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[ag_fx]

Re: Suggest a Fair Broker

hi guys

pls suggest me a good broker as i have just waisted my 3 months on practicing on demo from those companies whom i am not gonna choose

i look for following criteria

* ECN broker
* low spreads
* fair play (lets me take my profits home without trading against me)
* fast withdrawls
* open account with $ 500
* 4 digit broker ( i simply hate 5 digit ones..pls dont ask why)

many thanks guys, waiting for your replies

adios

Long story cut short, you will NOT get any broker with ALL the above mentioned features. (in case you come accross any, do let me know too )

The closest is Dukascopy with a 1000$ as min deposit now.

Try Fxpro too, it is not ECN and has 5 digits, but all other features u can have.

 

[preetksgill]

Re: Suggest a Fair Broker

hi guys

pls suggest me a good broker as i have just waisted my 3 months on practicing on demo from those companies whom i am not gonna choose

i look for following criteria

* ECN broker
* low spreads
* fair play (lets me take my profits home without trading against me)
* fast withdrawls
* open account with $ 500
* 4 digit broker ( i simply hate 5 digit ones..pls dont ask why)

many thanks guys, waiting for your replies

adios

I am in the process of setting up one with direct liquidity feed from JP Morgan and other established banks

the min deposit will be $250 and it will be STP.

We need 3 months to get the regulation before we begin, regulated in Australia.

This will be the first broker setup by an Indian

 

[fxgood]

Re: Suggest a Fair Broker

I am in the process of setting up one with direct liquidity feed from JP Morgan and other established banks

the min deposit will be $250 and it will be STP.

We need 3 months to get the regulation before we begin, regulated in Australia.

This will be the first broker setup by an Indian

For your kind information, ECN and STP is quite different, just STP doesn't mean its better than market makers around, were orders are just straight through processed but still it have marked up spread and its just art of electronic market making in place.

And Fxcentral did that already which is Indian broker with international operations, they have ECN with raw spread already.

ECN always have 5th decimal pricing and you can't get ECN with 4th decimal for your comfort, market can't be designed for your comfort and only you can adjust your needs.

I see you are trying to set up a STP with 4th decimal and hiding the 5th decimal and take it to your pocket?? ( This is reason possible, you mentioned that you are hating 5th decimal pricing and you love 4th decimal and posted already that " please don't ask why "

Another possibility is the liquidity providers, you are dealing is trying to use your ignorance in this business and ripping off you

 

[vssoma]

Re: Suggest a Fair Broker

dear,
can any one explain what is 4th/5th decimal pricing ECN.
tnx,

 

[fxgood]

Re: Suggest a Fair Broker

dear,
can any one explain what is 4th/5th decimal pricing ECN.
tnx,

ECN always Quotes @ 5th decimal pricing.For Example: EURUSD @ 1.29483 // 1.29491 (Bid/Ask) while typical market maker in Forex can quote the same pair @ 1.2949//1.2951 and fool you that you are trading commission FREE as the trading cost is already mark up in their spreads i.e. 1.2949 - 1.2951 = 2 pips while on true market or ECN it is available at cheaper price, again for sake of simplicity ECN is like whole sale market were typical or actual buyers and sellers make their best possible Quotes and Market Maker is like retail end who markup price and tell you NO COMMISSION , BEST FILLS, HIGH LEVERAGE etc etc type of marketing poly.

This is not completed definition of ECN or Market Making just a brief idea what it is.

 

[scalperfx]

