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Andy,

Please tell me how your rates beat this.

Commissions

Your answer on swap rates is ludicrous. If in fact those are the swaps you are being passed by your liquidity providers then you need to make new relationships.

Let's say we're trading GBPUSD at EFX and at IB's IDEALPRO.

What is the rate at EFX for this?

IB's IDEALPRO rate:

Current spot is 2.0635.

Size is 100k units

= 0.2 basis point ($2) = $2, but since the minimum order is $2.50, then it would be a $5 r/t charge for 1 lot of GBPUSD.

I quite believe that based on EFX's commission rates, one would pay nearly 4x that for the same trade. Please correct me if I am wrong.

 

Hey Scott,

Could you see if I am understand what your saying correctly. So your saying for a round trip transaction. (entry and exit) it comes out to be about 5.00. Or is this just for one order?

How do they work with non US based pairs?

Thanks. Hope that makes sense on what I am asking?

Adam Hefner

scott TTM:
Andy,

Please tell me how your rates beat this.

Commissions

Your answer on swap rates is ludicrous. If in fact those are the swaps you are being passed by your liquidity providers then you need to make new relationships.

Let's say we're trading GBPUSD at EFX and at IB's IDEALPRO.

What is the rate at EFX for this?

IB's IDEALPRO rate:

Current spot is 2.0635.

Size is 100k units

= 0.2 basis point ($2) = $2, but since the minimum order is $2.50, then it would be a $5 r/t charge for 1 lot of GBPUSD.

I quite believe that based on EFX's commission rates, one would pay nearly 4x that for the same trade. Please correct me if I am wrong.
 

Adam,

No, it is $5 USD per side, not per round turn. Or, the equivalent of $5USD on non-USD based pairs. I believe I have that right, Andy please feel free to correct it.

So essentially on GBP based pairs, you're paying $20 (USD) per round-turn. Actually higher than that on the current exchange rate.

 

Commission...

scott TTM:
Adam,

No, it is $5 USD per side, not per round turn. Or, the equivalent of $5USD on non-USD based pairs. I believe I have that right, Andy please feel free to correct it.

So essentially on GBP based pairs, you're paying $20 (USD) per round-turn. Actually higher than that on the current exchange rate.

You are correct, Adam. For a round-turn, it is $20 for a GBP-based pair ($20.60 to be exact with the rate at this moment). So right now, the GBP/JPY is 227.51 @ 227.54, so after commissions, if you chose to buy at the market and not trade within the spread, it would be 4 pips/side total. Still a lot better than most platforms/brokers.

Any thoughts, questions, concerns?

Let me know if I clarified...or just made it worse.

Andy

 

lol sorry I must be slow. But if its $20 commission (2 pips). How is that only 4 pips in total if "GBP/JPY is 227.51 @ 227.54".

$5 to enter, $5 to exit? = $10 (1pip). Sorry, thats just my understanding of it.

Thanks to the both of ya.

Adam

 

I think Andy was just referring to the spread + comm's. If their GBPJPY spread is 3 wide when you enter and exit, that is 3 pips per side in spread, so 6 pips r/t in spread - plus the $20 in commissions per round-turn. So total you're paying 8 pips on this particular instance, with the example being that 1 pip is equal to $10USD.

 
ahefner33:
lol sorry I must be slow. But if its $20 commission (2 pips). How is that only 4 pips in total if "GBP/JPY is 227.51 @ 227.54".

$5 to enter, $5 to exit? = $10 (1pip). Sorry, thats just my understanding of it.

Thanks to the both of ya.

Adam

Hi Adam.

The commission structure is $5 per $100K USD traded. Since the GBP is 2.0634 versus the USD, it takes 2.0634 USD to buy 1 GBP. Take the $5 commission and multiply it by the GBP rate and you will get $10.31. That is what it costs per standard lot (100K). That is each side. $10.31 to buy, $10.31 so sell =1pip each way, or 2 pips round-trip.

I hope that helped.

P.S. for EURO-based pairs, since the rate of the EURO is 1.4749, it will cost $7.3745/standard one lot.

 

EFXandy:

This is great that you are online answering questions and looking for ways to serve your customers/get new ones.

Don't take this the wrong way, but there are just untold numbers of crackpots out there, so could you post (or PM me) your full name so I can call EFX group and verify that you represent them?

Once I do so, I will post my findings here, so then people will know you are for-real.

Thanks,

-=Derk

 

It is I!

DerkWehler:
EFXandy:

This is great that you are online answering questions and looking for ways to serve your customers/get new ones.

Don't take this the wrong way, but there are just untold numbers of crackpots out there, so could you post (or PM me) your full name so I can call EFX group and verify that you represent them?

Once I do so, I will post my findings here, so then people will know you are for-real.

Thanks,

-=Derk

Hi Derk.

I appreciate your comment. My name is Andy Geller, and you can call EFX anytime to chat with me. I am here for the ERUO/ASIAN market hours of 2am to 10am Arizona Time, however, you can call 24 hours and get any of our guys on the phone.

Thanks again.

Andy

 

Board,

I promised EFXAndy I would post about my experience when I spoke or should I say typed w/ him via LiveHelp on EFX's website not because I have anything to gain by doing so, but instead because I was sincerely impressed w/ his professionalism and customer svc. Also, I have acct. w/ MBT at this time, but if/when EFX completes Project Omega i.e. Remote Trader charting software, I will be switching. Get the best of MBT while retaining the ability to use my MT4 indy's/E.A.'s. Does it get any better?

I logged on to ask a non-trading related question only to find that it was none other than EFXAndy who would be there to assist me. Needless to say I was surprised. I mean what are the odds that I'd get him of all reps. I digress.....

He went above and beyond the call of duty to find the answer to my question and also provide w/ some trading-related info that I was curious about as well i.e. Project Omega. I truly believe that if EFX keeps going the route in which is leaning at this time, they will be very popular w/ the MT4 traders as well as traders in general. I am not here to promote anything besides to give my unbiased opinion. Do your due diligence. Brokers are being put thru the wringer. FXLQ just got the axe. I will be watching EFX closely. Good luck and discipline w/ your trading and lives

Peace,

F.F.L.

P.S.

Yo, EFXAndy, sorry for taking so long to reply. I told you my username was akademikjeanius. I was mistaken. That is my username for other non-related trading forums etc. I get all these login's mixed up

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