A few weeks ago I covered the FXOpen’s ECN platform and was a bit skeptical because I had experienced problems with my Windows XP software (unrelated) and because I questioned who the Liquidity providers were for execution.
A few days ago I received a personal tour and had a chance to review the company’s technology as well to see how the liquidity is provided (can’t say who the liquidity provider is for now, but it’s big, very big).
Being the skeptic that I am, it takes me a while to getting fully convinced that what I’m seeing is the next step in Forex trading evolution. But this time it might be the case.
Instead of making brokers waste time and money on its useless regulation requirements, the NFA should have made the most important step of them all: requiring all brokers to shift to ECN trading which would have solved any and all transparency issues with Forex trading.
As I explained in one of my posts earlier: ECN trading is basically a Forex marketplace where Buyers and Sellers can enter orders and trade with each other rather than trading with their brokerage firm or being routed to the market.
And now back to FXOpen’s platform.
FXOpen managed to utilize MT4 and to display an ECN feed and market depth details, while executing orders according to this feed directly on the market. Unlike most brokers, this totally removes the dealing desk. This must have cost a lot of time and money, and is definitely a Forex industry revolution.
Currently, when you trade MT4, the feed you see is what you get and most of the time you never know what is behind the displayed quotes. With FXOpen’s ECN platform you now get to see exactly what is behind the currency pair’s Bid and Ask: you actually get to see the five best Bid and five best Ask orders in the market, real time.
This is also called Level 2 market depth (or orders book). Demo users will see one level of market depth which shows only the first best Bid and Ask prices and offered amounts.
When I tested it using Market Orders, the execution was fast and effective and orders were filled at a better rate than I selected. This solution is also pro-scalpers and pro-EAs offering the first effective way for successful traders to take profits without any question marks or strange interests involved.
You can choose between Market Order which will be filled according the best prices in the market at that time or select a Limit Order which will only fill at the exact price you indicated.
Market Order:
Stop Order:
Overall, this is a very important step in the Forex software evolution. With MT5’s launch expected only a year from now and no plans for ECN features announced in it, there is now only one real alternative for people who would like to trade ECN using MT4.
FXOpen’s software provides a solid solution for both beginners and experts in Forex trading and truly eliminates all the question marks there were regarding the Forex market. FXOpen’s software doesn’t take side against traders but only offers access to the Forex marketplace. Whether you win or lose doesn’t concern the ECN broker, the exact opposite of the Market Makers who profit from your losses.
I couldn’t extract any statement from FXOpen’s execs but I suspect that launching their own MT4 ECN platform is not the end of the story and that soon they might start offering it as a stand alone solution to other brokers or White Labels.
Moreover, I got a chance to see some of FXOpen’s statements and was pleasantly surprised to have found that this is not a small broker by any rate. FXOpen’s monthly volume average is around $55B which puts it above several known and popular brokers and is a sign of confidence by traders.
A few weeks ago I covered the FXOpen’s ECN platform and was a bit skeptical because I had experienced problems with my Windows XP software (unrelated) and because I questioned who the Liquidity providers were for execution.
A few days ago I received a personal tour and had a chance to review the company’s technology as well to see how the liquidity is provided (can’t say who the liquidity provider is for now, but it’s big, very big).
Being the skeptic that I am, it takes me a while to getting fully convinced that what I’m seeing is the next step in Forex trading evolution. But this time it might be the case.
Instead of making brokers waste time and money on its useless regulation requirements, the NFA should have made the most important step of them all: requiring all brokers to shift to ECN trading which would have solved any and all transparency issues with Forex trading.
As I explained in one of my posts earlier: ECN trading is basically a Forex marketplace where Buyers and Sellers can enter orders and trade with each other rather than trading with their brokerage firm or being routed to the market.
And now back to FXOpen’s platform.
FXOpen managed to utilize MT4 and to display an ECN feed and market depth details, while executing orders according to this feed directly on the market. Unlike most brokers, this totally removes the dealing desk. This must have cost a lot of time and money, and is definitely a Forex industry revolution.
Currently, when you trade MT4, the feed you see is what you get and most of the time you never know what is behind the displayed quotes. With FXOpen’s ECN platform you now get to see exactly what is behind the currency pair’s Bid and Ask: you actually get to see the five best Bid and five best Ask orders in the market, real time.
This is also called Level 2 market depth (or orders book). Demo users will see one level of market depth which shows only the first best Bid and Ask prices and offered amounts.
When I tested it using Market Orders, the execution was fast and effective and orders were filled at a better rate than I selected. This solution is also pro-scalpers and pro-EAs offering the first effective way for successful traders to take profits without any question marks or strange interests involved.
You can choose between Market Order which will be filled according the best prices in the market at that time or select a Limit Order which will only fill at the exact price you indicated.
Market Order:
Stop Order:
Overall, this is a very important step in the Forex software evolution. With MT5’s launch expected only a year from now and no plans for ECN features announced in it, there is now only one real alternative for people who would like to trade ECN using MT4.
FXOpen’s software provides a solid solution for both beginners and experts in Forex trading and truly eliminates all the question marks there were regarding the Forex market. FXOpen’s software doesn’t take side against traders but only offers access to the Forex marketplace. Whether you win or lose doesn’t concern the ECN broker, the exact opposite of the Market Makers who profit from your losses.
I couldn’t extract any statement from FXOpen’s execs but I suspect that launching their own MT4 ECN platform is not the end of the story and that soon they might start offering it as a stand alone solution to other brokers or White Labels.
Moreover, I got a chance to see some of FXOpen’s statements and was pleasantly surprised to have found that this is not a small broker by any rate. FXOpen’s monthly volume average is around $55B which puts it above several known and popular brokers and is a sign of confidence by traders.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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