Company

Spread

for EURUSD

Min.

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Platforms

Offered

Account

Types

Spread

Type

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Methods

Customer

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Execution

Details
CFDs are leveraged products and can result in the loss of your capital. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Currenex

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose
For Currenex?

scored best in our review of the top brokers for currenex, which takes into account 120+ factors across eight categories. Here are some areas where scored highly in:

  • + years in business
  • Offers + instruments
  • A range of platform inc.
  • 24/7 customer service
  • Tight spreads from pips
  • Used by 0+ traders
  • Offers demo account
  • 0 languages
  • Leverage up to

offers one way to trade: . If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

have a trust score, which is . This is largely down to them being regulated by , segregating client funds, being established for over years, and much more. For comparison:

Trust Score comparsion

Trust Score
Year Established
Regulated by
Uses tier 1 banks
Company Type Private Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who is (& Isn’t)
Suitable For

As mentioned, allows you to trade in one way: .

Suitable for:

  • Spread Betting
  • CFD Trading
  • Forex Trading
  • Social Trading

Not Suitable for:

To trade with , you'll need a minimum deposit of $. offers a range of different account types for different traders including a , .

Finally, isn't available in the following countries: . They do not offer islamic accounts either.

Part 3

A Comparison of vs. vs.


Want to see how stacks up against and ? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Fixed Spreads
Variable Spreads
EUR/USD Spread
GBP/USD Spread
USD/CAD Spread
USD/JPY Spread
DAX Spread
FTSE 100 Spread
S&P500 Spread

Comparison of account & trading features

Spread type Fixed
EUR/USD Spread
EUR/GBP Spread
Crude Oil Spread
Gold Spread Private Private Private
DAX Spread

Part 4

Currenex Trading Platform: A Review

Currenex Inc is a company that was founded in 1999 by Gadi Maier. Currenex is not a broker-dependent trading platform. The Currenex trading platform is an institutional-level trading platform, built for professional traders. As a trading platform, Currenex enables traders to get competitive price quotes from several liquidity providers as well as have their orders passed over to the liquidity providers via straight through processing, without the intervention of dealing desks.

Currenex® ECN provides a seamless and anonymous FX pricing channel from multiple liquidity providers and traders on the buy-side of trades. Traders get access to live streaming quotes, as well as Request for Stream (RFS) and Request for Quote (RFQ) trade systems. Brokers that offer the Currenex platform generally provide a full depth of book facility as well as optional “no look” liquidity.

The Currenex Trading Platform

The Currenex Trading Platform

The Currenex Classic Platform

Currenex is used for matching orders as well as to aggregate liquidity. Currenex is able to aggregate liquidity from more than 60 banks into an efficient electronic order management system. It is available as an API, or as the web-based trading interface known as the Currenex Classic.

Currenex Classic is a GUI interface which can be accessed using a URL on a secure web browser. User access is attained via a secure certificate and a password. Currenex Classic gives access to charting, advanced order types, reporting, and customised pricing.

Placing Orders Using the Currenex USP

Using the Currenex Executable Streaming Price (Currenex ESP) model, active traders can view and trade real time bid and offer prices. The right kind of orders, set at the right price areas, is what produces the desired trade results. Generally speaking, order placement with the Currenex platforms is not as straightforward as order placements with the MetaTrader4 platform. The Currenex ESP delivers the following:

  • Order handling tools for flexible execution of trades.

  • Straight Through Process (STP) support using various workflow tools to promote trading efficiency and cost reduction.

  • Fast executions on currency pairs using continuous price feeds.

  • Compliance features that facilitate reporting on quality of executions.

Using the Currenex ESP tile has been simplified from the earlier models that were available. Order types available on Currenex include:

a) Market Orders: These are orders executed at current rates.

b) Limit orders: These are orders that will be executed at specified limit prices or at rates considered better for the trader.

c) Stop Order: An order which becomes a market order when the bid/offer price reaches a predefined stop trigger price.

d) Stop Limit: An order which is executed at a specified limit rate or better, after a stop rate has been triggered.

e) Trailing Stop: A dynamic stop loss order which is set to follow an advancing market.

f) If Done (IFD): A conditional order which allows users to specify an entry (IF) as well as a conditional (DOne) order.

g) One Cancels The Other (OCO) allows the setting of an SL and TP with the same quantity and on the same currency pair at the same time. When one is fulfilled, the other is cancelled automatically.

The Currenex ESP order tile is shown below.

Currenex Order Depth

Currenex Order Depth

A trader can start trading by either clicking the “Top of Book Rates” tab or the “Top of Book Quantity”, which shows the total amount that is available at the price level shown.

The Price Ladder displays the Bid/Offer buttons which the trader can use to select the dealing rates. Use the Preset Order Quantity to set the amount with which to make the trade order. Advanced Order strategies are implemented using the Create Order button.

Currenex GUI

Currenex GUI

When a pop-up appears, the user should click on the “Advanced” button at the bottom left corner to show the next pop-up:

Currenex Advanced Orders

Currenex Advanced Orders

On this new pop-up, the trader can make a selection from any of the displayed order types (market, limit, stop or OCO) on the left side of the pop-up screen. Other parameters that can be entered into the appropriate spaces are the amount the trader wants to trade. When this is done, the “Place Order” tab is clicked to complete the trade execution.

Currenex Order Tile

Currenex Order Tile

Setting the Stop Loss/Take Profit

The Stop Loss and Take Profit are classified under the Advanced Order types. In order to set the stop loss and profit targets for trades on Currenex, a trader needs to do the following:

  • Repeat the Order process above until the second pop-up appears.

  • Click on the “One Cancels Other” tab.

Currenex One Cancels Other

Currenex One Cancels Other

  • A trader can set the stop loss, take profit levels and then complete the order by clicking “Place Order”.

Selecting New Currency Pairs

In the Currenex Classic platform, a trader can add new currency tabs to the screen by clicking the “CCY” button at the top left corner of the screen. One click on it and a pop-up with the list of available currencies will display. Click on the currency to add it to the screen.

Algorithmic Orders

Currenex also allows users to trade with algorithms. A trader can choose the Currenex ESP algorithms that constitute the best fit for the order strategy. This is very important for those who place large orders and are seeking to reduce the market impact of their trades and also achieve cost reduction.

Using Currenex RFQ

Working with several banks on the interbank market requires the trader to get access to more than one price quote that will seamlessly integrate with the order management system. This is achieved using the Currenex FRQ facility.

Currenex Request for Quotes aggregates real-time pricing of forex spot, swaps and forwards contracts into a centralised system. Certain functions of the Currenex RFQ can be customised. For instance, choosing which bank to receive price quotes from. A trader can make a request to trade any quantity of currency and get comprehensive reporting.

Regulated Brokers that Use Currenex

Many brokers and banks use Currenex’s white label version, which can be fully customised at the front end. Just some of the brokers that take advantage of this include LCG and FXCM.


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