Forex – New Independent Forex Trading Platform Assures Trading Transparency
Forex dealers have for years offered API access to institutional traders who insist on trading not through the dealer’s retail platform but directly through their back office. The advantage to the institutional trader is simple enough. Deprived access to the institutional trader’s standing orders, dealers cannot use that information to trade against them.
To explain the value of API trading transparency to the retail trader, John Keister, Fxspyder’s CEO, draws a simple analogy.. “Imagine for a moment that you are the coach of a football team and that the rules require you to signal the opposing coach every time your team is going to throw a forward pass. Is that a rule you could live with?”
According to Keister, this is the rule that prevails when it comes to mainstream retail trading. “Trading through the forex dealer’s resident platform, traders are required to provide advanced notice of their trading intentions and this occurs every time they place a stop loss. The presence of that visible standing order on the dealer’s platform obviously puts the spot trader at a distinct trading disadvantage.”
Three years in development, FxSpyder extends the institutional trading advantage to the individual retail trader. Using the platform, stop loss orders are held and processed through an independent server and not executed until the desired price has been reached.
Unlike their conventional counterparts, the trading platform is not sold or leased to accommodating dealers nor does Fxspyder generate any direct or indirect support from them. The platform is leased to retail traders on a trade-by-trade basis and available on a first-come, first-serve basis to any dealer who offers free API access. The cost to program the required communications interface is borne by FxSpyder.
At the present time two brokerage firms have signed on to accommodate the platform. FinOdds, one of only a small number of forex dealers offering fixed options trading, is up and running while the programming to bring Oanda, on board is scheduled to be complete by the end of March.
In addition to trading transparency, the platform offers:
- Popup Signal Transmission, Receipt and Verification
- Plain Language Robot Development and Trading
- Fixed Options Trading
Traders and dealers interested in examining the platform are encouraged to visit http://fxspyder.com. Inquiries should be directed through the company’s online Helpdesk.
- Contact Information
- Ron Scott
- Public Relations
- FxSpyder LTD
- Contact via E-mail
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