Currinex Platform but in a spreadbet wrapper

[fibbinstarchi]

Currenex Platform but in a spreadbet wrapper

Who's interested in using a Currenex Direct Access platform but in a Tax free spread bet wrapper?
This mean instant execution, no requotes, com based but below 1 pip equiv charge per trade so much cheaper than Futures betting.
Trade through TwoWay Markets & London Capital Group, DMA (Direct Market Access) this is per Lots trading ($12.50) min trade, and min account opening is £12.500, so no kids/noobs.
You can trade alongside the banks, this isn't usual sbet with their own market BS, this is the real deal, a new project through 'traders wants' research the company has been in contact with myself asking questions regarding what a trader really wants etc.

If anyone can look into London Capital Group to see if they are within the Min Customer funding requirements rule then please leave their research on this thread.

Anyone interested in this type of trading just leave a quick note so I can get a tally.

 

[ns1000]

How many banks on their Currenex feed?

 

[FXSCALPER2]

Who's interested in using a Currinex Direct Access platform but in a Tax free spread bet wrapper?
This mean instant execution, no requotes, com based but below 1 pip equiv charge per trade so much cheaper than Futures betting.
Trade through TwoWay Markets & London Capital Group, DMA (Direct Market Access) this is per Lots trading ($12.50) min trade, and min account opening is £12.500, so no kids/noobs.
You can trade alongside the banks, this isn't usual sbet with their own market BS, this is the real deal, a new project through 'traders wants' research the company has been in contact with myself asking questions regarding what a trader really wants etc.

If anyone can look into London Capital Group to see if they are within the Min Customer funding requirements rule then please leave their research on this thread.

Anyone interested in this type of trading just leave a quick note so I can get a tally.

what about loaded 'noobs and kids'?:cheesy:

 

[fibbinstarchi]

14 to 15, banks apparently.

 

[fibbinstarchi]

"what about loaded 'noobs and kids'?"

Not trying to be down on anyone in anyway, they are just interested in experienced spreadbetter who trades higher volume.

 

[fibbinstarchi]

If anyone has any specific questions, can you PM me, and I will give you their direct email address so you can get your questions answered swiftly and accurately. Please give feedback on this thread on your thoughts.
Or just click on my Profile, i have put it in there to save time.

 

[fibbinstarchi]

Update, accounts are segregated and min account open is 6k for two weeks then the remainder (6.5k). Try a demo, I am.

 

[snailband]

Try a demo with who?

 

[fibbinstarchi]

I think the best course of action is for anyone interested and to get accurate answers contact them direct, they told me to say all calls are welcome. As far as I'm aware the trader will be trading DMA getting lightning executions, tight spreads with no dealer intervention, up to £1000pp, not the usual BS we experience from spreadbet firms that make their own market, and flag you over £5pp, this is trading the actual forex spot market, but not paying any tax as two way markets are wrapping it in a spreadbet wrapper, from yesterday client funds will be segragated too which was a concern of mine.

Give him a call if you're interested:

Andrew Hurst
[email protected]
( +44 (0)207 099 1138

 

[fibbinstarchi]

Here's some good information on the company who would be holding traders funds:

http://www.londoncapitalgroup.com/reports/2007_annualreport.pdf

Have a read and give feed back.

 

[zuke]

The banks are no different to the SB firms - if they're being 'picked off' they do something about it. They're not in the business of giving handouts, so latency arbitrage etc is likely to be dealt with eventually. Remember - they're ALL already hurting for other reasons.

That said, they all want a piece of the retail market these days so maybe the reins will be relaxed for a while.

Not what I'd really call DMA though to be honest. Just cos it's a slightly bigger firm making the price, doesn't mean you are suddenly a bona fide market participant. I bet when I sell $20m in my own currenex I don't run into someone's $5 a point position on the other side (as an individual hit). So not DMA.

Just pointing out how it looks to me.

GJ

Great points! It's basically FB but with better coms. A gazillion times better than dross like Capital Spreads but not really DMA. Not a criticism, more an observation

 

[fibbinstarchi]

GammaJamma

It is true DMA and its the true Currenex market.

I think traders here should really call Andrew Hurst directly to save incorrectly assuming/guessing.

Andrew Hurst
[email protected]
( +44 (0)207 099 1138

 

[Crap Buddist]

Great points! It's basically FB but with better coms. A gazillion times better than dross like Capital Spreads but not really DMA. Not a criticism, more an observation

London Capital Group are Capital spreads aren't they ? how much involvement will the same management have in this venture ?

 

[fibbinstarchi]

If there's support pricing only, no matter how many banks it's from, then by definition it isn't true DMA. However if I could bid and offer on the platform, and my bid / offer could be hit by another bank then that would be true DMA. And by the look of the website, that, at least as far as the 'lite' version goes, doesn't sound like what's on offer.

Not going to call because I don't need this service. And not to say it is no good, I just don't think it'll be DMA unless I'm wrong about the last point I made (which of course I could be).

GJ

Ahh now I see what you're looking at. it's not the light version, its the full pro DMA version, like I said, it's the real market, you bid and offer alongside the banks, so you are trading with the big boys, I can understand that thought can be quite scary to some as the min trade size is 1 Lot (3ppish on Cable).

 

[snailband]

If a bookie isn't counterparty to the trade then how can it be a spreadbet?

 

[ns1000]

If a bookie isn't counterparty to the trade then how can it be a spreadbet?

Your 'trade' in the market is in their name. They then write you a spreadbet of identical size and magnitude.

One worry I know some SBs have is that this blurs the distinction between betting and trading; taxman could decide there is no difference between this form of DMA and normal DMA and claim it isn't betting any more than your betting on the price of a pint of beer at the bar. How likely is this? Not very, but not for me. Not worth risking getting lumbered with 5 years back taxes. I suspect this is one reason FB was based in Gib, rather than coming under FSA rules, although clearly betting duty was more important.

 

[DMFXTrader]

I have tried their demo platform and it seems very easy to use and professional to me - a lot better than many other spreadbetting firms out there.

I will decide over the next few days whether or not it is worth going live with them.

 

[gc1]

Do prices display and trade in fractions of a pip (tenths or halves) or whole pip units only ?

If it displays prices including their addition to the spread perhaps you could tell us what total spreads you are seeing in some of the major currency pairs during active market hours.

 

[DMFXTrader]

Prices and trades are in 1/10 of a pip on the live platform. On EURUSD the spread seems to vary between about 1/2 a pip to about 3 pips during normal trading hours, obviously this would increase around news time. GBPUSD seems to be about the same. I haven't seen zero spread yet but I am not saying that does not occur. You pay commision which is $45 per $1m contract, so just under a pip for a round trip.

 

[snailband]

$45 per $1m is a bit of a rippoff don't you think?