I have been trading in a Demo account with GFT for a few months and I’m getting closer to thinking about depositing some money. Using the Broker Comparison Tool I have narrowed it down to three brokers: GFT, InterbankFX and Oanda. I noticed that InterbankFX does not have a dealing desk and the other two do.
How does having a dealing desk affect my trading? Also, is there any particular reason I should use one of these brokers over the other?
Short answer, it has no effect at all.
All three finalists are good choices. I’m live with Oanda and IBFX and they’re both good.
Have you considered an ECN? If you havent check out what an ECN is?
Interactivebrokers for 10k and above but no MT4 and no single minilot
MBtrading 400usd MT4 (recently reduced their commissions … very good choice for small accounts))
Dukascopy 5k (will be allowing MT4 and minilots in Jan 2010 … well worth the wait)
Are some brokers to consider if you prefer to go with an ECN