Re: Suggest a Fair Broker

@Rishi- As Ankit has mentioned an ECN Broker (At least the good ones-Dukascopy,Interactive Brokers, MB trading etc) automatically mean u would be trading in low spreads, fair play and normal withdrawal..
Again as Ankit indicated-No ECN broker's min deposit is $500 (MB trading's is $400, but i am not sure if it is for spot forex or for futures-but be advised their commission is way higher than other ECN brokers).
Interactive brokers ask for $10K and as Ankit has pointed out Dukascopy has reduced their capital requirement to $1000 for now.
But one thing they have in common-they all quote in fractional pips (as do banks to which they aggregate orders and send/receive)..so if this clause is huge, u might have to trade with bucket shops who will gladly shave the fractional pips and add it to their bounty along with your potential losses/marked up spreads...
Good luck in your search for a good broker and hopefully you will make the transition from a Market Maker to a ECN Broker soon,I was in your situation about 4-5 months back and I am pretty happy with Dukascopy now.
@fxgood-
1.It was the original poster Rishi who has asked for a 4 decimal point broker and i don't think Preetksgill ever indicated that his proposed company would be quoting with 4 decimal points (shaving the fraction like in the movie office space).I have never interacted with preetksgill before, but reading his posts, he comes across as a serious forex trader and you should give him the respect he deserves (as do you and I).
Kindly read all the posts carefully before making scathing remarks.
2.To the best of my knowledge ECN/STP is almost the same, the minor difference being ECN is a technology wherein all the clients orders would be aggregated instantly and fed to Prime Brokers/Banks hubs whereas STP means that your order would be sent straight to the bank/banks who is/are your brokers liquidity provider.Note that the spread might be "raw" currenex spread or padded up spread depending on the broker's business model.
One thing both ECN and STP brokers are supposed to do is pass on your orders and not keep it in house like bucket shops do.
3.FXCENTRAL is a bucketshop-merely because they quote currenex feed and they are regulated do not mean that they are ECN brokers.And they certainly are not the 1st Indian bucketshops, there were many more before them, it's just tha they are the 1st who claim to be ECN brokers.
@Preetksgill- $250 min. and trading through JPM? Hmm, my guess is that u r going to white label for one of 'em ECN brokers? I am really interested to hear a bit more on your proposed Company-Care to share a few more details?
@vssoma-
4th/5th decimal pricing for any broker (not just ECN)
would be like this.
Eur/usd pair is quoted at 1.30252/1.30262 (This is 5th decimal) whereas if it is quoted by some brokers at 1.3025/1.3026 (This is 4th decimal,please note that the last digit of 0.00002 has been omitted and most likely goes to your broker as an additional fee for him).I hope this example helps.

Regards,
Scalper

 

[fxgood]

Re: Suggest a Fair Broker

@Rishi- As Ankit has mentioned an ECN Broker (At least the good ones-Dukascopy,Interactive Brokers, MB trading etc) automatically mean u would be trading in low spreads, fair play and normal withdrawal..
Again as Ankit indicated-No ECN broker's min deposit is $500 (MB trading's is $400, but i am not sure if it is for spot forex or for futures-but be advised their commission is way higher than other ECN brokers).
Interactive brokers ask for $10K and as Ankit has pointed out Dukascopy has reduced their capital requirement to $1000 for now.
But one thing they have in common-they all quote in fractional pips (as do banks to which they aggregate orders and send/receive)..so if this clause is huge, u might have to trade with bucket shops who will gladly shave the fractional pips and add it to their bounty along with your potential losses/marked up spreads...
Good luck in your search for a good broker and hopefully you will make the transition from a Market Maker to a ECN Broker soon,I was in your situation about 4-5 months back and I am pretty happy with Dukascopy now.
@fxgood-
1.It was the original poster Rishi who has asked for a 4 decimal point broker and i don't think Preetksgill ever indicated that his proposed company would be quoting with 4 decimal points (shaving the fraction like in the movie office space).I have never interacted with preetksgill before, but reading his posts, he comes across as a serious forex trader and you should give him the respect he deserves (as do you and I).
Kindly read all the posts carefully before making scathing remarks.
2.To the best of my knowledge ECN/STP is almost the same, the minor difference being ECN is a technology wherein all the clients orders would be aggregated instantly and fed to Prime Brokers/Banks hubs whereas STP means that your order would be sent straight to the bank/banks who is/are your brokers liquidity provider.Note that the spread might be "raw" currenex spread or padded up spread depending on the broker's business model.
One thing both ECN and STP brokers are supposed to do is pass on your orders and not keep it in house like bucket shops do.
3.FXCENTRAL is a bucketshop-merely because they quote currenex feed and they are regulated do not mean that they are ECN brokers.And they certainly are not the 1st Indian bucketshops, there were many more before them, it's just tha they are the 1st who claim to be ECN brokers.
@Preetksgill- $250 min. and trading through JPM? Hmm, my guess is that u r going to white label for one of 'em ECN brokers? I am really interested to hear a bit more on your proposed Company-Care to share a few more details?
@vssoma-
4th/5th decimal pricing for any broker (not just ECN)
would be like this.
Eur/usd pair is quoted at 1.30252/1.30262 (This is 5th decimal) whereas if it is quoted by some brokers at 1.3025/1.3026 (This is 4th decimal,please note that the last digit of 0.00002 has been omitted and most likely goes to your broker as an additional fee for him).I hope this example helps.

