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My MT4 broker experiences

  • #1
  • First Post: Aug 28, 2006 8:43pm Aug 28, 2006 8:43pm
I am currently comparing several MT4 based brokers:
NorthFinance (Live)
Interbank FX (demo)
StrategyBuilder FX aka SBFX (demo)
and SpotTrader (demo - courtesy of Stockwet)

Both SBFX and SpotTrader are from the same company though using different clearing houses. My experience is rather marginal. I notice the price spikes suggesting that they have some problem with their price data.

NorthFinance sometimes freezes the price update. Thus making it difficult to place orders as the price would have jumped several pips away already. The price however is very stable and true compared with other main line brokers. So I guess it is very safe and accurate to use their charts for whatever purposes one may so choose.

I dont have much extensive demoing with InterbankFX; I heard that they are not the better broker to trade with so I left it almost untouched.

I am still looking for a better MT4 based broker - one that I can trade news with.
  • #2
  • Aug 28, 2006 9:50pm Aug 28, 2006 9:50pm
Hi BK and others,

There are quite a few threads here at FF cautioning folks against looking at a broker's demo platform. I won't go through all the arguments that have already been postulated, but, will go through a couple.

1. Demo execution is always going to be different than live execution. On a demo, every order gets executed all the time, unless there's some sort of issue with the connection or the server. In live trading, there has to always be a counterparty, whether that's a bank or your broker. You may experience slippage and other issues.

2. Brokers spend the bulk of their time, money, and hardware on their live servers. Yet, their demo servers are almost universally taxed the most (they will always have more prospects than customers.) As a result, demo feeds can go down frequently. It's erroneous to assume that because a broker's demo is bad, their live system must be bad, too.

3. The price feed for the demo server may not be the same as the live server. This is especially true for brokers who actually are connected to multiple banks and market makers on the back end. Rather than spend the money, effort, and hardware, including all the algorithm work, to get a demo feed looking just like the live feed, they often opt to use either a simulated feed or a feed from just one of their sources. In fact, if the demo feed is identical to the live feed, you can probably bet that any promises from the broker that you're trading with 10 different backend banks is not quite accurate.

In the cases mentioned below, I'll mention the ones I have direct experience with. IBFX widens their spread considerably prior to news announcements on the live feed. I doubt this shows up at all on their demo feed - maybe a little, but not as much as on live. SBFX and SpotTrader are actually not identical. SpotTrader, if the demo was from me, is a direct, inhouse integration with MetaTrader by CoesFX. SBFX does not have a demo of the full CoesFX platform, only the CoesFX trading desk partner CFGTrader (I asked SBFX this directly. Apparently, it was too challenging for them to be able to get a demo feed for the full CoesFX platform because of the volume of pricing flowing through their platform. See number 3 above.)

There are a number of spikes on the demo feed for SpotTrader, but, I've told people that up front. The live feed has been perfect for me and I'm happy to send anyone screenshots to show the difference. I've also had really exceptional execution. (Send me an email - stockwet@g m a il.com. I might be able to get you the server file for the live server and then at least you can see the live feed. I'll test it on my machine.)

I've had experience with FXDD live, and will never trade with them again. Hopefully, we'll have more support for MT4 in the future and really put the competitive pressures on.

Regards,

stockwet

Quoting BurgerKing
I am currently comparing several MT4 based brokers:
NorthFinance (Live)
Interbank FX (demo)
StrategyBuilder FX aka SBFX (demo)
and SpotTrader (demo - courtesy of Stockwet)

Both SBFX and SpotTrader are from the same company though using different clearing houses. My experience is rather marginal. I notice the price spikes suggesting that they have some problem with their price data.

NorthFinance sometimes freezes the price update. Thus making it difficult to place orders as the price would have jumped several pips away already. The price however is very stable and true compared with other main line brokers. So I guess it is very safe and accurate to use their charts for whatever purposes one may so choose.

I dont have much extensive demoing with InterbankFX; I heard that they are not the better broker to trade with so I left it almost untouched.

