Looking for Currenex Broker with $5000 deposit - Page 2
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Thread: Looking for Currenex Broker with $5000 deposit

  1. #11
    Quote Originally Posted by ;
    therefore,what do u think about LMAX or Armada,really?
    LMAX is most likely the best retail broker you are able to exchange with (if you don't have miniature 50K and proceed with Currenex, HotSpot, Ebs...). It is a true marketplace, where there's an order book, and each and every transaction (including yours) are in this order book. Everyone has full access to it. As described before, this allows you to buy in the BID if someone takes your transaction (you get the spread that's paid by the person taking your transaction ), which is impossible with rather every other retail broker since you'll just buy from a LP (liquidity supplier ) in the ASK (you pay the spread which is earned by LPs). To fully utilize it, you should exchange with MultiCharts or even the API/FIX. But anyhow, even if you use MT4, then it is a very good broker with tight spreads (also tigher the more competition there's ) and speedy execution. No market maker tricks like forbidding you to place your orders where you desire, as close to the current price as you desire.

    In my view, Armada was great when they were utilizing LMAX (and just LMAX). They had the specific same prices because LMAX, and it had been rather the same as utilizing LMAX MT4, but with a higher leverage (x500 rather than x100 for LMAX). I left Armada when they started to include additionnal LPs and that I had the sensation to find some little prices manipulation. The afternoon I left is when I had a big spot opened and they raised the swap rate like mad the evening I retained this place open, and lowered it again the day after I shut it). When asking assistance about it, it really gave me the belief to listen to the same BS as some bad market maker I had problems with previously. Things like: It is not us, it's our LPs When you ask this is, as once I opened my account all of trades were supposed to be hedged on LMAX, it had been Biggest banks without any additional detail. Rates went up on the intermarket, nothing to do with your trades... Yeah, I've access to LMAX swap rates and to EBS (=interbank) rates, and it had been 100% BS. So I would advise to plead with Armada. They were great at the start, but feared me after their update to more liquidity sources. I asked myself if they did not become a pure bucket shop with all the fantastic old approaches...

    To be 100% fair in Armada, I received my cash VERY quickly after asking for withdrawal, and after an email, I have been reimbursed of the large swap I paid, which I could withdraw with no difficulty in any way. So that was really correct and nice. (I'd complained about the swap increase before closing the trades, but emailed to mention that as expected swap returned to normal the day after I shut themand they compensated all the paid swap). I've since some time a policy to leave a broker in the first wrong or questionable behaviour, because previously I dropped a lot of time and money once I was robbed by a broker where it was damn obvious that they were a scam, and that I had been stupid enough to continue to trade with them...

  2. #12
    woSvesort
    Guest
    Quote Originally Posted by ;
    Hello. Just be aware that what you write concerning Armada is right, your pending orders aren't written in the order book of LMAX, therefore no one can see them and take them. You have to wait until the best bid/ask matches our order for it to be triggered, so you can't offer LIQUIDITY, just TAKE LIQUIDITY, and you cannot make the spread, just pay it. BUT (and that is the stage I would like you to know) I've been told that METATRADER-4 can *ONLY* operate this way. So *ANY* broker proposing Currenex or some other network with MT4 will (since I've been told)...
    Thank you for the info. Since checking this thread I have also been in touch with LMAX and fastbrokers. The two LMAX and fastbrokers (IB for LMAX) confirm that the orders you place actually enter the book. Fastbrokers inform me min deposit $2500 so that they could work nicely for me. This whole issue is a bit of a mare as 95% of people involved in this industry such as many'broker's dont even understand what it means to provide liquidity. MT4 and bridge's are dog dirt, not for price makers. Love MT4 for free charting though, great simplicity that works.

    It's crazy how any 2 bob broker can take a price feed of a real ECN then function as a trader of the feed and call themselves an ECN, complete joke and should be illegal. They say'we are still an ECN broker' but what they mean is'we use an ECN broker for our prices however, are market makers/traders so watch out as we will shaft you if you let's' lol

  3. #13
    tTcesrSttctttess
    Guest
    Quote Originally Posted by ;
    LMAX is most likely the best retail broker you can exchange with (Unless you have miniature 50K and proceed with Currenex, HotSpot, Ebs...). It's a real marketplace, where there's an order book, and every single transaction (like yours) are in this order book. Everybody has full access to it. As explained before, this enables you to buy at the BID if someone takes your transaction (you earn the spread that's paid by the individual taking your trade), which is impossible with quite every other retail broker since you will only buy from a LP (liquidity provider) at the...
    hi mevo,sad to hear matters thats not so favorable abt armada.when u mentioned u did a withdrawal,u received your monies through which method? Thus,do u think that or advise someone to open acct with armada?

  4. #14
    woSvesort
    Guest
    Quote Originally Posted by ;
    Currenex pricing and liquidity is different with each broker. It may be configured how ever the broker in queries needs it to. The very low deposit Currenex brokers are going to have just the LPs they have a relationship with and their customer's orders in the system. So the overall quality of the product will vary greatly from firm to firm.

    But, brokers have an option to add a service called FxTrades to their currenex hub. This provides extra liquidity and client order flow not just from their own LPs, but form a whole lot of different companies who participate...
    thanks that is good info. Saying I realised currenex have numerous different feeds determined by what LP's they toss in and what flow they buy, at present it seems like I need to utilize LMAX or currenex but I need to make sure my order hit the market. It's so simple to check anyway just dial a pair and put in a bid off the mark and see if it seems, removing it fast in case it is hit.

