Currenex Trading Platform Review

Currenex is an institutional forex trading platform, which means that many forex traders generally find it a bit out of reach. However, given its status as an institutional FX trading platform, Currenex is more suited for sophisticated traders, rather than targeting the retail forex trader base.

Primarily, the trading platform offers feature rich execution on assets such as FX forwards, swaps and precious metals trading. Given its clientele, Currenex is mostly used by hedge funds and other major institutional companies due to its placement within the interbank markets.

Currenex, was found in 1999 in New York and touted itself as the world’s first electronic communications network. The company has kept its trading volumes a secret and does not release much information.

At the time of writing, State Street, which is a US based hedge fund and the owner of Currenex is in the market, looking for a buyer. State Street acquired Currenex in 2007 for a value of $564 million.

To get a perspective of where Currenex stands, some of its competitors include major trading platforms such as FXAll, Hotspot, 360T, to name a few. Yes, if you thought MetaTrader was one such competitor, then you are wrong. This is because Currenex targets the more sophisticated trader rather than the average retail trader. Still, there are a few retail forex brokers who offer trading with the Currenex trading platform, which is tweaked to suit the needs of retail traders. There are two main types of trading platforms available from Currenex. These are:

  • Currenex ECN
  • Viking Trader

Currenex ECN trading platform

The Currenex ECN trading platform is offered as a whitelabel trading platform with a few FX brokers. Due to the advanced trading system, the minimum deposit requirements to trade with Currenex are rather high.

The trading platform is also quite sophisticated. So, if you have a large capital but do not have much experience with various trading platforms, there can be a bit of a learning curve involved.

One of the unique features of the Currenex ECN platform is the ability to view the level 2 depth of the market. The level 2 depth of the market or the order book, gives a list of the top five bid and ask prices and the trading volumes at these levels.

The Currenex ECN also offers something unique known as the executable streaming prices or ESP for short and Request for Streaming or RSP for short features.

ESP is typically used by corporate FX clients. It enables the user to view a list of streaming prices from various liquidity providers. Therefore, it enables the end user to pick the best price that suits their needs.

The request for streaming, is another feature that is used by institutional clients. In this method, the user requests a couple of liquidity providers to stream their prices. These liquidity providers in turn stream their prices for a fixed amount of time. Thus, the end user is then able to convert the request for streaming into an executable streaming price to place their orders.

In terms of charting capabilities, the Currenex ECN offers traders with the standard set of technical indicators. Bear in mind that due to the institutional capability of Currenex, more focus is given on the orders and prices rather than focus on charting techniques.

Currenex Viking Trader

The Currenex Viking trader is a light version of the Currenex ECN trading platform. This trading platform is more tailor made for the retail trader. Still, the entry costs are high if you want to trade with the Viking trader. The Viking trader is based on Java and is a more reliable trading platform.

Due to its features, the Currenex Viking trader does not require operating system compatibility.

Again, in terms of charting capabilities, the Viking trader follows the similar trend of the Currenex, where it focuses more on order execution and prices and depth of market rather than focus on charting techniques.

Currenex Trading Platform – Should you go for it?

If you are an institutional trader and have access to a large pool of liquidity for trading, then Currenex is a trading platform worth considering. However, bear in mind that this trading platform is more suited for institutional and corporate needs.

So if you are expecting a very intuitive charting platform and the ability to run automated trading strategies, the Currenex or the Viking trading platform might not suit your needs. There is no mobile trading app as far as Currenex is concerned, which fits with the underlying theme of its clientele.

There are only a handful of brokers that offer trading on the Currenex platform, which also keeps it away from the reach of the average forex trader.

Read 474 times Last modified on Sunday, 12 April 2020 11:44






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