Any one uses EFX?

[szbu]

EFX: Experience Forex Freedom

a few people in this forum have mentioned it. but not sure anyone actually does go with EFX.
I called EFX today. They offer ECN and charge 5 US$ + "spread" of the pair traded. I asked what's spread at the time for gbyjpy? and he checked and told 1 pip. the minimum deposit is 400$

The other thing on memberships CFTC / NFA /FCM.

they refer:
**************
EFX Group is an affiliated introducing firm for MB Trading Futures, Inc (MBTF) that receives a volume based referral fee for its services. MB Trading Futures, Inc. is registered with the CFTC and member of NFA as a Futures commission Merchant (FCM). MBTF offers execution and settlement services for off-exchange foreign currency (forex) products through EFX.

**************

Do i need to be concerned on?

Any one uses EFX? please share experiences.

TIA

[dirtygringo]

I use them and they have the best spreads bar none....trades are executed in lightning speed and the system has yet to crash ever on me..

Most spreads are 1-2 pips. sometimes you get 3 pip spreads but wait a new seconds and it drops to 1-2 pips, many times, you can get zero spread...

the 5 dollar commission is only if you trade the standard lot size.. its 5 to buy, and 5 to sell. so basically 10 bucks plus 1-2 pips. you basically save your self a pip trading with them as opposed to other brokers.

They do maintenance every night from 11:55-12 midnight so you cant do anything during this time.. kinda sucks but I trade the london session so not a problem for me...

the platform in very hard to learn, it takes time, but they are a week away from releasing a more user friendly interface.

they have zero news or charting in the current version but will be adding them in the next week or so on the new platform.


They are basically mb trading...... they are registered with NFA but the thing that makes me nervous is the new rule that goes into effect dec 21st...

states every forex broker must have 5 million capital to operate.

I did some research, mbtrading only has 4.5 million... I called them and they assured me they will meet requirements..


Im still a little nervous... we will see

p.s. noticed your in atlanta.. me too!!! good to see some neigbors trading forex!!

[pipraider]

I will be trading with EFX next month... right now I am going trough all the paperwork... I am so sick of MM brokers. It will be my first time trading with an ECN. The platform that they have right now may not be user friendly but at lest you can do advanced market orders which is great.

[szbu]

it costs 5 pips average for G/J + 5$ buy/sell commition. it's about 1 pip less than NF and others from my test.

[efxgroupjustin]

Hey Guys ~

Justin LeBlang from EFX Group here - if anyone has any questions or needs help with something, feel free to ask.

I look forward to hearing from you.

[BlackPips]

Originally Posted by efxgroupjustin

Hey Guys ~

Justin LeBlang from EFX Group here - if anyone has any questions or needs help with something, feel free to ask.

I look forward to hearing from you.

hi,
MBT say they don't do business with people form sime coutries that are not in their list, as introdcing brokers, do you guys follow the same principle or not, i mean do you guys have some countrirs you don't deal with and what are they?

Originally Posted by BlackPips

hi,
MBT say they don't do business with people form sime coutries that are not in their list, as introdcing brokers, do you guys follow the same principle or not, i mean do you guys have some countrirs you don't deal with and what are they?

Since EFX is an Introducing Broker for MB Trading, they would have to follow the rules that MB lays out, including the restricted countries.

Here's their list:

EFX/MB Trading Restricted Countries

Terry

[JeffNLisa]

I also use EFX. Justin LeBlang has personally responded to every email I've ever sent, and I ask the tiniest questions.

It's not a flat $5 commission; it's a flat percentage of the amount of currency purchased. On GBP/USD for example, where price is just over $2 for one US dollar, the it works out to just over 2 extra pips to enter and exit a position.

On a USD based pair, it's exactly equal to one extra pip to enter and exit a position.

On a pair with a single unit smaller than $1 USD, like NZD/USD for example, it is less than 1 extra pip to enter and exit a position.

If you do the math, it is exactly that way, and that makes it easier to understand. The idea that you are getting charged $10 to take a trade is a very derogatory mode of thinking, and while accurate it will keep many traders away from a very good broker.

But when you realize that it is just the cost of that one extra pip, it makes it much easier to understand.

The window that shows current profit or loss on an open position does not include the commission, so you can be fooled by a few dollars. Be aware of that.

Yes the platform is very different from if you are used to MT4, but once you get the hang of it, it really is very easy to use. Once you get the hang of it . . . You DEFINITELY want to open a demo account and play with it just so you can learn which buttons to click. It sucks to not know how to get out of a position, when you can't find a "Close All Positions" button because you have pending orders you don't know how to close, and you are watching your pips drain away. Don't ask how I know that. Learn the platform on a demo account.

But it's a VERY good broker.

Jeff

I've been demoing their Navigator and love it. The flexibility in the ordering is fantastic. I can't wait to demo the Remote Trader with integrated charting.

Order execution is fast and accurate, and customer service is second to none.

As far as I'm concerned, EFX is one of the best brokers around.

Terry

[dirtygringo]

Originally Posted by szbu

it costs 5 pips average for G/J + 5$ buy/sell commition. it's about 1 pip less than NF and others from my test.

what time frame are you trading??? I trade the london session and I usually get the GBP/JPY for 2-3 pips max!

You can wait a few seconds, and the spread will change. enter at the lowest spread you can find.