benajnim,
I appreciate the question and the open forum to give insight for how orders are handled. In an effort to keep it simple let me illustrate a few possibilities. You hit the nail on the head in the event that you post a bid/offer which could cross with another customer that wants to hit your bid or take your offer. Now in the event a bank was to match your bid/offer then your order would auto cross with that particular bank and execute as an outbound preference to that bank. Lastly, if you were to trade against a banks posted bid/offer then your order is auto routed to that bank posting the bid/offer. In all scenarios you can see that there is no deal desk ever used and that all orders are crossed on the ECN or direct access routed to various banks on the network. This is direct access/ECN that we utilize from 3D Forex.
Regarding your questions about possible skepticism I completely understand. We have spent a considerable amount of time and resources to offer a fair and legitimate platform to route your forex orders. This is entirely due to the inefficiencies of how most have been accustomed to trading spot forex in the past. The deal desk principal way of trading in my opinion needed much improvement and that is what we were aiming to provide for your benefit.
Regards,
Steve
I appreciate the question and the open forum to give insight for how orders are handled. In an effort to keep it simple let me illustrate a few possibilities. You hit the nail on the head in the event that you post a bid/offer which could cross with another customer that wants to hit your bid or take your offer. Now in the event a bank was to match your bid/offer then your order would auto cross with that particular bank and execute as an outbound preference to that bank. Lastly, if you were to trade against a banks posted bid/offer then your order is auto routed to that bank posting the bid/offer. In all scenarios you can see that there is no deal desk ever used and that all orders are crossed on the ECN or direct access routed to various banks on the network. This is direct access/ECN that we utilize from 3D Forex.
Regarding your questions about possible skepticism I completely understand. We have spent a considerable amount of time and resources to offer a fair and legitimate platform to route your forex orders. This is entirely due to the inefficiencies of how most have been accustomed to trading spot forex in the past. The deal desk principal way of trading in my opinion needed much improvement and that is what we were aiming to provide for your benefit.
Regards,
Steve