How can you verify this before you open a live account with the broker? As I mentioned, there are detailed articles on this topic on LuckScout that you can read to learn more. When you open a live account with a market maker broker, indeed you are trading with the broker, not with the real world wide currency market. The market is the broker itself. Although the currency pairs prices are almost the same as the other brokers, on a market maker platform, your orders never go beyond the brokers computers and you trade inside the brokerage firm.

What is a Market Maker and Why Market Making? — MahiFX

So, if you make profit, the broker has to pay it. Read this article to know how a market maker broker makes money: Is It Bad or Illegal to Be a Market Maker? They just connect the platform you install on your computer to the liquidity providers computers.

Read this article to learn about liquidity providers and the way they make money: How Do the Liquidity Providers Make Money and Are They Market Maker? There are some ways to do that: It is not bad and illegal to be a market maker broker.

What is bad or maybe illegal depend on who writes the rules is trying to make the traders lose. However, the problem comes when market maker brokers get greedy and try to make more money within a shorter time. Of course, they do their best to stop the winning traders and make them close their account and leave. You are following us on LuckScout to become profitable Forex traders. Many of you have become profitable demo traders already as per the program you are following on LuckScout read this.

However, you are worried about the broker you will want to open your live account with, when you were ready to. Even if a broker has been doing good for years, they can change overnight and start cheating their clients, and we will be accused as the referrer too. Traders like to pay less spread to make more profit. So, there is a competition among brokers to offer the lowest possible spread to attract more traders.

Market maker brokers have full control on the spread. They can offer even zero spread, because everything can be set at their side. Therefore, all the brokers who offer a fixed or zero spread are market makers.

This is the first signal you have to notice. Spread cannot be fixed on the real currency market. Also, brokers that offer higher than usual spreads are market makers, because nowadays liquidity providers offer very low spread. Swap can also be fully controlled by market maker brokers.

Types of Forex Brokers: ECN v Market Makers | Vantage FX

If a broker is offering a swap free account, it is a market maker broker definitely. It is one of their sources of income that they cannot ignore, because they also have to pay it to the other dealer and organizations they are dealing with. Please note that although swap has a special formula that uses the same interest rate for calculations, different liquidity providers offer different swap, because they can control it.

Another thing about leverage is that some brokers lower the leverage on weekends. They say they do it to protect the clients funds, whereas this is nonsense. Those are the most important factors that you have to check with the brokers. Hope I have not missed anything here.

Please let me know if there is anything else that I have to explain. They allow you to scalp and you can do it if the markets allow you to. Therefore, they make limits on taking profit and closing the positions. When you see such limits, you should know that you are dealing with a market maker broker. Market maker brokers have limits on stop loss , target and trailing stop loss size.

They cannot afford it even if they make extra money through markups. Stay away from the brokers who offer free bonus. And, they know that greed will make these trader to lose all. It is only the trader who loses his capital.

It is another trick by some market maker brokers. If a huge and sudden price movement occurs like the 15th Jan CHF Tsunami , and traders accounts go to negative balance because of having no stop loss or because the stop loss orders could not be triggered, then it is the traders responsibility to pay for the negative balance.

It is your account and you are the one who have lost money, because of the currency you have been trading. However, I have never seen that brokers prosecute retail traders for their negative balance, because if they say in advance that it is the trader who has to pay for a negative balance, then no trader dares to sign up for an account, because not only you can lose your trading capital, but you have to pay extra for the negative balance.

They have to shut down the brokerage if they cannot do it, and they are the one who will be prosecuted by the liquidity providers. With the market maker brokers, a billion dollar negative balance on a live account is the same as a billion dollar loss on a demo account.

Do you pay any money to the broker when you blow up your demo account? You just sign up for another demo account. This is to deceive the traders.

They want the traders to feel safe. Then what happens if a strong movement occurs and your account goes to a negative balance? Read this article to receive the answer of these questions: The Swiss Franc Tsunami. My broker gives the following. Thereafter, it becomes an individual responsibility to carry out due deligence on the broker. I distrust so many of them that it prevents me from trading. Hi Prakash Can you send me the name of the broker especially if its regulated. To Mr Prakash, Please can you share your list of ECN broker.

