I’m live with IBFX on a micro account. Didn’t go with an ECN, because all the ones that I think were legitimate didn’t have micro accounts, and I wanted to start extremely small with my first account.
So, far they are working very nicely, I won some, I lost some. Wins are starting to outweigh my losses and be much larger, platform and trades are still behaving as usual. I’ve been doing a trade journal and so far my losses seem just about all my fault and not because of any shenanigans.
They are not an ECN. However, they also claim they are not a deal desk and that they do not trade against you. I was talking with a live chat rep today. They claim they use a large pool of banks as liquidity providers. So, they are a market maker, but not a deal desk. They claim “STP, straight through processing,” to the market they create. And as other brokers claim to make their money from the spread that they show you.
I’ve seen some requotes when price is moving fast, which is annoying, but to be expected. You can’t close or buy/sell at certain price if it isn’t in the market anymore.
While I like the idea of an ECN very much, I do not like having to add commision on top of my losses or subtracting them from my winners.
Mathmatically an ECN with a nice commsion structure would be cheaper. I think it was MB’s?, MBT navigator?, commission structure that basically added up to about a pip.