Selecting a broker with specific requirements

Hi guys,

I hate to create a thread asking for your advice especially since I’m a new user but you got to start posting somewhere…

Anyway, I’m looking for a broker with specific features. I’ve been looking hard and when I think I finally found one there’s always some small detail that doesn’t quite fit.

Here’s what I’m looking for:

  • Scalping and EA’s fully allowed
  • Mini or micro account (under $100 - I’d like to test live with a small amount of money)
  • Low fixed spreads (up to 2 at least in one pair)
  • NDD or STP
  • MT4 platform
  • Reliable broker
  • 5 decimal digits (preferred)

That’s it. I’d really appreciate it if any of you guys can help.

By the way, fixed spread is not an absolute requirement. I’ll take a broker that fits the above but has low average variable spreads (again, preferably under 2 at least in one pair).

Thanks,

b.

you cannot find fixed spreads at STP / NDD. STP brokers execute to the market, spreads are variable. If they say they are STP, it is not true.
… also market makers / fixed spreads are not always reliable. they have a dealing desk, they do not execute client orders and are trading against the clients. be careful

Thanks for the advice Antje.

Well, the full story is this: I found an “interesting” EA (not a commercial one) on a Russian forum despite being barely able to understand a thing they say there. I back-tested, run it on a few demo accounts and tweaked it a bit. It looked promising.

I ended up opening an account with FIGfx despite all the negative hype about them because of the low spreads and the low minimum deposit. I figured it’d be as good a place as any to lose my money… And not surprisingly, my $50 initial bank now stands at $7.56. :slight_smile:

I now understand a bit more about this EA and what type of broker I’d need to run/test it live successfully.

Updated requirements for my “ideal broker”:

  • 5 digits
  • NDD or STP
  • Instant execution
  • Low typical spreads
  • Low trailing stop (max 5 pips)
  • Scalping allowed
  • Low minimum deposit

I had a look at GoMarkets but they offer Market execution instead of Instant and I think the EA doesn’t support that.
If anyone wants to take a look at the EA and maybe help improving it, please pm me.

Thanks,

b.

ok one thing you have to decide for: STP / NDD or instant execution. instant execution IS market making it is NOT STP :wink:

You’re absolutely right, and I’m aware of that, don’t know how I mixed that one up…

Anyway, NDD/STP would be ideal for live testing but I’d need someone to help me change the EA’s code for that.

One more question, how accurate is back-testing compared to actual live trading? The EA made quite a few trades yesterday but when I ran a back test today only one trade matched both the back test and the live trading (in terms of the time the trade was opened, not profit). Is this normal? Would the back test be more accurate if I were using an NDD/STP broker?

Thanks,

b.