ECN brokers list | ECN/STP Forex brokers




ECN Forex Brokers

(No Dealing Desk + STP + ECN)

*To be able to compare commission rates, we list them all as "Commission per round turn (100K)",

But there are different ways of listing commission rates:

Example: $6.00 per round turn lot (100k) = $3.00 per side (100k) or $3.00 per 100K USD traded = $30.00 per million USD traded or $60.00 per million USD traded round turn = 0.006% of the trade


Read more...


Broker discussion area

G.Ramirez

July 16, 2009

Hello BrokerGuru,

I'm a Noob to the Forex and I'm still trying to decide on which broker to go with from witch trading platform (Which I prefer Ninja Trader) but reading your page on ECN/STP and NDD/DD has complicated thing more for me.

I thought over last weekend I would open an account and have it funded by mid week.

So many things to think about Forex is more complicated finding a broker and a platform they support is harder then I thought and know I got to add ECN or STP LOL.

One question so which is the better type of broker the ECN or STP?

I see most of the posting people are looking for ECN so I think maybe ECN is the way to go?

Thanks

G.Ramirez


BrokerGuru

July 16, 2009

ECN is definitelly the way to go. But, there is one serious "but" to consider...

As a rule, a minimum deposit requirement with an ECN broker is much higher than with any other broker. This means you're investing and risking a larger capital. Can you afford it as a new trader? You have to decide.

Another major point: with ECN brokers you will, most of the time, find lot sizes of 10k (0.1 lot) or higher, which rises the cost of 1 pip to $1.
Again, you have to answer: are you ready to take trades with such risks? Will you tolerate a stop loss of, say 20 pips = $20 on a regular basis?
A professional trader would say "sure, no problem", but, as I understood, you're looking for your first broker and first live trading experience.
If I'm right, I would strongly recommend, first of all, choosing a broker with 0.01 lot option (10 cents per pip), so that you can start trading comfortably.
If you manage to find such ECN broker, it is the way to go, otherwise, look one level lower - at STP brokers.

You first trading experience will be mostly about getting to know what you want from trading and how you want it. So, even a dealing desk - market maker - may perfectly suit you; I'm absolutely serious. Just don't give them a lot of money... :)
Once you're more experienced and possess a winning strategy that's been tested over the time, you'll be ready to move to a new broker that meets your new higher standards.

Hope this helps.


G.Ramirez

July 17, 2009

Hello BrokerGuru,

Thanks for your advice.

Sometimes I feel I'm over thinking things and I should focus on being profitable first.

Then I should find the better broker. like you said.

Thanks,

G.Ramirez


trader

July 17, 2009

What about Forex Club (http://www.fxclub.com/)?

This website says they are ECN (http://www.forexbrokercomparisons.com/)

They have a minimum deposit of only $10 and "you can trade without spreads and pay a simple flat rate of just $0.40 for every $1,000 lot. And, you get it refunded if your trade was not profitable." OR can use the classic system and pay with spreads. Plus they're a NFA regulated broker. I got kinda excited when I found these guys.

I'm also in a similar situation to G.Ramirez cos I'm a noob looking for a good broker. Ideally I would be after an ECN broker with a small minimum deposit and small minimum trade size. I found this on their site "The minimum trade size is $1,000. But thanks to the leverage of up to 100:1 you can trade $1,000 when you have just $10 in your trading account." So I guess these guys sound great... ecn... small min deposit.... small min trade size.

So does this fit the bill? Are they really an ECN? What do you seasoned pros think and what are your experiences with the company?


trader

July 17, 2009

dam! I just had a chat them and apparently "Forex Club is a Market Maker, not an ECN". That website I listed as a source is either out of date or just crap.


BrokerGuru

July 17, 2009

Yeup, ForexClub is a market maker.
Live chats with brokers are invaluable in this whirlpool of information :)


trader

July 17, 2009

Wow thanks for the great information. Incredible isn't it. I use metatrader 4 platform that trades my expert advisors. I have been using interbankfx and have noticed vs other traders I am losing trades when they win. Also they are winning more trades in a day and mine are not even placed. I have noticed also trying to backtest data I cannot get good clean data when back testing. I have downloaded fxdd data and get good results but test on interbank and come back with different results and poor quality. Please help!!


BrokerGuru

July 18, 2009

I don't know if there is any difference in data feed from those brokers, but I do know that if your trading system by any chance uses certain market hours for trading, you'll get different results, because IBFX platform runs on EST time while FXDD - GMT+2.
You have 7 hours difference!


trader

July 20, 2009

thank you yes I used gmt+3 with the broker that has good data. Interbank runs with gmt+0. Can you tell me about forexmeta? I ran a test on the robot from june 1999 to present and only had 3 mismatched errors and 89.40% quality. Want to see if they are a stp + ecn? Thank you! I hope your compensated for all the answers and insight you give. Thanks a million!


BrokerGuru

July 20, 2009

I wonder where did ForexMeta promote themselves? Everyone is asking about it now, but:

Their Live chat is always offline, day and night.
Their ticket support system doesn't show the answers.
And finally their link to Client Agreement Terms is broken.

Go figure...


Wiseking

July 22, 2009

Dearest Broker Guru, How can Fxopen be an STP, ECN, NDD and a market maker?


BrokerGuru

July 22, 2009

FXOpen currently opens ECN accounts on request. Min deposit: $1000.
They also offer Micro and Standard accounts ($1 and $25 accordingly), where you'll be trading with a market maker.

It is a normal practice to offer both dealing and non-dealing desk services. One should remember though to ask what kind of dealing he/she will get with a particular trading account in order to avoid misunderstanding.



Write your comment or a review!