Second Tier FX Prime Broker

Thanks, 2cents, for sharing your experience.

I'm checking out FXCM Pro's demo now. It has spreads which are much better than those listed on their web site at:
http://www.propfx.com/spreads.html

In your experience, do the spreads on the real FXCM Pro/CurrenEx platform approximate those in the above web page, or are they even more favorable?

I ask because I find the demo spreads too good to be true, given that FXCM Pro needs to make their profits via spreads.
 
they'll both 'reprice' you so as to include 1 pip/RT in the spread on average... forget about quotes displayed on a web page... both platforms' live quotes shld be much the same on avg, altho i know they don't share the same / same number of liquidity providers...

whats your main reason to make the move, increased leverage?
 
Quote from 2cents:

whats your main reason to make the move, increased leverage?
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Mainly to diversify and to get the experience. I personally think CurrenEx's platform is more user-friendly than IB's (so far) or Hotspot retail's. Also, my long-term goal is to "graduate" and use CurrenEx wth a bank like RBS or UBS.

Quote from 2cents:

they'll both 'reprice' you so as to include 1 pip/RT in the spread on average... forget about quotes displayed on a web page... both platforms' live quotes shld be much the same on avg, altho i know they don't share the same / same number of liquidity providers...
More...

For the avoidance of doubt, can you possibly clarify one detail? When one does an RT, does the FXCM Pro structure effectively implies a total "indirect commission" of 1 pip? Or is it 2 pips? For example, Hotspot charges a $3 commission per 100,000 currency units. Thus, for shorting 100,000 EUR/USD and then squaring the position, a total of $6 is paid in commissions. For the same RT, do you mean that FXCM Pro effectively charges $10, or $20? I don't quite understand how this FXCM Pro repricing works in practice.

Also, it seems that, for pairs like EUR/GBP, the FXCM Pro charge is even higher, compared to Hotspot's fixed commission, due to the higher pip value. Correct?

Thanks again!
 
basically their repricing engine is there to try and charge you 1 pip on exit... my experience is you get charged 1 or 0, i can't recall being charged 2 (i monitor against RBS/currenex & hotspotfxi...)

u cld be right on eurgbp... check HS retail's pricing, is it $3 per 100,000 units or $100,000 equivalent traded? on currx / hsfxi, comms are per $100,000 ($1mio in fact but thats the same...) equiv traded fyi

good luck to you, as i said earlier i am no big fan of currenex but i do use them... lon eagle finds them really good... you are on a good path... ask late apex abt coesfx, i remember reading some stuff from him but thats a while back... ok nite nite now ;-) cheers
 
PCVIX,

I think we have an extremely user friendly platform that you will be interested in taking a look at and possibly trading on.

I have been on many sides of the Foreign Exchange market...in a prop group at the CME trading FX futures / cash in the mid 1990's , then as a market maker/dealer in spot FX ( cash) for a International bank until 2004, and most recently as a prop trader on my own and at prop shops ( FX futures with mediocre spot access). I feel I have seen all the major changes this market has experienced. The price dissemination, liquidity and leverage have finally trickled down to everyday users. We are seeing more and more outlets to deal via.

I recently joined a newly formed group that I feel has the whole game covered. We just went live in April as ADM Derivatives (a wholly owned subsidiary of Archer Daniels Midland) and have several IB's, CTA's, and retail customers actively trading on our FX Next platform. Our site is up and running (albeit in an abbreviated form of what it will probably evolve into) and you will start to hear some chatter about us at upcoming conferences. I would be happy to set you up with a DEMO version which mirrors the real time price action on our live version.

We are 24 hours and I cover the Asia time zone Sunday through Thursday. Feel free to call me at 312 242 7700 or on the watts line at 877 242 8911 if you have any questions regarding currency pairs offered, margin requirements, safety of funds etc.
You don't necessarily have to go the prime broker route to get access to good prices and leverage.

Regards,
Tim
 
4xxxx - what are the benefits of using your platform vs going via a prime and accessing various ECN quotes, huge liquidity plus 1:100 leverage if you know where to go, would you say? and for people who are happy with 10mio a click or less, very tight spreads and 1:50 leverage there is always oanda, ib etc... we wish you well but... how do you guys plan to compete? am interested to hear more about the business model
 
I will kindly refer you to my bosses who cover things during North American trading hours to answer those questions. A big part of my job is as a market maker servicing EFP clients who want to deal FX futures and cannot get the size off when they want via Globex ( ie EUR 300 cars or 37.5mio cash equiv). Our front end system is another area of our business model which I help to support. Pcvix mentioned he was seeking access to tight prices (possibly currenex), ability to leverage (although unlike most of the others out there we increase margin requirements as capital increases...since risk increases). Dealing with us would save the hassle of setting up a 2nd tier prime brokerage dealing relationship. We are similar to Oanda and IB and since I myself have dealt actively on Currenex, Hotspot, Fxall, Saxo etc I know firsthand that our product is superior in all facets of dealing. Which cash platform do you currently trade via? I would be happy to set you up on a DEMO so you can see for yourself. As in most things, the proof is in the pudding.

ADMD.com 1 877 242 8911.
 
had a look at the website... doesnt say much yet but i suppose you guys are still working on it...

i use hotspotfxi, currenex... have used and / or still using to some extent ifx, acm, forex.com, oanda, saxo... have an interest in barclays barx, deutsche autobahn, citifx, icap ebs, espeed etc for when i get bigger but honestly i get all the size i want on hotspotfxi / currenex (20-50mio clips) except the spreads get a tad too wide on asian times but then thats because liquidity is generally thin and i trade much smaller size anyway, if at all...

re demo, thanks for offering but i'd really need to believe its worth the time... thing is i still dont see where / how your offering is going to fit / stand out... keep us posted (but be aware of ET's policy with regard to unpaid advertising....)
 
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