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  • #3,641
  • Nov 7, 2011 2:21am Nov 7, 2011 2:21am
I called local bank again, and their reply is: from 2011, all payments transfered to A.U bank will need BSB code instead of SWIFT, they say my money is transfered by a interbank in USA. So this interbank transfer may cause the time delay.

In summary, AU bank sucks!
No one wants to be defeated~
  • #3,642
  • Nov 7, 2011 2:23am Nov 7, 2011 2:23am
Quoting leerees
Judging by the response from gomarkets it would appear this is their idea of competitive spreads, for me 2 pips on the EUR/USD is unacceptable.

The lack of cashbackforex plus the new higher 'bucketshop' spreads means it's no longer worth it for me so unfortunately I'm leaving GoMarkets.

May I ask you guys which Aussie broker you would recommend for 1 pips on eur/usd and under 400ms execution? I'm thinking either LMAX or FXPIG they seem to have great spread on the GBP/USD aswell so I can start trading that again.
I was just looking at the commissions the ecn/dma LMAX and FXPIG brokers offer, and it's daunting - fxpig charges 3.9 per 100k traded, and it doesn't say roundturn so it'll be an extra .78pip per trade (open and close). Lmax charges 0.0025% on the trade value of the second currency, which worked out comes out to roughly 3.75p per 100k traded, which becomes an extra .75pip on every trade
  • #3,643
  • Nov 7, 2011 2:26am Nov 7, 2011 2:26am
Quoting jeanlouie
Neither LMAX or FXPIG are Aussie, respectively they're British and Kiwi.

I don't think there is an Aussie broker that can guarantee your criteria, but PepperstoneFX will probably come close, they advertise their trading tech (Wall Street liquidity over the optic fibre Equinix network, sounds flashy) and offer ecn account for $200 minimum. There was a comment earlier that their actual trading conditions aren't that impressive.
The spreads seem to have come down a bit to bearable levels, I oppologise to GoM for my outburst, it was a bit of a shock waking up and seeing 2 pips.

The spreads still aren't as good as before and I just hope go can make the necessary tweaks to get it just that little bit better, a lower spread on the GBP/USD is also welcomed.
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  • #3,644
  • Nov 7, 2011 2:32am Nov 7, 2011 2:32am
Quoting jeanlouie
I was just looking at the commissions the ecn/dma LMAX and FXPIG brokers offer, and it's daunting - fxpig charges 3.9 per 100k traded, and it doesn't say roundturn so it'll be an extra .78pip per trade (open and close). Lmax charges 0.0025% on the trade value of the second currency, which worked out comes out to roughly 3.75p per 100k traded, which becomes an extra .75pip on every trade
i haven't looked, but i can safely assume that you haven't read the whole story and the rest of the story is that they rebate you if you use limit orders, which are real limit orders.... not this bullshit limit order sitting in a bucket shop where they are nothing but market orders waiting to trigger once the bid ask spread reaches your fake limit ticket. so that 0.75 pip cost likely gives you the opportunity to actually scalp the bid ask... so you are paying 0.75 to buy and sell within a spread that is usually over 1 pip anyway (so you have a 0.25 or more pip potential edge from the start), and if they give a rebate on top then you are not only gaining a proper limit order edge which on its own negates the 0.75 pip fee you are also being re-reimbursed for providing liquidity on top of this.

doesn't sound bad to me if my assumptions hold water, which so far from the ecn setups i've seen tends to be the norm.
Congratulations ScalaFX for coming out of the closet!
  • #3,645
  • Nov 7, 2011 2:41am Nov 7, 2011 2:41am
Quoting leerees
The spreads seem to have come down a bit to bearable levels, I oppologise to GoM for my outburst, it was a bit of a shock waking up and seeing 2 pips.

The spreads still aren't as good as before and I just hope go can make the necessary tweaks to get it just that little bit better, a lower spread on the GBP/USD is also welcomed.
Monday morning spreads are never that tight, liquidity is very low. only SYD interbank then Japan in operation.

scfx
The best indicator is price.
  • #3,646
  • Nov 7, 2011 2:42am Nov 7, 2011 2:42am
Quoting jonirrenicus
I called local bank again, and their reply is: from 2011, all payments transfered to A.U bank will need BSB code instead of SWIFT, they say my money is transfered by a interbank in USA. So this interbank transfer may cause the time delay.

In summary, AU bank sucks!

