Hi all, I have just started a relationship with a prime of prime and am trying to select the best ECN. They offer a lot of options but I chose Hotspot to start because I have some familiarity with it. Anyways, I've used for a few days and I'm not impressed. The last look feature leads to a lot of crummy fills. I'm not trading huge - one click trading on 1-5 mio unit amounts. Does anyone have experience with some of these quasi-institutional ECNs (currenex, fxall etc). Thanks!
Forex ECN Opinion
- Thread starter Jackthepipper
- Start date
Interactive Brokers if you're a non-US citizen.
Tight spreads, ok commissions (unless you do $1b+ a month). Good fills, limited slippage, strong financials, excellent risk controls on the clients.
In my opinion there isn't a better broker on the planet. Just ditch their crappy TWS software and go with something like Button Trader.
But if you've already got that POP account try Currenex. Also, check out the Forums on FXFactory. There are some very knowledgeable FX guys there.
Tight spreads, ok commissions (unless you do $1b+ a month). Good fills, limited slippage, strong financials, excellent risk controls on the clients.
In my opinion there isn't a better broker on the planet. Just ditch their crappy TWS software and go with something like Button Trader.
But if you've already got that POP account try Currenex. Also, check out the Forums on FXFactory. There are some very knowledgeable FX guys there.
Abbot
Are you using any level of automation? It doesn't look very workable with ButtonTrader.
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Automation, no, simple strategies, yes.
For example, enter on stop limit (4 ticks) with an x tick limit. Really easy to change the levels, move the stop, move the limit etc.
I also use a Logitech G13 programmable keyboard for firing off orders, works really well.
Button Trader has a 'look' of about 10 years ago, sort of Windows XPish, ie outdated. But don't let that fool you, it's a really powerful program for order entry and management. I would think the programmers worry more about the programming, features, and stableness of the program rather than making it look pretty and up to date.
Best to read their online manuals to see if it can help you.
For example, enter on stop limit (4 ticks) with an x tick limit. Really easy to change the levels, move the stop, move the limit etc.
I also use a Logitech G13 programmable keyboard for firing off orders, works really well.
Button Trader has a 'look' of about 10 years ago, sort of Windows XPish, ie outdated. But don't let that fool you, it's a really powerful program for order entry and management. I would think the programmers worry more about the programming, features, and stableness of the program rather than making it look pretty and up to date.
Best to read their online manuals to see if it can help you.
Thanks for the reply, I agree 100% with your assessment of IB - it is a phenomenal platform for FX. I am going to stick with my PoP though because the individual service is better as you'd expect. I like to deal on Bloomberg chat sometimes at nights rather than logging in etc and my PoP is amenable to that. So i will most likely stick with my current setup - but I have traded on IB and its great. Thanks for the response.