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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

trader

March 1, 2010

MB Trading is a serious broker?

BrokerGuru

March 1, 2010

In reply to 3 last comments:

- MIG bank is a market maker. They don't have any ECN or STP solutions, although promise to have something in several month time.

- UWC is an STP, it is a confirmed information. I don't have any experience with them to be able to leave a feedback.

- MB trading is a reliable regulated broker.

Davide

March 6, 2010

Hello,

Thank you for the amazing website.
I have a couple of questions because many brokers claim to be ECN rather than STP or something else when in fact they are not.

Is FXCM STP only or is it also ECN like they claim?

And also, Dukascopy used to be (in my opinion THE real ECN) and to open an account with them you needed to have at least 50K.
How come that now you can open an account with 5K? Can they provide a real ECN platform also to small accounts?

Thank you
Davide

BrokerGuru

March 7, 2010

Hi Davide,

The way I see it, it has become a sort of "epidemic" among retail Forex brokers nowadays to somehow get to looking like or actually becoming an ECN, since we, retail traders, become more an more educated and create an increasing demand for quality services, and in such way push brokers to compete with each other and improve trading conditions in every way and direction.

As far as I'm informed, FXCM is only an STP and has never offered an access to the market depth pool as well as never changed commission for trading Forex.

Dukascopy broker used to have $50k requirement, but the competition in the industry has made its impact. Dukascopy slowly went from $50k to $10k, and then to $5k the way we know it today, and it is still the same old ECN dealing.


Davide

March 8, 2010

Hi BrokerGuru,

Thank you for the answer.

Good to know about Dukascopy.

Regarding FXCM and their ECN platform, I'm referring to the Active trader account:
http://www.fxcm.com/active-trader.jsp

I looks like an ECN to me, am I wrong?

Thanks again,
Davide

mad_max

March 8, 2010

Great work BrokerGuru!

Could You please tell me more about "Alpari" NZ http://www.alpari-forex.com/

Is it serious broker or another MM broker?
Regards,
/mad_max/

BrokerGuru

March 8, 2010

Yes, Davide

I missed that part, while you've got it right. FXCM's Active Trader has all attributes of the ECN, and the stuff confirmed that it is ECN.
Thanks a lot for the reference!
I'll make updates to the website listing as well.

trader

March 8, 2010

Does anyone here understand this reply I got to my question: Are you a non dealing desk broker?

Hello dear Sir,
InstaForex is an ECN-broker providing qualitative trading services at Forex market. Cooperation with major market-makers and brokers-counter agents complete with huge clients base provides InstaForex Company with high liquidity and opportunity to make fast online service available for its clients.

There are a lot of different ambiguous descriptions of ECN-trading in the Internet, but you shouldn't believe everything written there. ECN-trading means using bigger than 1 market lot deals that makes it impossible for clients with micro and mini forex accounts. That is why our company offers ECN-trading by a scheme of all clients lots summarizing with the further transferring to the counter agent. Every client makes a deal with another one or appears to be a part of summarized position transferred to ECN-counter agents.

Giving a clear definition of ECN-trading, a deal of 0.01-10 InstaForex lot can not be a 100% ECN-deal, however, deals calculating scheme of InstaForex gives an opportunity to clients with accounts lower than Standard Forex to obtain all advantages of ECN-trading and usual trading by means of broker (in particular, profitable trading conditions, which are not available with direct ECN-trading).

If you have any questions please do not hesitate to contact us in future. Thank you for your letter.
Sincerely yours, Client Service
InstaForex Companies Group

trader

March 9, 2010

BeamFX (http://www.beamfx.com) has stuff such as ecn execution etc. However it looks like a STP account. Anyone can verify? I am not trading with it myself.

Anyway it is not on either of the list

trader

March 9, 2010

IamFX

BrokerGuru

March 10, 2010

IamFX is an STP.

Regarding BeamFX, Capital Market Services UK acts as the clearing agent and counterparty to customers introduced by "BeamFX.com" and customers managed by "BeamFX.com" for margined forex transactions.

CMS Forex UK doesn't offer ECN trading.

Could BeamFX be STP? That's a question to a broker to clarify.

trader

March 11, 2010

What about INSTAFOREX ? www.instaforex.com



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