FXOpen’s MT4 ECN is much better than originally thought

[miko432]

A few weeks ago I covered the FXOpen’s ECN platform and was a bit skeptical because I had experienced problems with my Windows XP software (unrelated) and because I questioned who the liquidity providers were for execution.

A few days ago I received a personal tour and had a chance to review the company’s technology as well to see how the liquidity is provided (can’t say who the liquidity provider is for now, but it’s big, very big).

Being the skeptic that I am, it takes me a while to getting fully convinced that what I’m seeing is the next step in Forex trading evolution. But this time it might be the case.
Instead of making brokers waste time and money on its useless regulation requirements, the NFA should have made the most important step of them all: requiring all brokers to shift to ECN trading which would have solved any and all transparency issues with Forex trading.

As I explained in one of my posts earlier: ECN trading is basically a Forex marketplace where Buyers and Sellers can enter orders and trade with each other rather than trading with their brokerage firm or being routed to the market.

And now back to FXOpen’s platform.

FXOpen managed to utilize MT4 and to display an ECN feed and market depth details, while executing orders according to this feed directly on the market. Unlike most brokers, this totally removes the dealing desk. This must have cost a lot of time and money, and is definitely a Forex industry revolution.
Currently, when you trade MT4, the feed you see is what you get and most of the time you never know what is behind the displayed quotes. With FXOpen’s ECN platform you now get to see exactly what is behind the currency pair’s Bid and Ask: you actually get to see the five best Bid and five best Ask orders in the market, real time.

Michael
Forex Magnates

 

[FXGiant]

They are using MB Trading and Dukascopy as Liquidity providers

 

[jaygraeme]

They are using MB Trading and Dukascopy as Liquidity providers

MB trading connected to 3DForex. Fxopen connected to Dukascopy. Live Feed at Fxopen and Dukascopy absolutely the same.

 

[wildpips]

I have download the demo platform.

Can anyone tell, how do we check the Market Depth Details on this new ECN data on

FxOpen mt4.

Thanks in Advance

 

[fxopen_ambassador]

Hello,
I'm FXOpen's Ambassador to Forex Forums. Thank you for choosing FXOpen, I hope you will enjoy our advanced software.

In order to view Market Depth details please do either of the following:

Download and install the market depth application: Level2
(.NET Framework 3.5 SP1 is required - can be also downloaded directly from Microsoft's site: Download details: .NET Framework 3.5 Service pack 1)

or

Download and copy the following installation file https://cabinet.fxopen.com/Download.aspx?name=QuotesTransmitterSetup.msi into the FXOpen Metatrader folder (typically located at C:\Program Files\MetaTrader - FXOpen). Double click the file and follow the installation steps.
Relaunch the FXOpen Metatrader application.
An Expert Advisor named BridgeQuotesExt2 (there are three advisors that will be installed please select the one ending with the digit 2) will appear in the list of Experts at the Metatrader platform. Drag and drop it in the window of the currency pair you are interested in trading and in the Input section of the window that opens set the IP of the server you were provided with (demo IP will be preset as default) as well as the Login details and you should be able to see the level2 quotes directly on the chart.

Please note: Demo users will see one level (Best Bid and Best Ask) of the level2 quotes while Live users will see the 5 levels (5 Best Bid and Asks ordered by their proximity to the next Best quote).
Also, please make sure that Expert Advisors button is activated (typically it's under the Commands bar - beneath and on the right of Help).

 

[wildpips]

Hello,
I'm FXOpen's Ambassador to Forex Forums. Thank you for choosing FXOpen, I hope you will enjoy our advanced software.

In order to view Market Depth details please do either of the following:

Download and install the market depth application: Level2
(.NET Framework 3.5 SP1 is required - can be also downloaded directly from Microsoft's site: Download details: .NET Framework 3.5 Service pack 1)

or

Download and copy the following installation file https://cabinet.fxopen.com/Download.aspx?name=QuotesTransmitterSetup.msi into the FXOpen Metatrader folder (typically located at C:\Program Files\MetaTrader - FXOpen). Double click the file and follow the installation steps.
Relaunch the FXOpen Metatrader application.
An Expert Advisor named BridgeQuotesExt2 (there are three advisors that will be installed please select the one ending with the digit 2) will appear in the list of Experts at the Metatrader platform. Drag and drop it in the window of the currency pair you are interested in trading and in the Input section of the window that opens set the IP of the server you were provided with (demo IP will be preset as default) as well as the Login details and you should be able to see the level2 quotes directly on the chart.

Please note: Demo users will see one level (Best Bid and Best Ask) of the level2 quotes while Live users will see the 5 levels (5 Best Bid and Asks ordered by their proximity to the next Best quote).
Also, please make sure that Expert Advisors button is activated (typically it's under the Commands bar - beneath and on the right of Help).

It is getting interesting.

Could we convert existing trading accounts into this new package?

Thanks in advance again.

 

[fxopen_ambassador]

Yes, it is easily done: First open an ECN account. Then in My FXOpen select Transfer and then Transfer between accounts.
If you have further questions please do not hesitate to contact us.