  5. #15
    woSvesort
    Guest
    Quote Originally Posted by ;
    LMAX is most likely the best retail broker you are able to trade with (Unless you have mini 50K and proceed with Currenex, HotSpot, Ebs...). It is a true marketplace, where there's an order book, and each and every trade (like yours) are in this order publiion. Everyone has complete access to it. As described earlier, this enables you to buy in the BID if someone takes your trade (you get the spread which is covered by the individual taking your commerce ), which is impossible with quite every other retail broker as you will only buy from a LP (liquidity supplier ) in the...
    Hey Mevo

    I presume you're right in the LMAX is my greatest beginning point for price making s. I hear what you say about Armada, they are not acceptable for my s as they are not an ECN they simply use ECN pricing which is okay for price takers (99% of retail traders). I did take a look at their feed and noticed their spread was slightly wider on several exotics I see, I questioned them on this as I explained if they were using LMAX and adding different LPs the spread could only narrow not widen - I hit the exact same BS you're describing. As you well understand Currency Market is a dirty business and we are coping with shades of gray here, a few are dark gray, others are milder, nobody is pure white if you get me.

    Thanks to your input.

  6. #16
    Quote Originally Posted by ;
    Yes and no: Currenex is currenex, period. Nonetheless, it's correct that a markup can be added to greatest bid/offer allowing a broker to suggest Currenex without a comission (compensated from the markup, widening a tiny bit the spread). However, this isn't what the guy who asked the question needs, because if there is a markup, no pending order will be hauled straight to currenex, but held by the broker and triggered when straight marketable. And that is exactly what he does NOT want (according to what I understood he wants to do)

    And about bandwidth: Currenex liquidity...
    Not really. If your theory would be correct, Alpari, FXDD and LCG would exhibit the same prices/liquidity in their Currenex, but that's decidedly not true.

  7. #17
    (Please be aware that I'm not connected to Alpha Novae at all)

    Fxking: I would advise people to go straight with LMAX. Through Alpha NOVAE, you can open LMAX accounts with a minimum of $1000, and have a UK quite big and known broker with FSA regulation instead of a small eastern Europe firm with unfamiliar regulation. Sh5467 states that you can have a $2500 mini with fastBrokers too (I don't know them). I opened my account with a small deposit through Alpha novae personnally. Only thing is a leverage of only x100 instead of x500 for armada. I would not advise anybody to NOT go with Armada. Until today, I did not hear/read anything quite BAD about them. You know my experience and have my opinion.

    Sh5467: Correct, what providing liquidity is isn't known by most traders and lots of brokers... YesI will affirm you too that each transaction goes in the publiion on LMAX and also you can access the order publiion. What I felt when seeking to provide some liquidity on LMAX is that there aren't that many individuals trading on it (no less that I anticipated, especially on exotics, which means that your trades won't be obtained that often;-LRB- If you want to search on this, have a peek at Dukascopy as your trades on LMAX are only available to LMAX customers (and finally broker's customers which use LMAX as LP), but Dukascopy seems to place your orders on distinct networks like Currenex, Hotspot and others and cancel them when the quantity you wished to trade has been filled, which means you may have more odds of having your trades filled on Dukascopy compared to LMAX.

    I did not know of FastBrokers... According to Alpha Novae allows you to start LMAX accounts with $1000

  8. #18
    woSvesort
    Guest
    Quote Originally Posted by ;
    Around LMAX's minimum deposit, it is likely to start an account with them with only $1000 in the event that you open it via some IBs, assess Alpha Novae.
    Called LMAX up to test, you are a genius SIR thank you very much. $1000 min account accessibility to LMAX exchange.

  9. #19
    Quote Originally Posted by ;
    Not really. If your theory will be correct, Alpari, FXDD and LCG would display exactly the same prices/liquidity on their Currenex, but that is decidedly not true.
    Oh that is interesting... Currenex is a marketplace with it is own orderbook like Hotspot or EBS (or LMAX), so how can that be??? In case you've got 1 million, then you can start an account directly with Currenex. Or beginning at 50K you can trade with a PrimeBroker that provides you access to Currenex or other progr... LCG is a PrimeBroker if I'm not wrong, therefore this should be the actual Currenex.

    Can it be feasible that Alpari and FXDD use the Currenex orderbook, but adds pending orders from its own clients only locally rather than straight to Currenex orderbook. So it imply that Alpari and Fxdd clients (currenex) possess their orders placed at the orderbook, but these orders could only be struck by additional Alpari or fxdd different clients? This could explain exactly what you describe. If you go for a PrimeBroker such as LCG, Baxter, Marex, your orders are supposed to be entered in Currenex orderbook and can be struck by each other trader on Currenex.

  10. #20
    woSvesort
    Guest
    Quote Originally Posted by ;
    (Please note that I'm not connected to Alpha Novae at all)

    Fxking: I would advise folks to go straight with LMAX. Through Alpha NOVAE, you are able to open LMAX accounts with a minimum of $1000, and have a UK quite big and known broker with FSA law as a substitute for a small eastern Europe company with unfamiliar regulation. Says that you are able to have a $2500 miniature with fastBrokers also (I do not understand them). I opened my account with a small deposit via Alpha novae personnally. Only thing is a leverage of x100 rather than x500 to get armada. I would not...
    yeah thanks again. I was watching the LMAX book on USDNOK another day, big spread there but not many orders also it is a trade off between making a bigger spread and using the bandwidth there to get the fills. I will check out Dukascopy and see what there minimums are. As we both understand this difficulty would not be a problem when I'd 50-100k as deposit. I could simply go to a pb and grab currenex/integral/hotspot and off I go. Good news is barriers to entry are coming down in terms of deposits and technology.

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