there’re some types of broker like ECN,STP,Market Maker,ECN+STP etc.
among these types which one is best according to you? and which one is suitable for beginning traders?:60:
Hi Roli,
An ECN broker gives you tighter prices with less spread, but you more often than not pay a ‘fee’ per trade based on the amount of contracts. Other brokers (not sure whether they’re STP) have a larger spread on their price, so while you don’t pay a fee, they take a bit off the price when you buy and sell.
For me, the difference between the two is the time-frame you trade. If you’re looking at smaller time frames and profits of 10 pips or less, but your STP broker is taking 2.5 pips of your profit (as his/her fee) then this isn’t suitable. An ECN might have a spread of 0.5 pips but charge you a $ fee on top, which (in my case) is preferred.
But if you’re trading the higher timeframes, and looking for a 50 odd pip move, a 2 pip spread from an STP broker isn’t an issue.
Try forexpeacearmy.com or cashbackforex.com for some good reviews.
thank you for your help… but one more question what’s your current broker?
I use DukasCopy for execution and XM/mt4 for charting. But they suit my circumstances 
One other thing, i’d favour a broker that’s located at the pair you’re trading, it might sound silly, but I trade the Euro pairs, my broker (located in Euro) has euro customers, so a tighter spread/execution etc at the Frankfurt open.
The right broker for you will depend on what’s important to you, where you’re from and your personal situation. There are not only brokers that offer ECN, STP and Market Makers, some brokers offer all three. In addition to the different types the different brokers offer different services. For example there are brokers that offer ECN account for as low as $100 to over $10,000. Brokers don’t except US citizens, different types, commission, no commission etc.
You should search the definition of each type. Once you’ve done that, you can use this tool to list the different brokers and a lot of info as to what they offer, how long they been in business, regulated, not regulated, some regulation, where they’re from etc. Forex Brokers Comparison Use the search brokers to get a list of the type of broker you think suits you best, then use the side by side comparison to see which one of those will serve you the best.
Once you have your list of brokers, go back to the net and search each one Broker XX Reviews, don’t just read one review, read as many as you can, a lot of them are BS, and fake, but it’s like if you were thinking about going to a restaurant you’ve never been to and you ask 10 people if they all tell you it’s good especially the steak, doesn’t mean the steak is good but probably is. If you in same situation and 10 people tell you to stay away price is high, food and service is bad, you may want to keep searching. Forex broker reviews should be looked at the same way.
Hope that helps
Gp
never know if choosing a broker depends on what pair we are on but okay that sounds good to me.
I think I’ll do trading on EUR/USD or GBP/USD pair,I’ll take USD as my domestic currency so do I have to take a broker that’s located in euro? if you suggest me to do so then tell me some ECN brokers are located in Europe and registered to a regulatory body…
I just don’t want to put my money on untrusted broker…