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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

BrokerGuru

November 14, 2011

@ trader: InstaForex - STP.

@ Endre: FXPro has recently decided to pull out the commission from trading, but they added this commission cost to the spreads - so it's their customized approach (still ECN), and they aren't going to lose any profits on this, but in my opinion, it's going to be more difficult to explain to new clients about their unique "ECN without commission model". Other than that - Ok.

@ Infinit: Warmest welcome! As always great to hear from old friends!
And of course, delighted to hear that you're successfully pursuing your goals!

Please do share with us your experience with the broker. The facts about Oanda.. Unbelievable. From my personal experience being in the broker industry for many years, I've (sadly) heard & witnessed hundreds of stories about brokers fearlessly manipulating trades and openly deceiving clients, but most of the time it was about less trustworthy/unregulated etc. brokers... Your feedback has added a fresh wound..

Regarding the list of brokers, as you know, I can't recommend brokers. From the last time we spoke, nothing changed in terms of policies, reliability etc. You should try the remaining options you named: 5, 6, 7, 8. The good old friend Dukascopy is a bank, that speaks for itself (whether it applies to the Latvian branch, honestly I don't know).
Lastly, just a general fact - trading with a bank is more expensive and often less flexible, therefore not very popular among traders. But if you're out of options and seek for deposit/withdrawal safety and professional etiquette in dealing, you might want to consider it.

Looking for more thoughts/feedback from traders!


Infinit

November 13, 2011

Hello BiGi,

Infinit is here again if you remember me. :) I have a tendency to re-visit you here once a year and read through everything that happened during a year.

I am doing fine, polished my strategy, have consistence results and ready for some crop harvesting after so many years of trials and errors. As you remember last time we chatted here on the same forum page which was a year ago I decided to go with Oanda as they had low deposit requirements and low lot sizes. I am ready to retire from them now and will write my review on them.

Just for the record, I am a trader with 7 years experience, trading daily and don't fuss around some 10-20 slippage things as some novices might do. But I must say that Oanda is basically not an honest market maker. This past last 3 months I have been experiencing the following tendency: I would usually have a couple of active orders, all with profit of course, some long term, some short and it happens once a week usually that one of my the most profitable orders with highest amount of pips earning and highest volume would just disseaper from the system. You don't see it anywhere nor in the active window, nor in activity log, nor in history, nowhere it could be found. When I call them or chat, they would pretend that they have no idea what I am talking about because obviously they don't see it either. It happens with different currency pairs, as I said on a weekly basis, the most profitable order just disappears from my activity window.... Making me neither loss, nor profit, no stop hunting, nothing like that, they are make it smarter, they take the most profitable out of the bunch and delete it from the system, that way you cannot prove anything. Well, of course, you may do screen shots and send it to them, but I am not going to waste my time with them. Amounts are not very big in terms of dollar value. I basically used them for my strategy polishing anyways. So folks for your future reference just so you know don't deal with Oanda. In my experience I would not recommend them at all.... I will post this review under them as well, so folks who are researching are aware of it.

Now, back to my original intention. I am on the lookout for my perfect broker match again and after reading a lot here I see that not much changed. Just exactly the same as I asked you 2 years ago, my options remain to be the same and I don't see any other broker that earned much trust. I know your policy that you cannot recommend anything in particular, so, therefore, below, I will enlist my brokers of interest and you please provide your comments in regards to their reputation. Maybe since last time we talked, maybe something changed, maybe some got better, some got worse. You never know so decided to come back here to my old good reputable place to get some recommendations. Much appreciated BiGi.

My list:

1) MB Trading - off my list b/c doesn't accept Canadians

2) Interactive Brokers - off my list b/c minimum deposit 10K is too high to try them out

3) PFGBest - off my list b/c doesn't accept Canadians

4) Hotspot FX - off my list b/c only institutional accounts

5) Hotforex - will live with the fact that they are offshore

6) Pepperstone - will live with the fact that they are offshore

7) Alpari UK - will live with the fact that the owner is russian

8) And old good friend Dukascopy. I hate the timing and coincidence, as of Oct.15 they highered min deposit from 1K to 5K. And on Oct.16 I reached out to them for opening account. Don't get me wrong, 5K sounds just about right for opening an account but since it goes oversees I am a bit hesitant to send 5K upfront. Also, they told me that in 2011 they opened their another branch for mini accounts - $100 min deposit which would be perfect because I could deposit some 2K-3K for the beginning to try it out but the main decision point is that their office is based in Latvia and if just opened so no reputation there and of course world of a difference between Switzerland and Latvia in terms of trust and reputability.

Will be looking forward for your comments. Other folks who are reading and have something to throw in feel free to chime in.


