Hey, so I’m wondering which broker to pick. I know it all comes down to personal taste and style, but want to get some feedback. Originally I was deadset on Interactive Brokers, but they require assets of $10 million to use leverage, so that’s out. I don’t really want a marketmaker, so I’ve been looking at ECN’s. From some research I’ve came up with TD Ameritrade ThinkorSwim, Dukascopy, and TradeStation. I’ve seen some people reccomend IC Markets, but they look kinda sketchy from glancing their website. I’m looking for something with low to non existence spread, and with commissions. IB had commissions at $2 per trade, but I doubt there’s one with that good of ones. If anyone has used the ones listed above let me know your experience with em. Not really intrested in other brokers since all the others I’ve read seem like market makers or sketchy so thank You!
Frankly speaking, I haven’t traded with any of the brokers you talked with, so pretty much not worthy for me to comment. I feel the simple logic through you need to go for selection is security, it’s there then I will not worry much with any broker. The luxuries are second requirement not the first one and if we understood this concept then we will have long and successful career ahead of us.
Welcome to BabyPips @USA1791
Your username suggests you live in the US. If that’s the case, please note there are currently only four brokers authorized to offer retail forex trading to US residents precisely because of the strict regulatory requirements we have to meet which include accountability for the price where each customer transaction is executed.
Unfortunately, you’re not alone in having this misconception about market makers.
It’s worth noting that for institutional traders, FOREX.com’s parent company GAIN Capital offers ECN solutions through the GTX marketplace. However, at the retail level, we have always been open about our role as the market maker for the trades placed by our clients.
We feel no reason to hide this fact, because at retail trade sizes, we believe market making is the best way to provide customers with reliable pricing while effectively managing our own risk. We are fully accountable for every execution and don’t outsource that responsibility to a third party.
You may find this earlier discussion interesting Does a real ECN broker exist?