Discussion on ECN forex broker -
1 2 3

thread: Discussion on ECN forex broker

  1. #11
    Junior Member juancipk53's Avatar
    17
    Im not in the loop well HotspotFXi performs at the moment, but its another alternative for 'not-that-big' accounts. It can be retrieved via Advantage Futures such as - commission is $18/mm USD traded. They simply have a $5000 minimum deposit, but obviously the account needs to be adequately funded to trade 500K lots on a 40:1 margin (overnight margin is simply 20:1).
    Not sure about advantage futures, but I used HSFXI for about 3 decades and unfortunately their liquidity was surpassed by other people. I don't have any idea why... but I currently dont use them at the moment. I had been put up through my PB and didn't utilize another tier PB to access their liquidity. BTW, my tiniest order size together with them was a normal lot, so that must be something that Advantage has asked FXI to implement.

    All the best

  2. #12
    Senior Member rubesnsbelmokte's Avatar
    164
    Yes but they charge a minimum of $10 per ticket so its very expensive to do less than 500K. Perhaps thats an Edge specialization.

  3. #13
    Senior Member patatas08's Avatar
    114
    You can actually trade less than 25k in currency through Interactive Brokers. It runs through IDEAL, which has a slightly larger spread than IDEAL PRO. The minimum commission is $2.50. As in $5 round-turn. Plus the spread. Unless you're trading larger sums, it is not worthwhile. In fact, it's really bad - I trade my Currency Market using IBFX instead.

    I've an Interactive Brokers account, however think it is a horrible Forex platform. (As a side note, their customer service admitted this to me.) It turns out Currency Market is one of the newest products they supply.

    One major issue is that in case you buy a foreign currency, it needs to be swapped back into USD. It gets really confusing if you're buying stocks at Switzerland, for instance. If you close out your position, it is in Francs. (And is listed as such on your P/L column while trade is available. If you do not swap it back, you're at the mercy of currency movements until you're doing. (This brings on a new understanding of the carry trade should you watch it.)

    I love IB for stocks, etc.....but Forex is a joke. You really can not beat a nickel per stock commission in any way. The minimal us 2 round-trip. Enjoy it.

    Clockwork

  4. #14
    Junior Member Jesus's Avatar
    18
    I really like IB for Foreign Exchange, I find how it functions really logical and reveals that the inherent market's ways of functioning.
    Should you buy something that is quoted in CHF like in your case, actually you're buying something for CHF.
    It's logical, that if you sell it again, you recieve your own CHF back, with your P/L in CHF.
    Converting your earnings into your account currency is easy; you do not even have to use IDEAL because of it.
    By way of example, if you want to convert CHF 5000 into dollars, you can simply go long 125,000 USD/CHF and after having attained a few pips, sell back ca. 120,000 rather than selling everything. Your earnings will remain in USD and effectively you have used IDEALPRO with its excellent requirements for converting your own CHF into dollars.

  5. #15
    It is possible to actually trade significantly less than 25k in currency through Interactive Brokers. It runs through IDEAL, which has a slightly larger spread than IDEAL PRO. The minimum commission is $2.50. As in $5 round-turn. Plus the spread. Unless you are trading amounts, it's not worth it. In reality, it's really bad - I trade my forex with IBFX instead.

    I have an Interactive Brokers account, but believe it's a dreadful Forex platform. (As a side note, their customer support even confessed this to me.) It ends up forex is one of the newest products they provide....
    Have a look at the BookTrader--which makes scalping easy as hell.

