The Ultimate Guide to
Choosing a Broker
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why scored high for currenex (Jump to section)
- Who is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on currenex (Jump to section)
What is the Best Trading Platform
The following brokers allow currenex on their platform:
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
|Uses tier 1 banks|
|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.
Who is (& Isn’t)
- Spread Betting
- CFD Trading
- Forex Trading
- Social Trading
To trade with , you'll need a minimum deposit of $. offers a range of different account types for different traders including a .
offer a wide range of instruments to trade including and many other asset classes. In the following section we’ve listed ’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ’s spreads compare in this review
Finally, isn't available in the following countries: . They do not offer islamic accounts either.
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 comparsionThe 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.
|FTSE 100 Spread|
Comparison of account & trading features
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 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.
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.
When a pop-up appears, the user should click on the “Advanced” button at the bottom left corner to show the next pop-up:
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.
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.
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.
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
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