This may sound really dumb and its a completely newbie question… but what exactly are the differences between a standard broker and a ECN?
I know the ECN directly forwards your trades to the Interbank and charges a commission. And I know the standard broker does some off-setting of trades and hedges against you and what-not
But other than that…
Is the execution advantage/ tighter spreads of an ECN a big deal if you dont scalp/day trade and use relatively wide stops (25-50 pips)
Do ECNs also offer the same crazy margin/leverage as the standard broker does?
Are the lots the same or are they higher? Is the charting even the same?
Do most of the seasoned veterans here at babypips use ECNs?
Anyway the reason I ask is that you require quite a bit more money to open a ECN account. And there arent really any free demo accounts with them