I am still looking for a better MT4 based broker - one that I can trade news with.
  • #3
  • Aug 28, 2006 10:11pm Aug 28, 2006 10:11pm
Great post, and great reply Stockwet...

I actually logged into FF to ask about MT4 brokers. Can you explain the diffrence between the two COESfx platforms?

I have demo traded for about 2 years on Forex.com and have done exceptionally well before I came accross the MT4 trade station with an interbankfx demo... again doing well with forward testing on the Sidus/Bago/Vegas methods.

Do the variance in pricing data severely cripple a traders ability to accurately interpret the charts, or are they minimal? And do they also interfere with fair trading?

Thanks for all your help,

Aaron
  • #4
  • Aug 28, 2006 10:24pm Aug 28, 2006 10:24pm
Aaron,

There are 4 options for using CoesFX out there on the market right now. So, it gets a little confusing.

1. The original CoesFX platform. You get this by going directly to CoesFX. It's their legacy platform, no charts, kind of difficult to trade on once you've traded with MT4.
2. Full CoesFX through SBFX. The guys at StrategyBuilderFX setup their own MetaTrader server and plugged into the CoesFX platform feed using a set of API's. Traders sign up with CoesFX through SBFX. The MT server is SBFX, but the feed and execution goes through the CoesFX system.
3. Mini CoesFX. CoesFX's business model is such that they are providing pass-through processing to the interbank market. Anyone who wants to offer minis must have a dealing desk because the Interbank market does not accept contracts smaller than $100k. CoesFX has a relationship with CFGTrader to provide this dealing desk. So, if you're on the CoesFX minis, either through SBFX or "directly" from CoesFX, you are only trading on the full, multi-partner trading platform after your trade goes through the CFGTrader dealing desk.
4. CoesFX finally woke up and realized what a hit MetaTrader is. So, they recently (within the last month or so) purchased a license to MT and got a server up and running. I've been privy to that for sometime, helping to test out the demo system. I've now been up on their live system for a week or so with good results. I preferred to go directly with CoesFX and bypass all the other middlemen.

Can you explain your last question a bit more? What are you referring to regarding the variance in pricing data? Are you worried about spread widening and how they impact charts? Or, are you wondering about the price differences between a demo and live feed?

stockwet

Quoting GrnEydGuy
Great post, and great reply Stockwet...

I actually logged into FF to ask about MT4 brokers. Can you explain the diffrence between the two COESfx platforms?

I have demo traded for about 2 years on Forex.com and have done exceptionally well before I came accross the MT4 trade station with an interbankfx demo... again doing well with forward testing on the Sidus/Bago/Vegas methods.

Do the variance in pricing data severely cripple a traders ability to accurately interpret the charts, or are they minimal? And do they also interfere with fair trading?

Thanks for all your help,

Aaron
  • #5
  • Aug 28, 2006 10:59pm Aug 28, 2006 10:59pm
Quoting stockwet
Aaron,

Can you explain your last question a bit more? What are you referring to regarding the variance in pricing data? Are you worried about spread widening and how they impact charts? Or, are you wondering about the price differences between a demo and live feed?

stockwet
Excellent, thanks for the reply...

I was refering to BK's first post in which he comments about "price spikes" from the COESfx platforms, and was concerned that these spikes might produce incorrect interpretation of the charts.

Many thanks.
  • #6
  • Aug 29, 2006 4:29am Aug 29, 2006 4:29am
Quoting GrnEydGuy
Excellent, thanks for the reply...

I was refering to BK's first post in which he comments about "price spikes" from the COESfx platforms, and was concerned that these spikes might produce incorrect interpretation of the charts.

Many thanks.
Ahhh. I see. They can be irritating. They don't seem to throw my indicators (MA, sto) off too much. When I see them, I just send them an email and they correct them at the server.

CoesFX has had MT4 all of 3 weeks in house, so, I'm willing to give them a bit of a break. I'd rather work with something that has a few minor issues on the demo feed than to be left waiting forever for them to get going on it. I think it's awesome that within 3 months they told me they were going to get metatrader, negotiated with metaquotes, setup live and demo servers and allowed me to get going on it despite it's faults.