  6. #16
    Garc?a
    Guest
    I adore IB for forex, I find the way it functions really logical and shows the underlying market's ways of functioning.
    If you buy something that is quoted in CHF like in your case, actually you are buying something for CHF.
    It's logical, that if you sell it again, you recieve your CHF back, with your P/L in CHF.
    Converting your earnings in to your account currency is easy; you do not even have to utilize IDEAL for it.
    By way of instance, if you would like to convert CHF 5000 to dollars, you can simply go long 125,000 USD/CHF and after having gained some pips,...
    Spreads and liquidity in Interactive Brokers are good but there are additional issues. When trading USD / CHF you would expect normaly your profits are in francs, but intriguing why should you exchange EUR / USD the profit is in EUR!! Whatever the currency pair you exchange your profit are always traded in currency other than the base currency in your account so you are taken once more a commission when you attempt to convert the outcome in the foundation for your account.
    As to if in the area currency trading there's actual ECN and how should it look like, I've opinion about it! What Tradre KBG had posted is Medved Quote Traker software that, as I see trough which he runs MBtrading. Looks fantastic, but do not be fooled that all you see is accurate. When you enter into transactions jointly would you by chance know which exactly bank you do it with? Most likely you do not know and you wouldn't be told that's ordinary.
    Did it came into mind the 10 000 is quite small amount for the interbank market and you enter trades directly with Mbtrading, which in reality is a market-maker for you and just generate its own liquidity within their very own ECN? Perhaps that does not go through your mind. I've nothing against Mbtrading or some other broker which provides similar appliions for trading. I also happen to do some trading from Time to Time with IB, but I cannot understand why you need to believe that trades have been concluded on the interbank market

  7. #17
    Junior Member Jesus's Avatar
    18
    Spreads and liquidity at Interactive Brokers are good but there are additional issues. When investing USD / CHF you would expect normaly your profits are in francs, but intriguing why when you exchange EUR / USD the profit is in EUR!! Whatever the currency pair you exchange your profit are always traded in currency aside from the base currency in your account thus you're taken once more a commission when you attempt to convert the result from the foundation on your account.
    Here you're mistaken, better check it. Should you exchange EUR/USD at IB, your P/L will be in USD, not in EUR. P/L is in the quote currency.
    As for converting, just read my post again. It's possible to have around converting. Trading in a smart way you will get all of your winning into your preferred currency only by trading, with no extra conversion transactions.

  8. #18
    Garc?a
    Guest
    Here you're confused, better check it. Your P/L will probably be not in EUR if you trade EUR/USD in IB. P/L is in the quote currency.
    As for converting, just read my post again. It's possible to get around converting. Trading in an intelligent way you will find all of your winning in your preferred currency by simply trading, without extra conversion transactions.
    Pescador believe me I'm not wrong! I've traded EUR / USD and GBP / USD. I have realized results in my account in GBP and EUR. I have a statement for a chat with a Customer Service where I had been very calmly explained that this is ordinary with them. I suppose you have to be taking a look at a demo account, because there once you close open positions around EUR / USD and GBP / USD you have not got any problems, but again in the demo account there's no and statement of your account! I am not likely to enter further discussion on this problem, and I still use Interactive Brokers from time to time.

  9. #19
    Junior Member Jesus's Avatar
    18
    Pescador believe me I am not wrong! I#8217;ve traded EUR / USD and GBP / USD. I've realized results in my account in EUR and GBP. I've got a statement for and a conversation with a Customer Service where I had been quite calmly explained that this is ordinary together. I suppose you must be...
    Karol, I don't utilize demo (demo is not relevant anyway, with its artificial feed - paper trading account is better, but I do not use it); I exchange live. And I exchange Eur/Usd every single moment.
    My P/L is in USD with these transactions. The same goes for GBP/USD.
    That I have not ever had a commerce on any pair yet, where the P/L wouldn't be from the quote currency. Here is the way it works with IB. Eur/Jpy P/L is in Jpy and so on...

  10. #20
    Well there are just 3 retail ECNs, so that ought to make figuring out that broker is or is not an ECN moderately simple. No ECN could have settled spreads, which is making this claim? Remember that if a retailer offers STP, that doesn't mean they're an ECN. No handling work area and STP are actually simply showcasing terms merchants use to not seem like merchants.

  •