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ECN brokers list | ECN/STP Forex brokers




ECN Forex Brokers
(No Dealing Desk + STP + DMA + ECN)

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

boen

October 21, 2009

Hello BG,
Have rated prime4x.org / prime4x.com ? have anybody experience trading with them ?

regards,
boen


BrokerGuru

October 20, 2009

Hi Jeremy,
Sometimes there is a confusion about dealing desk term in general.
Any broker can have a human dealing desk to take physical calls from traders and manage orders over the phone.

This not to be confused with human dealing desk where trades are placed online, through the terminal and on the other hand there is a person, who approves online orders manually. You can quickly tell, this is not going to be good for traders.

Automatic dealing desk simply processes incoming orders automatically without human intervention.
ECN and STP brokers always have automatic execution.

But market makers also have this automatic execution on their dealing desks. So when do you have a human dealing desk?

It happens when you trade with a Market maker and for certain reasons they start to suspect that you're taking advantages of their system (scalping, news trading, or simply constant winning). A market maker then can put you on human dealing desk execution without ever telling you that your orders will now have to be approved by a person.
Traders don't survive long on human dealing desks due to huge order delays, re-quotes and late execution.


Jeremy

October 20, 2009

Dear BG,

What's the different between automatic dealing desk and human dealing desk? Automatic dealing desk is it one kind of STP system aslo?

Thank you!
Jeremy


Jeremy

October 19, 2009

Hi BG

FXcompany reply my e-mail and confirm they are market maker.

-----------------------------------------------------------------------------------------

Hello, Jeremy

Market maker

Quoting message from 18.10.2009 17:58
> May i know you're marker maker or STP broker?
>
> ======================================================================

Best Regards,
FxCompany Customer Care

Email: customercare[at]fxcompany.net
Tel.: +44 [20] 81 4447 18
Skype: fxcompanycustomer


BrokerGuru

October 18, 2009

To save time, I'd recommend reviewing comments on page 16:
http://www.100forexbrokers.com/stp-ecn-brokers/cpage-16


trader

October 18, 2009

who is the most trusted ECN/STP broker ?


BrokerGuru

October 18, 2009

AvaFX is a market maker = dealing desk broker.
GFT is a market maker, but their GFT Prime is about non-dealing desk trading.
Regarding FXCompany, seems like I have to check it one more time.. I'll do it this week. Thank you!


trader

October 18, 2009

Hi BG

I had live chat with fxcompany but they claim that they have dealing desk not STP, i a bit confuse.


trader

October 18, 2009

GFT Prime is a Market maker and with Dealingf Desk ...

GFTCL7: We are a market maker


trader

October 18, 2009

Is Ava FX a Ndd or Ecn/Stp broker ? anyone have anyidea please reply


trader

October 17, 2009

Thanks BG - I looked more closely at them, and yes indeed, they have a 'reputation'...


BrokerGuru

October 17, 2009

ForexGen is a broker in its own group - a group of brokers with negative reputation. It is easy to get into that group, but difficult, almost impossible to get out... Such brokers (be they ECN or not) cannot compete with the rest.
Sadly enought, I haven't heard that there were any changes or improvements for this broker.
Therefore, simply have a quick look at latest broker reviews here and there before making any decisions.


trader

October 16, 2009

Thanks for the great info BG -
can you tell me anything about ForexGen?
Seems pretty close to ECN


BrokerGuru

October 16, 2009

Thanks indeed!

This will definitely help to speed up the process of listing a broker.
I'll gladly take of it.


