FXOpen ECN/STP

Got questions about FXOpen’s ECN/STP service?

In 2009, FXOpen was the first broker to introduce true ECN/STP accounts in MT4. FXOpen’s ECN/STP MT4 bridge was designed in house and alleviates many of the problems traders may have scalping or news trading on the MT4 platform.

With instant execution (measured in milliseconds), no dealing desk, no requotes or other problems, and low interbank spreads from 0.5 pips, FXOpen’s ECN/STP accounts are perfect for scalpers!

FXOpen’s ECN/STP accounts route your orders directly to another trader or liquidity provider. The broker never takes the opposing side as your counterparty (FXOpen won’t hunt stops or trade against you!)

This thread can be for ECN/STP discussions only. Please use another thread for Market Maker accounts.

What I actually not understand is how to offer instant execution if they are - or pretend to be - STP… it should be market execution, not??

ECN execution is instant as there is no middle man, no dealing desk between you and the other person matched with you. STP trades (less than 1.00 standard lot) are aggregated at the Prime Broker level (Large liquidity provider or Bank) then sent through on an STP basis. STP is still instant as the process of aggregation is seamless. It may add 100 milliseconds or so to the execution to go via STP, but the delay is not noticeable.

The end result is that you can trade mini lots from 0.10 lots and up in 0.01 lot increments, and still take advantage of ECN execution.

1.00 lots volume and up is of course sent directly via ECN without aggregation and you can see such orders in the LVL II order book.

and if you have an STP with market execution?

The execution speed is still the same. Lightning fast as you would expect of a professional ECN account.

aha, here we go… so actually it would be better to have STP with market execution.

What I learned is…
With market execution you accept everything you get from your broker.
Instant execution works with all pairs, and here if you see thar quotes, given by broker are different from market you can not to accept it. and broker will give you requote.

What I learned as well is…
Instant execution is primarily used by Dealing Desk brokers and Market Execution is used by No Dealing Desk brokers.

Hi there,

I’d like to know please, what is your minimum deposit??

They have various amounts for the various account types. You can get that from their website.

Ive read on the FSC website that FXOpen got their licence pulled. I don’t currently do business with FXopen, but I was considering switching until I saw this. Is there any explanation you can offer me?

Hi Pippincream

The minimum deposits are as follows…

Micro - $1
Standard - $25
ECN/STP - $1000

Hi Lasereyes

The Mauritius FSC didn’t give a reason or notice for their actions so there really is no explanation for it. I can guarantee you that it was not the result of a client complaint. 5 other companies were affected in the same announcement.
We continue to work from our other offices without disruption. We were already in the advanced stages of obtaining more recognised regulatory memberships in 2 major jurisdictions(not offshore) before the FSC decided to act anyway and we will announce the details soon.

Hi,
Please, i have a few questions…

  1. what’s the commission per trade (or per lot…) for the ECN account type?

  2. If it’s variable, what’s the average commission (at least, from your experience)? and…

  3. is there a maximum possible commission you can charge? If yes, what’s it?

thanx
Jim.

Hi Pipperazzi

  1. The commission on ECN is 0.007% Round Turn.
  2. This is about $9 round turn for EUR/USD (The commission is less if your account is over $50,000)
  3. The commission is based on your trade volume so the limit would be based on the 1000 lots limit of MT4 software

Please, what’s round turn? Does it mean “per trade” or “per lot”?

Round turn means that it is the total commission for [B]both[/B] opening and closing the trade. I quoted the completed commission cost.

I have considered giving FxOpen a try but I would really like to see your ecn/stp format like the MBT or IBFX mini accounts. I can find no way that your ecn account can be used to trade similar amounts as a true mini account. Yes, I know you do offer a true micro which is not ecn. My question is, do you offer a true ecn mini like MBT or IBFX? In your account, as far as I can see, you are dealing with only a standard lot formula for ecn? In IBFX and MBT 1 lot = $10,000. Do you off such service in ecn trading? This would allow the trader to trade a fraction of that mini-lot.

We do offer mini (10k) lots on our ECN. The minimum volume you can use is 0.1 lots (10k). You can use micro lots (1k) from there such as 0.11, 0.12, 0.13 etc…
Bear in mind though that anything less than a full 100k lot will go through as an STP order to be aggregated at the Prime Broker level (MBT would be doing the same. IBFX is not an ECN). This process is transparent and you will usually not notice the difference in execution unless you are watching the LVL II like a hawk. Your mini lots will not show up on the LVLII market depth individually.

If you want to try our ECN, simply download our ECN platform and open a Demo account.

I did download your ecn demo before asking this question. On the demo, 1 lot = 1 standard lot or about $10 per pip. On My MBT live account (which is a true mini account) 1 lot = $10,000 or about $1 per pip. Is this something that can be set by request of the customer when he sets up the account with FxOpen? Or are you suggesting that you can set up a standard account and the minimum entry would be .1 lot at $10,000 (which is not the same thing)?

FXOpen only uses standard lots, so one lot is 100k of the base currency. If you need to use 10k lots, just use 0.1 lots ($1 per pip) as your trading volume. We did try to make the minimum 0.01 lots but the rejection rate for such small orders was unacceptable.

pls can someone tell me if fxopen is still legally licensed to operate.i read from a forum that there operation permit has been revoked.

I think the bit of news you read was about Mauritius. We are no longer operating from there. We operate as normal in other parts of the world however.