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trustworthy NDD broker recomendation

  • #1
  • First Post: May 26, 2016 3:03am May 26, 2016 3:03am
i'm looking for a NDD broker and hope you guys have some suggestions

my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?)
I plan to stay with that broker for a long time and I don't want to form a long term relationship with a brokerage that wants me to fail as trader.


my other personal criterias :

 

  1. segregated company funds from client funds
  2. high capitalization & transparency
  3. negative balance protection
  4. pref. regulated in UK (FCA) or Switzerland (FINMA)
  5. good trading platform (I prefer MT5 or cTrader since I have the most experience with those two)
  6. joint account possible
  7. no markup on spread
  8. low comissions is a plus but i prefer higher comissions over having a broker that manipulates my trades in order to make up for their low comissions
  9. easy & cheap withdrawal
  10. i'm not a scalper but i want the broker to tolerate all forms of intraday trading


I thought about opening a ctrader ecn account with the UK regulated entitiy of fxpro but when researching i heard a lot of negative things about them (forexpeacearmy etc.) and now i'm sceptical about them.
I also considered Dukascopy but I'm not familiar with their trading platform at all , do you guys recommend trying it out?
I'm looking forward to your suggestions.

best regards

  • #2
  • May 26, 2016 5:44am May 26, 2016 5:44am
Quoting vaultboy
i'm looking for a NDD broker and hope you guys have some suggestions my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?) I plan to stay with that broker for a long time and I don't want to form a long term relationship with a brokerage that wants me to fail as trader. my other personal criterias : segregated company funds from client funds high capitalization & transparency negative balance...

There are no good ECN brokers with negative balance protection, remember that negative balance protection means that broker takes your risk, so it's possible only when it's market maker (all losses in case of armageddon like SNB decision will become broker profits, so it's great deal for broker, in other case it's suicide). Trading with FxPro is very expensive, so forget about them. Only well known FINMA regulated broker with decent costs is Dukascopy and they have MT4 bridge. From my experience the best retails honest brokers are ASIC regulated, IC Markets and Pepperstone (MT4 accounts with commission).
  • #3
  • May 26, 2016 5:38pm May 26, 2016 5:38pm
Quoting vaultboy
i'm looking for a NDD broker and hope you guys have some suggestions my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?) I plan to stay with that broker for a long time and I don't want to form a long term relationship with a brokerage that wants me to fail as trader. my other personal criterias : segregated company funds from client funds high capitalization & transparency negative balance...
Size of trades ?
  • #4
  • May 26, 2016 9:21pm May 26, 2016 9:21pm
Quoting vaultboy
i'm looking for a NDD broker and hope you guys have some suggestions my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?) I plan to stay with that broker for a long time and I don't want to form a long term relationship with a brokerage that wants me to fail as trader. my other personal criterias : segregated company funds from client funds high capitalization & transparency negative balance...
Reading such requests I always want to add " and I don't have much money to invest only $500/1000/2000/put yours not more than 10K."
Of course being a small retail trader you will need to accept that all retail brokers book some of their orders (if not fault) and in best case those are good hybrid brokers.
For true ECN learn to trade with bucketshop/hybrid broker, earn 500-1M and then you can think about joining true interbank market.
P.S. My recommendations are Hotforex and FXCM.
  • #5
  • May 27, 2016 3:21am May 27, 2016 3:21am
I suggest to avoid Hotforex specially if u plan to scalp as i have right now posted in the following thread:

