I was approached by Finotec recently as they know I trade large volume of currencies. There is not much out there in terms of reviews nor info on their websites. But their trading platforms such as currenex and FIX capability speak to them being more profesional and not part of any bucket shop. Commissions are also clearly stated, I get 15 dollars per 1 million traded on account sizes above 50k and might even be able to negotiate lower for larger accounts. Is anyone using this broker for currency trades?
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Anyone using Finotec?
- Thread starter GRULSTMRNN
- Start date
I was approached by Finotec recently as they know I trade large volume of currencies. There is not much out there in terms of reviews nor info on their websites. But their trading platforms such as currenex and FIX capability speak to them being more profesional and not part of any bucket shop. Commissions are also clearly stated, I get 15 dollars per 1 million traded on account sizes above 50k and might even be able to negotiate lower for larger accounts. Is anyone using this broker for currency trades?
I am not using them. Their spreads are horrible (marked up raw spreads) and the commission quote of 15 USD way out of line what professional FX traders pay.
And yes, it´s easier to aggregate liquidity yourself nowadays. You find a proper independent software company, set up a PB relationship for $250k, sign an ISDA agreement and voila - you can have some real raw spread fun with as many Tier1 and non bank LP´s you want!
I think you are talking out of your ass. First of all, 15 dollars per million is highly competitive. IB charges 24 per million and does not relent even for large accounts. Pepperstone charges 15 but for much larger accounts. Equally for Baxter. Secondly, where do you get this claim from that they mark up spreads? Makes zero sense. I have never seen a single broker in my life which offers currenex and marks up spreads. Your last part about how to start being an aggregate liquidity provider is total nonsense. It takes some top notch software developers to write a competitive quoting and matching engine. I am talking salaries that exceed easily 250-300k. Also no PB desk opens accounts with 250k. Please don't inject yourself in topics you obviously know nothing about. It makes you look stupid.
I am not using them. Their spreads are horrible (marked up raw spreads) and the commission quote of 15 USD way out of line what professional FX traders pay.
And yes, it´s easier to aggregate liquidity yourself nowadays. You find a proper independent software company, set up a PB relationship for $250k, sign an ISDA agreement and voila - you can have some real raw spread fun with as many Tier1 and non bank LP´s you want!
So why the heck did you start this thread if you already made up your mind about using the broker. You are even defending them. I am just a passerby. I don't trade such large amounts. I use a smaller broker Forexchief. But your reply to the above got me thinking.I think you are talking out of your ass. First of all, 15 dollars per million is highly competitive. IB charges 24 per million and does not relent even for large accounts. Pepperstone charges 15 but for much larger accounts. Equally for Baxter. Secondly, where do you get this claim from that they mark up spreads? Makes zero sense. I have never seen a single broker in my life which offers currenex and marks up spreads. Your last part about how to start being an aggregate liquidity provider is total nonsense. It takes some top notch software developers to write a competitive quoting and matching engine. I am talking salaries that exceed easily 250-300k. Also no PB desk opens accounts with 250k. Please don't inject yourself in topics you obviously know nothing about. It makes you look stupid.
Perhaps you wanna think about improving your thinking. You are on the wrong track. And no, I have not made up my mind about this broker. It's just that my side hobby is exposing BS.
So why the heck did you start this thread if you already made up your mind about using the broker. You are even defending them. I am just a passerby. I don't trade such large amounts. I use a smaller broker Forexchief. But your reply to the above got me thinking.
So do you have any answers?
I think you guys should just chill and let your nerves be calm. If there is a question here, let there be answers only.