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
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trader
August 5, 2009I did completely scrutinize this website to get information about the market's system etc.. The first thing that appears in my mind is how we can add our similar service name ( forex service and company in Turkey) to the "STP Forex brokers" panel? Or are there any principles to do that? Could you please tell about the things to do about that?
website: http://www.iglr.com
contact: turkick[at]gmail.com
Respectfully..
BrokerGuru
August 5, 2009It would be easier to get it done if the mentioned website had pages in English as well.
Is İGLR an independent broker or an IB? Does it serve clients from Turkey only or worldwide?
We need this information to add some comments if we are going to list İGLR broker. Thank you.
Infinit
August 5, 2009Hi BiGi!
It's again Infinit here. Still doing my research for appropriate ECN broker. What can you say about Baxter FX?
Thanks,
Infinit
BrokerGuru
August 5, 2009Hi Infinit,
Currently I have no information about Baxter FX. I've learned about this broker only few month ago actually, but till now I haven't had a closer look at their brokerage services. They are ECN form what you and I can read on their website. I've heard no feedback from traders and don't know anyone who would be currently trading live with this broker.
Initially retail traders need 50k to open an account.
I'm going to find out some info, sufficient enough to at least be able to add them into our Broker CyberSearch.
I'll also add them to our review pages, hopefully we'll hear some reviews from traders.
trader
August 9, 2009I just opened an account with FXDD. They are listed by you under "STP Forex brokers (No Dealing Desk + STP)"
On FXDD's website, on their FAQ page it's stated:
"
Do you have a dealing desk?
Yes. The function of a “dealing desk” is the subject of much speculation in the Forex business these days. Some firms promote the fact of “no dealing desk.” In all cases of retail trading, the pricing the customer sees is the pricing the customer receives. Dealers, such as FXDD, receive institutional level liquidity [pricing] from their global banks and then, with the spread widened, stream them out to their customers. Does this mean that customers are guaranteed no slippage on all orders? No. In times of extreme volatility, clients will not always get the price they clicked on. The market is a dynamic event and prices change quickly and latency may affect pricing. The critical factors here are the volatility of the market and the latency of the connection. Our dealing desk’s role is to manage the liquidity streams between us and our market makers and to ensure that the customers always enjoy competitive pricing and spreads.
"
So...I'm confused - do they have a dealing desk allowing them to manipulate the trades or not?
And also what is in your opinion the BEST ECN Forex broker out there?
Thank you.
BrokerGuru
August 9, 2009Only FXDD's Power Trader Platform offers STP with no dealing desk intervention. Please refer to: http://www.fxdd.com/en/forex-trading-software/power-trader.html
The minimum deposit there is 25k.
On other platforms and smaller accounts you'll be trading via dealing desk.
The best ECN brokers are large, regulated companies with well established and transparent business structures and professional approach to customer support.
I'm not going to name any particular brokers, because as practice shows, when times change (and same is true for brokers), traders come to blame others for decisions they made... We're an unbiased source, working to give you every bit of information and help You make Your choice.
wbpinvest
August 9, 2009In your list "STP/ECN Forex brokers" I miss Alpari-UK
In your Database "broker CyberSearch" Alpari-UK is listed as STP/ECN
kind regards
wbpinvest
BrokerGuru
August 10, 2009Thank you for reminding,
I've added the link to the static page.
Infinit
August 10, 2009Hello BiGi,
It's Infinit here again. Thanks for your reply re Baxters. I think no feedback for them b/c the minimum account is too high for an average trader. And those who make big buck probably will not spend time writing feedback, especially when things are smooth... But we never know till we try, right?
Ok, back to your last comment: "The best ECN brokers are large, regulated companies with well established and transparent business structures and professional approach to customer support."
This is a very true and correct point, could you please enlist those brokers here from your general list of ECN/STN brokers list. I know it requires lots of work but when I myself finished it, I saw only couple of names here. I know you will be saying that you do not mention specific names, but let's just enlist those ECN/STN brokers that are at least registered with US authorities.
Looking forward to that. Thanks,
Infinit
BrokerGuru
August 11, 2009Ok, let's try it, just few remarks:
1. NFA regulation is required for US brokers, so if the broker is outside US we're equally looking for other regulatory bodies.
2. To everyone: I'm making a quick list, so, please don't chase me later for missing a good broker. Instead leave a comment and prove your point - after all, you'll be most likely looking to reach out to thousands of traders, not just to me.
Here it goes, a quick list of ECN brokers (listed alphabetically), whose reputation has been backed up by years of performance:
Alpari UK (since 2004, FSA UK) **** newly introduced ECN trading - Alpari Direct Pro
Dukascopy (since 1998, ARIF, KPMG +) **** ECN min deposit $50 000
GFT (since 1997, NFA, CFTC ++) **** ECN for Prime accounts $10 000
HotSpot FX (since 2000, FSA UK) **** ECN min deposit $7,500
Interactive brokers (since 2004, NFA, CFTC +) **** ECN min deposit $10 000
MB Trading (since 2001, NFA, CFTC +) **** ECN min deposit $400
PFGBEST (since 1980, NFA, CFTC) **** ECN min deposit $10 000
trader
August 13, 2009Hi BrokerGuru,
First of all I'd like to say THANK YOU VERY MUCH for making this website available for the entire 'Internet-literate' people across the globe. It's an awesome job for sure.!
I'd like to ask about Interactive Brokers. I understand they're pretty good for non-FX spot facilitator. Do you've further details about it.?
I'd also like to ask further information about MF Global's children companies in Forex world such as FX Clear and FXA Securities.?
Thanks a lot.
trader
August 13, 2009I just found out that ForexMeta is a ib for fxdd. Then found out that fxdd has a application pending for the nfa. I trade using expert advisors and don't want the restrictions of the new fifo, stop loss, take profit, and hedging rules. I am looking for a broker not registered with the nfa that supports a mt4 platform that is a stp, or stp and ecn. Just did not want to open the account with forexmeta and then have fxdd get approved with the nfa and mess everything up for me and my clients. Can you help with any suggestions please!!
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