Avery is using and recommending EFX Group as a forex broker, which is a subsidiary of MB trading.
As we all have already discussed many times, we feel the platform change from Tradestation to something else is quite desirable for many of us.
With that platform change the transition from that horrible GAIN capital group FX broker that comes with Tradestation is also on agenda.
Personally, for me, NeoTicker4 seems to be the most probable option at this time, MetaTrader4 coming second.
EFX group order interface connects to NeoTicker, so it's possible to fully automate FX trading with NeoTicker/EFX combo. (How long it will take for Tradestation to finally come to realize the long promised FX automation is a must?)
Open discussion with an EFX Group president
I've arranged an open discussion with an EFX group president, Mr. Jon Floyd. He told me he will be happy to answer our questions directly on this forum, in this very topic, so please go ahead and ask questions.
- is there any publicly available spread history for EFX? Oanda publishes theirs here. This way, it's clearly visible what spreads are really offered by the broker as opposed to the sales pitch like "spreads as low as.."
- is it possible to monitor the trades realtime from EFX trading platform (EFX Navigator) as I am connected to my account from NeoTicker?
- is it possible to connect NeoTicker to a demo EFX account so that one may test how it works prior to committing any real money?
- under which conditions would EFX reject orders? It happens to me too often my profitable limit orders are being rejected by my broker 10 mins before the news breaks
- how do you calculate the commissions? There seems to be a confusion between the term "trade" and an "order" on your pages. At the fees page, you state that the commission is $7 down to $5 per $100,000 traded. But I assume that for every $100,000 traded (i.e. open position/close position) the commission is in fact charged twice (2x $7). Is my conclusion correct?
- Is it mandatory for NeoTicker on my side to be up and running every time I want to place an order with EFX or is it possible to run my NeoTicker scripts directly on your server?
- do you provide any tick history for the major FX pairs? The trouble with the third party history data is that it often doesn't match the broker's data and thus the strategies don't work precisely the same
- once the order is placed vie NeoTicker, does it remain live at your server regardless of my internet connection state etc.?
- is the much valued Level II pending orders information which is available at EFX transmitted to NeoTicker, too?
- I've read your Limitation of Liability agreement for new clients and this part caught my eye:
"If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice in order to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit in your account."
Does that mean the client may actually go into debt? This is not possible with my FX broker - they would simply close out my open positions and no liability beyond the amount initially depositied might ever emerge this way. Please explain.
- Is the leverage ceiling of 100:1 applicable to all clients? Or can it be raised if one deposits a certain higher amount of money to the account?
- What are the main advantages of EFX over Oanda which is deemed by many as the best FX broker? Apart from the fact that Oanda only offers 50:1 leverage
Thank you very much for your answers!