What are the top 5 ECN brokers in your opinion

[SlowlyButSurely]

most ECN brokers that advertise they are DMA are not DMA. They are market makers that will put you on DMA if you are a good trader and pose a threat

As far as I am aware the only one that offers DMA at retail prices is currenex, but minimum account opening is $10,000 and you can only trade FX.

 

[daviddawson]

Well I have always trusted anyoptions and they have never let me down. You may call it my luck but I would say it a strategy.

 

[bigmistake]

Forex-ratings or FPA are best Forex review sites for anyone want to know which are best ECN brokers

 

[ph_trader]

top 5 is really hard, I mean there are tons of brokers, I'd be bias if only said my broker hotforex was the best, i mean i did not have a chance to trade with other brokers, how many traders trade with more than a broker, i know IBs do

 

[Antonio1711]

FxPro
FXCM
Dukascopy

the rest - bullsh8t MM

 

[AARasheed]

FxPro
FXCM
Dukascopy

the rest - bullsh8t MM

FXPro and Dukascopy are market makers too.
FXCM is a mixture of both (but mostly you will be b-booked)

If you want brokers who do not screw the clients then look at:

CapMar Financial
CFH Markets
LCG

I tell you this from my experience and from the people I know in the actual industry

 

[PatrickFX]

Just a few questions... What is the top 5 ECN brokers in your opinion. What is your current broker? and there PROS and CONS

Seems everyone out to well... Steal

It's hard to say what the top 5 brokers are. I would research the forums a lot to see what real people have to say and weed out the scammers. IC Markets is a known scam and I feel sorry for the people who have been tricked in to their scheme. It seems this company has a reputation of not responding to their client's problems. Many people across the forums are disappointed with their actions, except for the fake clients who work for them posting too good to be true reviews.

 

[Davidee]

FXPro and Dukascopy are market makers too.
FXCM is a mixture of both (but mostly you will be b-booked)

If you want brokers who do not screw the clients then look at:

CapMar Financial
CFH Markets
LCG

I tell you this from my experience and from the people I know in the actual industry

I don't think Dukascopy is a Market Maker. Never seen that.

Signs of an true ECN broker -

Floating spreads that can fall to as low as 0.1 pips on large, liquid pairs like the EUR/USD.
Access to depth of market information.
The ability to place an offer BETWEEN the bid and the ask prices.

Also, a true ECN will never make any profit from the spread and will charge their clients a small commission for each lot turned around... True pricing transparency.

 

[Fxtekkie]

good morning
i advice to visit this wonderful list of the best broker in 2012

blog removed?!

 

[Fxtekkie]

I don't think Dukascopy is a Market Maker. Never seen that.

Signs of an true ECN broker -

Floating spreads that can fall to as low as 0.1 pips on large, liquid pairs like the EUR/USD.
Access to depth of market information.
The ability to place an offer BETWEEN the bid and the ask prices.

Also, a true ECN will never make any profit from the spread and will charge their clients a small commission for each lot turned around... True pricing transparency.

I don't think that the spread is a factor here, it depends on the feeds from the Liquidity Providers (No?). The other points are valid IMO. Also, the ability to trade without limits/levels on stops and pending orders is a strong indication.

brokers that have minimum stop levels and limits are guaranteed market makers. Also, you should ask them directly about their scalping/hedging policies too - the answer will give you a clear indication the brokers "real" operation

 

[AARasheed]

I agree with the fxtekkie gentleman.

The issue is, many of 'claimed' ECN broker will STP your trade to another broker (called warehousing) to execute. The other broker do the B-booking/run the risk on the trade. Only too big trade that the broker does not want to run risk on is sent to the bank (not many of these trades)

These brokers will show floating spreads from 0 and act like the ECN real broker but really they are not.
Sorry am I making so many comments on this thread but I am very angry about losing money to not nice methods of some brokers. I have learned a lot from mistakes so please don't make the same ones.

 

[St.Sarah]

I am using nordfx and i am pretty happy, I don't need to have 5 more brokers to trade ))

 

[imadfah]

any one be carful or avoid to use FoxPro , this company scam and doesn't use real ECN

 

[huutri1912]

any one be carful or avoid to use FoxPro , this company scam and doesn't use real ECN

Almost brokers from Cyprus and Russia scam.

 

[Fxtekkie]

I agree with the fxtekkie gentleman.

The issue is, many of 'claimed' ECN broker will STP your trade to another broker (called warehousing) to execute. The other broker do the B-booking/run the risk on the trade. Only too big trade that the broker does not want to run risk on is sent to the bank (not many of these trades)

These brokers will show floating spreads from 0 and act like the ECN real broker but really they are not.
Sorry am I making so many comments on this thread but I am very angry about losing money to not nice methods of some brokers. I have learned a lot from mistakes so please don't make the same ones.

Thanks AARasheed

The issue here is not many people really understand what is going on behind the scenes.

My take is, if your a loser and want a nice fat trading power bonus, choose ANY dealing desk broker and enjoy!

However, if you have an EA, profitable forex strategy or are a scalper, the choice is limited. You really need to search a decent STP/ECN broker and satisfy yourself that they are really STP by asking those lists of questions that affect your trading.

Now, if you're a news trader, forget true STP/ECN as you'll get slipped and you won't like it. Saying that, any broker that claims "no slippage" is a liar!!! It's impossible.

Wow, rant over....

 

[AARasheed]

Thanks AARasheed

The issue here is not many people really understand what is going on behind the scenes.

My take is, if your a loser and want a nice fat trading power bonus, choose ANY dealing desk broker and enjoy!

However, if you have an EA, profitable forex strategy or are a scalper, the choice is limited. You really need to search a decent STP/ECN broker and satisfy yourself that they are really STP by asking those lists of questions that affect your trading.

Now, if you're a news trader, forget true STP/ECN as you'll get slipped and you won't like it. Saying that, any broker that claims "no slippage" is a liar!!! It's impossible.

Wow, rant over....

Totally agree with you Fxtekkie, your ranting is valid and I hope people listen. This is why +80% people lose their money, is because they fall for salesman sales pitch and don't research properly.
These guys think that because some of these brokers are regulated then they are safe (especially Cyprus, Mauritius, BVI, etc). Even most FSA ones are not safe.

 

[SlowlyButSurely]

Agree, most people don't understand how markets really actually work. Even if you have a straight connection to the exchange and are trading dma then you will rarely get the price you want. If you put in an order you are in a queue. If there aren't enough buyers/sellers your order might not get hit.

People expect that once the click buy or sell it should be guaranteed which is mainly the fault of market makers packaging these user friendly retail platforms.

 

[Antonio1711]

any one be carful or avoid to use FoxPro , this company scam and doesn't use real ECN

2 young boys - you don't know what ECN means and you are telling that it is a scam....both having 2 posts...*facepalm*


FxPro it's one of the best brokers ever !

 

[brettly]

You only have 9 posts?.. Every has their own opinions on different brokers. Only trial n error gives your preferred.

 

[Trader333]

In what way is IB trading against its own customers ? How would this work when trading maybe EUR/USD when the spread is 0 ? If they tried to manipulate this market they would get arbitrage traded to death.