ECN will always charge commission, narrow down your search to STP group.

FXCBS, feel confused about their location. Where are they actually? What is the GMT offset because I checked their website, their bank is in Cyprus, the beneficiary address is in UK, and they stated they "soon to become" Dubai regulated. Why "soon to become"? They are still applying?

Hello BG!!! Thanks for getting back to my question regarding ECN brokers' registration, below I copied your reply just to refresh the memory:

"Among ECN brokers some might be simply Introducing brokers for other ECNs, those IBs are rarely registered, with some exception.
Other ECN brokers, if they are outside US, don't need to register with CFTC or NFA, they register with their local regulatory bodies."

1) And my next question here is how to know whether ECN broker that is mentioned in your list is IB or not registered at all? Whenever I enter the name of the broker on NFA website, it just says that it cannot be found but does not say whether it's not registered, whether it's Introducing Broker of other companies? So, how to find out that in order to make the right choice?

2) My second question is about FastBrokers. They are registered on NFA website, but when I go to CFTC website to check their financial data it does not show their name there at all: http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0409.pdf.

Would you please advice here? Why we do not have any financial data if the broker is registered???
Your answers will be greatly appreciated.
Infinit

Someone has information about the broker Finodds? I'm looking your website and I can not find information about the company. It says nothing about regulation.

I regret to state that Finodds website is indeed a bit odd so to speak. Not only traders are unable to find the essential information, there is also very poor to none existent support provided. From my experience, I wasn't able to receive any answer via their support system at all for several month now.

I have neither good or bad experience with PFG Best, may be other traders can help. Thank you.

Hi again,

Independent broker = Prime broker = Main broker
We have two types of brokers: Independent and Introducing.

Independent broker - a broker who facilitates your trading orders, provides a trading platform etc - it is your direct dealer.
Introducing broker - a broker that introduces the Independent broker. Introducing broker's role is to send clients to his main (independent) broker and receive rebates for that - your indirect dealer.

So, when you go with an Introducing broker, you end up actually trading with an Independent broker where you'll have the trading platform, execution speed and so forth from the main (independent) broker; but there might or might not be some differences, among which the most important are the structure of rebates that an Introducing broker receives from his main broker. Generally, there are two types of rebates: a flat fee for every trader referred (doesn't affect a trader at all) and continuous payments through spreads or commissions while a trader is actively trading (here additional expenses for a trader may occur). For example, in order to be compensated through the spread difference, an Introducing broker may opt to increase the spread for his clients by half a pip or even 1 pip. This difference between the spreads of a main broker and an introducing broker will become a profit of the last one. Alternatively, the main broker can pay commission to his introducing broker from the own pockets, which will not affect the client.

Should you choose to open an account with an Introducing broker, try to learn who is their prime broker and whether you are going to face any additional expenses because of that.