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Varengold bank FX - Open Discussion Board





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trader

November 12, 2009

Hey Guys!!
I`m looking for a reliable broker who would not take position against me but would put my orders through to the interbank market immediately.
Having started my search I keep running into Varengold Bank FX.
However, I am wondering whether this is an ECN or STP forex broker and if the possibility exists that he is going to operate in the "dealing desk mode" after all.
Got any hints for me / experiences with this broker??

Cheers!!!

BrokerGuru

November 12, 2009

It's a bank, an institution that can be trusted. They are STP and should not take trades against you.
Their spreads vary, and you'll often see 2-3 pips spreads on EURUSD, so you should be prepared to pay a bit more with Varengold FX than with other brokers. Another factor to take into account: their minimum lot size requirement is 0.1 of a standard lot, means that every pip will cost $1, thus the cost of the smallest trading position will be roughly $2-$3 at best.
If you have evaluated everything and have a strategy to manage risks properly, you can open an account with this broker.


trader

December 23, 2009

I've had a chat with Varengold recently, they already upgraded to ECN.

[Ruzbeh (German, Farsi, English)]: Hello, how can I help you today?
[You]: Do you have gold, silver, oil for trading? Thank you
[Ruzbeh (German, Farsi, English)]: gold and silver yes
[You]: what are the spreads, please?
[Ruzbeh (German, Farsi, English)]: but oil currently not
[Ruzbeh (German, Farsi, English)]: variable
[Ruzbeh (German, Farsi, English)]: we are an ECN
[You]: hold on, I thought you're STP
[Ruzbeh (German, Farsi, English)]: no
[Ruzbeh (German, Farsi, English)]: ECN
[You]: so, you're a true ECN, is that right? Great!
[Ruzbeh (German, Farsi, English)]: yes
[You]: I was wondering if youknow the exact spread values for gold and silver
[You]: if you know, please
[Ruzbeh (German, Farsi, English)]: please download our platform to see the spreads
[Ruzbeh (German, Farsi, English)]: i cannot tell you any data because they are variable
[You]: ok. I was looking to compare rates before downloading
[You]: anyway, thank you for oyur help!
[You]: have a great day!

trader

January 4, 2010

varengold is an STP broker. they use a bridge built by roustech. I know this because i talked to they guys who run that company and thought they offered individual traders bridges but they only build them if you're a broker and varengold is one of their user of that bridge that is like Boston technologies

Mike

March 22, 2011

Hi guys, excellent forum!

I have an issue with VarengoldbankFX.
I have seen strange price movements and a difference between their demo ad live data feed. I suspect them highly of manipulating prices and hunting stops.
They claim to be a non-dealing desk and STP so the 'cannot' interfere. That's what they say.

What do you think? Anybody heard anything about VarengoldbankFX not being honest?

Mike

BrokerGuru

March 24, 2011

Hi Mike,

Demo and Live prices could differ, since there is different processes in filling orders involved: on demo - whatever trade you place, it will be filled, since your order isn't connected to the market, can't affect it, doesn't require any actions from a broker; while on live accounts it all changes and your trading becomes affected by market conditions (trading volume, market volatility, execution speed etc).



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