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.
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:confused:
p.s. noticed your in atlanta… me too!!! good to see some neigbors trading forex!!
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.
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?
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.
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.
I just got my account approved today, the process was painless and the communication with EFX was almost immediate during every e-mail correspondence. I’ll be funding my account tomorrow via wire transfer and should be live with them by friday.
Another benefit of EFX over MBTrading is that EFX has rolled out their new trading platform that uses your browser, but includes charting, etc. While I prefer the desktop application (MBT/EFX Navigator) its nice to know I could monitor a position on the web from anywhere I have internet access. They also offer wireless trading via your smartphones as well.
I am keeping tabs on EFX but will first be trialing their Remote Trader demo account and comparing it with the capabilities of the GFT program, which I regard, as being the best out there.
EFX is not first on my list because I am in Western Australia and they are far away from me - money tranfer either way is expensive.
And isn’t GFT in the US also? They told me that they require me social security number, and that they DO send a 1099 to the US IRS. If they are in Australia, I wouldn’t think they’d care about that.
GFT is not an ECN. I trade with an Australian broker who uses the GFT program. I can deposit my money through any one of our banks and withdrawals are transmitted directly into my bank account. Done very rapidly with no fees either way.
Only 1 trade today. But the fill was instantaneous and the execution on both the entry and exit were done as soon as the button was clicked. I mean, no lag, no nothing. I’m very impressed.
The spreads held 0-2 pips, but on average they were between 1-2 pips. You also have to figure i’m trading when most of these pairs actual markets are actually closed, so its not like there is a lot of volatility here. So no complaints there.
The commission for 1 mini lot (10k size) was .44 a side, or .88 roundtrip + the spread. I’ve no complaints paying that amount for a consistent entry and exit.
The only thing i’m having issues with is that the EFX quotes are about +1-2 pips higher than my Tradestation platform, which is going to take a little massaging with my method to get used to and making sure i’m setting my stops appropriately and not getting stopped out when I shouldn’t be. But I guess thats probably a problem with any broker I would be using as their quotes are all essentially made up.
