serious design flaw.

To clarify: No - upon restarting the Currenex ECN (web-based Java App), the trades aren't closed, they just no longer appear on the platform. They're still open, meaning I can see the positions/exposure in the back-office system. And to close them, I just need to buy/sell that amount in the other direction (There isn't a Close Position function, like in Viking). It seems like all your trading is intraday, so maybe it wouldn't be an issue for you. But if most of your trades are for a couple of hours (not a couple of minutes), I imagine you'll inevitably end up some day having to restart your PC mid-trade. So I guess, (beforehand) you have to decide if not seeing the position with its PnL in your terminal will bother you.

Quoting M967
Some technical issues may be, that's impossible in real trading.
What I'm describing is not a technical issue, rather the way that Currenex ECN works, at least with the setup I was provided with at VT. And again, its a margin setup, not PoP.

I would never have assumed that to have been the case, but that first time I saw it (or didn't see it, for that matter), I wrote a somewhat panicked email to my account manager, and that was the explanation I received. If you PM me, I'll send you the email that was sent to me.
  • #506
  • Aug 19, 2015 10:47am Aug 19, 2015 10:47am
Quoting SlowFlow
{quote} With CFH, things are going slow. we are discussion the options as i'm not willing to give up my bank statements, anual income+net worth verified documents. Will let you know the outcome.
I'm also going through 'the process'. It sounds like the part you're stuck at, is evidencing that you meet MiFID's EP criteria, right? If that's the case, I don't know why you weren't give the opportunity to just have your accountant (or other relevant party) write a letter confirming that you meet the criteria - they even provided me with a complete template for the letter to use to do just that.
  • #507
  • Edited Aug 20, 2015 4:43am Aug 19, 2015 4:18pm | Edited Aug 20, 2015 4:43am
Quoting oversea
{quote} I'm also going through 'the process'. It sounds like the part you're stuck at, is evidencing that you meet MiFID's EP criteria, right? If that's the case, I don't know why you weren't give the opportunity to just have your accountant (or other relevant party) write a letter confirming that you meet the criteria - they even provided me with a complete template for the letter to use to do just that.
just to clarify, CFH were more then helpful as far as what the info is needed, and the manner in which it needs to be provided. Currently as it stands i have personal reservation and reasons for not involving my accountant in this. If thees were not present, i would have opened an account with them.

it looks like my volume/ account size is way to small to be looking at a PoP. Looks like I will be looking at MBT, not a fan of their commissions,low margin(i like 1%).
  • #508
  • Aug 31, 2015 8:48am Aug 31, 2015 8:48am
Quoting SlowFlow
Looks like I will be looking at MBT, not a fan of their commissions,low margin(i like 1%).
Does MBT have a UK operation anymore? Or is everything out of the US?
  • #509
  • Sep 1, 2015 4:06am Sep 1, 2015 4:06am
Another two Prime of Prime are CapMar Financial and Lumiere Securities
  • #510
  • Sep 1, 2015 10:33am Sep 1, 2015 10:33am
Quoting ericnyamu
i have come to note that there are some forex brokers who give ecn accounts with less that 500usd and they have less than a pip spread on majors and ultra low spreads on other currencies.like Octafx.how are they able to achieve this and why cannot my local broker do this also?
Many brokers in the retail space are getting spreads of 0.1/0.2 from their own Prime Broker. Adding 0.5/0.6 markup allows them to offer these type of accounts.Your local brokers spreads will depend purely on the pricing they receive, the commissions they are paying their PB and how much they are looking to earn from their own markup.
  • #511
  • Sep 1, 2015 12:32pm Sep 1, 2015 12:32pm
Quoting insideman
{quote} Many brokers in the retail space are getting spreads of 0.1/0.2 from their own Prime Broker. Adding 0.5/0.6 markup allows them to offer these type of accounts.Your local brokers spreads will depend purely on the pricing they receive, the commissions they are paying their PB and how much they are looking to earn from their own markup.
Interesting. What Comes to my mind in that regard is, with that setup, the retailer is at a big disadvantage. From a mathematical perspective, it is a big difference for the retailer if he gets a spread of 0.1/0.2 or 0.7/0.8. The higher the spread, the less likely he/she will make money over a long period of time.

It's like a retailer is buying a car that is driving 250mph. The Car Salesman give him the keys to the new car and says "hey, here is your new car, but we have limited it to 70mph."

