Need some updated advice on ECN no DD broker | Forex Factory

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Need some updated advice on ECN no DD broker

  • #1
  • First Post: Edited 5:24pm Dec 2, 2013 10:25am | Edited 5:24pm
Seems like most I've read are either old posts or original topic was hijacked by broker reps.

I'm looking for advice on a regulated and reputable ECN NO DD broker. I have done alot of research and have narrowed it down to Dukascopy and FXCM UK. Would like to see if anyone has any feedback trading a live account with either one. Execution, slippage, customer service and most importantly-withdrawals.

Also would like recommendation/feedback on possibly any other NON U.S broker. LMAX Exchange, RJOBrien UK, IBFX, FXOpen.au, or Pepperstone, ect..?

Please, No IB's or broker rep response.

Thank you in advance.
  • #2
  • Dec 2, 2013 11:36am Dec 2, 2013 11:36am
Depends on account size, and if you are fine with 100K minimum ticket size.

Personally i would only consider London-based firms.
  • #3
  • Dec 2, 2013 11:55am Dec 2, 2013 11:55am
Hello,

I would not recommend FXOpen, it has lot of slippage.
I am also interested in trading with Pepperstone, so if anybody has a LIVE Razor account with them, please share your experience. Thanks
  • #4
  • Dec 3, 2013 8:16am Dec 3, 2013 8:16am
Quoting MKFXTrader
Seems like most I've read are either old posts or original topic was hijacked by broker reps. I'm looking for advice on a regulated and reputable ECN NO DD broker. I have done alot of research and have narrowed it down to Dukascopy and FXCM UK. Would like to see if anyone has any feedback trading a live account with either one. Execution, slippage, customer service and most importantly-withdrawals. Also would like recommendation/feedback on possibly any other NON U.S broker. LMAX Exchange, RJOBrien UK, IBFX, FXOpen.au, or Pepperstone, ect..? Please,...
My recommendation would be LMAX, I've been using them for several years, and can't complain. Withdrawals are painless, with no unnecessary delays. I use multicharts for charting and trade execution, trade management is excellent. Funds are secure, and I also had a say on which bank my funds are kept

I trade my super with Interactive Brokers, they also an excellent broker but a pain in the a$$ to deal with.

