Day Trading & Forex Forum

Directional

FXmarketspace is the joint venture between CME and Reuters for a central Forex exchange.

At present, it looks like its aimed at the top end of the wholesale market, ie: larger currenex/lava/hotspot type clients, with at least $20m account value.

Minimum transaction size is a $1m currency lots.

more info and an FAQ at FXMarketSpace Home

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"I guess I should warn you: If I turn out to be particularly clear, you've probably misunderstood what I said." - Alan Greenspan

GammaJammer

OK here's my two penneth worth

FX Market space is a great idea in theory, but I don't reckon it's ever gonna cause the revolution Reuters want. There's just too much competition out there and they're about 3 years too late to market to get over the inevitable 'tech spend inertia' required to persuade an institutional firm to throw in its lot with a new liquidity source.

Currenex - Good liquidity (not that that will make much of a difference to the retail community as I'm talking larger amounts), good connectivity, good standalone GUI, good selection of algos etc if you want to slice up your trading. Definitely one of the better ecns.

Hotspot - liquidity ok (retail size you won't really notice a difference from currenex I'm thinking), support / reliability not quite as good in my experience. GUI's ok, nothing fantastic but not a million miles removed from Currenex. Tends to have interest stacked every 0.1 pips so you can fine tune your entries / exits (if that's your bag) or, more interestingly, you can see a large bid and bid a fraction ahead of it to be 'top of book'.

Will add more thoughts as and when I have them but remember these are experiences based on wholesale trading. In some cases while the core product delivered to the non institutional account may be the same, marginal functionality and / or connectivity may not be exactly the same, so you still need to do your own homework.

Hope this helps

GJ

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"That which doesn't kill me makes me stronger"

atomm

I don't think FXmarketspace serves the ECN platforms such as currencex, lava, hotspot, ...etc but other prime brokers at banks.
ECN platforms are platforms independently supported by banks as liquidity providers, although some of the banks may also be liquidity providers of FXmarketspace.

FXmarketspace only serves institutional traders ( with $1m currency lots or more ) whereas ECN allows trading size smaller than $1m ( eg. $100,000, $10,000, ...etc).
The following information maybe helpful : FX ECNs (electronic communication networks) - London FX Ltd

epic767

Which is the most reliable retail ECN model type of broker , where you can trade however you want without getting screwed? I was looking at either hotspot fx or IB.

wasp

Capital Forex Pro

These guy use currenex, UK based, jut opened an account so will update all when I have tried them out.

The commission rate is $23 per million.
Margin requirement is 2%.
Minimum average trade size: $200,000

epic767

Sounds good.commision is low as well, and stationed close where I live. Im going to try out the demo account. What is the minimum deposit to open an account? Didn't find it on the home page.

Late edit: well, i found out that you have to deposit at least USD 35000 or currency equivalent.

GammaJammer

It's not really taking off. Reuters have an idea that isn't terrible, but the timing is all wrong, and they massively underestimated the amount of structural and technical inertia inherent in the larger institutions (whose buy-in or otherwise was always going to be the make or break factor).

That said, last time they spoke to me they reported increasing business (although present volatility means that this takes place against a backdrop of across the board increase in volume). Who knows - they have the coffers to stay in it for the long haul so maybe time will tell. But it's definitely not going to take over the world just yet.

My $0.02

GJ

__________________
"That which doesn't kill me makes me stronger"

wasp

A quick example of spreads and setup with Capital Forex Pro for those interested.

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