RE: Baxter FX Broker? Is It Good.

[Szymon 10]

Does anyone have an account with Baxter FX?

 

I have enquired in the past over two years ago, 1/2 pip spread on all major pairs and 50K US minimum to start an account.

 

Can someone share their experiences with this broker.

 

Regards

 

Simon

[Marsupilami 10]

1/2 pip spread on all majors ? Are you sure ? I find this hard to believe...have watched Currenex and Hotspot feeds and never saw spreads as tight as a 1/2 pip. Times must have changed, I guess !?

[Marsupilami 10]

Their website says the following: "Our order book is supplied with streaming quotes from four major FX banks in 55 currency pairs

24X5. Streaming depth of market is between 3 and 20 million from each market maker. Spreads are discretionary but in general multibank competition creates 1-2 ticks on Majors and Euro Crosses."

[Szymon 10]

  Marsupilami said:

Their website says the following: "Our order book is supplied with streaming quotes from four major FX banks in 55 currency pairs

24X5. Streaming depth of market is between 3 and 20 million from each market maker. Spreads are discretionary but in general multibank competition creates 1-2 ticks on Majors and Euro Crosses."

 

Thanks Marsupilami for the information.

 

Regards

 

Simon

[Marsupilami 10]

Hello Szymon,

 

where and when did you hear about the half pip spreads? Could it be a misunderstanding ?

Thanks.

[Szymon 10]

  Marsupilami said:

Hello Szymon,

 

where and when did you hear about the half pip spreads? Could it be a misunderstanding ?

Thanks.

 

Hi Marsupilami,

 

Two years ago I enquired in opening a live account with Baxter, the rep first name Alvin mentioned to me that there was a 1pip spread on all major pairs, then a week later he emailed me, that they have been reduced to 1/2pip.

 

So I am not sure if he was for real or not. The platform to my memory was programmed in Marcomedia Shockwave.

 

Another place that have tight spreads and commission based is dukascopy.com minimum is 50K US, I do not know much about them.

 

Regards

 

Simon

[Marsupilami 10]

Hello Szymon,

 

I think I'll contact Baxter when I have time...with regard to Dukascopy - I have seen their platform and talked to several people who trade through them. Spreads appear to be tight, but some say that Duskopy is filling your orders to their advantage ("slippage") so in the end, you do pay more than just a pip spread, but I'm not a customer so I cannot confirm that. Besides that, I just would not go with a Swiss broker ...there is not much regulation in Switzerland and this country is full of shady fx brokers ( not speaking about the big banks here, of course).

[Szymon 10]

Hi Marsupilami,

 

Looks like all OTC brokers are playing with their customers. For the last four weeks I have been played by Oanda, with regards to orders being filled at the wrong time, constant disconnection time, etc... So I decided it is not even worth doing with OTC Forex, I now trade the Globex and are happy with that decision.

 

Maybe you should consider trading Globex?

 

Regards

 

Simon

[Marsupilami 10]

Hello Szymon,

 

I have traded CME currency futures before and agree with you about the advantages. It's also a lot easier since you only need one account for trading index futures and currencies, spreads are usually very tight, and it's regulated. Then only problem is that some cross rates are not available...I like to trade the EUR/JPY, GBP/JPY from time to time.

 

Actually, trading on ECNs like Hotspot and Currenex should be ok, too....I was just surprised that Baxter supposedly offers half pip spreads because even on bigger ECN platforms a one pip spread is the norm only in EUR/USD...at least last time I checked.

 

Regards,

Mars

[Sparrow 10]

Hi,

 

Sorry for this off topic question but since you are talking about futures and I am thinking of trading futures once again my spot account allows it(I'm still several months away) I've got following questions:

 

a.) What's the time when over night margins apply, as a scalper I'm very dependent on leverage(max 1:20)

b.) Can anyone tell me the average daily volume for Euro 6E, Pound 6B and Yen 6Y

- got yesterdays figures: 6E 220K, 6B not available, 6Y 160K, that's about 2-3 contracts/sec of course distribution isn't even throughout the day

c.) as far as I know leverage is around 1:100 is that correct?

- 6E: $125K, 6B 62,500 BP, 6Y 12,500,000 Yen

d.) Sorry I forgot the pip values for 6E, 6B and 6Y, I think for 6E it was $12.5 a pip

- 6E: $12.5, 6B & 6Y $6.25

 

Thanks guys

 

Edit: stopped being lazy and checked what I could find out myself

Edited April 3, 2008 by Sparrow

[Sparrow 10]

Sorry I erred in the pip values and I am not allowed to correct the post anymore, 6Y is $12.5 a pip.

Also it seems to be 6J ..., it's been a long time since I traded futures.:yes sir:

Edited April 3, 2008 by Sparrow