so I sent this query to <[email protected]>
I’ll post their replies soon. Yeah, it’s more than a couple of questions
Hi,
I am interested to know the answers to a couple of questions:
Is your MT4 implementation on the client side, a standard MT4 ?
The reason I ask this, is that our software is layered upon the NJ4X.com framework which works with any standard MT4 client,
and creates “pools” of MT4 “terminal.exe” processes. So can
a standard MT4 client connect to the account, as with any other
broker?
Is a Pending Order on the MT4 platform, actually placed as a
Limit Order directly on the LMAX exchange? So can we obtain
some “non retail” fills by using Pending Orders, and thus take
advantage of the unique LMAX exchange price advantage?
Do you restrict against U.S. persons in your applications for
accounts?
[ EDIT: The answer is NO U.S. persons who do not have CFTC ECP status.
Which means at least $10 million in worth, and other criteria. So, for
individuals, the answer is a resounding NOOOOOO ! ]
Where would your servers be located, so that I could co-locate
a server nearby? Would that be New York, or London?
Thanks so much for these preliminary answers!
hyperscalper
I don’t see anything wrong with the Live MT4 system on FinProTrading .
What are you seeing that is wrong?
However, embarrassingly, their website was being upgraded and was broken
for a very long time a week or so ago. This was what prompted me to look
into FXChoice, as well as Evolve.Markets . Coincidentally, I guess, Tradersway.com
website was also broken. I admit to having had a minor panic, but I now see that the
human mind sees “causation” in what can often be “coincidence”.
OH, NOW I SEE IT …
Now that I look at it, their FinProTrading.com website appears to be dead, so
I guess that’s what you are referring to? … Hmmm is it time to panic again ? LOL
Anyway, the website is not the same as their Live system; which seems to be working…
Obviously, they have tried to make their website much fancier; and ended up with some
major website problems.
[ EDIT well, just after I posted, the website became available again. I guess it’s
not yet time to Panic… ]
[ EDIT #2 well, looks like the functionality isn’t quite right now. Again, it’s a website
problem and so it doesn’t affect trading. Not a confidence-builder, though… Hope
they get their website act together since it is a very good service. ]
[ EDIT #3 I added some funds to the account using a Credit Card, and the system
worked flawlessly, crediting the Live account instantly within the MT4 trading platform inside of 30 seconds,
so they are doing something right !!! Love this fancy new website, if they can keep it consistent. LOL ]
Thanks HyperScalper
I saw their website, while I was looking for a broker for corporate accounts, it was a bit old fashioned and limited but the new one is pretty coool. I did notice a few errors and spoke to their representatives, who told me that the website is going through a big overhaul therefore the glitches. I had opened an account with them and I’m pretty impressed and am also contemplating setting up my corporate account with them. I know a broken website can be annoying but they are far too good in terms of services and conditions they offer , for me to judge them for errors on the website.
OK, I recorded the CPI News Event this morning using USD/JPY with FinProTrading.com Live versus TradersWay.com Live and here is the link to the video. The event comes at 12.30 GMT (“Ouagadougou” time). For those who are unfamiliar with the MT4 Tick chart, it may be difficult to visualize, because FinProTrading on the left emits many more “ticks” or Price updates than TradersWay. Due to the “auto-scaling” of the Tick window, it may be confusing visually to understand the comparison left vs right. A couple of times, I draw circles showing corresponding price points left versus right.
The video is SILENT and the “action” occurs at 12.30 on the GMT clock display.
You can clearly see that FinProTrading has a “higher resolution” tick feed, and you can also see that its Bid/Ask spread is more “reactive” than TradersWay. Both are reliable brokerages, and pricing is “the same” but visually the auto-scaling may make it seem otherwise.
This does confirm the “freeze” which was observed. Looking closely you can see that TradersWay does “freeze” during the period just after the 3.00 time marker, after the initial down move.
BUT, overall the pricing is the same and I don’t see any significant issues with the overall Pricing on one platform versus the other. Of course this does not measure Order Entry performance, and I know from experience that FinProTrading is faster but the differences for non-scalpers are not significant.
Hope this helps to show differences between a couple of our brokerages. Again, TradersWay is a very good brokerage and side-by-side comparisons like this may suggest otherwise. Don’t be fooled by mere appearances, but you can clearly see FinProTrading generates a higher resolution price feed.