So why did it take so long for it all to get sorted out? They should have know pretty quickly that there was different info needed, but it takes you questioning and stressing before they can figure it out by the sound of it. Seriously you would think we were in the last century. Banks still don't process EFT payments done on the weekend until Monday night, and not on public holidays. It is all computerised, so what the heck is a "working day"??? They act like they are doing you huge favours whatever you want from them!
  • #3,647
  • Nov 7, 2011 2:46am Nov 7, 2011 2:46am
Quoting nubcake
i haven't looked, but i can safely assume that you haven't read the whole story and the rest of the story is that they rebate you if you use limit orders, which are real limit orders.... not this bullshit limit order sitting in a bucket shop where they are nothing but market orders waiting to trigger once the bid ask spread reaches your fake limit ticket. so that 0.75 pip cost likely gives you the opportunity to actually scalp the bid ask... so you are paying 0.75 to buy and sell within a spread that is usually over 1 pip anyway (so you have a...
interesting post Nubcake as this makes me wonder about the ECN offered by Interactive Brokers, they don't do what you have outlined above so does this raise a question mark over their claim to be a ECN?? I see now that MB trading also offer rebates on limit fills.

Cheers,

scfx
The best indicator is price.
  • #3,648
  • Nov 7, 2011 2:52am Nov 7, 2011 2:52am
Quoting scfx
Monday morning spreads are never that tight, liquidity is very low. only SYD interbank then Japan in operation.

scfx
Well spread issues are always in comparison to other brokers, it doesn't matter if liquidity is low during a certain period, what matters is the spread value in comparison with other brokers at the same time.
  • #3,649
  • Nov 7, 2011 2:57am Nov 7, 2011 2:57am
Quoting scfx
interesting post Nubcake as this makes me wonder about the ECN offered by Interactive Brokers, they don't do what you have outlined above so does this raise a question mark over their claim to be a ECN?? I see now that MB trading also offer rebates on limit fills.

Cheers,

scfx
have you looked at their rates though? if i'm looking at the right thing then....

Monthly Trade Amount <=USD 1,000,000,000
Commissions 0.2basis point *Trade Value
Minimum per OrderUSD 2.50

so instead of a 0.75 commision, IB has 0.2 pip commission. so..... you don't need a rebate when you are getting such tight fees and are able to limit and stop as a proper limit and stop.

having a minimum cost per order means you won't get muppets with penny accounts being big bad traders trading ecn because the minimum cost wipes out all chance of profit and so it requires a real account with real funds to benefit from tight fees and real ability to sit on a book instead of playing market order shadow games.

oh, and the fees get smaller the larger you trade / the more liquidity you provide per month. that's where they differ i guess. instead of rebating on limits they simply lower their fees (same difference) if you happen to be providing a lot of liquidity each month.

correct me if i'm wrong as i've only spent 2 mins looking at IB's website.

that said, the page i'm looking at says nothing about being ECN that i can see, however the commissions and whatnot i just mentioned all point to being exactly ECN.
Congratulations ScalaFX for coming out of the closet!
  • #3,650
  • Nov 7, 2011 2:57am Nov 7, 2011 2:57am
Quoting jeanlouie
Well spread issues are always in comparison to other brokers, it doesn't matter if liquidity is low during a certain period, what matters is the spread value in comparison with other brokers at the same time.
I see your point and I agree with it. But by the same token, on Monday morning open you have to take that fact on board, that's all.

scfx
The best indicator is price.
  • #3,651
  • Nov 7, 2011 2:57am Nov 7, 2011 2:57am
I'm not at all thrilled with these spreads Avg 2 for everything.

Vantage FX is showing .8 to 1.3 on EU and AU right now. and ~ 4pips on Gold.
- Look to the left, Trade to the right - I am the system
  • #3,652
  • Nov 7, 2011 3:04am Nov 7, 2011 3:04am
Quoting nubcake
i haven't looked, but i can safely assume that you haven't read the whole story and the rest of the story is that they rebate you if you use limit orders, which are real limit orders.... not this bullshit limit order sitting in a bucket shop where they are nothing but market orders waiting to trigger once the bid ask spread reaches your fake limit ticket. so that 0.75 pip cost likely gives you the opportunity to actually scalp the bid ask... so you are paying 0.75 to buy and sell within a spread that is usually over 1 pip anyway (so you have a...
I don't know about lmax and fxpig, but the only broker I do know that reimburses limit orders is MBtrading. Nowhere on the previous two brokers can I see anything about reimbursing for adding limit orders to the market.

I disagree about having the edge from the start, of course the spread is low, but you're just talking about using limits to 'hopefully' get a better entry to scalp the spread, but the profit you have to make on the scalp still must be greater than the value of the commission and still rely on that limit order being triggered inside or on the other side of the spread.
  • #3,653
  • Nov 7, 2011 3:10am Nov 7, 2011 3:10am
Quoting jeanlouie
I don't know about lmax and fxpig, but the only broker I do know that reimburses limit orders is MBtrading. Nowhere on the previous two brokers can I see anything about reimbursing for adding limit orders to the market.