trader

October 16, 2009

Dear BrokerGuru

I found a new STP broker: www.forex4you.com

Here is the conversation log

customer says:
Welcome to Live Help, how can we help you?
jeremy says:
Are you "market maker"?
customer says:
We are an STP.
jeremy says:
So spread on you is fixed or variable?
customer says:
Details for all the pairs: http://www.forex4you.com/clients/conditions/
jeremy says:
Does the trading platform allow me to hedge?
customer says:
yes it does
jeremy says:
Are there any trading restrictions?
customer says:
like?
jeremy says:
scalping... how long i can open and close a position? within 5 seconds is it ok?
customer says:
yes it is ok...we allow scalping
jeremy says:
what is the withdrawing term? I mean how long is the precess?
process.
customer says:
withdrawal request takes 2 business days to arrive in your bank account.
customer says:
Forex4you offers the following options to add or withdraw funds from the client
trading account:
1) Bank transfers: A transfer normally takes 1-2 days. Bank charges you depending
on the transaction amount. Our bank’s fees for withdrawals are listed here:
http://www.forex4you.com/clients/deposit/compare.html
2) Banking cards - both debit and credit cards of Visa / MasterCard networks work.
This way is instant and free, so it’s preferable in case of smaller investments (less than 2000 USD).
3) Electronic currencies/systems like Liberty Reserve, WebMoney, etc.
More details are available on our website: http://www.forex4you.com/clients/deposit/
jeremy says:
OK, what is "Ann. interest rate" mean at the account type?
customer says:
Your account is credited with a certain interest rate on your balance
jeremy says:
How is your Swaps are calculated?
customer says:
Swaps are calculated when an item is carried-forward to the next day. Swaps are tripled if carried-forward from Friday to Monday. Swaps change from time to time at interest rate changing To understand swap calculation please refer: http://www.forex4you.com/faq/
jeremy says:
How many liquidity provider you have?
customer says:
We have 2 at the moment
jeremy says:
which account is STP? Seen you have two types.
customer says:
Yes both accounts
jeremy says:
OK, Thanks!


BrokerGuru

October 15, 2009

FxCompany has actually submitted a listing form to us, where they indicated that they are STP.
Another thing, in their Customer Agreement form there is no mentioning of market maker terms.

I have no feedback on Internaxx company since I've never heard about Internaxx before.
For now I've just added them to my list of brokers. Thank you.


trader

October 15, 2009

Does anybody have any information or experience with Internaxx?
This is a great site keep up with the good work!


trader

October 15, 2009

Fxcompany is not a STP broker! is dealing desk broker.


BrokerGuru

October 15, 2009

Hi Boen,

this has no relation to broker type (e.g. ECN or STP etc.)
In the United States a Forex broker must registered as a Futures Commission Merchant (FCM). FCM is an authorized dealer in the US who is able to solicit Forex clients and handle market orders.


Boen Djiang

October 15, 2009

Hello BG,
I ask Forex.com, are they ECN and they said they are not ECN but FCM, what kind of broker ?
Thanks.

Regards,
Boen Djiang


trader

October 14, 2009

Super Nice very good explanation amazing i never thought that way i wand it to use fxcm but never will now they says they are not dd but they are through another dd and they have a very bad reputation
here is all broker reviews you can have enjoy it http://www.forexrealm.com/brokers-reviews/ it will help you choose wisely a broker have fun


BrokerGuru

October 14, 2009

I'll gladly check that as well. Most likely on Monday.


trader

October 13, 2009

Hi BG,

your list stated avscarter is market maker

www.avscarter.com replied : most of the retail business is STP ,which is auto execution

kindly advise

thanks


BrokerGuru

October 13, 2009

Thank you, I'll definitely check it out.

Update: we have received an official answer from Forex-Metal:
"Thank you for your follow up.
We are Market Maker Broker. "


trader

October 13, 2009

Hi BG ,

your list stated forex-metal is market maker

but they replied me as below , kindly advise, thanks

Thank you for your interest in our company.
We do no have a dealing desk.
We allow scalping.
We are regulated in two jurisdictions: Panama and Uruguay .
We do not charge any commissions for trading.
We do not request a minimum deposit. It is possible to start trading with as little as a few dollars.
Minimum lot size is 0.01 lot.
Minimum trading size is 500 USD for Forex.
Maximum leverage possible is 1:500.
We offer fixed spreads:


BrokerGuru

October 13, 2009

Sure, I'll create a page in a week or two.
In the meantime you can use: Forex brokers comparison

Update: the page is ready - MT4 ECN Forex brokers


trader

October 13, 2009

Is it possible to have ecn/stp brokers who use mt4 platforms


BrokerGuru

October 12, 2009

MB Trading (NFA registered broker) has met the 20mln limit.
JadeFX (not registered with NFA) is STP only, not ECN.


trader

October 12, 2009

Hi, i would i to commend you on a job well done...very resourceful and informative!I have narrowed down my brokers choice to a few like MB trading and Jadefx..have both these companies fulfilled the min USD 20 million capital requirement by NFA? Is Jadefx a ECN+STP?


BrokerGuru

October 7, 2009

Thank you, Randalf

that was useful indeed.
If TMS claims to have no dealing desk, yet they introduce Saxo bank, then they are STP.

Many STPs nowadays work as an introducing partners for various banks, who are [banks] in their majority market makers.
It is a model where an STP broker runs no dealing desk and takes no trades against its clients, instead quotes are received from the bank and orders are routed in/from the bank. STP in this case is a fair intermediary, who also provides traders with A-Z trading services and support.


