FXopen or Ducascopy for first live account

I am looking to open an ECN account for my first live trading with a deposit of around $5k. I expect to be trading majors only, 0.1 lots, 3-5 times a week and holding positions for 2hrs to a few days.
Of all the brokers I looked into it seemed that Fxopen ticked all the boxes (MT4, tight spreads, ECN,easy account set-up etc) but I can’t bring myself to wire money to a company based in Mauritius, only recently regulated in Australia and banking in Panama. Would I be better to go with Dukascopy, who it seems have higher costs, no MT4, but seem to inspire a little more trust? Or any other suggestions?
Have a good weekend all
Steve

I agree with not sending money to Mauritius or Panama, but if they are regulated in Australia (no matter how recently) they should be ok.

Have a look at Pepperstone’s ‘Razor Account’ as an alternative.

O.

Thanks Oliver, I`ve had a look at Pepperstone and the account seems suitable.
Do you have experience of trading with them?
My only concerns would be that they seem to have been experiencing server issues in december, and their regulation in Australia is as a “Corporate Authorized Representative of CDM Pacific Pty Ltd (AFSL No. 223682)”. Does this offer the trader the same protection as if they were regulated directly?
Thanks

I’ve been with them for quite a short time only, but am happy so far. They are a relatively new broker, having been established in 2010.
They have upgraded their NY-based servers on Dec19 last year, and most of their customers say that execution times are just fine now … I can confirm that.
The only issue remaining is that their price feed tends to freeze for a few seconds, from time to time … so real scalpers, going for 2-5 pips per trade, might not like that. Personally, having targets from 20 to 50-plus pips, I am not affected by it.
They are the forex branch of a company offering various financial services, and from what I understand, the regulation and license issued to their mother corporation offers the same protection that a license issued to them directly would offer.
I have been to the ASIC website and have searched for them: they have a regulation/license number in their own name, without mention of CDM Pacific … which suggests to me that they are fully regulated and licensed.

I am not familiar with Australian laws, but can tell you that here in Germany (and in the US), a daughter company operating under the license of its mother corporation has the same legal standing and obligations as the group or holding owning it (as long as both are registered and domiciled in Germany).
I should think that this applies to every major country.

The easiest way to check on that would be to contact ASIC, I guess.

Cheers,
O.

Thanks for all the info, very helpful. Did you use an IB to get rebate on commisions?

Nope, just opened an account on their website.
I’m no great fan of the whole IB and affiliate system, no matter in which business.

O.