I’m new to forex trading and I’m seeking FCA regulated brokers that offer ECN services and do not trade against their client, therefore there is no conflict of interest and has tight spreads?
Are there any brokers that you can see their order book upon their platform?
Maybe not but I thought to ask.
I’m based in the UK and have had previous experience with ICMarkets as a broker as they were recommended to me, however this broker is not FCA regulated and I am choosing to change brokers for this reason.
Thanks in advance for any of your recommendations.
Hey there! I’ve been trading with Fxview and fxcm for years now and I guess they fit your checklist here. They’re regulated by CySec and FCA, and follow the ECN business model that gives the traders an access to deep liquidity, competitive spreads and low trading commissions. My brother has been trading with an unregulated broker who traded against him and left him with little savings in his account. That’s what made us search around for a broker who trades with the client and not against him. You can try them out and their demo accounts to start with. All the best!
I’m residing in the US and just started forex trading. It’s actually quite surprising that there isn’t any regulated forex broker except for the UK ones that are flexible enough to accommodate small capital requirements of new traders. Any particular reason behind this? In fact, I’ve been reading threads on this portal and came across with many traders who’re facing the same problem.
That’s because forex brokers in the UK offer numerous benefits to the traders. Say for instance they don’t levy any uncalled for trading restrictions like a cap on the leverage or any restrictions on the scalping and hedging strategies.
First thing, it’s great that you’re looking for a FCA regulated broker, then there are a lot of options out there. I prefer working with ■■■■■■ and fxcm. They work according to the highest regulatory standards by the CySEC and compliance rules with the ESMA regulations. Other than this, deep liquidity, tight spreads, and trading commissions are some of the perks working with regulated brokers.
I think I’ve come to the end of the line with UK Spreadbetting companies too. I know they say they don’t mind if u win or lose, but with bets mostly unhedged due to the high precentage of losing clients, I feel I am trading against them as well as the market. It’s not so bad when you are trading H4 or higher time frame with 100’s pips moves, but it’s very stressful for scalping. Too many things can and do tend to go wrong.
So, what would be my best option for trading forex, dax, nasdaq from UK? I guess I’m looking at something with maybe slightly higher costs, but with the knowledge that the broker REALLY doesn’t mind whether I win or lose
That’s right. Many leading economies including the US have well defined trading policies that usually prevent the brokers from offering services that opposes the regulatory guidelines. The leverage rules that Peter mentioned include a maximum leverage of 1:50, hedging is banned and there are other trading restrictions too.
Leave aside forex @Paul, the European regulated brokers also allow commodity and indices trading with neat rates. I too started with forex trading and now after 3 years, plan on experimenting indices trading with ■■■■■■ and avatrade.
You can try Hotforex or Tickmill, they are regulated by the FCA, however the type of trading contract they offer if CFD which implies there is no order book and bid/ask prices supplied by a market maker. However if you want to see limit order book data you have to choose other trading products like futures or options.