FXDD announced that the firm has introduced a new trade inside the spread feature for PowerTrader and VikingTrader, its trading platforms powered by Currenex. This means that traders from now on can introduce limit orders within the spread and this is one of the most important ECN features (and indication of an ECN broker) there are. Basically, if this indeed works as it should traders can insert orders within the spread and buy that very order from themselves. It seems the whole market is shifting in that direction, this was made available by FXOpen and MB Trading a while ago. Let’s hope we’ll see more brokers going in that direction.
Trading inside the spread offers FXDD PowerTrader and VikingTrader clients the ability to become the synthetic market-maker rather than pay the published spread on each trade. Traders can place bids and offers inside the quoted prices, thus giving each trader the unique ability to “create the rate” for each currency pair traded. Inside bids and offers can be hit or lifted as readily as the streamed pricing.
“For retail traders, FXDD offers best-in-class technology and very competitive spreads, combined with superior service,” said Charles Valenza, Vice President of Institutional Sales at FXDD. “FXDD platforms provide traders with quick and robust execution of trades and competitive pricing.”
Both ECN platforms, Java-based PowerTrader and Windows-based VikingTrader, have the same pricing and execution, a minimum deposit of $1,000, and low commission and volume discounts provided by FXDD. PowerTrader offers depth of market and customization of pre-determined order size for one-click execution. VikingTrader capabilities include pricing and charting combined in one platform and interface, one-click trade execution to allow for quick entry and exit during fast-moving markets, and news via Dow Jones.
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FXDD (www.fxdd.com), a Foreign Exchange Dealer registered with the CFTC and a member of the National Futures Association, is headquartered in New York City’s 7 World Trade Center. FXDD is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: MetaTrader, FXDDTrader, PowerTrader and FXDDAuto. The Company’s services currently provide competitive interbank pricing, no-interest accounts, and fully-automated execution. FXDD also provides 50:1 leverage in the US, as well as competitive bid-to-ask spreads.
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