Any Questions, feel free to ask...
  • #5
  • Dec 3, 2013 12:31pm Dec 3, 2013 12:31pm
Quoting petrov
Hello, I would not recommend FXOpen, it has lot of slippage. I am also interested in trading with Pepperstone, so if anybody has a LIVE Razor account with them, please share your experience. Thanks
me too,
fxopen....their mt4 have a lot of troubles. execution times is slow. It`s not real ecn.
pepper? their connection status is not good.
I`m not believe aus,nz`s brokers.
and I`m not believe mt4 brokers.
and I`m not believe russian money.
russian money--->alpari,fxopen,exness......
  • #6
  • Dec 4, 2013 1:30am Dec 4, 2013 1:30am
I recommend you non-US ECN NDD brokers: FxPro and HotForex.
Have you known them?
  • #7
  • Dec 4, 2013 8:55am Dec 4, 2013 8:55am
My recommendation: excel markets (non-us) - ECN NDD. mt4 brokers, their spreads competitive alongside low transaction costs. I'm only saying...
  • #8
  • Dec 4, 2013 9:58am Dec 4, 2013 9:58am
I recommend reading my ECN/STP comparison spreadsheet attached below. It certainly uncovers the fact that some brokers want gigantic deposits ($10k - $100k) to get good trading conditions and others dont care how much or little you deposit and they still give these conditions... even big names like Dukascopy offers a $100 minimum deposit.
Attached File(s)
File Type: xlsx Forex Broker Comparison M.xlsx   10 KB | 556 downloads
  • #9
  • Dec 4, 2013 10:17am Dec 4, 2013 10:17am
Quoting tradingboy
I recommend reading my ECN/STP comparison spreadsheet attached below. It certainly uncovers the fact that some brokers want gigantic deposits ($10k - $100k) to get good trading conditions and others dont care how much or little you deposit and they still give these conditions... even big names like Dukascopy offers a $100 minimum deposit. {file}
Alpari Pro minimum is 20K according to their website. Commissions start at $15/million traded by the way. I would also include where/if the brokers are domiciled and regulated in your list. Some people might not be fine with sending money to a PO-box in the caribbean.
  • #10
  • Dec 4, 2013 10:41am Dec 4, 2013 10:41am
Quoting shrike
{quote} Alpari Pro minimum is 20K according to their website. Commissions start at $15/million traded by the way. I would also include where/if the brokers are domiciled and regulated in your list. Some people might not be fine with sending money to a PO-box in the caribbean.
The list contains only brokers that are regulated in good jurisdictions either in Australasia or Europe.
  • #11
  • Dec 4, 2013 11:03am Dec 4, 2013 11:03am
OK. By the way, New Zealand and Finland firms should be considered unregulated.
  • #12
  • Dec 4, 2013 2:43pm Dec 4, 2013 2:43pm
Quoting petrov
Hello, I would not recommend FXOpen, it has lot of slippage. I am also interested in trading with Pepperstone, so if anybody has a LIVE Razor account with them, please share your experience. Thanks
I read the same on a few sites. Has your experience been during normal trading hours? Any problems with withdrawals?
  • #13
  • Dec 4, 2013 2:48pm Dec 4, 2013 2:48pm
Quoting P3t3rjj
{quote} My recommendation would be LMAX, I've been using them for several years, and can't complain. Withdrawals are painless, with no unnecessary delays. I use multicharts for charting and trade execution, trade management is excellent. Funds are secure, and I also had a say on which bank my funds are kept I trade my super with Interactive Brokers, they also an excellent broker but a pain in the a$$ to deal with. Any Questions, feel free to ask...
Thanks for the feedback on LMAX. How was the opening process? I don't think they offer demo accounts either. I could be wrong. Thanks.
  • #14
  • Dec 4, 2013 2:54pm Dec 4, 2013 2:54pm
Quoting tradingboy
I recommend reading my ECN/STP comparison spreadsheet attached below. It certainly uncovers the fact that some brokers want gigantic deposits ($10k - $100k) to get good trading conditions and others dont care how much or little you deposit and they still give these conditions... even big names like Dukascopy offers a $100 minimum deposit. {file}
Thx for the list, although I think you should exclude New Zealand brokers from your list since they are not regulated.
  • #15
  • Dec 4, 2013 2:57pm Dec 4, 2013 2:57pm
Anybody have experience with RJOBrien UK or Dukascopy? Would really like some feedback on these two as far as service, execution speed, withdrawal and length of opening process. Thank you.
  • #16
  • Dec 5, 2013 3:58am Dec 5, 2013 3:58am
Quoting MKFXTrader
Thanks for the feedback on LMAX. How was the opening process? I don't think they offer demo accounts either. I could be wrong. Thanks.
The account opening process was pretty standard, there were no problems or delays when i was opening my account. They offer a demo account and also API access to the demo account.
I'm not insane; my mother had me tested.
  • #17
  • Dec 5, 2013 10:49am Dec 5, 2013 10:49am
Quoting shrike
OK. By the way, New Zealand and Finland firms should be considered unregulated.
Thanks for your feedback. Why do you think they should be considered unregulated? Do you have any experience.
  • #18
  • Dec 5, 2013 10:58am Dec 5, 2013 10:58am
Quoting tradingboy
{quote} Thanks for your feedback. Why do you think they should be considered unregulated? Do you have any experience.
Fx brokers in Finland are not regulated - i dont know how, since they are in the EU, but thats the way it is.

It used to be the same way in NZ, as long as a broker did not service NZ clients, you could run an unregulated broker for everyone else. For this reason, there used to be a lot of scammers based out of there. It was dirt-cheap to reat a PO box or virtual office and register a llc (bankruptcy fraud type schemes). But NZ recently made changes to the law - not entirely sure whats the deal right now.
  • #19
  • Dec 6, 2013 7:27am Dec 6, 2013 7:27am
I only know when I did some homework on my own broker i took a look at the regulatory story and it looks as regulatory as it gets. Also, I do know ('cus I checked that as well) that excel markets has an actual fully-staffed office in auckland. I don't mind losing my shirt on trading (oh yes I do, I'm running out of shirts), but I do mind losing my shirt when I haven't taken the time to find out who I'm dealing with.

Yeah, I don't get the finland thing, forex is not regulated in Finland as it is not considered to be an investment or financial investment - so not sure about how the trader is protected there...
  • #20
  • Dec 11, 2013 7:46am Dec 11, 2013 7:46am
Hello guys,

I looked into this matter myself. It seems that the Forex (as an instrument like trading EURUSD)is not considered as an investment service and as such FinFX chooses not to be regulated. However, for the regulated Brokers in Europe we need to know that they are not regulated for Forex but for investment services.
For example, if you have the license of the dealing on own account then you are allowed to work as a market maker. If you have the license for Reception and Tranmission then you can only work as an ECN/STP Broker.
As far as I understand, no regulated Forex broker in Europe is regulated for Forex but is regulated for different investment services.
Now, probably FinFX has chosen not to be regulated and they used this excuse in order to claim that the Forex is not regulated in Finland.
For my personal view is that these guys can do whatever they want with their clients' money. You cannot send a complain to their competent authority because they are not regulated by them.
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