EFX Group

[fxtraderjustin]

EFX Group & MT4

Is there any further news on the development of intergrating metatrader?

We are in discussions to implement MT4 with our technology, as many of you know. There are stumbling blocks and issues that are being discussed to see if they can be worked through. When we have a solid answer about this, I will post it here on this forum. Needless to say, we will only utilize a software solution that does not jeopardize our execution technology in a manner that would adversely affect our client’s fills and ability to get true market executions. If we can get the square to fit into the circle, so to speak, then we will offer MT4 as a front-end option for our customers as quickly as possible. If we cannot make that happen, we have other things in mind that we will announce at the appropriate time.

Justin LeBlang
www.efxgroup.com

 

[ampro]

Hey Justin!

Nice commentary btw

What's the current position with you guy's regards combining Ftrs & FX in one (basket) a/c stream?

Any proposals in the offing re: toggling between instrument camps?

 

[fxtraderjustin]

Hi Ampro,

We currently have a division for futures, but at this time the two accounts can not be traded jointly. If you would like more info on our futures division, please let me know.

Not sure what you mean by "Any proposals in the offing re: toggling between instrument camps?"

Justin Leblang
www.efxgroup.com

 

[fxtraderjustin]

Hello everyone,

Just a quick note:

There is a new version of the Navigator 10.13.0.11 on our website which can be downloaded at http://www.efxgroup.com/download.asp.

For those of you interested in our platform but need help, I suggest watching these videos.

Intro to the EFX Navigator, a complete walk through: https://www.gotomeeting.com/register/337458791

Complete order entry training for the EFX Navigator: https://www.gotomeeting.com/register/531105670

I hope you find this useful, if anyone has any questions please let me know.
_________________
Justin LeBlang
www.efxgroup.com
[email protected]
(877) 212-1112

 

[Quercus]

Great idea starting this thread wasp, and a nice follow through from Justin too!
Will be very interested how it goes through the news events.
Cheers both.
Q

 

[notouch]

Most posters in this forum seem to be from the UK and the biggest problem with EFX from a UK perspective is internet latency. I got a round trip of 150 ms when pinging MB's order server. Prices can move a lot in 150 ms, especially in fast markets. Any chance of getting some UK servers, given the massive interest in EFX from the UK?

Justin, as well as maybe commenting on that issue, please answer this question. You said in an earlier post

That means if you are a buyer at the market and there is a seller at a price and no one has bought from him/her ahead of you, you are filled at that price.

If there are 100 clients who have all placed identical stop limit entry orders, who is at the front of the queue to get filled? Is it first come first served?

 

[wasp]

Great idea starting this thread wasp, and a nice follow through from Justin too!
Will be very interested how it goes through the news events.
Cheers both.
Q

Cheers Quercus, Justins appearance was purely coincidental, honest!

 

[ampro]

We currently have a division for futures, but at this time the two accounts can not be traded jointly.

Not sure what you mean by "Any proposals in the offing re: toggling between instrument camps?"

That's what I was referring to, the facility (or not in at this time) to trade different instruments from one a/c.

No problem, it was just a tentative enquiry, thanks!

 

[fxtraderjustin]

Most posters in this forum seem to be from the UK and the biggest problem with EFX from a UK perspective is internet latency. I got a round trip of 150 ms when pinging MB's order server. Prices can move a lot in 150 ms, especially in fast markets. Any chance of getting some UK servers, given the massive interest in EFX from the UK?

Justin, as well as maybe commenting on that issue, please answer this question. You said in an earlier post If there are 100 clients who have all placed identical stop limit entry orders, who is at the front of the queue to get filled? Is it first come first served?

I will check into the server point. Please note that most of our customers put their trades into the system, which places them on the server, so the latency issue would not apply. That is even more true on news, where people use our stop limit orders to place trades in advance. Since we allow you to limit your fills on a stop, you don’t have to worry about getting filled 50 pips higher because of a news spike. We certainly wouldn’t encourage anyone to try to watch the market on news and place market orders.

As for the order of orders, so to speak, yes, it is a first-come, first-served basis. The stop-limit entries reside on our servers in the order that they were placed, and the system will execute them in order in a split second. That is, of course, the only fair way to make the system work in a true market.

Regards,

Justin LeBlang
www.efxgroup.com

 

[notouch]

We certainly wouldn’t encourage anyone to try to watch the market on news and place market orders.

Thanks Justin. My strategy is a bit more sophisticated than that - it's automated and I'm going to make use of MB's SDK. But you can spend days working on your code to make it run 20 ms faster but it would count for nothing if you lose 150 ms to internet latency. Probably most people wouldn't notice the difference but it could make a big difference to me and I'm sure a lot of other people.

 

[neil]

Free charts would be nice- EFX has no backfill capacity according to Quotetracker

 

[fxtraderjustin]

Hi Neil -

We are in the process of developing a very sophisticated charting package which will be free to all EFX Group clients. I'm hoping to have this released sometime in the next 2 months. We do have backfill capacity, it is just not offered to QT.

 

[JP1966]

Does your platform still freeze a lot, especailly when it is volatile, and when this happens do traders get filled at prices not shown on the screen?