For prospects, however, seeing the demo feed might be a little misleading. It's more of a concern about people not sure if that really is a real spike or a demo spike and being leary of the company. The price difference hurts CoesFX more than a trader's evaluation of the price action.
  • #7
  • Aug 29, 2006 2:43pm Aug 29, 2006 2:43pm
I appreciate your help SW... I'm going to set up a demo with them this afternoon.

Happy trading

Aaron
  • #8
  • Sep 2, 2006 1:13pm Sep 2, 2006 1:13pm
Stockwet,

How much is the minimum required to open the regular (not mini) MT4 CoesFX account?

You mentioned 3 weeks. CoesFX MT4 is running for 3 weeks only? I assume that CoesFX welcomes News Traders ya?

Do keep us informed on the CoesFX MT4 progress. I am quite over with NorthFinance.
  • #9
  • Sep 2, 2006 1:53pm Sep 2, 2006 1:53pm
Quoting BurgerKing
How much is the minimum required to open the regular (not mini) MT4 CoesFX account?
I think it's $5000. Check the website - they probably have more accurate info than what I can tell you.

Quoting BurgerKing
You mentioned 3 weeks. CoesFX MT4 is running for 3 weeks only? I assume that CoesFX welcomes News Traders ya?
Yep, that's about right. I was notified at the beginning of August. So, I guess we can say 4 weeks.
  • #10
  • Sep 6, 2006 7:45am Sep 6, 2006 7:45am
NorthFinance is offline since 8:20AM ... I dont know why they would be offline seeing that there is no heavy weight US news!?!?!?!?!
  • #11
  • Apr 28, 2007 3:34am Apr 28, 2007 3:34am
Has anyone traded with FXDD ? as mentioned in previous post.
  • #12
  • Apr 28, 2007 7:12am Apr 28, 2007 7:12am
i have open a small account with odl using there mt-4 they have very tight spreads on the currency i trade, so far so good my average trade is 400,000 and it's going smooth, they or the only mt-4 broker besides ibfx i trust my money with. be very careful with those offshore mt-4 brokers and the ones that or not register.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Apr 28, 2007 12:00pm Apr 28, 2007 12:00pm
Thank you so much Moe, ive seen alot of your posts about Brokers and have been waiting real patient like, hoping you would drop a hint as to YOUR fav broker....thanks, i have ziped off an email with a bunch of questions to ODL. Thanks heeps ill tell you how it goes.
  • #14
  • Apr 28, 2007 12:24pm Apr 28, 2007 12:24pm
Same hear BillyGlyde.
'Been waitin' to pimp Moe's mind for broker hints!
  • #15
  • Apr 28, 2007 3:25pm Apr 28, 2007 3:25pm
Quoting Poocher
Same hear BillyGlyde.
'Been waitin' to pimp Moe's mind for broker hints!
l.m.a.o, well a lot of traders who no me no that ive been using fxsol i had the best experience with thos guys at the time i was mainly trading news and fxsol was very good to me, i was very surpise at odl during news, spreads didn't realy widen execution been good so far and man the spreads or real good for the currency i trade. gbp/jpy-6, gbp/chf-6, gbp/usd-3, eur/usd-2, usd/cad-3, usd/chf-3, nzd/usd-3 i just coudn't over look these spreads.
If I Go Broke Trying Then I Will die happy.
  • #16
  • Apr 28, 2007 3:28pm Apr 28, 2007 3:28pm
Quoting BillyGlyde
Thank you so much Moe, ive seen alot of your posts about Brokers and have been waiting real patient like, hoping you would drop a hint as to YOUR fav broker....thanks, i have ziped off an email with a bunch of questions to ODL. Thanks heeps ill tell you how it goes.
glad i could help. if you have a diffrence experience with them post it here.
If I Go Broke Trying Then I Will die happy.
  • #17
  • Apr 28, 2007 3:40pm Apr 28, 2007 3:40pm
Quoting Moe
l.m.a.o, well a lot of traders who no me no that ive been using fxsol i had the best experience with thos guys at the time i was mainly trading news and fxsol was very good to me, i was very surpise at odl during news, spreads didn't realy widen execution been good so far and man the spreads or real good for the currency i trade. gbp/jpy-6, gbp/chf-6, gbp/usd-3, eur/usd-2, usd/cad-3, usd/chf-3, nzd/usd-3 i just coudn't over look these spreads.