ABSOLUTELY NOT FOR U.S. PERSONS absolutely CFTC compliant, which
is the whole purpose of this forum thread, and why we need to continue
to discover brokerages which will deal fairly with U.S. persons !
In addition, NO, the MT4 implementation does NOT place limits
directly on the LMAX exchange, but executes with Market
orders, so LMAX price improvement is available only through
their own non-standard API’s and NOT through the
MetaTrader implementation. The entire justification for
asking these questions was to gain the LMAX exchange
price improvement, so that’s another FAIL.
Many of my Hopes and Dreams are dashed ( LOL ); but this does serve
as a harsh reminder that the CFTC’s long reach makes it
impossible for U.S. persons to deal with CFTC regulated exchanges such as
LMAX.
Sorry for the “red herring” but I am personally re-energized to fight
against this injustice and regulator over-reach which unfairly
penalizes U.S. persons.
I recall last summer asking about it with LMAX tech support chat, and they said no as well. It is unfortunate as LMAX has some good trading instruments. No hedging tho.
I’ve worked with LMAX before, and you’re dealing with a “real-ish” exchange in which your
Best Bid gets “one upped” by others; as everyone pretends to be a “market maker” and
can to some extent, get more “wholesale” pricing; but not without serious algorithmic
assistance and custom software.
The only unique value of LMAX is the ability to execute “some percentage” of your orders at
a “better than retail price” through being a “mini Market Maker”. Unless you can do that,
then the unique value of LMAX is lost. And even then, the larger Market Makers will never
take a bad trade and “hit” your Best Bid or Offer; but the smaller participants will occasionally
"take" your Bid or Offer and thus give you a “better than retail” price.
Other than that, LMAX has no particularly distinguishing features.
And the concept of “intra instrument hedging” is a “fiction” anyway… But that’s not
a discussion for this forum thread.
On another THREAD, Clemmo addressed a question to the [B]FX Choice[/B] representative regarding the removal of certain trading instruments from the broker’s menu of instruments.
An FX Choice rep referred to the “Company News” section of their website for details.
I think they communicated it on time and a fair way. I like if a broker tells the real reason. After all they live from profits as well and if nobody traded those instruments then no reason to keep them available.
I guess many would have not even said a reason, just to “close your positions”.
Still, if someone traded those pairs, this might be of little help to know why he cannot trade his pairs anyomre.
LMFX has never been designated as a Trusted Broker.
Shortly after joining the Babypips forum (and this thread), [I]LMFX requested[/I] the Trusted Broker designation. See THIS POST and THIS POST for the back-story.
We debated their request, and decided that – before we could make a decision on their request – we needed some time to gather [I]data on live trading experience with LMFX.[/I]
Several times since then, I have asked (in this thread) whether there is interest in adding the Trusted Broker designation to LMFX – or to any other broker on our List. My most recent request was THIS POST. But, not much interest has been expressed.
At any time, if the participants in this thread want it, another broker (or more than one) can be awarded the Trusted Broker designation. That decision, like past decisions, basically will be a democratic vote taken here in this thread. See THIS POST for some background on the process.
The suggestion to designate LMFX as a Trusted Broker is still on the table.
CFTC is taking interest in crypto-currency.
China has already been at work on Ethereum. I am glad my country takes interest. Let’s hope the CFTC adds value instead of locking out anyone that isn’t a billionaire like they did to international Forex. My hopes are high and unfortunately confidence is low. CFTC 2.0: US Regulator Unveils Plan to Step Up Blockchain R&D - CoinDesk
Cryptocurrencies, and bitcoin in particular, are starting to look like viable alternatives to the conventional money-transfer methods (bank wire, credit card, PayPal, etc.) that we have relied on for moving funds to and from our offshore brokers. The CFTC and other fascist regulators have attacked those conventional money-transfer methods, as a way of attacking the offshore brokers they serve.
My suspicion now is that the CFTC’s interest in “blockchain” technology is not at all about the purposes mentioned in the article. Instead, I suspect that the CFTC’s interest in “blockchain” is all about finding ways to [I]get control of cryptocurrency money-transfers,[/I] so that they can continue to strangle the offshore brokers who, so far, have escaped the iron fist of the CFTC.
In this circumstance, my hopes – as well as my confidence – are low.
