Looking for Currenex Broker with $5000 deposit
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Thread: Looking for Currenex Broker with $5000 deposit

  1. #1
    woSvesort
    Guest
    Hi

    I know there are other threads with this but I wished to see who people can currently recommend.

    I am using a demonion of Alpari's Currenex platform, I just trade majors along with the spreads are excellent. Typically 0.1 to 0.6 pips on cable and euro. The only sticking point for me is the $20,000 minimum account size. I am searching for another broker who will offer me the exact same currenex platform (or white label) thereof having a decrease account minimum $5000 will be good. Additionally no funny business with the prices/slippage et cetera. I am based in the UK so I would prefer a broker that is FSA registered.

    Thank you Beforehand.

    Good trading to you.

    PS - forgot to bring the commission cannot be huge. My volume will be around 10m a month to start with and also the max commission I could cover will be $50 per million traded, $30 per million favored.

  2. #2
    woSvesort
    Guest
    Quote Originally Posted by ;
    Currenex will not give you an advantage. And nobody opens a currenex account with 5k. Should they assert so then this is not really accurate considering what's the fee structure of currenex. In case you've got a fantastic egy then exchange with FXCM, Armada Markets or GFT. I've tried all of them. Or exchange futures on the CME Globex. Be secure.
    I am not searching to get currenex to give me an advantage. I've been trading for 5 years ish so understand whats what. Are any of those true ECN's. Thank you

  3. #3
    CNesrres
    Guest
    People are inclined to exaggerate ECN-s. They are not some sort of magic places in which a great girl from a bank like JPM or Deutsche let us you do whatever you wish along with her. She maybe stupid but she knows how to make you pay.

    If you have been trading for 5 decades then clearly you need to be aware that there is no real liquidity. It is just numbers flying about and also everyone expects you to forego your money. I've been trading with FXCM and Armada Markets for a little while now and have not had any difficulties. Much like GFT. That said I'm not asserting that they are some type of super-duper Transformers from another planet who can easily absorb both nuclear explosions and your flow. They have a clean trading environment and do not provide 50% or more deposit bonuses which means that they do need you to make it. But here is my advice for you: do something real, become a carpenter, build something, edue others or just create anything as trading is merely a game with numbers without creating any value for the society.

  4. #4
    woSvesort
    Guest
    The key factor for me is I am looking at developing egies where I'm a price manufacturer on exotic pairs. It is vital therefore that my orders go into the book and I can exchange within the spread. Take USDNOK that the spread is around 20 pips. When I come in and put a bid and offer within the spread I need my order to show so I can be struck.

    I chatted to Armada and whilst they look good they're basically a market market which uses LMAX inside pricing and a couple of other LPs. When I questioned them on whether my order gets sent to the LMAX exchange they affirmed the order sits on their host until price hits there and is then passed to the LMAX trade. I.e. if the market is bid 40 offer 60. I enter a buy at 41 to function as inside bid my order does not go anywhere until the offer price = 41 and the order has been delivered to LMAX for implementation. Armada may well be fine for price takers but not price makers.

    So I am still on the watch for currenex or alternative broker using a low deposit where my orders go into the book and can be struck as I make prices. Choices so much I've come across are 20k deposit Alpari currenex, $10k deposit LMAX direct. Which is appearing like the way forward right now.

    Any other suggestions out there please?

    PS - delusionals will probably be discounted! lol

  5. #5
    Hi. Just bear in mind that what you write concerning Armada is right, your pending orders are NOT written in the order book of LMAX, so no one can view them and accept them. You need to wait till the best bid/ask matches our order for it to be triggered, which means that you can not PROVIDE LIQUIDITY, only TAKE LIQUIDITY, and you cannot earn the spread, only pay it. BUT (and that's the point I would like you to know) I've been told that METATRADER-4 could *ONLY* operate this way. Therefore *ANY* broker proposing Currenex or any other network with MT4 will (since I've been told) operate this way. That is not what you need, you need other folks to be able to hit straight your orders, and not need to wait till a liquidity supplier proposes the price that you want.

    As an example, LMAX' MT4 works this way too (I've an account)! If you would like to be able to give liquidity, you need to use their site, multicharts or API to set your orders, you can not get it done with MT4 (and LMAX proposes the same remedy as Armada, it's an MT4 from another party: PrimeXM, it's not even LMAX's own MT4). I guess that it will be the exact same with ALPARI. And you can check HOTFOREX, but : No liquidity providing.

    If you would like some real Currenex, you won't even be able to it using 20K, it'll be a minimal of 50K, and you will need to work using a Prime Broker.