Regards,
Scalper

1. Ok, if i missed it, i didn't meant it for attacking some one here nor its my intentional thought, Also i didn't meant any thing offensive, Market Making is perfectly legal business world wide
2. You are wrong (Technical wise) STP brokers can be market makers and have electronic market making tools, again doesn't have deal desk , No deal desk doesn't mean they are STP and they might be electronic market makers, I can quote lot of examples of same
3. Any direct proof of same and there is no evidence for your above points, one can't claim any thing they want in a regulated Environment.

You are talking about Duka pretty high again its simply a Internal ECN + fairly unregulated when compared to other US or UK brokers, Do you remember " Neuimex " just check any Iraninan forums, you know what does SWISS hold for Fx regulation, Don't get fooled around yourself and then try to repeat same here.

Also i have Live trading account with more than 4 brokers, internationally including 2 is institutional type and with Fxcentral i have institutional access,(check screenshot) were you can see raw spread ECN alone depth via Ladder, so can you prove it is not ECN now and can you prove you are right now?

http://img85.imageshack.us/img85/9742/fxcentralinst1.png

 

[scalperfx]

Re: Suggest a Fair Broker

>>>>1. Ok, if i missed it, i didn't meant it for attacking some one here nor its my intentional thought, Also i didn't meant any thing offensive, Market Making is perfectly legal business world wide

Perhaps I am mistaken, but when you suggest wrongly that someone is "pocketing" fractional pips and then suggest that they might be ignorant, it sure does sound offensive to me, I still don't see you apologizing to preetksgill-but then again,that is not my problem.I will just address the questions that were directed to me.

And of course Market Making is legal, what else are banks doing? I don't think i have ever mentioned that it is illegal-I am merely repeating the obvious-It is not in your (retail client)'s best interest to trade with a Bucketshop who keeps your order in-house and trades against you.

>>>>2. You are wrong (Technical wise) STP brokers can be market makers and have electronic market making tools, again doesn't have deal desk , No deal desk doesn't mean they are STP and they might be electronic market makers, I can quote lot of examples of same

I challenge you to point out which part of my earlier post was wrong.I suggest you read my post again before you jump the gun and misconstrue what i said...

"To the best of my knowledge ECN/STP is almost the same, the minor difference being ECN is a technology wherein all the clients orders would be aggregated instantly and fed to Prime Brokers/Banks hubs whereas STP means that your order would be sent straight to the bank/banks who is/are your brokers liquidity provider.Note that the spread might be "raw" currenex spread or padded up spread depending on the broker's business model."

My post clearly means that if a broker is a true STP-He merely passes on your order to the bank/liquidity provider and will not keep it in house and trade against it (Bucket shop).I am not referring to the ones who claim to be ECN/STP and buckets your order.You might have many examples of the same,but unfortunately I am not referring to them.And i did'nt even bring up NDD in my post.

>>>>3. Any direct proof of same and there is no evidence for your above points, one can't claim any thing they want in a regulated Environment.

For one, when i was doing my research about 5 months back to move my accounts from a Market Maker Broker and onto ECN, i researched fxcentral.net

A.Their website as well as NFA's site clearly mentions that their membership is still pending. (Ironically Dukascopy's banking license is pending too, which seems to be a big deal for you whereas Fxcentral's NFA membership pending is ok by you).
B.The only place where i found any mention of fxcentral.net was
http://www.100forexbrokers.com/reviews-ratings/fxcentral
Note the place where it mentions "they claim"- that is not very convincing.
C.My due diligence includes checking forums for broker feedback and even www.alexa.com for web traffic to the destination. Fxcentral.net was not even mentioned in any forums (how big and popular are they if they are not even mentioned?) and their web traffic rating was poor as well. A simple whois domain search indicated that the company is not even a year old.
How does that give you any confidence?
D.When i enquired with a few peers/clients in Bangalore, it turns out their sister/parent company ifocus (same Owner if i am not mistaken) is a notorious bucketshop with frequent portal shutdowns (sometimes for weeks) and delayed/stopped withdrawals.
Now, I can ignore A,B and C if i were "ignorant"-the word that you seem to prefer.But D made me stay well away from them.
If i am proved wrong, i apologize to them and would edit/remove this post- but you asked for the reasons/proofs.

