We need to create an internal Forex API for internal usage.

We're interested in the accuracy and real-time availability provided by a Fix connection.

How would we go about getting access to a FIX endpoint without spending thousands of dollars?

Is it possible to find a broker to give us access to their endpoint?


Too long for comment: It's unclear what your idea of the Forex market is but, generally speaking, FX is an interbank market. So you connect with the bank(s) of your choice and be done with it. In my experience not a lot of banks offer FIX trading though, only FIX STP and Drop Copy to your back and middle office.

Then again there's ECNs like Fastmatch where banks and ordinary clients can connect and provide or take liquidity. Most of these ECNs primarily support their own binary format and many of them offer market data and/or trading via FIX as well (Fastmatch, Dukascopy, etc.)

As for pricing, in any case it's all bespoke: Banks expect you to trade a certain amount per month but formally don't charge for using FIX (if they support it in the first place), ECNs typically charge you (or pass on) connection fees, there's no formal charge for FIX either.

So in short: If you don't plan on actually trading FX the minimum turnover or market access fees will probably counter your plans.

I'm not sure I understand your question about accuracy and real-time availability. Of course it's real-time and of course it's accurate. Or do you mean if there's some sort of guarantee to trade on the last seen quote, e.g. like a FIX Order 'D' or 'E' (prev quoted, prev indicated)?

  • $\begingroup$ I'm working on an API to provide Forex data (currency conversion) so all I need is the latest exchange rate information, I'm looking at the ECN's you mentioned, thanks for the answer $\endgroup$ – Jonathan Sep 4 '17 at 6:37
  • $\begingroup$ Well, part of what I'm saying was: there is no the exchange rate. Every bank gives you an ever slightly so different quote. Of course if you don't need the full precision or the low latency you should be fine with any indicative quote. But then again, why use FIX? $\endgroup$ – hroptatyr Sep 4 '17 at 6:40
  • $\begingroup$ What else can I use? I'd like to be able to be able to update my data at least a few times a minute $\endgroup$ – Jonathan Sep 4 '17 at 6:52
  • $\begingroup$ Fastmatch for instance hands out trade and top-level quote for free over websocket. If you only need indicative quotes only (i.e. quotes you cannot trade) for a broad spectrum of FX pairs you can also look at netdania or forexfactory. Their quotes come over websocket, too, and are aggregated over several ECNs/banks. $\endgroup$ – hroptatyr Sep 4 '17 at 7:01
  • $\begingroup$ Forex Factory's MDA looks like exactly what I needed, "MDA is currently the world's only source for freely-available, aggregate forex market-data. By merging data from numerous sources, MDA provides exchange-like data in an over-the-counter market, and can be used to benchmark prices from individual brokers." Thanks! $\endgroup$ – Jonathan Sep 4 '17 at 7:24

The MarketFactory API looks interesting. Also try Integral's TrueFX


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