Any ECN broker reliable? | Forex Factory

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Any ECN broker reliable?

  • #1
  • First Post: Nov 10, 2011 11:56pm Nov 10, 2011 11:56pm
Hello,

Is there all ECN brokers are reliable? How can we distinguish that they are really ECN broker?

As I know fxopen and Instaforex are ECN brokers, but how can we distinguish that they are really ECN broker?

Instaforex allows traders to choose spread-free with commission or fixed-spread with commission-free accounts.

Fxopen only has spread-free with commission account.
  • #2
  • Nov 11, 2011 2:49pm Nov 11, 2011 2:49pm
Not instaforex, They're good for one thing and that's there requent contestts. Over than that they are pretty poor. Oanda is as good as any with 0.9-1.2 spreads from london-new york, amazing execution and MT4 now. If you really want ECN though go with a large company and just do some research on that company (mainly its health, you dont want it going bust!).

Just my 2 cents for ya.
  • #3
  • Nov 11, 2011 9:58pm Nov 11, 2011 9:58pm
Quoting JeremyWS
Not instaforex, They're good for one thing and that's there requent contestts. Over than that they are pretty poor. Oanda is as good as any with 0.9-1.2 spreads from london-new york, amazing execution and MT4 now. If you really want ECN though go with a large company and just do some research on that company (mainly its health, you dont want it going bust!).

Just my 2 cents for ya.

What exactly would you look for during the research of an ecn? What do yo mean by it's 'health'?

Personally, what I'd look for is how long the company has been around, if they have level 2, and if there is no maximum on trade size on an order which would show that orders are subject to large interbank liquidity.
  • #4
  • Nov 11, 2011 11:08pm Nov 11, 2011 11:08pm
Quoting JeremyWS
Not instaforex, They're good for one thing and that's there requent contestts. Over than that they are pretty poor. Oanda is as good as any with 0.9-1.2 spreads from london-new york, amazing execution and MT4 now. If you really want ECN though go with a large company and just do some research on that company (mainly its health, you dont want it going bust!).

Just my 2 cents for ya.
Hello JeremyWS, thanks for your comments.


When I asked Instaforex livechat, the operator was very sure to tell me that Instaforex is ECN broker. How do you think?

I did ask Oanda, but they do not accept hedging.
  • #5
  • Nov 11, 2011 11:52pm Nov 11, 2011 11:52pm
Quoting jeanlouie
What exactly would you look for during the research of an ecn? What do yo mean by it's 'health'?

Personally, what I'd look for is how long the company has been around, if they have level 2, and if there is no maximum on trade size on an order which would show that orders are subject to large interbank liquidity.
Hello Jeanlouie,

Fxopen has level 2, and no maximum on trade on an order too. Then is Fxopen a reliable ECN broker?
  • #6
  • Nov 12, 2011 5:38am Nov 12, 2011 5:38am
a true ecn broker have some good featuers
1. its price movement is very fast
2. the broker does not add additional spread . it always has commission system
3. it generally has 5 digit pricing system.
4. it does not have any minimum takeprofit or stoploss pips.
5. it has generally maximum leverage 1:100.

some of true good ecn brokers dukascopy, pfgbest, fxcc, and brokers with currenex account.
  • #7
  • Nov 12, 2011 6:22am Nov 12, 2011 6:22am
Quoting tin6tin9
a true ecn broker have some good featuers
1. its price movement is very fast
2. the broker does not add additional spread . it always has commission system
3. it generally has 5 digit pricing system.
4. it does not have any minimum takeprofit or stoploss pips.
5. it has generally maximum leverage 1:100.

some of true good ecn brokers dukascopy, pfgbest, fxcc, and brokers with currenex account.
Hello, fxopen has all features as you mentioned. May I know what brokers with currenex account? Can we open account at currenex for trading?
  • #8
  • Nov 12, 2011 8:46pm Nov 12, 2011 8:46pm
I've been using Traders way for a while now, for ECN trading. Very low spreads, quotes in 5 digits, access to interbank quotes so yeah. You may want to check it out and think there're a few more out there. Just google them and you should have a fair idea on how they rate..
  • #9
  • Nov 13, 2011 9:39am Nov 13, 2011 9:39am
one additionl feature of ecn is they never have requotqs.
currenex, baxter fx etc offer their account for very high deposit. nearly $50000. but their commission is very less.

klhh, i think you are relatively new. to know more on ecn trading strategy you can pm me giving your email.
  • #10
  • Nov 16, 2011 9:12pm Nov 16, 2011 9:12pm
Thanks for all comments
By the way, ECN accept EA trading?

tin6tin9, I have PM u
  • #11
  • Nov 17, 2011 7:05am Nov 17, 2011 7:05am
Quoting klhh
Hello,

Is there all ECN brokers are reliable? How can we distinguish that they are really ECN broker?