>>>>You are talking about Duka pretty high again its simply a Internal ECN + fairly unregulated when compared to other US or UK brokers, Do you remember " Neuimex " just check any Iraninan forums, you know what does SWISS hold for Fx regulation
In the interest of being transparent, I admit that I am an IA (Introducing Agent) and an EM (External Money Manager) for Dukascopy.
Dukascopy's pending Banking license worries me a bit, but i find it laughable to talk about Dukascopy/Interactive Brokers and fxcentral.net in the same context, and i don't think i would have to elaborate beyond this.
I have never promoted Dukascopy, i merely posted that i am happy with them as they have catered to most of my needs.

And in the same fairness, would you like to admit your relationship with fxcentral.net- as in are you just a client, or are you an IB,Partner,Chairman etc?

>>>>Don't get fooled around yourself and then try to repeat same here.

I resent your language-and i will not respond in the same way. Remember that this is a forum where professional traders and newbies alike interact and try to learn from each other. Your Yahoo chat lingo is a tad incongruous here.You don't know me and you don't have the right to pass such juvenile remarks-save it for your "friends".

>>>>Also i have Live trading account with more than 4 brokers, internationally including 2 is institutional type and with Fxcentral i have institutional access,(check screenshot) were you can see raw spread ECN alone depth via Ladder, so can you prove it is not ECN now and can you prove you are right now?

This one is funny "Brokers internationally"-This pretty much sums up your ranting.
and to answer your question if i can prove if it is not ECN, the best way to answer it would be to use your own words.
"STP brokers can be market makers and have electronic market making tools, again doesn't have deal desk , No deal desk doesn't mean they are STP and they might be electronic market makers, I can quote lot of examples of same"

Bucketshops showing Currenex feeds are dime a dozen.They will slap slippage beyond the "raw feed" and trade against you in house.

Well, this has to be one of the most unproductive posts i have spent time on.

I am looking forward to meaningful discussions in the future (fxgood included, if you watch your language and show a bit of respect to fellow members out here).

I invite other traders to share their views on my post and I hope the original thread starter Rishi finds a broker that suits his requirements.

Regards,
Scalper

 

[fxgood]

Re: Suggest a Fair Broker

Thanks for detailed explanation and clear status who you are

A. I never said, that pending NFA is ok for me, but i am quite comfortable with broker with Indian offices and for directly handling my queries here, i can't believe direct foreign brokers, irrespective for their size, ads and popularity ( Eg: when REFCO went bankrupt it was one of oldest and world largest commodity and FX trading firm )
B. It don't need claims any were on ads, simply still bigger ECN even don't advertise any were, simple proof for ECN is you can see market depth, which i showed on screen shot
C. Again popularity is not measure of every thing, i know duka is decade old but still they are not able to get required banking license, does this means they are stuff less.
D. Yes they are new not decade old i agree, rest of information is not true as per my direct experience with them and i personally never faced any such withdrawal or deposit issue talking in personal context i am just sharing experience, this might be your personal misconception about my broker vs yours.

Again poorest part of it is your mindset towards a home land broker vs foreign one, i agree one can well do market making ( I never used word bucketing, as market making is not bucketing ) but only ECN brokers in true context can show you market depth and Volume available on their pool, and end of story for your argument, i see Fxcentral is coming up with a Metatrader Plugin for client end which will able to handle orders at single click and show you Level II quotes from ECNs.

Again your claims are JUST PERSONAL ASSUMPTION without any ground proof, yes also for me this is most unproductive post and reply without any additional benefits.

I too leave rest of stuff to open judgments

I am client no idea to become IB and sip off from commission of my clients, i want to remains as successful trader as i am now, may be i can try to become external money manager like you, if i am more than confident in managing external funds.

 

[fxgood]

Re: Suggest a Fair Broker

And for me my broker search ends here

www.fxcentral.net