http://www.forexfactory.com/showthre...88#post8948988
  • #6
  • May 27, 2016 3:24pm May 27, 2016 3:24pm
Try your chances with FXCM or Tickmill. Both are good.
  • #7
  • May 27, 2016 5:13pm May 27, 2016 5:13pm
LMAX & Currenex. Plain & simple.
  • #8
  • May 28, 2016 12:55am May 28, 2016 12:55am
Look for br0ker that has a full STP-only licence. This means that 100% of trades get sent out to liquidity providers. Since a lot of the flow would be non-toxic then the liquidity providers of these br0kers don't have issues with extremely profitable clients, scalpers, news traders, etc. Out of this bunch of br0kers I like VIPRO Markets with very clean trading environment. They are registered also with FCA and BaFin. As a full STP they cannot of course give you any bonuses, but if you are a serious trader you have by now anyway learned to avoid the ones that provide the +30% bonuses and more. The other br0ker that I have always liked is IG, a solid company with long history although spreads and ECN commissions make the full cost of trading higher. If I had 100k then I would split it evenly between IG and VIPRO. Since I dont have it then I am currently focused on building up my capital at VIPRO by using various high frequency algos on gold, GBPUSD, EURUSD and USDCAD.
  • #9
  • Jun 1, 2016 3:18am Jun 1, 2016 3:18am
Quoting corre71
I suggest to avoid Hotforex specially if u plan to scalp as i have right now posted in the following thread: http://www.forexfactory.com/showthre...88#post8948988
Ugh, really? I was all set up to open an account with them...
  • #10
  • Jun 1, 2016 5:37pm Jun 1, 2016 5:37pm
Quoting corre71
I suggest to avoid Hotforex specially if u plan to scalp as i have right now posted in the following thread: http://www.forexfactory.com/showthre...88#post8948988
What was the average lifetime of your orders there?
  • #11
  • Jun 2, 2016 12:37am Jun 2, 2016 12:37am
Quoting leebsurag
{quote} What was the average lifetime of your orders there?
It is 12 seconds, while on many other broker same strategy has an average duration of the trades of 3 - 4 seconds. The difference is that on other 5 brokers i am on a new equity high with astonishing stats, while on HF i am going south. Clearly all other brokers are not B/booking me (they did it in the beginning but not now), while HF still keep me in their book, and so ...
I understand easily when i lose a trade because of excessive slippage due to poor liquidity or other issues on the end of the LPs and when i lose because ....
  • #12
  • Jun 2, 2016 2:38am Jun 2, 2016 2:38am
Quoting corre71
{quote} It is 12 seconds, while on many other broker same strategy has an average duration of the trades of 3 - 4 seconds. The difference is that on other 5 brokers i am on a new equity high with astonishing stats, while on HF i am going south. Clearly all other brokers are not B/booking me (they did it in the beginning but not now), while HF still keep me in their book, and so ... I understand easily when i lose a trade because of excessive slippage due to poor liquidity or other issues on the end of the LPs and when i lose because ....
Can you tell me names of these 5 brokers? I assume that one of them it's Pepperstone, maybe other is IC Markets and the other 3?
  • #13
  • Jun 2, 2016 6:07am Jun 2, 2016 6:07am
Quoting corre71
{quote} It is 12 seconds, while on many other broker same strategy has an average duration of the trades of 3 - 4 seconds. The difference is that on other 5 brokers i am on a new equity high with astonishing stats, while on HF i am going south. Clearly all other brokers are not B/booking me (they did it in the beginning but not now), while HF still keep me in their book, and so ... I understand easily when i lose a trade because of excessive slippage due to poor liquidity or other issues on the end of the LPs and when i lose because ....
How do you know that these 5 were b/booking you at the beginning (and not now)?
  • #14
  • Jun 2, 2016 7:19am Jun 2, 2016 7:19am
Quoting insomniawawa
{quote} Can you tell me names of these 5 brokers? I assume that one of them it's Pepperstone, maybe other is IC Markets and the other 3?
U are right about Pepperstone and Ic Markets, another one is Tickmill. The other 2? A secret...
But testing many brokers every month and new are addedd regularly. I have friend who share this work with me and so we have schedule of the brokers to be tested by us.
Anyway i want to point out that i have nothing again Hotforex, which is not the worse one for sure and infact i am continuing to trade with them, simply is not so good for fast scalping, and many other brokers made much much worse
  • #15
  • Jun 2, 2016 7:34am Jun 2, 2016 7:34am
Quoting Johannas
{quote} How do you know that these 5 were b/booking you at the beginning (and not now)?
Very few brokers are 100% Abook only
Reading brokers TOS u will find on most of them that they can take the other side of ur trades.
B/booking a new customer is normal for almost all brokers, then everyone of them has its specific elements to categorize customers and to decide if the customer X must be kept in B book or to be switched to A Book, or is a C Book. If u are switched to A Book now ur problem starts, but there are huge differences in being A booked by the broker A or by the Broker B
Some brokers, pure Market makers, cannot lose forever and so must take some actions, plugins, slow feeds, locking orders. That is natural. But also with some of these u can be profitable.
How i understand that i was switched in Abook? Is not a good idea to explain it, but i understand this immediately based on some things i see at some point making some comparisons
Anyway no one single broker will BBook for long time a trader using a winning strategy with short duration
  • #16
  • Jun 4, 2016 3:17am Jun 4, 2016 3:17am
Quoting vaultboy
my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients;
negative balance protection;
You cant have both.
  • #17
  • Jun 4, 2016 4:12am Jun 4, 2016 4:12am
Quoting vaultboy
i'm looking for a NDD broker and hope you guys have some suggestions my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?) I plan to stay with that broker for a long time and I don't want to form a long term relationship with a brokerage that wants me to fail as trader. my other personal criterias : segregated company funds from client funds high capitalization & transparency negative balance...
The broker u are looking for simply do not exist.
If your priority is the security of funds, Go with a large UK FCA regulated broker. If U have sensitive strategies and so ur priority is a good execution go for an an AU Asic regulated broker. Which one? Try by yourself, there is no a better way
  • #18
  • Jun 4, 2016 12:05pm Jun 4, 2016 12:05pm
LMAX is a true ECN broker FCA regulated. Traded over a year with them, no complaints, very happy with their performance, platform.
  • #19
  • Jun 6, 2016 6:38pm Jun 6, 2016 6:38pm
Quoting corre71
{quote} The broker u are looking for simply do not exist. If your priority is the security of funds, Go with a large UK FCA regulated broker. If U have sensitive strategies and so ur priority is a good execution go for an an AU Asic regulated broker. Which one? Try by yourself, there is no a better way
Hey what about sharing your EA's ??? are they paid from market or custom-build?? Can't find good EA for trading all of them are crap..
  • #20
  • Jun 7, 2016 2:35am Jun 7, 2016 2:35am
Hi,

I'm skeptic to all FX brokers, but my trust in LMAX is growing. Have made several deposits/withdrawals. No problems whatsoever.
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