So even if the retailer wants to drive really fast, he can't becuase his speed is limited anyway. That's a Problem i see for most retailers: Even if the retailer wants to make a lot of money, he does not have the correct tools to do so because he is intended to lose money, not make money.
Forex is a losers game.
  • #512
  • Sep 1, 2015 1:07pm Sep 1, 2015 1:07pm
Quoting trader121
{quote} Interesting. What Comes to my mind in that regard is, with that setup, the retailer is at a big disadvantage. From a mathematical perspective, it is a big difference for the retailer if he gets a spread of 0.1/0.2 or 0.7/0.8.
There are pros and cons on both sides. You can still make decent money with 0.7 or 0.8, hell there are people scalping GBP/USD (which isn't exactly a low-spread pair) and they make money. If you have a bigger volume it's probably a good idea to switch over to some more institutional broker and look out for a good commission deal. In the end it's a very common business problem: you need to buy high volume to get better prices.
I guess more important than the spread is the taxation, the taxman usually takes a bigger share than the broker, at least if most of your trades are winners.
  • #513
  • Sep 21, 2015 10:32am Sep 21, 2015 10:32am
Quoting trader121
{quote} Interesting. What Comes to my mind in that regard is, with that setup, the retailer is at a big disadvantage. From a mathematical perspective, it is a big difference for the retailer if he gets a spread of 0.1/0.2 or 0.7/0.8. The higher the spread, the less likely he/she will make money over a long period of time. It's like a retailer is buying a car that is driving 250mph. The Car Salesman give him the keys to the new car and says "hey, here is your new car, but we have limited it to 70mph." So even if the retailer wants to drive really...
Both of the above comments are very true, unfortunately it is very much a case of size matters!! The larger the broker, the more money on hand to deposit with a PB and this the better the liquidity they will receive. Smaller brokers get a raw deal as they must increase spreads in order to afford the PB costs.

A lot of this all comes down to the type of Broker you are really looking to trade with, often you will find retail brokers offering ECN execution with spreads of 0.2 and no commissions, a model that is simply not sustainable so there is a high possibility that your trades are being internalized and the broker is actually operating as a Market Maker instead of sending your trades to the market.

Traders with larger volumes can go down the institutional route and there are some good Brokers out there to cater to those with larger volumes and deposits.
  • #514
  • Sep 29, 2015 4:03pm Sep 29, 2015 4:03pm
Quoting insideman
{quote} Both of the above comments are very true, unfortunately it is very much a case of size matters!! The larger the broker, the more money on hand to deposit with a PB and this the better the liquidity they will receive. Smaller brokers get a raw deal as they must increase spreads in order to afford the PB costs. A lot of this all comes down to the type of Broker you are really looking to trade with, often you will find retail brokers offering ECN execution with spreads of 0.2 and no commissions, a model that is simply not sustainable so there...
  • #515
  • Dec 5, 2015 6:34am Dec 5, 2015 6:34am
Inserted Video


For those who are interested
  • #516
  • Dec 5, 2015 10:46am Dec 5, 2015 10:46am
Thanks, very interesting.
  • #517
  • Dec 6, 2015 1:44pm Dec 6, 2015 1:44pm
Quoting plotinus82
https://www.youtube.com/watch?v=O1-prcTpFwM For those who are interested
Yup
The landscape is shifting.
Lets see what happens to the smaller brokers in 12 months
  • #518
  • Dec 18, 2015 6:51pm Dec 18, 2015 6:51pm
Hi all

Just thought it would be a good idea to make a list of prime of prime brokers out there

1. Axi Trader
2. FIXI = Axi Trader nowadays
3. Velocity trade / price markets
4. CapMar Markets
5. Gain Capital but only limited to Gain GTX no more hotspot and Currenex
6. EVFX
7. Baxter FX

Am I missing anyone?
  • #519
  • Dec 18, 2015 9:17pm Dec 18, 2015 9:17pm
Quoting plotinus82
Hi all Just thought it would be a good idea to make a list of prime of prime brokers out there 1. Axi Trader 2. FIXI = Axi Trader nowadays 3. Velocity trade / price markets 4. CapMar Markets 5. Gain Capital but only limited to Gain GTX no more hotspot and Currenex 6. EVFX 7. Baxter FX Am I missing anyone?
I don't think Axi is PoP actually
Shit Happens
  • #520
  • Dec 19, 2015 4:09am Dec 19, 2015 4:09am
Quoting act333
{quote} I don't think Axi is PoP actually
If you do some research, it does.
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