The Currenex trading platform is an Electronic Communication Network (ECN) platform that provides level II pricing to forex traders. Developed by Currenex, there are two versions of the Currenex trading platform. The first is an institutional FX trading platform known as Currenex Classic. This platform was built for the exclusive use of the institutional players in the forex market. The second version of the Currenex platform is the Currenex Viking platform, built specifically for individual forex traders.
Trading forex on Currenex trading platform is a lot more advanced in comparison to MetaTrader. Also the deposit requirements in order to trade on Currenex is significantly higher as compared to a MetaTrader account where the minimum deposit requirements can be as low as $5. Currenex, due to the fact that it was primarily built for institutional forex traders thus justifies the higher capital requirements.
Deposit requirements for Currenex trading platform is found to be typically in the area of $10,000 or more.
Currenex platform 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.
In this review article, we will run through some of the key functions such as order management, setting up stop loss and take profit as well as managing your existing orders on the Currenex trading platform.
Order Management on Currenex
Order placement is arguably the most important step in forex trading. Traders need to know how to place orders correctly to get the desired trade results. Generally speaking, order placement with the Currenex platforms is not as straightforward as order placements with the MetaTrader4 platform. A key component in the use of Currenex is to understand that this is a trading platform that provides price quotes derived directly from several sources. The following order types can be placed by traders on Currenex Classic. These are:
- Market orders (Buy, Sell)
- Pending Orders (Limit Buy, Limit Sell, Stop Buy, Stop Sell)
Pending orders are used when the trader expects prices to retreat before continuing in the previous direction (the Limit orders) or when prices are not expected to retreat but will continue through key levels of support or resistance to constitute a breakout (Stop orders).
Placing Orders on Currenex Classic
When a trader clicks either the “Bid” or “Offer” button, several price quotes are displayed. The trader then clicks on the price quote of his choice to move to the next step in the ordering process as shown below:
When a pop-up appears, the trader 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. Another parameter that can be input in this dialog box is the amount the trader wants to trade. When this is done, the “Place Order” tab is clicked to complete the trade execution.
Stop Loss/Take Profit on Currenex
To set the stop loss/take profit targets:
- Repeat the Order process above until you get to the second pop-up
- Click on the “One Cancels Other” tab
You can set the stop loss, take profit levels and then complete the order by clicking “Place Order“.
Adding New Currencies to Currenex
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, and selecting the currency pair to be displayed.
View Open Orders: Open trades are not displayed by default. You can view them when you click on the relevant tab that displays positions.
Managing Orders on Currenex Viking
In order to place orders with the Currenex Viking platform, the trader can either right click on the displayed chart to reveal the drop-down options, or he can click either the “Buy” or “Sell” button as shown below:
This reveals a pop-up where the trader can select the following options:
- Expiry type (Good Till Cancelled, Good for Day, etc)
- Order type (market, limit, stop or Order Cancels Order)
- Take Profit target
- Stop loss
- Trade amount
When the trader has entered all the data he needs to input as concerns his trade, he can then click on the “Place Order” button to execute the trade.
All open positions are displayed on the platform screen of Currenex Viking by default.
In summary, a review of both types of Currenex platforms will show clearly that the simplified Currenex Viking platform is tailored towards the retail traders, while the more complex Currenex Classic is built for the professional traders that serve the institutional players in the market.