Hi.
I’m completely new to forex and i’d like to find a suitable broker for demo trading for a few months.
I would like to open a demo account of 5000$ which is the sum i have for this purpose in reality. I understand that i need a micro account for that?
Also is it necessary to choose an ECN broker?
Here is what I read in a certain website (attached) about the disadvantages of choosing a non-ecn broker:
�
Cons:
� Because they may trade against you, market makers can present a clear conflict of interest in order execution.
� They may display worse bid/ask prices than what you could get from another market maker or ECN.
� It is possible for market makers to manipulate currency prices to run their customers’ stops or not let customers’ trades reach profit objectives. Market makers may also move their currency quotes 10-15 pips away from other market rates.
� A huge amount of slippage can occur when news is released. Market makers’ quote display and order placing systems may also “freeze” during times of high market volatility.
� Many market makers frown on scalping practices and have a tendency to put scalpers on “manual execution”, which means their orders may not get filled at the prices they want.
�
I wonder how much of the above is correct?
Finally i’d like a broker which supports metatrader as i understand it’s the most popular and has programming capabilities.
I’d like to hear from veteran forex traders what they find from experience that works best for new traders
Thank you very much for your help
Rafael