As I know fxopen and Instaforex are ECN brokers, but how can we distinguish that they are really ECN broker?

Instaforex allows traders to choose spread-free with commission or fixed-spread with commission-free accounts.

Fxopen only has spread-free with commission account.
I did a lot of research the last few months on ECN brokers. I wanted to open an account with MBT, but didn't like the limitations of US brokers (if you are in the US, though, not sure there is a better option than MB Trading). Fortunately, around the time that I was looking, MBT opened a branch in UK that gives me 100:1 leverage, and I've been perfectly happy I made the choice. Unlike some of these others, they are truly an ECN.
  • #12
  • Nov 17, 2011 8:15am Nov 17, 2011 8:15am
On ECN trading, quite a few brokers have slashed the deposit requirement to the minimum, some even offer small sized lots. And on EA, it depends on the broker - to date have never used EA with ECN accounts and not planning to. Do check online..
  • #13
  • Nov 18, 2011 5:11am Nov 18, 2011 5:11am
$2,500 for ECN account. The standard account is good too, sometimes freezes or locks out price in a rapid price movement.

Hedging allowed, not subject to CFTC leverage limits for US residents, Mt4 with no scalping limitations.
  • #14
  • Nov 19, 2011 9:05pm Nov 19, 2011 9:05pm
when choosing a ecn broker we have see that broker has partnership with multibank liquidity system. otherwise spread would be high. also you should look for brokers with low commission charge.
  • #15
  • Nov 23, 2011 2:12am Nov 23, 2011 2:12am
Quoting klhh
Hello,

Is there all ECN brokers are reliable? How can we distinguish that they are really ECN broker?

As I know fxopen and Instaforex are ECN brokers, but how can we distinguish that they are really ECN broker?

Instaforex allows traders to choose spread-free with commission or fixed-spread with commission-free accounts.

Fxopen only has spread-free with commission account.


Many FX broker claim to be an ECN broker, but many of them are just using this title without really implement its meaning. In order to figure out if a broker is a real ECN you have to have some experience with both ECN & market makers. The most important thing when you are trying to understand if it is an ECN or not, is the performance. If the spreads are low (but not constant), you almost don't get re-quotes and the speed of the execution is faster than usual, than there is a better probability that it is a real ECN broker. I am trading with Alpari, which is unquestionably ECN but I also started checking Sunbird fx with a mini-account few weeks ago and so far they pass all of my tests
  • #16
  • Nov 25, 2011 12:23am Nov 25, 2011 12:23am
http://www.lmaxtrader.co.uk/

Excellent spreads. Low margin requirements. FSA regulated and segregated trust account. JPM fx counterparty. Free api's. Low commissions. STP order processing and lightning fast on a true ECN.
  • #17
  • Nov 25, 2011 1:43am Nov 25, 2011 1:43am
All true, but low commissions, they are pretty high in my opinion!

Quoting Jfk
http://www.lmaxtrader.co.uk/

Excellent spreads. Low margin requirements. FSA regulated and segregated trust account. JPM fx counterparty. Free api's. Low commissions. STP order processing and lightning fast on a true ECN.
  • #18
  • Nov 25, 2011 5:33pm Nov 25, 2011 5:33pm
Been through a mess of 'em....very happy with pfg best.
  • #19
  • Nov 26, 2011 1:16am Nov 26, 2011 1:16am
Quoting cugir321
Been through a mess of 'em....very happy with pfg best.
What's the execution speed on pfg best?

What slippage are you seeing in pips?
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  • #20
  • Nov 26, 2011 3:05am Nov 26, 2011 3:05am
Execution speed is average. Slippage is both ways, for and against you, so it's fair. No other B.S.

They do have a minumum to open an account....I believe it's 2500.00. I opened with more so you'll have to check. There are commission's. It's till cheaper then market makers. E/u is about 1.1 spread.

If you're using a market maker you should be happy switching.
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