Compare Brokers for Scalpers? True ECN brokers?

[JacobD]

Axitrader, Directfx, GlobalPrime, IC Markets, CityIndex, CLMforex, Synergy FX or Armada? All these brokers seem to be ok. Are they really ECN and do you think they are fine for scalping trading? Anybody used these brokers and were happy with them?

 

[dkami]

Everyone trades differently, After doing your initial research on a broker there is only one real way to see if a broker can live up to your expectations and that's to open a small live account and test them out for yourself (this can take 1-5years)

With so many fake reviews and broker's changing the way they do businesses with a client after say they have doubled, tippled their account, only you can decide if a broker is or is still right for you!

Testing broker's can be a real pain in the a** but it's a must for me before depositing anything over 2k

 

[robertrfx]

Checkout FPA broker reviews section. For me Hotforex is the best in terms of customer service, spread and the platform

 

[workitout]

Axitrader, Directfx, GlobalPrime, IC Markets, CityIndex, CLMforex, Synergy FX or Armada? All these brokers seem to be ok. Are they really ECN and do you think they are fine for scalping trading? Anybody used these brokers and were happy with them?

that's a lot of brokers list to test . you may willing to hear others thought, but for your own good threat any user review you may found as reference only, you need to experience the trading condition by your own. a test deposit at minimum required would be good start. as scalping method, it never well defined and may vary depend on trader strategies. as for me i'm not a 'hardcore' scalpers who need to pull out their order upon 2-3 pips profit, as put 100 trades daily. i saw this a waste, more trade means more cost, as my trading plan held to put minimum entry per day eventhough the result often just like pips scalping. i dont put tp level upon my executed entry, just use a moving stop loss along with market movement. and i;m doing good as my system perform well at armada markets account, what i concern is my trading cost per trade, as their payment method. so did I already happy with them, not yet there's long way to go collect more pips and develop my trading system to keep perform well.

 

[Pharaoh]

With any broker that claims to be ECN, the first thing to do is to verify their LPs. If they don't publicly list their liquidity providers, then there's no way to be sure they have any and aren't just keeping all trades in house.

Once you've found the ones who do say who their LPs are, contact the LPs. I've seen plenty of brand new "instant brokerage" websites claiming to have 10 of the world's largest banks as their LPs. Claims like that need to be checked.

Don't forget to verify the regulations of any broker you sign up with. Many brokers are really groups of companies. They will brag about being under a major regulator on their website and then can direct your account to an under-regulated or even unregulated "separate" company based on what country you sign up from.

 

[NanoAlpha]

Once you've found the ones who do say who their LPs are, contact the LPs.

A list of LPs taken from a random ECN broker website:
Credit Suisse | JPMorgan | Goldman Sachs | Citi | Societe Generale | UBS | Barclays | BNP Paribas | Bank of America | CIBC | Commerzbank | Deutsche Bank | Dresdner | HSBC | Morgan Stanley | Nomura | RBS

Me: Hello, Deutsche Bank?
DB: Yes
Me: I'd like to ask if you provide liquidity for the X broker
DB: One moment please
- phone hangs up -

Seriously now, how do you go about checking with the LP? Has anybody really succeeded in doing this?

 

[Pharaoh]

For a level 1 customer service rep on the phones to have any info about this would be unlikely.

A better chance of success would be to email the PR department and legal department at the bank, send them a screenshot showing how some little broker is claiming (probably falsely) that the big bank is an LP, and ask if it's true or not. Even if you don't hear back, there's a good chance that the bank will be having a chat with any broker making false claims.

 

[RahmanSL]

For a level 1 customer service rep on the phones to have any info about this would be unlikely.
A better chance of success would be to email the PR department and legal department at the bank, send them a screenshot showing how some little broker is claiming (probably falsely) that the big bank is an LP, and ask if it's true or not. Even if you don't hear back, there's a good chance that the bank will be having a chat with any broker making false claims.

Yoh Son-Of-Ra'a....don't you see the business opportunity here for you??...Set up your service company to help check & verify brokers for a fee...and yo help file complaints against brokers, etc, etc......with brokering for young, cute translators on the side

 

[bhenny]

With any broker that claims to be ECN, the first thing to do is to verify their LPs. If they don't publicly list their liquidity providers, then there's no way to be sure they have any and aren't just keeping all trades in house.

Once you've found the ones who do say who their LPs are, contact the LPs. I've seen plenty of brand new "instant brokerage" websites claiming to have 10 of the world's largest banks as their LPs. Claims like that need to be checked.

Don't forget to verify the regulations of any broker you sign up with. Many brokers are really groups of companies. They will brag about being under a major regulator on their website and then can direct your account to an under-regulated or even unregulated "separate" company based on what country you sign up from.

Is that licnesed partnership?

 

[ForexTus]

Hugosway for me when scalping