benajnim, I appreciate the question and the open forum to give insight for how orders are handled. In an effort to keep it simple let me illustrate a few possibilities. You hit the nail on the head in the event that you post a bid/offer which could cross with another customer that wants to hit your bid or take your offer. Now in the event a bank was to match your bid/offer then your order would auto cross with that particular bank and execute as an outbound preference to that bank. Lastly, if you were to trade against a banks posted bid/offer then your order is auto routed to that bank posting the bid/offer. In all scenarios you can see that there is no deal desk ever used and that all orders are crossed on the ECN or direct access routed to various banks on the network. This is direct access/ECN that we utilize from 3D Forex. Regarding your questions about possible skepticism I completely understand. We have spent a considerable amount of time and resources to offer a fair and legitimate platform to route your forex orders. This is entirely due to the inefficiencies of how most have been accustomed to trading spot forex in the past. The deal desk principal way of trading in my opinion needed much improvement and that is what we were aiming to provide for your benefit. Regards, Steve
Ok, any idea when you will have them? Also, will the addition of this membership help to change your IRD policy as it is right now? I really think the rates the way they stand are counter productive. Any trader worth their salt would not hold a long term position under those terms... Don't you think it better to make a smaller amount of a massive pie than a larger part of a tiny pie. Just my opinion though.
At this point we are waiting on them to go into production not to mention awaiting all the details. I expect we should know more within a few months.
I doubt FXMarketspace trades in minilots tho, since the target-audience are institutionals. How could this be of use for a STP-broker like efx that trades in 10k increments? Then again, maybe i am just uninformed..
Just curious as a trader Who has best market liquidity and range of currencies? Currenex Hotspot MB Any other
One man's garbage another man's gold. I like their rates right where they are. Makes longer term hedging less expensive.
I would think the most accurate answer would be the one with the most volume. But that is nigh impossible to answer as that is private information... Again the problem is currency exchanging isn't regulated. I just found an article last night that there is a guy who setup a forex broker in second life!! Of course there are even casinos in second life (entirely within the juristiction of the United States) that aren't being regulated as gambling entities because it is a 'game'. But of course you exchange dollars for game credits, gamble with credits, then you can exchange game credits back into US dollars (assuming you've actually made any money).