    Your solutions (at least those which come to my minf right now): FUTURE trading on GLOBEX like someone said, however no exotics. Or You've Got DUKASCOPY and LMAX. To get Dukascopy, they provide a software that you will have to get used to (check it on demo). Or with LMAX you will need to use their site (no automated trading possible) or BUY multicharts and get used to (good, but maybe not free ) or use their FIX/API (possible with Dukascopy too). About LMAX's minimal deposit, it is likely to open an account together with only $1000 if you open it through some IBs, check Alpha Novae.

  6. #6
    vuxxeska
    Guest
    Quote Originally Posted by ;
    Hello

    that I am aware that there are other threads on this but I wanted to see who people can currently recommend.

    I am using a demo of Alpari's Currenex platform, I only commerce majors along with the spreads are excellent. Typically 0.1 to 0.6 pips on cable and euro. The only sticking point for me personally is that the $20,000 minimum account size. I am looking for another broker who will offer me the exact same currenex platform (or white tag ) thereof having a lower account minimum $5000 would be useful. Also no funny business with the prices/slippage et cetera. I am based in the united kingdom so I would...
    Fastbrokers.com has everything you requesting above:
    - Currenex Liquidity from Alpari (they have other currenex also )
    - Min. Account is 2,500 even through alpari
    - Commission is 29/Million

    they have their onw platform that links to Currenex, not certain you can use Viking there.

  7. #7
    Just about exactly what I wrote: I am not 100% sure that no broker is able to advise you to give liquidity with MT4... It is the manner MT4 has been developped to work (maintain all orders and execute them just when the price can be obtained ), but I guess a broker can pass your orders into the order book (when one exist, we're not talking of market makers anymore here) when they utilize a BRIDGE. Forget LMAX using MT4, but I tell you that for ALPARI, you need to consult them *HOW* they work (good luck, as this kind of advice will be hard to get from supportto have them know exactly what you want to learn, lol). When you receive the answer, please tell me, I am interested. Check out this with HOTFOREX too.

    You can have a look at MB Trading, but I didn't hear some very favorable remarks about these (never attempted personnally). They set in place a platform where THEY pay you to give liquidity, but I guess that your orders can ONLY be hit by other customers of MB Trading, not anybody else. You'd be in position on a network such as Currenex. And MB Trading is able to do it with MT4, so they can do it...

  8. #8
    TesiSesTkrroCaches
    Guest
    Quote Originally Posted by ;
    Hi. Just bear in mind that what you write concerning Armada is correct, your pending orders aren't written in the order book of LMAX, so no one can see them and take them. You must wait until the best bid/ask matches our order for it to be triggered, which means that you can't PROVIDE LIQUIDITY, only TAKE LIQUIDITY, and you can't make the spread, only pay it. BUT (and that's the stage I would like you to understand ) I have been advised that METATRADER-4 can *ONLY* operate this way. So *ANY* broker suggesting Currenex or some other system with MT4 will (since I have been told)...
    so,what do u think of LMAX or Armada,actually?

  9. #9
    Currenex liquidity and pricing differs with each broker. It can be configured ever the broker in queries wants it to. The low deposit Currenex brokers will have only the LPs they have a connection with and their client's orders in the system. So the total quality of the product will vary greatly from firm to firm.

    However, brokers have an choice to bring a support called FxTrades to their currenex hub. This provides additional liquidity and client order flow not just from their LPs, but form a whole lot of different companies who take part in the FxTrades program. So in case you have a trading egy which involes liquidity supply, I would ensure that you are on an fxtrades enabled currenex account. Minimums will be greater tho, trades lt;100k are generally discouraged.

  10. #10
    Quote Originally Posted by ;
    Currenex liquidity and pricing differs with every broker. It can be configured ever the broker in queries wants it to. The deposit Currenex brokers are going to have the LPs and their customer's orders in the system. So the product's quality will vary from firm to firm.

    However, brokers have an option to bring a service called FxTrades for their currenex hub. This adds additional liquidity and customer order flow not just from their own LPs, but kind a whole lot of different companies who participate...
    Yes and no: Currenex is currenex, period. But it's correct that a markup can be added to greatest bid/offer allowing a broker to suggest Currenex with no comission (compensated by the markup, widening a little bit the spread). However, this isn't what the man who asked the question wants, because if there is a markup, no pending order will be routed directly to currenex, but held by the broker and triggered when directly marketable. And that's exactly what he doesn't want (based on what I knew he wants to perform )

    And about liquidity: Currenex liquidity is currenex liquidity, period. Currenex is a market with its own order book composed of each trader with pending orders onto it (Currenex is know to have quite a lot of HFT robots, so quite aggressive, but with great spreads/liquidity). A broker can aggregate some other liquidity into currenex if he wants, that's correct, but it isn't actually Currenex anymore in this circumstance, but currenex additional liquidity resource.

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