hello everybody i m looking for a good ECN brokre but could`nt decide yet. my priorities are low commission rate, minimum deposit, and specially a true ECN broker. i m looking at fxopen. can anbody suggest abt it?
Hello Maliyaser,
Feel free to ask any question regarding our ECN accounts if needed.
I too am looking for a true ECN Broker, I just pulled all of my money out of FXCM UK and am looking for a place to put it. All I want is for someone not to be able to look at my trades and just pass me to a buyer or seller. FXOpen looks to be the best so far but I am also looking at Interactive Brokers, Min deposit 5k, and FXCBS, MB Trading, and Dukascopy.
Any info would help. Thanks
If you want an ECN broker but with MT4, then FXOpen in my humble opinion is a great choice.
why are you looking for exactly ECN broker?
Can I be sure that FXOpen is not a bucket shop? I keep reading these defamators posts on FXOpen on various places (they are not very convincing, but still), but the overall ones are positive. Still, I can’t completely block those negative comments from my head so I’m a bit annoyed with that. If only I new someone personally who had good experience with them. Maybe I’m just too paranoid.
From investopedia:
How Electronic Communication Networks or ECNs Work
ECNs pass on prices from multiple market participants, such as banks and market makers, as well as other traders connected to the ECN, and display the best bid/ask quotes on their trading platforms based on these prices. ECN-type brokers also serve as counterparties to forex transactions, but they operate on a settlement rather than pricing basis. Unlike fixed spreads, which are offered by some market makers, spreads of currency pairs vary on ECNs depending on the pair’s trading activities. During very active trading periods, you can sometimes get no ECN spread at all, particularly in very liquid currency pairs such as the majors (EUR/USD, USD/JPY, GBP/USD and USD/CHF) and some currency crosses.Electronic networks make money by charging customers a fixed commission for each transaction. Authentic ECNs do not play any role in making or setting prices; therefore, the risks of price manipulation are reduced for retail traders. (For more insight, see Direct Access Trading Systems and the Electronic Trading tutorial.)
So because of low spreads, they are definitely the first choice for scalpers. Also, no brokers trading against you.
Honestly ask yourself if you are serious or not?
If you are serious, go with Dukascopy.
If you must use MT4, for now you can use
the Jforex bridge to MT4 until their MT4 beta
testing comes to a close. I highly recommend
Dukascopy.
The problem is the high despot requirement at Dukascopy for ECN. My trading strategy will work best on an ECN account, and FXOpen offers entry deposit that is acceptable to me.
I guess what I’m asking is does FXOpen deliver? I mean, will it fund my account when I send them money and will it allow me to withdraw? Are their intentions toward clients fair? The risk of them being closed down by some government or something similar is the risk I’m willing to take.
When I cover my investment and make some initial profits (and that should take me few months) whatever happens to my broker in future won’t hurt me (much) financially. The important thing is - I COVERED MY INVESTMENT and made some profit.
If you can manage $5,000 - I recommend that
you do go with Dukascopy. They have reduced
the retail deposit minimum to $5,000. I truly
do not trust firms located in questionable
jurisdictions. And FXOpen is one of them.
Just look at their bizarre line of minimal
opening requirements for various accounts
they offer. Micro for $1 deposit? Come on.
And look at you… you are already questioning
if you can even withdraw money from them
already. That tells me you are already uneasy
with them. And they offer 1:500 leverage. Another
red flag… if $1 deposit requirement doesn’t raise
red flag for you. Their ECN is $1,000. Dukascopy’s
ECN is $5,000. Wait a bit more until you can
manage $5,000 and go with Dukascopy. You
just can’t appreciate how great it is to have a firm
you totally trust so that you can just work on
your trading and earning money.
I would agree that Dukascopy is the best around, provided you can afford the $5000 minimum initial deposit. I would also stay away from anything outside the US or that is not NFA-regulated. I like FXDD, they have tight spreads and are easy to fund/withdrawal with.
Well, I just got an update from a friend who
has close contact with Dukascopy. Incidentally,
I also currently trade with Dukascopy. When
MT4 goes live, their retail minimum deposit
requirement will drop down to $2,000.
I understand people’s trepidation of things
unregulated. But NFA/CFTC are not our friend.
They will ruin a perfectly legitimate business
for their whim. And so will the SEC. Not to
mention the IRS. I would prefer the sound
jurisdiction such as Switzerland to that of
anything regulated by the whims of US
regulators any day.
