Looking for a UK ECN Broker

Trading Discussion
1

I’m currently searching for a regulated ECN broker in London, I don’t mind paying a commission for trustworthiness. However if there [U]is[/U] a commission, I do expect the spread to be lower. :slight_smile:

I have been looking at Alpari UK and have tested out their demo account. I am quite happy about their spread, slippage etc, but they have some reviews that calls for concern on Forex Peace Army. Even though they claim to be NDD ECN, there are indicators that they are actually MM.

Another thing that really bugs me is their naming of the Pip and Point (link).

As far as I can tell their pips and points are exactly the same at 5th decimal place for most currencies and 3rd for JPY, but I have been unable to confirm this yet since one of their staff informed me by email that she thinks it is the 4th and 2nd.

Is there a better broker than Alpari UK that you are using?

Thanks!

2

well if you want to go out of the realm of UK brokers, there are a few that apparently can show you the audit trail or whatever it’s called - for each trade. Who took your trade. So that proves that it’s really ECN.

I seem to recall one UK broker also had that feature but I can’t remember. Well I guess there are many that can do this, once you get up into larger account sizes.

Global Prime in Australia has good spreads and can do this. Sounds good.

Also I think JFD can too from some comments in french on FPA I was reading, but I’m not sure where they are based - probably Cyprus.

Probably once someone posts here the correct technical term for “audit trail” or whatever it is, then you can find more with google.

3

I’m not vouching for the presenter or any sites or products or services, but this is a great video to watch if you’re looking for a ECN broker

Here’s a site I used for brokers. If you use them make sure you contact the broker to verify the information.
Forex Brokers Comparison

4

Thanks for the link, I’m going to have a look at London Capital Group and see how it goes. :slight_smile:

5

Hey have been trading with Finpro trading nearly 2 years and they have ECN spreads and they have really good trading conditions compared to many other brokers I know. It not necessary that only a uk regulated broker is honest. You might know from your experience that many of them have bad trading conditions such as big slippage, stop loss policies etc.

6

@FxTomas

Thanks for the reply.

The only reason I want my broker to be in the UK because I don’t want to worry about the exchange rate associated with withdrawals/deposits.

7

I think the most brokers (including the Australian) will let you chose the deposit currency. Just download an MT4 demo and when you create an account it will show you all the currencies for the account.

8

Thanks ycomp.

I’m going to give IC markets a go. LCG requires too large of a deposit for me to start there, but I definitely like their spread, execution, etc… better.