Endre

November 13, 2011

Hi! First, a big thank you for this site! Second, I would like to update that FxOpen (my current broker) charges only USD 1.8-2.5 per 100k on an ECN acc. (http://www.fxopen.com/TradingTerms.aspx). Third, by your definition, how does e.g. FxPro make money on their ECN account with USD 0.00 being the commission fee? It's not real ECN then?

Thank you, Endre from Hungary


trader

November 13, 2011

what about instaforex?


BrokerGuru

November 11, 2011

@ Raj: we have many reviews for Pepperstone broker here:
http://www.100forexbrokers.com/reviews-ratings/pepperstone

@ trader: about Halifax AU - don't know yet. Trying to find out. will update here if get any information.


trader

November 9, 2011

I trade with them live and you can expect 10.0 ~ 30.0 pips slipperages with them. Their Demo account is fine but in live account your orders get 99% slipperages of the time!


trader

November 8, 2011

Hi Just wondering about halifax australia they say they are a ecn can you confirm? Thx


Raj

November 7, 2011

Hi, would like to open ECN Razor account with Pepperstone for $5000. They have very low spreads on demo. Just wondering as to how reputable and honest they are. No reviews for this broker. I think they are about a year in business.

What are your views on them. Would appreciate your valued opinion before I go ahead with them.

Thanks and regards
Raj


BrokerGuru

November 5, 2011

Thank you!


trader

November 3, 2011

Just a small contribution to already great informational site! ;)
FXopen commissions:
For the pairs where USD is the base currency, the commission is equal to $5. For pairs with base currency other than USD, the commission is 5 units of the base currency. As FXOpen ECN accounts are operated in USD, the commission will be converted into USD according to the current exchange rate automatically. For EUR-based pairs – approx. $7; for GBP-based pairs – approx. $8 (the exact commission value may vary depending on the current exchange rate).
so it's like 5-8usd depending on the pair base currency!


BrokerGuru

October 31, 2011

Electronic Trading Platform = online platform.

Synergy FX is NDD, DMA/STP broker.


trader

October 31, 2011

what about synergyfx? is it STP/ECN or DD?


trader

October 31, 2011

what is electronic trading platform?


BrokerGuru

October 28, 2011

Thank you for the update about FxPro.

@trader: sorry, we can't provide opinions/recommendations for any Forex broker. It's against the website policy.


trader

October 28, 2011

Hi, just to inform you that FxPro ECN has no commission anymore! They have removed it recently, but increased the spread (which i believe is worse than a commission).
Also, to say that this is very helpful site and quite informative! Keep up the good work!!!


trader

October 26, 2011

Any opinion on Insta Forex?? Are they reliable brooker as they claimed?


trader

October 16, 2011

thinkforex.com is scumer.


trader

October 8, 2011

Very useful website. Thanks. I hadnt realised oanda was a DD broker!


trader

October 7, 2011

I found out a thing about baxter I like to share or,
they would be one of the best in the world,
they are one of the top tier liquidity providers in the world,
in other words HUGE, but only for big time traders since the min deposit is 50000


BrokerGuru

October 6, 2011

Thank you!
Fixed.


trader

October 4, 2011

There is an error on commissions for MB Trading. Their commission fee of @2.95 is EACH WAY, therefore, round turn = $5.90.

Please correct.

Not sure if you also plan to consider discounts offered, e.g. Limit Orders with MB Trading give you a $1.95 credit back each time executed.

Regards


BrokerGuru

October 4, 2011

Quote: "Practically, if I want a broker with No Dealing Desk, no price manipulation, reasonable pricing, liquidity and reliability, which one type of broker should I consider??"

Your first choice would be DMA or ECN.
The pros and cons of each side you can find at: DMA vs ECN

"1) is this possible a broker can be Ecn/stp and DD also on ecn account..?
(asking because there is very late execution on ecn/stp brkoer)"

No.

"2) deltastock.com is a ecn broker.what about this broker..?"

Deltastock, as well as any other broker who offers ECN accounts with 0.01 lot size will guarantee ECN/STP execution only if your order is 0.1 lot or more (because no liquidity provider will accept orders below 0.1 lot). Thus, if you place a smaller order, it has to be accumulated with orders from other traders in order to be sent to an ECN pool. If a broker can't accumulate enough small orders due to low liquidity, he will try to facilitate it inside his own desk.

"3).how to know real ecn/stp broker..?"

ECN brokers should always:
- charge commission besides spreads
- execute orders only through Market execution
- offer only variable spreads
- offer only 5 decimal pricing
- provide Market depth information

"4) any good ecn/stp on you scale..please.."

