What is the best ECN forex broker?

This is a discussion on What is the best ECN forex broker? within the Forex Brokers forums, part of the Commercial category; Originally Posted by gerryg Ok so how did you figure out that your broker is ECN? Any distinguishing features you ...

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Old Apr 11, 2017, 9:13pm   #16
Joined Feb 2017
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Originally Posted by gerryg View Post
Ok so how did you figure out that your broker is ECN? Any distinguishing features you can share with newbies?
To be honest it is very tough to identify a True ECN broker. But I have experience trading with few ‘ECN by Association’ brokers like FXCC. I have had experience with them multiple fake candles! I have screenshot.

First point is, a scam broker won’t ask you twice for verification but Tickmill ask me twice to send my documents. I had to provide my Passport and rejected my ID card! (No FX broker did before, I have open account with more than 20 brokers with this ID card!) They wanted a paper scan (after providing the digital pdf)! I believe this is a great sign.

I traded the rumor of today (Trump threaten N.Korea) , I had 4 short at USDJPY and all of them was close in positive slippage! ( one of them was 3 pips), Nobody does that unless a true ECN. Never found re-quote! And you can set SL anyway you like no minimum PIP requirements. And they offer no big offers which is a big sign of a good ECN broker.

Hope this will help newbies. Hope they will ignore those broker who offers so much free stuff.
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Old May 22, 2017, 8:14pm   #17
Joined Feb 2016
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Hope they will ignore those broker who offers so much free stuff.
I think new traders should make some thorough research before finalizing any reputed broker because it is becoming much difficult to find a decent broker these days.
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Old May 23, 2017, 3:37pm   #18
Joined Sep 2013
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I think new traders should make some thorough research before finalizing any reputed broker because it is becoming much difficult to find a decent broker these days.
What are the criterions you can suggest essential for valid research on a broker?
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Old Oct 7, 2017, 12:25pm   #19
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Sometimes I see someone about saying true ECN broker . what is actually True ECN ?
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Old Oct 13, 2017, 2:38pm   #20
 
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Originally Posted by Peter Borren View Post
Sometimes I see someone about saying true ECN broker . what is actually True ECN ?
A true ECN is a system that allows routing your trade to another member of the ECN.
The vendor or agency that provides the software (and sometimes hardware) could be a neutral broker or just a technology provider agency. If is a neutral broker their commission per transaction should be very low. They won’t take the other side of your trade and might offering you to deposit with them but as extra services. You can find all quoted prices and venues to route your trades and should get some notion of the transaction outcome before the pending order get place, so it will be for example a slippage event, you will know exactly the different among prices, that can occurs ( due markets condition at the day, venue notify that slippage event can occur, so the trader will not be surprised if they dont get filled in the price the want to deal) since the venue (a brokerage house, broker dealer, an exchange or another trader) will post in the pre trade book.
If is a retail ENC there is a little blur due ENC are most popular and flexible in the wholesale side, so for the retail ECN is the same on quoting price, but you do not connect directly to the venue that is streaming the price, the broker will send your trade and place it with a venue that is willing to make a deal with those retail blocks orders.

If the ECN is a tech, news, data provider company (like Bloomber, Flextrade or Reuters) they won’t hold funds in your behalf, they just will charge a monthly fee for the services and just will link your order to the venue you choose to.
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Old Oct 23, 2017, 10:30am   #21
 
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I think it really depends what you're looking for. Tighter spreads on ECN but instant execution on MM/DD. However, like a lot of people have said here, execution on most modern ECN platforms is pretty much instant with no re-quotes.

A lot of traders like the 'peace of mind' factor that comes with ECN, in the fact that they're simply passing the trade through to a liquidity provider/other participant in the market and it's not going to a desk with someone that (possibly) has different interests to you.

Most brokers that are 'true' ECN will market this quite heavily on their website/info etc, so it shouldn't be that hard to find.
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Old Dec 6, 2017, 4:33pm   #22
Joined Sep 2013
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Originally Posted by rgibson91 View Post
I think it really depends what you're looking for. Tighter spreads on ECN but instant execution on MM/DD. However, like a lot of people have said here, execution on most modern ECN platforms is pretty much instant with no re-quotes.

Only when you don't run scalping EA's or trading news. In this case execution is pretty sh**ty on most because its a true test of their services. It took me several years and a lot of lost money to understand who is who
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Old Apr 12, 2018, 6:29pm   #23
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Originally Posted by gerryg View Post
Only when you don't run scalping EA's or trading news. In this case execution is pretty sh**ty on most because its a true test of their services. It took me several years and a lot of lost money to understand who is who
So which broker did you eventually choose?
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