Hrm…a while ago I registered at FXDD, but never funded my account.
Anyway, coincidentally I got this message today from FXDD:
FXDirectDealer, LLC (“FXDD New York”) is providing this notice to you pursuant to NFA Rule 2-40. FXDD intends to transfer your account to FXDD Malta Ltd, (“FXDD MALTA”) a fully licensed and regulated Category 3 Financial Services Firm registered with the Malta Financial Services Authority located in Valletta Malta (MFSA.com.mt). FXDD MALTA will enjoy cross border passport privileges with all other EU countries.
FXDD New York is taking this action so that your account will be regulated under the supervision ofthe Malta Financial Services Authority where your fundswill be held in a segregated customer account and not comingled with the capital of FXDD MALTA.
FXDD New York intends to transfer your account as of the close of trading on Friday, March 12th 2010. Your open positions will be closed as of Friday, March 12th 2010 and will be reopened in your FXDD MALTA account at the same rate. There will be no change in your account value. FXDD Malta will be the direct counterparty to all trades in your account and will service your account going forward. FXDD New York will no longer be the counterparty to your trades or be responsible for servicing your account.
Offshore flight among US brokers are happening.
And soon, offshore companies will close shop in
US as well. Just as FXCM’s MT4 will be hosted
in UK, FXDD’s MT4 customers will now be hosted
in Malta. Now, why do you think they are all
opening up offshore subsidiaries? It’s obvious.
I get so nervous when this stuff happens, it makes me feel like all of this is a scam. Not just Market Makers, but ECNs also. I am looking to open a small 5k ECN account with Duka, but man I am nervous.
old and maybe forgotten thread but I couldn’t stop my self
as Im interested in Ducascopy mentioned here,
are you guys still trading with them?
whats your experience?
It is hard to tell if you chosen a real ECN broker, especially if you have not seen a real one before. Whatever broker you chose, make sure that the executions are fast, no re-quotes and spread has to be low but no constant.
About a true ECN, you can try Alpari- their platform has a good performance and they provide a good service. Another good ECN is Sunbirdfx - I started working with them not so long ago and the min deposit is $100. Goodluck!
Hi! I have been trough a few brokers and what I can tell you is that most of them are really bad.
you can forget about fair trading with most of those brokers.
Alpari and FxOpen should probably be avoided since they are market makers and they will trade against you ECN or not.
also stay away from US brokers, the trading conditions keep getting worse and it won’t be long untill they close down shops. the only ECN that isn’t a MM to my knowledge is DukasCopy unless you have a large capital, then you could look at barx and a few others, Im trading with FXCM atm, they are STP not ECN
I find them ok and I think they are ok for beginners to start with,
you can open a micro acount for 50 and with Dukascopy 100.
On ECN, you may want to check out Tradersway…the initial deposit is quite low compared to the rest and yea, it works so far…
But I’m sure there’re a few brokers who offer similar packages - low deposit, ECN trading…cannot think of anyone else at the moment.
Any thing else on the ECN radar, low deposit etc…any other ECN brokers out there - if so, do list it out, thanks.
Best UK Market Maker
IG Markets - 1:700 - Reliable feed and spreads - No MT4/No Auto but FIX access for Corporate accounts (trading in a company name) and institutional account sizes - Metals / Shares / Indices / Commodities / Options - Must use their Advanced Charts for best charting in the business - tax free spread betting for those who are CFD shy - 10 times better than any “ECN” pretenders if your trading manually
Best UK ECN
MB Trading - 1:100 - Hedging - Scalping - MT4 - FIX protocol - Commission vs Free (wider spreads) accounts - 5 minute downtime at NY close for Swap updates - better price feed than Fx Pro, Alpari and Interactive Brokers (not to be confused with IBFX)
http://www.mbtrading.co.uk/
Best (for UK traders) DMA
Info on DMA: http://advancedmarketsfx.com/dma.asp
Advanced Markets - 1:50 - Bank liquidity access - Low latency - Tight spreads - No MT4 - FIX protocol access - PAMM accounts for money managers - Institutional accounts - only better option requires institutional money - possible alternative London Capital Group ([i]Online Trading | Trade Shares, Forex, Indices, Commodities & Metals | LCG) but yet to fully investigate
http://advancedmarketsfx.com/
Now you know 
You may have a look on Forex-Metal because it is 100% true ECN broker also they have minimum deposit offer and leverage up to 1:500.