FINPRO (AND TURNKEYFOREX) VERY GOOD, BUT ...
No broker is perfect. I am especially irked at the
extremely wide spreads we get at rollover, and for
a considerable time thereafter...
So, officially at 22:00 GMT for 10 minutes, no trading
is permitted. That's fine, but when trading resumes...
...as we move into the Asian session, there
are spreads on FinProTrading MT4 which are unacceptably
wide. Their liquidity providers I guess, don't cover some
things very well. GBP/NZD, for example is one that really
sticks out often. We're talking here about 20-30 PIPs wide
until things stabilize. I wouldn't complain if their normally
tight spreads expanded by a "reasonable" amount....
This has 2 or 3 consequences: 1) For Traders who use brokerage
stops, the extremely wide spreads can actually trigger those
stops. So I don't use brokerage stops anywhere close to
the market, or you may be unintentionally stop-triggering...
2) I have to code BOTs to avoid any trading during these
wide-spread conditions, and 3) For STOPs, I try to use
the MID-price between Bid and Ask and have an algorithm
use that to determine whether to Close a positioin... instead
of using brokerage stops.
I can prove all of this because I monitor the 28 major
pairs Spreads constantly throughout the 24 hour period,
although I don't log all of it...
I'm complained about these allegedly unreasonable spread
anomalies but, in the end, you just have to know that's
what is going to happen in certain Currency Pairs... During most conditions, these
guys (FinProTrading and TurnkeyForex) have the best
pricing, and the best executions of the brokerages available
to U.S. persons ...
I am planning to push more volume through TurnkeyForex because I
want competitive brokerages; however, since they use the same
infrastructure provider ( TurnkeyFX.com ) from a technical
perspective, for Forex, they are likely to be similar or identical.
We do see executions via MT4 from start to confirmation for
Market Orders, which are as low as 100 milliseconds. They
claim to execute in 50 msecs, and so I complain that orders
are being held by at least 50 msecs, sometimes 100 msecs
beyond that, but then with a "retail"
connection, I'd say that's pretty darn good !
These timings are from a fast computer less than 1 millisecond
from their London servers, located in Amsterdam. As a U.S.
person you might have to add transatlantic transit times if a
signal is initiated state-side ! ... LOL
[EDIT] What I mean here is that we have triggers which initiate
automatically, but if you have an interactive session with a "cloud
computer" across the Atlantic, and you manually initiate something,
then obviously you have latencies associated with your
interactive session to the server... I like to initiate a trigger
request, and allow software on the server, to decide exactly when to strike,
so that Transatlantic latency is eliminated. Or, obviously, if you use
Pending or Limit type orders where the controller platform is close to the
brokerage, then you have no issues either...
[EDIT2] Here's what I mean right now...
symbol min , avg , max spread pips
AUDCAD, 1.3 , 1.4 , 1.5 #
AUDCHF, 0.8 , 0.9 , 1.2 #
AUDJPY, 0.3 , 0.3 , 1.0
AUDNZD, 1.5 , 1.8 , 2.2 ##
AUDUSD, 0.3 , 0.4 , 0.5
CADCHF, 1.8 , 2.0 , 2.1 ##
CADJPY, 0.9 , 1.0 , 1.3 #
CHFJPY, 2.5 , 2.6 , 3.8 ###
EURAUD, 1.2 , 1.4 , 1.7 #
EURCAD, 1.5 , 1.6 , 1.8 ##
EURCHF, 2.2 , 2.4 , 2.5 ##
EURGBP, 0.6 , 0.9 , 1.1 #
EURJPY, 0.8 , 1.0 , 1.2 #
EURNZD, 2.4 , 2.6 , 3.2 ###
EURUSD, 0.1 , 0.4 , 0.5
GBPAUD, 2.6 , 2.9 , 3.1 ###
GBPCAD, 2.5 , 2.7 , 2.8 ###
GBPCHF, 3.1 , 3.4 , 4.8 ###
GBPJPY, 1.5 , 1.7 , 2.1 ##
GBPNZD, 10.7 , 12.0 , 14.5 ############
GBPUSD, 0.5 , 0.9 , 1.3 #
NZDCAD, 1.6 , 1.8 , 2.2 ##
NZDCHF, 2.1 , 2.3 , 3.1 ##
NZDJPY, 1.1 , 1.3 , 2.0 #
NZDUSD, 0.9 , 1.1 , 1.3 #
USDCAD, 0.5 , 0.8 , 1.0 #
USDCHF, 0.9 , 1.1 , 1.4 #
USDJPY, 0.2 , 0.3 , 0.4