EFX Group_Introduction - Page 2

View Poll Results: What is most important to you when choosing a Forex broker?

Voters
14. You may not vote on this poll
  • Charting

    0 0%
  • Customer Service

    2 14.29%
  • Education

    0 0%
  • Execution

    2 14.29%
  • Safety of Funds

    5 35.71%
  • Spreads / Commissions

    5 35.71%
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Results 11 to 16 of 16
  1. #11
    Quote Originally Posted by piprosterous View Post
    Justin, now that FXCM offers non-dealing desk, could you comment what differences (or similiarities) EFX shares with FXCM?

    Hello piprosterous ~

    Thanks for the question. I don’t know specifics of the FXCM platform, so let me throw a few items out at you and you can check them.

    First, a non-dealing-desk platform must be charging a transaction fee that is disclosed by default. If a platform is not charging a fee, then how are they making their money? The only answer is that they are trading against you within the spread, which makes them a deal desk. Some platforms try to claim that they aren’t a deal desk because their spreads aren’t fixed, but then they still call the trading “commission-free.” You can’t be NDD and be commission-free by default. The new thing is to have one bank with floating spreads that IS the deal desk, while the “platform” itself only passes the orders through to the deal desk, so they try to say that they are NDD. I’ve seen that a lot lately, but then they still claim to be commission-free, which is the red flag.

    Second, there is no reason that an NDD platform shouldn’t allow you to post your own bids and offers, so I would verify on any platform if you can post a bid or offer and have it reflected in the quote. Obviously, if your order is being displayed for all other customers and banks to see, then you are operating on a true NDD platform where nothing is hidden. If your limit bids and offers are not shown in the quote, then where are they, and who are they showing them to? Obviously, they are still keeping them in-house to trade against. That’s why an NDD broker charges a fee. If they are just posting your order for you for anyone to hit, obviously they aren’t taking the other side of the trade to make money against you.

    I’ll leave it at those two main points because I think that sums up, if you think about it, what NDD trading should be about, and I haven’t heard from anyone of another platform that does this. The key is that customer orders need to be handled with no intent to trade against them, and a fee should be charged for that. A lot of platforms know that they need to use the “non-dealing-desk” phrase now, but then they say things like “spreads as low as 2 pips.” Why wouldn’t a spread go to 1 at a minimum if the platform is NDD, since customer orders should be built into the quotes. Are they saying that they never have a customer buy and sell order only 1 pip apart from each other or from where their bank quote is? For that matter, they never have two banks quoting 1 pip apart? Makes no sense. And there, I’m giving them the benefit of the doubt on only have trading at 1 pip increments, while we go down to the tenth of a pip.

  2. #12
    Quote Originally Posted by mugen View Post
    Is interest paid on your margin deposit? Thank you.
    For information regarding rollovers, please visit; EFX Group - Rollover/Premium Rates.

  3. #13

    Default Charting

    Hi Guys -

    Thanks to FXTrek, EFX is now able to offer a basic free Java charting package to our clients (demo or live) with our data feed incorporated. Take a look and let me know what you think.

    Free Charting

    Regards,

  4. #14

    Exclamation May 24th Webinar

    Just wanted to let all of those interested know....

    This webinar will be for advanced training using the many different features of the EFX Navigator. We will be covering the following;

    1. Order Types - All 15 of our flexible and efficient orders covered in depth.

    2. Level ll - Placing trades between the spread.

    3. Q &A - Plenty of time to take your questions.

    Start Time: 8:00pm EST - 9:30pm EST

    Hosted by: Justin LeBlang, V.P. of Business Development

    Register Here: https://www.gotomeeting.com/register/345136586

    Questions: justin@efxgroup.com

    Hope to see you there.

