JTrader
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Originally posted by TRADERguy
"Currenex w/clearing through Refco requires a $250,000 account minimum. This is very small in terms of interbank trading. For smaller accounts if you want an ECN you have to go with HotspotFX. Otherwise you have the choices of retail forex or currency futures."
I have had a look at HotspotFX. Minimum account opening of $7500 and minimum order size of $100,000. On EUR/USD they tell me that the spread fluctuates between 1-3 pips. They also charge $3 commission per 100,000 lot. Margin is 2% for accounts up to $100,000,and 3% for above.
Is anyone trading with this company or a similar one with an ECN?
If so, how does the trading experience compare to using a retail spot forex broker like FXC,. ACM, CMC etc?
Is it anymore/much more complicated to use an ECN trading platform as opposed to a retail forex companies trading platform?
I would imagine that it is possible to be more successful given the better value spreads and the inability of the broker/marketmaker to create spikes?
All feedback gratefully appreciated.
Thanks
jtrader.
"Currenex w/clearing through Refco requires a $250,000 account minimum. This is very small in terms of interbank trading. For smaller accounts if you want an ECN you have to go with HotspotFX. Otherwise you have the choices of retail forex or currency futures."
I have had a look at HotspotFX. Minimum account opening of $7500 and minimum order size of $100,000. On EUR/USD they tell me that the spread fluctuates between 1-3 pips. They also charge $3 commission per 100,000 lot. Margin is 2% for accounts up to $100,000,and 3% for above.
Is anyone trading with this company or a similar one with an ECN?
If so, how does the trading experience compare to using a retail spot forex broker like FXC,. ACM, CMC etc?
Is it anymore/much more complicated to use an ECN trading platform as opposed to a retail forex companies trading platform?
I would imagine that it is possible to be more successful given the better value spreads and the inability of the broker/marketmaker to create spikes?
All feedback gratefully appreciated.
Thanks
jtrader.