Randalf

October 6, 2009

Interbank FX is not pure STP with its MT4 platform:
- they have slippage parameter in order form
- they haven't 0 pips SL/TP levels

More differences between STP MT4 and traditional MT4 in:
MT4SPT_vs_MT4Instant.pdf

Randalf.


Randalf

October 6, 2009

Update:
TMS has variable spreads and commision per execution if < 1 or 0.5 lot

Randalf


BrokerGuru

October 6, 2009

NordMarkets are ECN.
For live examples you have to go live with them :)

Alpari UK is a market maker, unless you open Alpari Direct or Direct Pro account: please http://www.alpari.co.uk/en/cnews/show/id/206/ review Alpari NDD


trader

October 6, 2009

BG nice work.
Any chance You can check on NordMarkets.com,they claim to be an ecn/stp,have a good commision and MT4 on ECN(they say it`s connected thru their own bridge)I`d be grateful for any news and live exp from traders on Nord markets.
thanks


trader

October 5, 2009

Alpari UK are certainly a market maker. Every time I go to place an order I get requoted and my strategy NEVER works on the live account. My strategy KILLS on the demo, but certainly not on the live alapri account. I've even get the metatrader freezing when there was a big price movement due to news being released.


trader

October 5, 2009

all saxo partners use saxo liquidity(prices). saxo are market makers. if TMS is charging both fixed spread and commission then customers getting bad (expensive) deal. either go to STP/ECN and pay commission or go to fixed spread and pay no commission.


trader

October 5, 2009

Confirm STP and ECN not the same!


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


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.


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 1, 2009

Windsor Brokers is a market maker.


trader

September 28, 2009

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


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.


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


trader

September 20, 2009

nice info about ecn forex brokers

thank you


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.


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


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 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 http://www.alpari.co.uk/en/cnews/show/id/206/:
"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."


trader

September 16, 2009

I just wanted to comment on some of Broker Guru's post on Sept. 5:

1) Alpari UK (since 2004, FSA UK) **** newly introduced ECN trading - Alpari Direct Pro - Russian owned, no prejudice, but I am of Russian origin myself and there great chances that they might play very dirty games.

You've got some point here. Russian brokers in general haven't earned much of a positive reputation among traders yet, rather there have been some negative incidents... But Alpari UK so far proves to be an exception: good services, few complains, fair dealing. Their ECN services, however, are very new, basically introduced somewhere in August, so we can't fully evaluate them yet.

** I have not been able to find any information on the Alpari's ECN services - "Direct Pro"?? I am quite interested if it's there.

6) MB Trading (since 2001, NFA, CFTC +) **** ECN min deposit $400 - not available for Canada

Another good broker. Too bad Canadian traders are not accepted.

** First of all, I would like to say that MB Trading has been very helpful - their customer service is top notch. I downloaded their MT4 platform and was quite impressed with the trade action, and spreads dropping to almost zero in some cases. One problem I ran into was with an Expert Advisor I own. It appears that MB, has eliminated some sort of data signal normally available to EA programmers, to create their "MT4 ECN bridge". MB couldn't tell me what it was, and the developer I bought the EA from couldn't figure it out either. This was a dissapointment, but other than that, this platform is absolutely the best I've ever seen with MT4!

7) PFGBEST (since 1980, NFA, CFTC) **** ECN min deposit $10 000 - has quite a few complaints registered with NFA, no trust.

PFGBEST got controversial reviews from Forex traders, but overall still a good one, plus they are registered; however, as you said, they are still missing some trust somewhere, I'm not sure what the real reason there is. Futures trading is their strongest side, while Forex is probably the weakest.

** I have serious reservations about the ECN claim from PFG Best. I downloaded their demo, and have made numerous trades while watching the spreads in the MT4 tick view (my ECN acid test). From what I can tell, they have fixed spreads that vary sometimes. It's not much different than IBFX or FXDD in my opinion. On top of that PFG charges commissions - exactly the same price as MB Trading.

On another note with PFG, the sales rep I spoke to made 2 claims in our conversation that simply turned out to be not true (i.e. he lied to me). He told me emphatically that Gain Capital had purchased TradeStation - which was completely false. I called TradeStation up and they had a good laugh on that one. He told me that MB Trading was trying to copy their MT4 ECN technology, but would be in legal trouble if they tried... He also said several other things negative about MB Trading (note MB didn't have anything bad to say about anyone else).



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