Please help me find a really true ecn/stp broker

[Trader1_NO]

I'm starting to get pretty fed up of all the bucket shops running their business to the end customer as a pure casino.

This was the last one Safecap's Markets.com, although I had it coming I thought ok, I want to practice my new trading strategy as well so I can use this account with 20$ free instead of an demo account. The result? after completely legally turning 20$ into 300$ in two weeks? guess what - a total termination of my account lol....big surprise what?

Everything should be electronic today without any human interfere. Only reason to have employees today (besides technicians and few guys to do back office work) is to try promote your service. I am so fed up now really that I almost consider setting up my own broker service. It is by no means the way to become rich, but I dont do thinks to become riach, I do them because I enjoy doing that specific thing. I've already done it; I am 31 years, and have been bodybuilding since a teenager...so I quit my job in Microsoft as a project manager in 2013 and started up my own gym...1000 square meter big gym (primefitness.no), I don't really care about the earnings as long as it covers the expenses.I just wanted a nice place locally to work out!

Trading is my second biggest hobby though, I enjoy studding price charts (probably because I have an MSc in B&E) and macro economics in general. I started a zulu account as well just to mirror my personal manual trades and let whomever else want to hang on, do so: zulutrade.com/trader/319349 it's a nice way anyway to keep track of my progress besides running a myfxbook page.


So anyway what I am asking you guys, you guys that have been seriously trading for at least some years and actually been sccessfull and are profitable over time....which broker do you really use? I have spent quite some time analyzing the FPA's broker recommanditions from users..and there is two standing left as possible options:

Global Prime, Darwinex and FXChoice

Both's main staff consist of experienced brokers in their avertering, which is a good sign. Now Darwinex's liquidity provider is another suspicious broker though LMAX...Lmax seems like a brokers that plays around though, it seems to me...if they provide Darwinex raw prices or not is of course difficult to know. Globabl Prime rank several liqudity providers up again each other which seems reasonable though if actually carried out in practice.


So any of you guys that have been in the industry for a whiel and are still updated on the broker market; can you recommend any broker for smaller investors? typically 500 - 10 000$ accounts?

 

[Pharaoh]

Ask the brokers if they can show the trading tickets from the LPs. If the answer is yes, that's a strong indication that the broker really is STP/ECN.

Some brokers will claim confidentiality rules prevent this. My view is that if it's so secret, how can I be sure it's real?

 

[Trader1_NO]

Thanks for your input Pharaoh!

Only problem is the fact this recieps are quite easy to fake. The only broker I know that advertise they will provide recieps are Global Prime, but they are a small Australian broker, charging 7$ on each lot traded which is quite much...so I don't know.

Anyway I am judging quite some now by myfxbook's trading volume which is a good indicator I think;
http://www.myfxbook.com/forex-broker-volume. Best time to check is ofcourse in busy hours like when London and NY overlaps. The ranking among the retail brokers might actually surprise you:s

And further, there is a broker that is normally among the 5 tops; Finpro trading. They got high leverage, some bonus shemes...several trading platforms, and actually seems like a true ecn/stp broker with a good liqudity pool. I am looking for a broker with a good partner setup as well...to start out as a money manager.

Main indicators after some own experience and a post an trader posted on Forexfactory I came across:
1. Broker's current volume (just need to check myfxbook's actual source of getting these numbers - they members perhaps? Do you know Paraoh?)

2. Partner offers

3. Reasonable answers on my own check questions for a senior employee which is hehe:

• How do you as a broker earn money on your STP accounts?
• Who is your liquidity provider? and if a poll how do you manage them?
• How many trader platforms do you provide?
• How do you manage your higher leverage? (most liquidity providers provide 100:1 to the broker as far as I know)

My Norwegian local bank(which is 110% safe) do now also actually offer forex broker account now. But minimum entering is 100KNOK or about 10K$. And max leverage is 40:1 I think. If any commisions I don't know. They have other trading account for stocks etc but there is a commissions of 95kr about 10$ as far as I know. Anyway as long as money stay within the account the profit is tax free I think they advertised:s(which might be a high advantage).



Might I ask which broker you have used yourself over the years Pharaoh, or do you switch from time to time? -you seem to have been in the game for a while...I see several experienced traders that prefer to grow smal accounts from broker to broker, to avoid to much attention.

 

[Pharaoh]

Reciepts can be faked, but it's easy to ask the LP if the receipt is real or not. If they won't confirm it, then the assumption should be that it's a fake.

Trading at your own bank as an option? That sounds like a very good idea - if the trading terms are reasonable.

If I revealed my personal bucketshop and it went bust, then I'd feel guilty. If you are planning to deposit significant amounts of money, I do recommend splitting your funds between at least 2 well regulated brokers.

 

[OldMateAlf]

Thanks for your input Pharaoh!

Only problem is the fact this recieps are quite easy to fake. The only broker I know that advertise they will provide recieps are Global Prime, but they are a small Australian broker, charging 7$ on each lot traded which is quite much...so I don't know.

Anyway I am judging quite some now by myfxbook's trading volume which is a good indicator I think;
http://www.myfxbook.com/forex-broker-volume. Best time to check is ofcourse in busy hours like when London and NY overlaps. The ranking among the retail brokers might actually surprise you:s

And further, there is a broker that is normally among the 5 tops; Finpro trading. They got high leverage, some bonus shemes...several trading platforms, and actually seems like a true ecn/stp broker with a good liqudity pool. I am looking for a broker with a good partner setup as well...to start out as a money manager.

Main indicators after some own experience and a post an trader posted on Forexfactory I came across:
1. Broker's current volume (just need to check myfxbook's actual source of getting these numbers - they members perhaps? Do you know Paraoh?)

2. Partner offers

3. Reasonable answers on my own check questions for a senior employee which is hehe:

• How do you as a broker earn money on your STP accounts?
• Who is your liquidity provider? and if a poll how do you manage them?
• How many trader platforms do you provide?
• How do you manage your higher leverage? (most liquidity providers provide 100:1 to the broker as far as I know)

My Norwegian local bank(which is 110% safe) do now also actually offer forex broker account now. But minimum entering is 100KNOK or about 10K$. And max leverage is 40:1 I think. If any commisions I don't know. They have other trading account for stocks etc but there is a commissions of 95kr about 10$ as far as I know. Anyway as long as money stay within the account the profit is tax free I think they advertised:s(which might be a high advantage).



Might I ask which broker you have used yourself over the years Pharaoh, or do you switch from time to time? -you seem to have been in the game for a while...I see several experienced traders that prefer to grow smal accounts from broker to broker, to avoid to much attention.

WHAT SIZE ACCOUNT ARE YOU ON? I THINK $7 IS PRETTY STANDARD IF BELOW $10,000USD.

TRYING TO FIND A TRUE STP MYSELF SO TUNING IN HERE TO FIND OUT!

 

[Trader1_NO]

WHAT SIZE ACCOUNT ARE YOU ON? I THINK $7 IS PRETTY STANDARD IF BELOW $10,000USD.

TRYING TO FIND A TRUE STP MYSELF SO TUNING IN HERE TO FIND OUT!

I went in with FinproTrading, they have a great volume of trades and very helpful staff. Seems to be a true ecn broker. So far so good, tight spreads and great variety of instruments which I was looking for with possibility to trade smaller amounts.

They had a dowage last week trying to connect more liquidity providers. They were anyway very helpful with manual management of trades, questions and generally handled the situation well and have promised a good compensation. I am discussing a mam account offer with them now after having a 140% increase of my balance in the first week (and instead of getting my account terminated over at markets.com lol)