  5. #15
    Join Date
    Jun 2007
    Posts
    6
    Hi Justin,

    I have been interested in forex ever since i started thinking about my proffesional career (im 20 so not THAT logn ago). I started looking in to forex since last week and have been working quite hard to grasp the concepts, remember the rules, lingo, abbreviations, etc etc. I started training using the oanda platform. I then stumbled on to forexbastards.com and looked at a few of their links and reviews which looked (and still look) sincere. This is where i found out about babypips and EFX (you guys have one of the most favourable ratings). Anyways, after getting used to the general practices and procedures i decided to try your platform. When i first opened it i was thinking to myself "Is this a joke? no pretty graphs". This was during the weekend so it wasnt in action. This morning when i had another go I was amazed, the update speed and execution efficency is great (not to mention the spreads, yours was 4 when oandas today was 15 for the AUD/NZD during the peak (dont know terminology yet)! Also refering back to my AUD/NZD example the commision doesnt hurt as much as 15 pips, after a 60 pip profit on EFX and a 45ish on oanda I am still happyer with paying the commision. Althought I am still getting used to the EFX Navigator trading platform, its definatly my favourite so far. Regarding the charting, I just open up dealbook 360 or oandas charts and arange them to fit on my screen in sync with your platforms windows, so far this works, but what do i know lol, i have been playing with forex for only a week. After i fullfill babypip's instructions (2 months practice trade then real deal), I will open a real account with EFX. So here are my questions:

    Does the demo account vary in any way? (execution times, etc) from the real deal?

    Upon getting a real account are there any News functions and forecasting services, etc?

    By the way, i am going to attend one of those webminars after i finish my exams so sorry if these questions are answered there.

    Cheers!

    M.Isak

  6. #16
    Quote Originally Posted by Isak View Post
    Hi Justin,

    I have been interested in forex ever since i started thinking about my proffesional career (im 20 so not THAT logn ago). I started looking in to forex since last week and have been working quite hard to grasp the concepts, remember the rules, lingo, abbreviations, etc etc. I started training using the oanda platform. I then stumbled on to forexbastards.com and looked at a few of their links and reviews which looked (and still look) sincere. This is where i found out about babypips and EFX (you guys have one of the most favourable ratings). Anyways, after getting used to the general practices and procedures i decided to try your platform. When i first opened it i was thinking to myself "Is this a joke? no pretty graphs". This was during the weekend so it wasnt in action. This morning when i had another go I was amazed, the update speed and execution efficency is great (not to mention the spreads, yours was 4 when oandas today was 15 for the AUD/NZD during the peak (dont know terminology yet)! Also refering back to my AUD/NZD example the commision doesnt hurt as much as 15 pips, after a 60 pip profit on EFX and a 45ish on oanda I am still happyer with paying the commision. Althought I am still getting used to the EFX Navigator trading platform, its definatly my favourite so far. Regarding the charting, I just open up dealbook 360 or oandas charts and arange them to fit on my screen in sync with your platforms windows, so far this works, but what do i know lol, i have been playing with forex for only a week. After i fullfill babypip's instructions (2 months practice trade then real deal), I will open a real account with EFX. So here are my questions:

    Does the demo account vary in any way? (execution times, etc) from the real deal?

    Upon getting a real account are there any News functions and forecasting services, etc?

    By the way, i am going to attend one of those webminars after i finish my exams so sorry if these questions are answered there.

    Cheers!

    M.Isak
    Hi Isak,

    First off, thank you for the comments and I wish you the best of luck in the Forex world and any other endeavors you embark upon.

    With regards to the demo account;

    ” While the bank quotes are identical on both the Demo and Live platforms, our ECN technology allows customers to place their own limits orders into the system and display them for other customers. Obviously, “demo” orders cannot interact with a live market, so the ECN trades from customer to customer work from demo clients to demo clients and from live clients to live clients, but demo orders do not display in the live market. Issues in our demo environment are not a reflection of our live platform.”

    This was quoted directly from our website: EFX Group. I feel is the truest statement that can be made.

    We do not offer new services currently, but we recommended a few that we feel our reputable and provide a quality service. For forex calendar’s I would recommend either Forex Forum, Forex Calendar, Forex News @ Forex Factory or FxTicker | Forex Trading.

    For live news though, I only use the pop-up tool provided by FxTicker | Forex Trading for paying subscribers. It provides live news right to the desktop and so far has been very helpful and certainly worth the small fee considering all the other services subscribers receive.

    I hope this helps – let me know if you need anything else, and please feel free to email me directly at justin@efxgroup.com.

    Have a great day.

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