Thanks Moe!
Hope they keep treating you good.
Do you mind if I ask if you have the ODL Pro account with the high initial deposit requirement or a regular account?
  • #18
  • Apr 28, 2007 3:49pm Apr 28, 2007 3:49pm
Actually Moe I should have asked if you have a ODL Prime account or are you happy with the retail platform.

I was thinking of this post:

http://www.forexfactory.com/image.ph...ine=1177476909turbokaos http://www.forexfactory.com/images/s...er_offline.gif vbmenu_register("postmenu_178996", true);
Member
Join Date: Jul 2006
Posts: 853
http://www.forexfactory.com/images/misc/im_aim.gif http://www.forexfactory.com/images/misc/im_yahoo.gif http://mystatus.skype.com/smallicon/turbokaos

http://www.forexfactory.com/images/icons/icon1.gif
I'm happy w/ ODL Prime but i woudn't use there retail platform if you paid me.

The min are diff for everyone there is not set rate which means the fee to trade isn't a set rate.. It is what ever you can work out w/ them.

or are other as well GFT Prime & MAN

turbo
  • #19
  • May 2, 2007 4:01pm May 2, 2007 4:01pm
Quoting BurgerKing
I am currently comparing several MT4 based brokers:
NorthFinance (Live)
Interbank FX (demo)
StrategyBuilder FX aka SBFX (demo)
and SpotTrader (demo - courtesy of Stockwet)

Both SBFX and SpotTrader are from the same company though using different clearing houses. My experience is rather marginal. I notice the price spikes suggesting that they have some problem with their price data.

NorthFinance sometimes freezes the price update. Thus making it difficult to place orders as the price would have jumped several pips away already. The price however is very stable and true compared with other main line brokers. So I guess it is very safe and accurate to use their charts for whatever purposes one may so choose.

I dont have much extensive demoing with InterbankFX; I heard that they are not the better broker to trade with so I left it almost untouched.

I am still looking for a better MT4 based broker - one that I can trade news with.
i trade with fxexchange, they are broker that uses mt4 as well as Wintrader. good for all types of trading.
"i wake up in the morning, and i piss excellence"
  • #20
  • Edited 11:26am May 9, 2007 8:36am | Edited 11:26am
I currently have a demo with Alpari, and what I don't get is WHY they have to close and reopen positions daily. This adds a layer that does little to help me keep track of my trades. My inquiry at ODL revealed that they do the same thing. Maybe I'm just accustomed to the method of (most) US brokers of leaving positions open and then assessing applicable interest (carry) charges. As I trade primarily Daily Fozzy (multiple day trades, moving SL's and TP's, of course), it really hurts to have to go back and look at all the opens/closes and try to reconcile my current positions. Am I missing something here?

Every time I think I've come close to finding that elusive broker that will suit all my needs, I am thwarted!

Does anyone know if trades are re-assessed the spread when closed and reopened? Or, better yet, an MT 4 broker that doesn't close/reopen positions? Right now I'm using MT4 for charting and fxsol for trading, but I'd much rather find an MT4 broker that lets me do it all. Thanks in advance for any thoughts.

Correspondence from ODL:

Sir we have 3 systems 2 stay open and 1 closes positions its your choice sir
If you use metaquote it’s the same world wide for keeping positions open sir so would be the same here , the rollovers as you would call them would appear as a ticket charge and not position change
Our spreads are 2-3 wide
Our price feed is from citi bank deutsche and ubs

The closing and opening of deals do not make from a spread sir but simply the interest rate difference
But would not apply to you sir



I'm not sure what that last sentence means, but thought I'd throw this out there. Please excuse this post if it is in the wrong forum or simply a newbie mistake and there is something obvious I am missing. Thanks

Within apparent chaos there is order for those who know how to look
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