This is the only question I can't help you with. We keep unbiased position towards all brokers and can't recommend/promote any particular broker on the site. Sorry.
If you review our earlier comment pages here, you'll find some earlier discussions about veteran ECN brokers in the industry.


trader

October 2, 2011

hello broker guru

1) is this possible a broker can be Ecn/stp and DD also on ecn account..?
(asking because there is very late execution on ecn/stp brkoer)

2) deltastock.com is a ecn broker.what about this broker..?

3).how to know real ecn/stp broker..?

4) any good ecn/stp on you scale..please..

rgrds


trader

September 28, 2011

Broker Guru,

Im a bit lost in terms of DMA, STP and ECN.
Practically, if I want a broker with No Dealing Desk, no price manipulation, reasonable pricing, liquidity and reliability, which one type of broker should I consider??

Many thanks in advance for your help.
Rgds


trader

September 28, 2011

potete controllare questo broker www.forexoma.com ho intenzione di utilizzrlo e vorrei sapere un parere da voi

grazie

You can check this broker www.forexoma.com I intend to use it and let me know an opinion from you

thanks


BrokerGuru

September 27, 2011

Hi [email protected],

Dukascopy charges commission because Dukascopy is an ECN broker, and all ECN brokers will change commission besides spreads.

Mig Bank is a DMA/STP broker. More on that at: http://www.100forexbrokers.com/dma-direct-market-access
CIM Bank (Banqueo trader) offers STP for accounts below $25000, and ECN for accounts above $25000.
Varengold Bank (Germany) is a STP broker.
FX Interbank is DMA/STP


[email protected]!dy

September 27, 2011

HI Broker Guru,
I am [email protected]!dy, Your information is too much helping us, actually i am new on forex and i have no idea about forex terms like ECN, STP, DMA pease guide me.
I am doing demo trading with some of them brokers such as

Mig Bank
Dukascopy Bank
CIM Bank (Banqueo trader)
Varengold Bank (Germany)
FX Interbank

All of them only dukascopy bank charging commission
kindly guide me about these above listed brokers in which catagery they fall are they ECN,STP or DMA ??

Thanks for your time.


BrokerGuru

September 26, 2011

Thank you!
RoboForex ECN has been updated.

Some brokers say that their Demo accounts match conditions on Live accounts 100%, but on practice, brokers try to bring Demo conditions as close as possible to Live conditions, but it's never going to be the same.
If you have any concerns, please don't hesitate to ask FxPro for further clarification. After all it's important that you know exactly how your accounts behave.


trader

September 26, 2011

we have aexperienced a problem with FX Pro in that if you put in a demo account trade concurrently with live account trade, it does not match up. please advise.


trader

September 25, 2011

Roboforex ecn deposit $500


trader

September 22, 2011

Thank you So much for the info on NDD/DD,STP,ECN,Instant Execution and market execution.It has really enlightened me and would make me a great trader.I hope to give my financial support to you some day when I've started making money in FX.Thanks


BrokerGuru

September 22, 2011

With a dealings desk:
When you've lost in a trade, the profit goes to the broker, since the broker was a counterpartry to your trade, e.g. bought from you if you were Selling or Sold to you if you were Buying the currency.

With NDDs:
a broker doesn't seek to be your counterparty, instead he sends your order to the global market and/or to his clearing partners, who will Buy from/Sell to you and be your final counterparties. In this system, your Forex broker doesn't care if you lose or win a trade, because he is not going to benefit from it or lose anything. (A broker will earn profits from spread mark-ups and/or also from commissions/rebates received form the clearing brokers).


trader

September 21, 2011

Dear BrokerGuru,

you have a really helpful website, thanks. Please, can you explain me more detailed the Dealing Desk model. On the above chart I don't understand the following:

Losing trades - countertraded inside the system and become broker profits?

Winning trades - processed to the interbank market to offset broker risks?

Thanks for your effort.


BrokerGuru

September 20, 2011

LMAX is a DMA broker. They clear orders through own pool of liquidity providers.
Thank you, we'll add them.


trader

September 20, 2011

Hi,

Is LMAX an ECN too?
They've just opened in 2010, so i guess that's why they are not on the list.

Cheers.


BrokerGuru

September 19, 2011

GoldStein Brokers is an STP broker, not ECN.

FXTG looks more like an STP with FCStone Fx being a clearing broker, from whom FXTG receives rebates.
We'll need to find more information, since the initial account information on the FXTG's site is very limited.


trader

September 17, 2011

FXTG have got an ECN account and thay charge commission see www.FXTG.com


Paul

September 16, 2011

Dear Brokerguru,

is Goldstein Brokers ECN broker?
Thanx for your help!

Paul


trader

September 10, 2011

Have you tried the search: Forex brokers comparison

Broker type: ECN/STP
Country: Australia


trader

September 10, 2011

Hi l am a newbie and at the moment l am trading with go market in australia, l would like to know if there are any ECN brokers in australia l could contact.


