Just looking over our list, several brokers are listed
as “Dealing Desk” type brokers. I thought they went
the way of the Dodo bird… Are they really “dealing
desk” and not ECN brokers, and how would one
determine that?
[EDIT] Now, some brokers (not my preference) maintain
a Spread which pays their commission. But this approach
can be “fair” and does not necessarily reflect a “dealing desk”…
An example seems to be FXGlory, but there are others, which
I’ve also complained about. I don’t like this "no separate commish"
approach…
Regarding your comments about market-makers (dealing-desk brokers) in general, and FXGlory in particular, when I listed the metrics for our Group 1 Brokers, I relied primarily on broker websites for the relevant information. With respect to broker type (STP, ECN, or MM), I looked for these things:
(1) Brokers who use STP or ECN trade-handling protocols generally advertise that fact quite proudly. In the case of FXGlory, there is no mention on their website of their trade-handling protocol. Hence, the assumption that their trade-handling protocol is not STP or ECN.
(2) Generally, fixed spreads imply an MM trade-handling protocol. FXGlory offers three types of forex accounts, and each one has fixed spreads.
(3) Commissions are typically associated with STP/ECN accounts, but not with MM accounts. FXGlory (as you point out) does not charge commissions on any of their three types of accounts.
(4) Reviews by participants in this thread who have actual live-trading experience with a broker can be the best source of up-to-date information. (Customer reviews from other forums or review sites are less trustworthy, in my opinion). In the case of FXGlory, we have almost no first-hand data from our own members – FXGlory simply hasn’t achieved the popularity it (probably) deserves, although it has been on our List for years.
Periodically, I scan the websites of our listed Brokers, looking for any changes in the metrics we display. Occasionally, a broker will email me with a correction to their listing, but that’s a pretty rare occurrence. More often, active participants on this thread provide the information I need to keep our List up to date.
Really appreciate all the work you’ve put in. I have
my hands full, and am trying to consolidate and use
just a couple of brokers (3 at the most), even though
I’d like to be able to “test drive” others. I literally
have/host like a dozen accounts, and have funnelled them
mostly to Coinexx/TurnkeyForex just to keep uniform
the methods of account management, support contacts,
and funds transfers.
This just highlights how much we need this forum
to contribute as much information as possible…
Do you all have any news on Capital City Markets broker (CCM). Their trading servers are down for 3 days now. They claim it is a routine server maintenance downtime. Is there anything more to it than meets the eye. In the past there were some issues with Deposit & Withdraws.
Do you all have any news on Capital City Markets broker (CCM). Their trading servers are down for 3 days now. They claim it is a routine server maintenance downtime. Is there anything more to it than meets the eye. I got this email below from CCM.
Thanks
Reddy
Capital City Markets Limited Tue, Jan 8, 1:47 AM (1 day ago)
to me
Dear
Your support request has been updated:
Good Day
The issue is related to our trade server, thus we are working with MetaQuotes to resolve the issue.
Unfortunately we cannot give a timeline as to when the issue will be resolved.
We sincerely apologize for the inconvenience caused, and hope to have it rectified soon.
Once again we thank you for your understanding and patience.
If you have any additional questions, please do not hesitate to contact us.
Kind regards
Client Support
Capital City Markets Limited
Vantu House, 133 Santina Parade
Elluk, Port Vila, Efate
Vanuatu
@ReddyFX this by no means is Normal. MT4 can not be down for so long, unless they have been kicked out by their technology provider (and given their apparent history of defauting withdrawals, this is all the more obvious). @Clint marked them for “Caution” long ago because there were a lot of withdrawal issues with them as reported by the readers of this thread. I personally dont use them and never even tried them but I definitely wrote them off from my potential list of brokers when I heard about wide spread withdrawal issues. If you are still with them, I would suggest take your money out while you still can. I will be happy to be proved wrong, but its better to err on the cautious side.
I’m running a demo account for Turnkey and the MT4 market watch window has EURUSD at 32 points! I have reached out to customer service, but nothing back yet about the high spread. Turnkey users, does the live account show better a better spread? I guess I could just open a live account and see.
I found out today that LQDFX has a EURUSD contract specification for “Stops level” of 20. While COINEXX and Tradersway are 0. According to the MT4 documentation -> Stops level – minimum distance to the current price in points at which Stop Loss and Take Profit orders can be placed." Someone just told me I need a broker that has that at 0. I was wondering if someone with some experience could explain the difference between LQDFX and COINEXX’s Stop level difference–for dummies Thanks!
Modern MT4 ECN brokers have eliminated any such restrictions, and Limits can be placed even inside the spread, with Targets and Stops anywhere relative to the market…
I don’t use Candles much, and especially not the “higher
timeframes”, so I never understood why
GMT+0 was in any preferable to, say, GMT+2 server time…
They say the candles are malformed, unless it’s GMT+0 ??
Ok TurnkeyFX got back to me; here is what they said…
In regard to your query I would like to inform you that you are looking at the wrong instrument symbol.
Our symbols ending with underscore are enabled for trading.
Example: EURUSD_
The symbols without the underscore are not for trading they are just for back end testing only.
That is why the ones without the underscore are greyed out.
If you check the EURUSD_ instrument it is showing at spread of 0.1 to 0.3 pips
Sure enough, I added the symbol with underscore and the spread is good!
Yeah, I could have told you that ! lol The “_” underscore is always appended to the TurnkeyFX symbols. This was the case for FinProTrading, until they were absorbed into Coinexx. It continues to be true for TurnkeyForex.com .
Now the “plain symbol” (no suffix) is used at Coinexx. Sorry you experienced some confusion there; it’s easy to do.
Using the NJ4X framework and working across brokerages, I have to cater
in my configuration files per broker, as to what the “symbol_suffix” character is for each brokerage.
Here’s my xml entry format for my app, showing a TurnkeyForex account:
[ account accountname=“XX (Turnkey-USD)” account=“NNNNnnnn” password=“S3CR3T” server=“TurnkeyFX-Live” is_enabled=“true”
symbol_suffix="_" is_master=“false” manager_type=“0” system_id=“tkusdlive” enable_charts=“false”
order_workers=“2”
]
Had to put brackets so it would not be interpreted here…
