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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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Broker discussion area

BrokerGuru

September 17, 2009

Thank you,
that's been informative and very useful!

Regarding Alpari ECN - Alpari Direct Pro, you don't hear baout it much since it is now offered to institutional clients only.
From here:
"Powered by trading technology provider Currenex®, Alpari Direct Pro will be offered to institutional clients while Alpari Direct will be offered to retail customers."

Another clarification from Alpari UK:
"With our new Institutional Platform Alpari Direct Pro is an ECN and it also offers STP. The execution interface for institutional clients, will provide traders with access to a deep liquidity pool, which aggregates feeds from over 60 global banks and multiple Electronic Communications Networks (ECNs) and will feature Straight Through Processing (STP), Non Dealing Desk execution (NDD), 1 click Executable Streaming Prices (ESP), accurate pricing with fractional pips and integrated algorithmic models that enable enhanced levels of execution."

Daniel

September 18, 2009

HI Thanks for this article. FX Solutions claims to be a non dealing desk yet they have fixed spreads. What are they? Thanks, Daniel


BrokerGuru

September 18, 2009

FX Solutions always was a dealing desk broker, e.g. a market maker. I haven't heard about any changes regarding their dealing model.

In the FX Solution FAQs we can still read: "As a Forex trader with FX Solutions, you are dealing directly with the market maker in an electronic exchange..."


trader

September 19, 2009

There is a mention of FXCM and GFT as well as Oanda. These guys are all dealing desks, however, there is a company offering an independent api driven platform that normalizes these dealing desks and creates a fair method to trade, plus ift free for FXCM and GFT. In any case, its worth checking out becuase it seems to be one of a kind and may help for those undecided about which broker to chose, the platform is FxSpyder. I hope this helps someone.

trader

September 20, 2009

nice info about ecn forex brokers

thank you

Tajer

September 25, 2009

Thanks so much BrokerGuru for the useful Information you provided to us which i didnt find anywhere els

i want to request your valuable recomendation for the following questions?

I am now with Dukascopy and they are great

but i am looking for the following because i am planning to open an account over 1 million dollar

1: Islamic account ( no over night intrest charges) the most important ****
2: ECN
3: high liquidity broker
4:offers segreget accounts ( capital guarantee)

Best Regards

Tajer

BrokerGuru

October 1, 2009

Hi Tajer,

I'd stay with Dukascopy then.

Another thing: if you're investing 1 million dollars, you can negotiate ANY(!) trading conditions with any ECN broker. They'd love to have you as a client, and I'm sure you can get the best deals possible, including no swaps, lower spreads and a segregated bank account in your name.
But, you still have to keep in mind that banks can only guarantee certain limits: e.g. should the bank go bankrupt, your will be eligible for a certain portion of money guaranteed by Client fund protection program. So, I guess, you have to strart by asking brokers where they will keep your money and then learn about guarantees provided by the bank. Everything else should come after that. Again, as a VIP client, you can negotiated everything!

We're here on the website basically listing brokers for retail non-VIP clients, and even if I go to ask ECN brokers about their VIP trading conditions, they'll be reluctant to give me any information, since I'm not a client.
There is a list of ECN brokers we were discussing one page earlier, so you an start with those.

trader

September 28, 2009

Anybody know if Windsor Brokers is an ECN broker or an STP ? Thanks.

BrokerGuru

October 1, 2009

Windsor Brokers is a market maker.

Randalf

October 5, 2009

BrokerGuru - very great job!

My question is about TMS Brokers - http://www.tms.pl/
They uses Saxo Bank platform, takes quotes from Saxo and they claims that they are not market makers.
They have fixed spreads + commision.
Who they could be? Saxo Bank's Introducting broker?

Randalf.

BrokerGuru

October 5, 2009

They would be Saxo Bank White label or IB.

It is a strange combination to offer fixed spreads + commission.
Commission is charged only by ECN brokers, but ECN brokers also have variable spreads.

trader

October 5, 2009

FX STP also known as FX DMA (direct market access) see video:

a real DMA/STP broker has to offer 1) variable spreads 2) show every tenth of a pip of price. if the broker does not show this, NOT STP/DMA.

this is because real fx market banks all post every tenth of pip and combination of prices = variable spread.

because STP/DMA is tightest bank price and no spread to the broker, so the broker has to charge a commission

ECN's also charge commission and you trade on combined price. ECN's can match trades, client to client and also some may have deal desks quoting prices into the ECN.

good luck



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