I disagree about having the edge from the start, of course the spread is low, but you're just talking about using limits to 'hopefully' get a better entry to scalp the spread, but the profit you have to make on the scalp still must be greater than the value of the commission and still rely on that limit order being triggered inside...
of course.

but, there's nothing to say that if you don't get filled that you can't just market order and get in or out, right? and, the commission plus quoted spread should still be better than a bucket shop anyway, so even not taking advantage of being able to scalp the book you should still be no worse-off if not actually much better-off in fees on market orders compared to a typical bucket.

it's all well and good to complain about an ECN not being all that competitive... but only so long as you completely ignore the fact that you can actually limit and even just getting an entry on a limit puts you at an advantage even if you have to market exit. any way you spin it ECN should always smell like roses compared to a bucket shop, as long as you actually take into consideration the entire package and possibilities.

you just have to do the math. if it doesn't add up to being superior then the math is wrong or something REALLY hokey is going on with the brokers fee setup. at no point should a bucket shop seem more appealing than an ECN.
Congratulations ScalaFX for coming out of the closet!
  • #3,654
  • Edited 3:59am Nov 7, 2011 3:47am | Edited 3:59am
Quoting scfx
Axitrader have a lot of requotes on their indices and WTI crude watch out for that.

Due to the requotes I left.

scfx
Axitrader using market ordering , you might get slippage but not requotes
Mohan
  • #3,655
  • Edited 4:09am Nov 7, 2011 3:51am | Edited 4:09am
Quoting jonirrenicus
I called local bank again, and their reply is: from 2011, all payments transfered to A.U bank will need BSB code instead of SWIFT, they say my money is transfered by a interbank in USA. So this interbank transfer may cause the time delay.

In summary, AU bank sucks!
it's not Australian side issue, it's lack of knowledge of your banker, USD transaction have to go through USA Clearing house unless within bank. looks your bank trying to send Au$ instate of USD . best option for you is AUD based account .

may i know your bank ?
Mohan
  • #3,656
  • Nov 7, 2011 3:51am Nov 7, 2011 3:51am
Quoting mohan76
there using market ordering , you might get slippage but not requotes
is that only for FX? Cuz I think it's different on indices, unless it's changed since i was there.

cheers,

scfx
The best indicator is price.
  • #3,657
  • Nov 7, 2011 3:53am Nov 7, 2011 3:53am
Quoting nubcake
have you looked at their rates though? if i'm looking at the right thing then....

Monthly Trade Amount <=USD 1,000,000,000
Commissions 0.2basis point *Trade Value
Minimum per OrderUSD 2.50

so instead of a 0.75 commision, IB has 0.2 pip commission. so..... you don't need a rebate when you are getting such tight fees and are able to limit and stop as a proper limit and stop.

having a minimum cost per order means you won't get muppets with penny accounts being big bad traders trading ecn because the minimum cost wipes out all chance...
thanks for the detailed reply, based off what you have posted I think it clears up the concern I had.

Cheers for the info.

scfx
The best indicator is price.
  • #3,658
  • Nov 7, 2011 3:57am Nov 7, 2011 3:57am
Quoting scfx
thanks for the detailed reply, based off what you have posted I think it clears up the concern I had.

Cheers for the info.

scfx
always do your own due diligence. what i have written is only based on what i deduce from the information on the IB website. if i have managed to completely misinterpret everything then i'm a monkey's uncle.

as far as i'm concerned IB have always had the lowest commissions for any form of trading for as long as i've been aware of their existence, and because of this i assume they get a lot of volume of customers pushing fees into their account for the services rendered.... this in turn feeds into the ability to keep low fees which brings further clients, further low fees etc etc. they don't need to stuff around trying to entice people with silly rebates and bullshit.
Congratulations ScalaFX for coming out of the closet!
  • #3,659
  • Nov 7, 2011 4:09am Nov 7, 2011 4:09am
Quoting scfx
is that only for FX? Cuz I think it's different on indices, unless it's changed since i was there.

cheers,

scfx
WTI and the indexes use instant orders and could get requotes, forex, silver and gold are market orders so no requotes there, but possible slippage
  • #3,660
  • Nov 7, 2011 4:25am Nov 7, 2011 4:25am
Quoting ozmacca
Untradeable, how can we have gaps at this time of the day ?

Price Freezing, gaps, price slips on limit orders, hopeless !

1min chart EU at 9.29 9.30 a 9 pip gap

ozmacca

I haven't got a gap. Also change your background colour to white and you may see the candle bar.
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