Discussion in 'Forex Brokers' started by acerbits, Apr 22, 2007.
I can't seem to find any
Have you used FXDD before? I cant get any good reviews from them.
I was not endorsing them.
maybe i should get a fx account from citi or ubs they'll definately have a good feed to interbank liquidity + reliable
I can certainly understand paying a commission, but a 3 pip spread on the euro? That's a disgrace.
IB is quoting me 0.5 pip spread on eur/usd right now. There is no comparison, I have not found any other broker even come close to their spreads.
Yes they don't have Metatrader 4, but just use a demo account through any of the other 90 bucket shops that do have MT4 and trade through IB.
IB, and most ECNs, do not charge a pip markup on their spreads to make money. They charge commissions per dollar amount. And that commission is usually equal to 1 full pip round turn (slightly more on some pairs) You can get 0-1 Eur pip spreads on just about any Currenex traded platform with commission (not FXCM version). A 3 pip spread is not an interbank passthru. If your company, and I presume it is your company as it is the same name and you are trolling here (w/o paying for advertising, it appears) is quoting a consistent 3 pip variable spread, then you are adding your own pip markup (yes, an ECN can do this, but you are not an ECN, you are a market maker).
To get a UBS or Citi or other bank trading account, you would need at a minimum around 5MM. You would have better luck getting an account thru a prime broker than directly from one of the banks.
If you have a good programmer or are one, then I think you might be able to use metatraders API to intergrate with your brokers API. Maybe someone here with experience can tell me if I am right or wrong: MT4 is used by quite a few shops, so I have to assume it might be adaptable.
Daraknor's on the cutting edge of the Metatrader API thing:
EFX Group, an ECN forex broker has exhausted every possiblity of utilizing Metatrader. I'm Poocher in this quote from this thread:
Obviously, if that were the case, and we were keeping it a tight secret, I probably wouldn't tell you here. However, I can honestly say that the answer is "No." As has been discussed in the past, we spent a few months exhausting the possibilities of getting MT4 to work with our platform. They simply weren't interested in working with a non-dealing desk, and you can read into that what you want. It will not happen.
However, you can also read into this what you want:
We understand what the "killer-app" for this industry is in terms of the software that people like to use and the execution that they prefer.
Software, unfortunately, just doesn't happen overnight."
EFX Group is definitely working on a Metatrader replacement to work through them. This will be big stuff for retail forex traders.
Thanks for the clarification on MT4. I wasn't sure if it could be done despite what others may claim.
Can you say "B U C K E T T T T " ????
These guys are the worst - there is a picture of "Tradex Swiss AG" next to the word "Bucket shop" in the Webster Dictionary . . .
Man . . . It all started late december when I was shopping around and trying to find a broker with Metatrader platform and direct execution and one PIP??? Their sales people were posting and luring people from several forex boards just like this guy here. I responded. Some girl name Maria kept insisting and pushing to open a live account before the demo can be tried. During this time They were going through some major trouble with NFA - in fact their NFA membership was revoked, due to some bad accounting practice on a scpecific client - "stealing". Cllient responded - NFA cought them with pants down. I hear they are reappling for NFA membership.
When I inquired about this, each person said something different. One of the manager said there was a mix up with name and the Tradex in trouble with NFA was a different company that happens to have the same name????? They must think we are stupid. How long does it take to varify this? That's right a few minutes.
These guys are like a bunch of used car salesman - they will say anything to get their hands in your pocket.
They were luring people by saying"We will match your fund when you open an account and you will have twice the amount to trade with" - 1:200 leverage.
They made me open an account and said $5000 minmum to get the new 1 PIP platform - then they said the minimum is $35000.
They said any trading style is welcome - then started moaning about scalping . . .
The salespeople kept saying I have to open a live account to even try the1PIP demo. I go through nearly 40 page long contract and the entire process of opening an account - and still no demo -then I called and talked to the admin/not sales and she says I didn't have to open the live account to try the demo.
After going back and forth for four months and finally their precious 1 PIP platform is ready, I went through hell to even try it. What a dissappointment . . . . Once again . . . bullshhhhiittt . . . . Their comission is equal to 2 PIP, then add 1 PIP spread = 3 PIP. So what is the difference between this and their old 3 PIP platform? Absolutely none. Here again they are trying to fool people like they did with the "Matching fund bullshit"
Because I invested so much time into this I took the time and got close to one of the guys working, explained my experiences, and asked him a few things. I found out that they don't have a single $35000 account. Folks they deal with small clients, encourage trading on 200 leverage - so they can steal their money. That makes it very easy for them to show your account is depleated of fund and account is closed.
This bucket shop doesn't have what it takes to get serious traders account.
They claim the tightest spread but then charge you 2 PIP commission, at the end you are paying 3 PIP. That is not tight. Brokers that charge commisiion have direct execution, no spread - only the real difference between bid/ask, sometimes the difference is 1 pip sometimes the difference is 0 PIP, they do not add a 1 PIP spread, they make their money in commission, and the commission is $5 or less for a $100K traded, not $20. Do your math it is same as 3 PIP spread.
What really bothers me is that everything these guys said have been lies - at least most of it. They contradict each other and you will see and feel that they are bullshitting with you. Can not trust them. Even after all the trouble with NFA they haven't changed their mentality.
Oh. . . what is the automated forex trading investing mumbo jumbo in their site? Read through the 40 page long aggreement (most people don't) and you will say that they have created a lot of loophole - something about using my money to make their trade???????
I dare you Tradex sales guy to answer. You know I have taken the time to dig deep and.
Folks I have tried hard and spent a lot of time to find the perfect broker. And Tradex is absolutely at the bottom - I mean no135 out 135. serious.
I like Metatrader platform so I wanted a broker with metatrader and tight spread and direct execution (NO dealing desk) - none - truth is Metatrader can only connect to a Meta server and is designed specifically for brokerage firms running a dealing desk. One of my account broker EFX Group tried for months to intigrate meta trader but failed. These guys simply designed an API (short script) to connect to a datafeed other than meta server. Anyone can do that - they are using that as gimmick but wacking the other 2 PIP under commission.
If you want meta trader understand it will go through dealing desk=minupulation. Or pay 3 PIP equivalent overhead on each trade. That mens no scalping . . .
Even the 1 PIP/metatrader swiss broker Crown Forex also marked as "bucket shop" is much better than these guys. They advertise 1 PIP and you get 1 PIP no commission or anything else. They are not bullshitting with people but they won't let you use scalpling as your strategy - meaning they with allow trades here and there with 2/3/4 pip profit but not all the time.
Anyway hope this helps, I simply invested too much time disecting all this to be used only for myself.
Stay away from Tradex untill they learn how to speak truthfully and loses the mumbo jumbo attitude.
Separate names with a comma.