BrokerGuru

September 8, 2011

@Zsolt: ThinkForex is not a market maker.
On the MT4 Pro and Speedtrader accounts you'll have no dealing desk and will be charged a commission - that's ECN/STP.
On the Standard account you'll also have no dealing desk, but there is no commission - that's DMA/STP, but not ECN.
The difference between ECN and DMA can be found at: http://www.100forexbrokers.com/dma-direct-market-access

@Abhinav: as per our website policy we can't recommend/suggest any particular broker, I'm very sorry. We keep 100% neutral unbiased position towards all brokers. Our goal is to collect facts and data about brokers, so that traders can compare and make an educated choice.

I haven't heard the latest about trading in India, where it is supervised by SEBI. Among the last advisories published by SEBI was, quote:

"The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets.

Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time."

Source: http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941


Abhinav

September 5, 2011

Broker Guru,
I am new to this Forex & want to open an ECN account which provides the best liquidity. Please provide me a couple of best of the lot ECN broker names to choose from.
Also I am from India so please let me know if there are any legal issues/restrictions in money transfer from Credit Card/NetBanking.

Thanks in advance.

Regards
Abhinav


trader

September 5, 2011

Excellent explanation and very simple to understand. Thanks for sharing.


Zsolt

September 4, 2011

Hi Broker Guru,

could you help me out? Thinkforex say on their site that they have an ecn/stp execution on all their accounts including their standard account while your list reads that they have that only on their mt4 pro and speedtrader accounts.
Who should I believe?
If it's true that they don't have an ecn/stp execution on their standard account, then what do they have? stp only? Or are they a market maker there?

thanks in advance,

Zsolt


BrokerGuru

September 3, 2011

Each broker sets own limits for Margin calls and Stop outs.
There is more about it at: http://www.100forexbrokers.com/margin-call-vs-stop-out

But, regardless the limits you will always be stopped out in time when losing, so that you don't owe anything to a broker. This [owing money to a broker] simply never happens in Forex business.

An initial deposit is the regular deposit - the sum you'll be trading with on your live account. This is your money to trade with or to withdraw. (As a rule, if you made a deposit and never trade for whatever reason, you'll be able to withdraw your money in full after 30 days). Also keep in mind bank wire fees or other commissions changed by the payment systems you choose to use when making a deposit/withdrawal - the difference will be seen in your live trading account.


TIA

September 3, 2011

Broker Guru,

All brokers have a margin limit. So say if a broker's margin limit is 100%, the broker can close an open position(s) if the margin level goes below 100%. However the broker is not obliged to close. This really makes me wonder as to what's the point of leverage. I say this because when trading with 2 ECN brokers(demo), my open positions were closed on both when the margin went below 100%. Whereas trading with a market marker(DEMO again), a stop out was done at 50 %, but i could still hold on even when my margin went below 100%. This kind of makes me wonder here as to who the real market marker is.

So, does that mean when trading with an ECN broker, margin calls and stop outs are the same at 100%. The broker is not obliged to close a margin call, but how can I be sure the broker won't?

Also, I have only being trading on demos so far. And there's one thing I wanted to know: What exactly is this initial deposit? Can this initial deposit be traded with? or is it that it has to remain untouched for some time and can be used/withdrawn after that time? or is it that it is a one shot payment to the broker and you will never get that money back?

TIA


BrokerGuru

September 2, 2011

Yes, they are STP. Trading Point offers variable spreads and only Market execution of orders. The orders are send using straight through processing (STP) to at least 6 liquidity providers.


trader

September 2, 2011

Please help me clarify if Trading Point is really STP thanks


BrokerGuru

August 23, 2011

Thank you, will be included.

@Tajer: yes, Dukascopy is still ECN. The fact that they facilitate small orders is a common practice for all brokers and is a necessity to ensure all trades get filled. I've send an additional support request to them and will add updates later.

Update:
A reply from Dukascopy, quote:

"Concerning your questions, Dukascopy is an ECN.
We are not market makers.
Concerning the trades mentioned, this is for trades lower than 100'000, minimum size for the counterparts.
We do gather all the trades to reach this level. It can generally take a few milliseconds for it.
This is why we do warn the client of this possible and very short conflict of interest.
I remain at your disposal for any further inquiry.
Best regards.

Frédéric Charles
Senior Relationship Manager
Dukascopy Bank SA
Tel. +41 22 799 4857"


trader

August 23, 2011

Greeting you.
What about Grand Capital? Please include in the list of brokers Grand Capital company.
They have ECN accounts and NDD. Minimum deposit is 1000$ and commission per round turn is 10$.
Thanks for attention.



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