CoesFX not worked out all bugs with MT4

[tstmarkt]

just got off the phone with CoesFX asking about MT4 and I was told that they are still working out the bugs and that its not ready.
They said that I should wait for a announcement from their web site stating that that have completed testing and now they fully support it.

Now I do like CoesFX and MT4 and would like to sign up but I am going to wait until its ready.

[yardie]

I am waiting for this as well.

[tstmarkt]

Update

Is CoesFX closing down?

• NFA MEMBER WITHDRAWN	08/28/2006
• FUTURES COMMISSION MERCHANT WITHDRAWN	08/28/2006
• NFA MEMBER APPROVED	02/12/2002
• FUTURES COMMISSION MERCHANT REGISTERED	02/12/2002
• FUTURES COMMISSION MERCHANT PENDING	12/13/2001
• NFA MEMBER PENDING	12/13/2001

- NFA Membership was withdrawn on 8/28/06.
- Futures commission merchant withdrawn on 8/28/06

source: http://www.nfa.futures.org/basicnet/...tityid=0314715

Don't know why, but they they are operating thru Spot FX Clearing Corp. which is a wholly owned subsidiary of Coesfx.

And then there is http://www.globalforexnow.com/ which apparently another spotfx company.

Looking further into spotfx, they became an NFA member at the end of Dec 2005. Looks like CoesFX will be going bye-bye. Regulatory actions perhaps made it stink a bit much?

[yardie]

It looks liek they are changing into a different name brand. Their MT4 platform shows Spotfx on it not COESFX. Its possible that they are changing over because of the confusion in the market about their dustup with the NFA.

[R2D2]

Hate to brake up the party guys, but COESfx is blowing smoke up everyone’s “donkey”. With The MT4 they are trying to promote.


MT4 isn’t even theirs nor dose it executes into their ECN. Not though Mini’s nor normal accounts. I know this because we were asked to evaluate MT4/Coesfx API a couple months back. In fact it’s imposable to get MT4 API to execute properly into any ECN API; the infrastructures just do not work together. So Knowing to Promote MT4 into ECN especially to IB would be a home run so they came up with another scheme to offer it anyway.


What they do is pretty simple yet very convincing. Thay use a cfgtrader white labeled MT4 (thay admit this with mini’s to throw users off) they run their ECN feeds into the MT4 server (that’s why when comparing COESfx MT4 to CoesFX ECN demo’s they are the same prices) but the execution side ( your trade) is not routed into CoesFX ECN, instead it’s routed to a retail dealing desk cfgtrader who owns the MT4 server. Now this is not a crime but it’s defiantly misleading and thought we should let all know what you’re getting into, I hate when firms try misleading us.


It’s rather simple to verify this; just ask the COESfx rep for a MT4 demo and a corresponding CoesFX in-house platform demo, if MT4 is truly placing orders into CoesFX ECN you will see trades corresponding into their in-house platform, if not the trades are not executing into the ECN their going somewhere else.

[tstmarkt]

Originally Posted by R2D2

Hate to brake up the party guys, but COESfx is blowing smoke up everyone’s “donkey”. With The MT4 they are trying to promote.


MT4 isn’t even theirs nor dose it executes into their ECN. Not though Mini’s nor normal accounts. I know this because we were asked to evaluate MT4/Coesfx API a couple months back. In fact it’s imposable to get MT4 API to execute properly into any ECN APO; the infrastructures just do not work together. So Knowing to Promote MT4 into ECN especially to IB would be a home run so they came up with another scheme to offer it anyway.


What they do is pretty simple yet very convincing. Thay use a cfgtrader white labeled MT4 (thay admit this with mini’s to throw users off) they run their ECN feeds into the MT4 server (that’s why when comparing COESfx MT4 to CoesFX ECN demo’s they are the same prices) but the execution side ( your trade) is not routed into CoesFX ECN, instead it’s routed to a retail dealing desk cfgtrader who owns the MT4 server. Now this is not a crime but it’s defiantly misleading and thought we should let all know what you’re getting into, I hate when firms try misleading us.


It’s rather simple to verify this; just ask the COESfx rep for a MT4 demo and a corresponding CoesFX in-house platform demo, if MT4 is truly placing orders into CoesFX ECN you will see trades corresponding into their in-house platform, if not the trades are not executing into the ECN their going somewhere else.

Thanks for the update, I decide last week to open my normal account with Oanda, they seem to be the best broker to go with even tho I believe all forex brokers are evil; Oanda its the least evil.

Funny thing is after I posted some remarks like yours on SBfx forum about CoesFX they banded me for be bias!!!!

[R2D2]

http://www.nfa.futures.org/basicnet...003&contrib=NFA

Notice of Member Responsibility Action (MRA)


On October 4, 2006, NFA issued a Member Responsibility Action ("MRA") against Spot FX Clearing Corp. whereby:

1. Spot FX is prohibited from soliciting or accepting any additional customer accounts or customer funds, except as security deposits for existing positions.

2. Spot FX is prohibited from accepting or placing trades for any customer accounts except for the rollover of currently existing customer positions and/or liquidation of existing customer positions. In taking any action to rollover or liquidate customer positions, Spot FX must act in the best interest of its customers.

3. Spot FX is required to liquidate all positions held in any account for any Spot FX principal or employee and, further, is prohibited from initiating any additional positions in such accounts.

4. Spot FX is prohibited from distributing, disbursing or transferring any funds, except to existing customers, without the prior approval of NFA.

5. Spot FX is required to provide notice to NFA of any distribution, disbursal or transfer of any funds to any customer on the same business day that any such distribution, disbursal or transfer occurs. Such notice shall include, at least, the date of the distribution, the name and address of the recipient, identification of any accounts from which funds are distributed and to which funds are distributed, and the amount of the distribution.

6. By 12:00 p.m. CDT on October 6, 2006, Spot FX is required to produce to NFA a financial statement including a net capital computation. The financial statement must properly reflect all assets and liabilities and the firm’s current capital position as well as a listing of all current assets and provide third party documentation supporting the existence and location of those assets.

The MRA will remain in effect until such time as Spot FX has demonstrated to the satisfaction of NFA that it is in complete compliance with all NFA Requirements. Spot FX is required to provide copies of this MRA, by overnight courier, to all of its customers and to all banks and other financial institutions with which it has money on deposit.