 

[notouch]

Does your platform still freeze a lot, especailly when it is volatile, and when this happens do traders get filled at prices not shown on the screen?

I never see platform freezes.

 

[fxtraderjustin]

Does your platform still freeze a lot, especially when it is volatile, and when this happens do traders get filled at prices not shown on the screen?

This is something that happens very rarely if at all, but of course it could happen with any broker. Regarding orders getting filled at prices not shown, this depends when the bank gets the order, what they are posting for liquidity, and if they fill as they get the order. Put it this way. We see more erroneous fills on the Nasdaq that have to be busted than with Forex. This could happen with any true STP platform, the banks become in control at that point something most Forex traders over look.

Justin LeBlang
www.efxgroup.com

 

[JP1966]

I never see platform freezes.

Fair enough. When I watched the demo it was fine, went live and it was appaling - one of the worst I have seen. This was maybe 2 years ago though.

I have heard though that some very senior EFX staff left due to problems and it was hinted to me that this was one of the reasons.

I would point out to Justin that I have worked full time in FX for 17 years and have experienced many different set-ups so I do know a little about what I am talking about.

It may be a rare occurence now and I hope that is the case. However I was told this 2 years ago and it happened say 3 for 4 times one week.

 

[FXSCALPER2]

I use them all day long and it has never happened to me, not once. It is by far the best platform I have traded on and, believe me, I have traded on a lot of them. It may not be as cheap as it looks on the face of it once you take the commision into account, but the service is spot on. The trick is to use different brokers to trade in different scenarios.

Fair enough. When I watched the demo it was fine, went live and it was appaling - one of the worst I have seen. This was maybe 2 years ago though.

I have heard though that some very senior EFX staff left due to problems and it was hinted to me that this was one of the reasons.

I would point out to Justin that I have worked full time in FX for 17 years and have experienced many different set-ups so I do know a little about what I am talking about.

It may be a rare occurence now and I hope that is the case. However I was told this 2 years ago and it happened say 3 for 4 times one week.

 

[JP1966]

I use them all day long and it has never happened to me, not once. It is by far the best platform I have traded on and, believe me, I have traded on a lot of them. It may not be as cheap as it looks on the face of it once you take the commision into account, but the service is spot on. The trick is to use different brokers to trade in different scenarios.

Fair enough but this is a discussion board and so I gave my experience of the platform and merely stated why I closed my account. It is perfectly sensible for others to give their views.

I would be interested to hear why Justin thinks the senior people left the company - I can't know that for certain of course and hence I did not state it as fact.

Perhaps things have improved now though and I should look at EFX again. The previous poster said he has tried lots of platforms and they are the best. Can I ask why he thinks they are better than say Lava or currenex, for example. What makes them better?

Incidentally on cost I never had an issue with that. I can't remember the exact charge but it was certainly less than advertised - $20 per million I think. It should be cheaper now as brokergae has reduced in the past 2 years due to competition. !

 

[fxtraderjustin]

Fair enough but this is a discussion board and so I gave my experience of the platform and merely stated why I closed my account. It is perfectly sensible for others to give their views.

I would be interested to hear why Justin thinks the senior people left the company - I can't know that for certain of course and hence I did not state it as fact.

Perhaps things have improved now though and I should look at EFX again. The previous poster said he has tried lots of platforms and they are the best. Can I ask why he thinks they are better than say Lava or currenex, for example. What makes them better?

Incidentally on cost I never had an issue with that. I can't remember the exact charge but it was certainly less than advertised - $20 per million I think. It should be cheaper now as brokergae has reduced in the past 2 years due to competition. !

Hello JP1966,

First off, I do appreciate the comments from everyone and as stated above it is perfectly sensible for others to give their views.

I will not comment too much on why certain senior staff left, but I can assure you it had nothing to do with our system being unstable. This was a business choice made between both parties, and out of respect for both sides it will not be discussed in an open forum. As everyone knows, in the business world it isn't unusual for partners to go their own way sometimes.

EFX Group has come a long way in two years. We've advanced our technology to be what we feel is the best available retail platform around. EFX offers direct access STP and ECN trading through our company 3DFX. Our powerful execution system incorporates multiple bank feeds that display liquidity directly on the system. STP (Straight Through Processing) technology allows our customers to place orders that match off electronically with these banks without interacting with a “middle man” whose job is to try to make money trading between customers. In addition, our ECN technology allows customer orders within our network to execute directly against each other, adding extra liquidity in all market scenarios and speeding up execution time.

The Forex market has existed for years based on a “deal desk” system. Firms offer “no commission, fixed spread” quotes in the Forex markets, and then trade against their client orders. EFX believes that the days of deal desks have come to an end. It is time to give traders the tools to access the true market themselves.

Thank you again,

 

[mystified]

Hi Justin

I am currently on demo with GFT.Although they have one of the best platform in the business I see big price bars when the market is volatile and when I check it with other trading platforms I see it different than GFT 's chart.I checked your website it looks very interesting and appealing.I see you allowing mini accounts do you open an account for anyone regardless of the country.The reason I am asking I tried to open account with Saxobank and they said that FSA have this specific agreement only with the EU countries so they would not allow open an account.Another question is what is your money withdrawing transferring procedure?