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Who is the best ECN Broker for large deposits & volumes

  • #21
  • May 29, 2013 6:36am May 29, 2013 6:36am
If by "ECN Broker" we mean a broker who is going to pass a client's trade straight through to (a good range of) liquidity providers, then I am not sure that Dukascopy is an ECN Broker. The Dukascopy website (here) says that they have "technology to hedge instantly any clients' trades directly with other Liquidity Providers". That's what a market maker forex dealer does: it takes a look at the client and a look at the trade and then hedges any client's trade (or any part of a client's trade) which it doesn't want to hold the counterpart to. As far as I can see, Dukascopy would have the same potential conflict of interest with a client as any other market making dealer.
  • #22
  • May 31, 2013 7:17pm May 31, 2013 7:17pm
Quoting davital
also I recommend FXPro ....
yeah the guy with 15 years of experience and 3 post in FF , (all of them is this thread btw) recommends putting a 200K account in a suspicious site regulated in Chipre...... no more comments

to the OP just go to Dukascopy, at least the Swiss government guaranteed your deposit til 100K , just in case worst happen

also with that kind of money I would deposit a much smaller amount and play with leverage
  • #23
  • May 31, 2013 7:27pm May 31, 2013 7:27pm
The credibility of a 14-post user will settle that, i suppose..
  • #24
  • May 31, 2013 7:35pm May 31, 2013 7:35pm
sure dude...

I'm pretty sure you can see a big difference, so your trolling post wasn't necessary
  • #25
  • Edited 8:00pm May 31, 2013 7:37pm | Edited 8:00pm
If a broker doesn't provide a depth of market, its likely not an ECN.



FXall is the only broker you will ever need if you are a serious, big time trader.

http://www.fxall.com/the-fxall-diffe...deep-liquidity


Make markets to FXall's pool of 1,000+ clients
Every major market segment, in every major foreign exchange market, trades on FXall, including over 1,000 active traders, asset managers, corporations and market makers, whose volumes have exceeded $100B on numerous occasions. FXall Relationship Managers introduce interested clients to market makers who support our platform. We also offer initiatives for client referrals, opportunities to advertise in the FXall-sponsored Euromoney Best Practices Guide and to promote your business in our newsletters, in addition to participation in panels at our client events.



Of course, it is not open to retail traders.

It's not hard to become an institutional trader, if you know nothing about that, just look into it for yourself. You can be considered an institutional trader within a week.. doesn't take long.


You can set a sweep limit order...which will sweep all available liquidity from price A to price B. This is how market makers enter their positions. Seldom do they use market orders.

This liquidity sweep is usually placed where there are lots of stops (in the case of a limit sweep), or where there lots of limits (incase of a stop sweep)


This is the exact order flow reasoning behind price spikes... and the reason why price spikes typically retrace very quickly.

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There are other great ECN brokers out there, but none I have found better than FXall.

Look into IC Markets Australia, great ECN broker with depth of market


Image below = FXall order window for a currency pair
Attached Image
Be hopeful in a winning position, and fearful in a losing position.
  • #26
  • Jun 6, 2013 2:11am Jun 6, 2013 2:11am
Quoting Plofkip
If by "ECN Broker" we mean a broker who is going to pass a client's trade straight through to (a good range of) liquidity providers, then I am not sure that Dukascopy is an ECN Broker. The Dukascopy website (here) says that they have "technology to hedge instantly any clients' trades directly with other Liquidity Providers". That's what a market maker forex dealer does: it takes a look at the client and a look at the trade and then hedges any client's trade (or any part of a client's trade) which it doesn't want...
You are spot on. Dukascopy has DD.
  • #27
  • Jun 6, 2013 3:02am Jun 6, 2013 3:02am
Www.interactivebrokers.com

Www.vcapfx.com
  • #28
  • Jun 6, 2013 11:45am Jun 6, 2013 11:45am
The best ECN broker i feel is FXopen, hotforex they have very small spreads so good to make some good number of pips.
  • #29
  • Jun 6, 2013 3:09pm Jun 6, 2013 3:09pm
Quoting sourcecodefx
ducascopy is good, but you can also consider some liquidity provider such as CFH Markets, Boston Prime I have a good experiences on CFH for more than 2 years. {quote}
How did you get with CFH Markets? On their site I got the impression they only accept professionals / ECP clients.
  • #30
  • Jun 6, 2013 3:15pm Jun 6, 2013 3:15pm
I don't mean to spam the thread. Just keeping my posts separate for clarity sake.

Question:
Is it even possible to get a retail FX account for spot market without DD? Reason I ask is that every single broker I looked at has something like IBFX in their agreement:

Quote
In addition, IBFX or an affiliate may, when appropriate, take as principal the opposing side of
a Spot Forex Transaction conducted in the Account for which it is also acting as Customer's agent

I read sentences like this as "yes, we claimed on our site that we don't have a dealing desk, but here you go, we're reneging on that now".

