How to identify a true ECN(+STP) broker? how to identify its true business model and they play fairly?

  1. Thanks.
    The post-trade transparency report is used for a single trade, not for bulk/monthly reporting. Meaning you’ve made a trade on 20.09 and you saw a spike that was unnatural resulting in your order being stopped out due to margin or SL levels hit. Then you write to the support and ask for such a report for that trade. So, that you can see where was the issue.
  2. It’s all about the location/regulation of the broker. Brokers regulated with different regulators can offer different leverages.
  3. Every broker regardless of order execution model can offer higher leverages (for clients outside of the EU) if they have an office/branch/subsidiary registered with an “authority” outside of the EU (for example - Vanuatu), which means that the EU clients will get the leverage cap of x30 but the non-EU traders can register with the broker’s non-EU branch and still receive the higher leverage.
  4. Perhaps it would be easier to spot MM/DD broker traits.
    I’ve started a thread about it - [List]How to spot Dealing Desk brokers (Market Makers)
    This article might help as well - The 4 Types of Forex Brokers - Explained – The Pip Farmer – Medium

Remember - All scam brokers are Market Makers/Dealing Desks, but not all Market Makers/Dealing Desk brokers are scams!
It’s kinda the same thing like with scotch, cognac and champagne:

  • All scotches are whisky, but not all whiskys are scotch.
  • All cognac is brandy, but not all brandys are cognac.
  • All champagne is sparkling wine, but not all sparkling wines are champagne.
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