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FxOpen ECN

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Ping

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on: Apr 16, 2011, 09:58 AM
Who are using ECN broker here?  A friend just introduced me to FxOpen ECN. There are some major differences between using a MM/STP broker and ECN.  Read this article to know the PROs and CONs http://forexmagnates.com/market-making-stp-and-ecn-what-they-are-pros-and-cons/



Here's the best PRO side.  How much is spread of your broker?

In FxOpen ECN, the spread of GBPJPY goes as low as less than a pip sometimes.  Plus their commission of around 7usd/lot (about 0.7 pips additional)




But the greatest CON side.  You need a minimum of 1,000usd initial deposit, and the smallest lot you can trade is 0.1 lot, which is equivalent to 1usd per pip.



 :cool2:

Post Merge: Apr 16, 2011, 12:59 PM
Then for more savings, you can even sign up for rebates here- http://rebatefx.com/

Plus some other bonuses, as presented in their website.

    * Get a monthly forex rebate of 1/2 a pip on every forex trade you make. Winner or Loser! (+/- 4 pips or more)
    * The Forex Rebate is set at *$5 per lot traded. There is no sliding scale depending on a certain trade volume unlike other companies offering a forex rebate although high volume traders may negotiate ;)
    * Get a FREE $25 bonus on every Standard Account opened! (After Deposit)
    * With the $25 Deposit Bonus, 1/2 pip forex rebate, and the $100, 10 lot volume bonus, you are immediately $175 better off trading with us than any other broker!
    * Free Strategy Pack on opening a Standard Account, including proven, easy to follow, profitable forex trading strategies to help you on your way to success

*Depends on the value per pip. $5 is based on $10 per pip forex currency pairs like eur/usd or gbp/usd.

Some of the benefits of trading with FXOpen and RebateFX are…
      * Fixed Forex Spread: from 2-3 pips. (1.5-2.5 pips effective, after rebate!)
      * Minimum Forex deposit – from USD$100. (just $1 for micro accounts)
      * ECN/STP accounts available with LEVEL II Market Depth.
      * * Promotion! $25 FREE OPENING BONUS!(added after the 1st deposit)*
      * Strictly Regulated Broker with over $70 Billion monthly turnover
      * Swap Free Islamic Accounts on request
      * Rapid Execution on Accurate Market Quotes
      * Trade Forex and Commodities
      * Credit Leverage of your choice up to 1:500
      * Moneybookers, Webmoney, Liberty Reserve, Bank Wire, Cash-U, China Union Pay, C-Gold, and PerfectMoney accepted
      * Trading terminal: MetaTrader4: Hedging, Scalping and EA Robots allowed. NO FIFO!
      * Rapid and Efficient Customer support
      * Trading Account opening within 5 minutes from any part of the world
      * $100 bonus after 10 lots volume traded
      * Payoneer Debit Card available for rapid cash withdrawals


 :D
« Last Edit: Mar 18, 2012, 11:43 PM by FutureGizmo »


golyat

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Reply #1 on: Mar 17, 2012, 09:22 AM
I wonder why these brokers offering their winning strategies.If all or most of their clients are becoming winners then where do they get the money to pay them? Please educate me :)


suntzu

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Reply #2 on: Mar 17, 2012, 11:06 AM
I wonder why these brokers offering their winning strategies.If all or most of their clients are becoming winners then where do they get the money to pay them? Please educate me :)
all brokers will claim the same otherwise who would patronize them. same as all forex gurus claim their trading strategies are 100% winners, otherwise, who would buy them. confronted with these winning claims, these brokers/gurus will remind you of their small printed disclaimers that forex trading is a high risk business...trade only monies you can afford to lose.
in sticking to the theme of this thread, the question is: is FxOpen ECN a good and reputable broker? where will your money be deposited? FxOpen Cairo, Egypt? Auckland, NZ or Moscow Russia? where will your trading be "regulated" in case of a problem? FxOpen is a member of Financial Resolution Dispute (FRD) of Auckland NZ. but is FRD a government regulatory board dedicated to resolving forex issues? what kind of teeth do they have in enforcing rules/regulations protecting traders?
in my case, since i am based out of california, i cannot use FxOpen, because FxOpen is prohibited from dealing with US-based clients. but if i am in pinas, i might open an account with them, using pinas-based banks just because FxOpen is a ECN. FxOpen may not trade against you because ECNs use counterparties in their trading systems. FxOpen has been in business since 2005 (not sure of the claim). its just a matter of playing fair and square for FXOpen to be a really good ECN. :rakenrol:


 


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