Is there any way I can get access to the same market the professionals have access to? Or am I just SOL on this?
  • #31
  • Jun 7, 2013 2:26am Jun 7, 2013 2:26am
Quoting Greeneyez
The best ECN broker i feel is FXopen, hotforex they have very small spreads so good to make some good number of pips.
Is FxOpen from Malaysia? I think Europe broker like HotForex in your post is better than Asian brokers.
  • #32
  • Jun 7, 2013 4:43am Jun 7, 2013 4:43am
Quoting undergroundz
{quote} Is FxOpen from Malaysia? I think Europe broker like HotForex in your post is better than Asian brokers.
No. FXOpen NZ (fxopen.com) is based in New Zealand. My company, FXOpen AU is based in Sydney Australia. FXOpen NZ was operating an office in Malaysia until Bank Negara placed restrictions on Forex.
  • #33
  • Jun 7, 2013 7:30am Jun 7, 2013 7:30am
http://www.lmax.com/
  • #34
  • Jun 7, 2013 8:43am Jun 7, 2013 8:43am
Quoting timtimster2
{quote} How did you get with CFH Markets? On their site I got the impression they only accept professionals / ECP clients.
CFH ,
min. deposit is 50k.
  • #35
  • Jun 8, 2013 4:53am Jun 8, 2013 4:53am
Quoting njr
Hi all, Many thanks for the responses. Good to get the different views and recommendations. I have decided to go with dukas. I like their liquidity model and they seem to be offering the best spreads for the ENC players. There interface is also pretty good although one point is that you can't see the full P/L of the open positions as it doesn't include the commission. It is possible to see the commission on a trade but only after executed. The other option is to fully calculate the commission which is dependent on a number of factors... Overall...

Any first time impressions? How's the slippage and ratio for positive/negative slippage?
"Everyone gets what they want out of the market." -- Ed Seykota
  • #36
  • Jun 8, 2013 9:39am Jun 8, 2013 9:39am
with the amount of capital you have, i repeat again that it probably isn't necessary to choose between an ecn or market maker. with that much captial, even ecn brokers will lower your leverage.

i think your concern should be protection for the funds. unless you are an ultra high frequency scalper, i doubt a slightly wider spread will matter to you in exchange for better fund protection. best to go with an fdic insured/ protected broker rather than some offshore one.
  • #37
  • Jun 10, 2013 2:01pm Jun 10, 2013 2:01pm
Hi V4X - I placed a non-directional trade on the NFP on friday and it triggered with 5 pips slippage. I'm not happy with this amount of slippage but I can certainly confirm this is much better than my previous broker. Overall, I am still happy I moved over to them. I'll check on how this goes in time and if there is ongoing excessive slippage then I'll look to change again for a better broker.

Jhehe - thanks for the advice on this...
  • #38
  • Nov 19, 2013 8:22am Nov 19, 2013 8:22am
Update on the broker

I decided to close my account with Dukascopy and move to IB. Dukascopy is good if you are purely interested in FX and they have good tools, execution, tight spreads, relatively low commissions, analysis reviews, etc but they don't offer the full product of assets that I am now trading....

IB is certainly a very good broker for FX although the charting probably not as user friendly and for anyone who is new to trading it probably appears more 'complex' than other platforms. Their big advantage is that their platform offers many other assets for trading and hence my decision to move with them....
  • #39
  • Mar 26, 2016 12:36am Mar 26, 2016 12:36am
Dear All,
Would you please clarify me what is the difference between ECN and standard forex account? If I want to open a real account, ECN is better or standard is better and what is the difference? Both of them is connected to real market or not, reqout problem, etc?
Thank you if anybody help me in general and simple english without special words
Regards,
yavari
  • #40
  • May 19, 2016 5:57am May 19, 2016 5:57am
Quoting omidyavari
Dear All, Would you please clarify me what is the difference between ECN and standard forex account? If I want to open a real account, ECN is better or standard is better and what is the difference? Both of them is connected to real market or not, reqout problem, etc? Thank you if anybody help me in general and simple english without special words Regards, yavari
ECN brokers are the purest breed among all Forex dealers. They don't profit on spread difference. Their only profit comes from commission. ECN brokers are interested in their clients to be winning, otherwise there will be no commission to earn.

NDD — No Dealing Desk — NDD Forex brokers provide access to the interbank market without passing orders trough the dealing desk. With true No Dealing Desk brokers there are no re-quotes on orders and no additional pausing during order confirmation. This, in particular, allows trading during news times with no restrictions on trading. An NDD broker can either charge commission for trading or choose to increase the spread and make Forex trading commission free. No Dealing Desk brokers are either STP or ECN+STP.

Forex brokers that operate (route orders) through the Dealing Desk and quote fixed spreads. A dealing desk broker makes money via spreads and by trading against its clients. A Dealing Desk Forex broker is called a Market Maker - they literally "make the market" for traders: when traders want to sell, they buy from them, when traders want to buy, they sell to them, e.g. they will always take the opposite side of the trade and in this way "create the market". A trader doesn't see the real market quotes, which allows Dealing Desk brokers (Market Makers) manipulate with their quotes where they need to in order to fill clients orders.

Straight Through Processing — STP Forex brokers send orders directly from clients to the liquidity providers - banks or other brokers. Sometimes STP brokers have just one liquidity provider, other times several. The more there are liquidity providers and therefore liquidity in the system, the better the fills for the clients. The fact that traders have access to the real-time market quotes and can execute trades immediately without dealer intervention is what makes the platform STP.

Electronic Communications Network — ECN Forex brokers allow clients' orders to interact with other clients' orders. ECN Forex broker provides a marketplace where all its participants (banks, market makers and individual traders) trade against each other by sending competing bids and offers into the system.
Participants interact inside the system and get the best offers for their trades available at that time.
All trading orders are matched between counter parties in real time. A small trading fee - commission - is always applied.

Taken from www.100forexbrokers.com
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