RESEARCHING ECN's/Level II Brokers

[bluebell]

Hi all,

I have posted a similiar reply elsewhere, but just in case there are some of you who are unaware as i have been for the past few months about bucket shops and how best to avoid.
or simply to check on a would be broker of your choice. go to www.nfa.futures.org/basicnet

then type in the name of the broker - you will then find out if they are NFA/FCM registered,

whether they have arbitration/reparation/etc cases outstanding or in the past.

I have been to a couple of other forums and read their complaints re stop hunting, not filling of bids etc which often confirms my findings re brokers on the above site

finally - please share yr findings too - as we would all prefer a 'cleaner' industry or at least one that is alot less corrupt than it currently is for those trying to trade currencies/forex.

 

[CYOF]

I have recently tested daytrading FX with Interbank FX - and it is impossible to place trades due to the software that retail brokers use - as soon as a little volatility appears you are re-quoted and often left sitting there for over a minute.

If you are serious about daytrading FX, then you need to use a DA broker like IB or MBT.

You also have the added advantage of knowing your capital is secure with well established brokers - not like retail brokers - look at what happened to the traders that used Refco.