It is a while I have started doing it. When there is an important news release, I write articles about it, analyze the news and charts based on it and inform the users in advance. Please check the fundamental category to see what I have done so far: Can you tell me what this solution it, or I have to wait the article? How can you verify that they are really their liquidity providers? Hi deji I have the same experience; though i have not opened acct with the broker, i asked who their liquidity providers are.

I was asked to check the corner of their web page. I believe Chris recommend we find out from LPs. Do you have problem with them? Hi Chris, this is answer by FXCM in Forexfactory just a few minutes ago. Image posted by Phylo, they claim as their Liquidity Provider. Those liquidity providers that support micro-lots cannot be among the good ones I listed above. It means not all of them. If you really insist to open an account with them, then you have to trade micro-lots for a while and see how it goes.

You can keep on working with them. About ECN broker, if a true ECN broker not able to process micro lots, than maybe many of them are HALF ECN broker. I mean, they route mini-lots or bigger to the True Liquidity Providers, but they keep the micro-lots on their server so when I open micro-lot position, I am just make a demo trading with that broker.

Many brokers have both systems. This seems very apparent with FinFX Finland who offer and include everything but within clear categories in their trading account comparison page, Micro, ECN etc. However Chris may think otherwise! Thanks for this great article. Dear chris, totay i experienced with my broker when my order is very close to hit tp more 10 pips only price is struggle there too much time.

This is not enough to say they are market maker and they have been trying to prevent your position from hitting the TP, because what you experienced happens under the markets normal condition very often. If you keep on seeing this over and over, and if the spread goes up when you have a short position, to prevent the position from hitting the TP or make it hit the SL faster, then you can say it is the broker who is doing it.

This happens over and over, and more often than not. I just started trading live recently, so more on Demo. But it happened to me this morning live with USDJPY. Thanks very much for the article. Could you give us some tips? The above article is focused on the tips you are asking for.

I do see my broker keeps on changing the spread. If so, then why and when the LP changes the spreads? If the spread is high or low what does it mean to the market condition? Liquidity providers charge the spread because they provide liquidity to make money. They are not charitable organizations that work for the sake of God. They want to make money too. Chris when a position is opened is it not the spread at the time of taking the trade that is effective? Increasing the spread can only affect short positions, because you always pay the spread when you buy.

But when you have a short position, increasing the spread can prevent it from hitting the TP if it is close to hit the TP, and it can even make the position hit the SL while the market price is too far from the SL.

For example when the price is pips below the level that your SL is set, if they increase the spread for pips, your SL will be triggered. Can you, please, tell me what is a 0. Do it mean 0. How much big is a full lot? Hi, but what it mean Is it not about percentual? So, how can I know if it is a micro lot or a full lot? Thanks for your help. So, the minimum rate is , bucks, right?

Do you mean 10 thousand bucks per trade? So, just rich people can trade with ECN brokers? And people that want to open a thousand account, cause they can afford to invest more, are they forced to trade with market makers brokers?

With the leverage of Thanks for answering me. Your comment makes a lot of sense. What is it their interested in doing so? Besides, there is a difference between a lot and a simple trade? You said we can buy or sell rates much lower than 10 or thousand bucks like or bucks , since the minumum lot size is 10, bucks, so is it mean we can trade without lots? Your article and posts are really helping me to learn this unknowm field. Thank you very much.

It is the trader who loses if the price goes against him. There is no something called simple trade. This is how online trading is designed. You will learn them when it is the time to. Thanks again for your help.

The money you trade and win, where they come from? How is it possibile to trade much more money than what you really have? Can you explain me clearer, please? Yes, the money come from the banks. Just thinking out loud.. When time comes to open real account, we take our hard earn money and start searching for broker who meets all criteria from this fantastic article, If there are disagreements we keep on searching until we find something what will fulfill our expectation..

I noticed that many brokerage firms offer different types of account. We can see Swap free, Spread free, Fixed spread,… Leverage from I want you to peruse this conversation l had with LMAX rep. Since we are set up as MTF Multilateral trading facility with no dealing desk and no re-quotes, we do not slip clients and all orders are filled at the best available price at the time. Are you asking about clients following a master?

We cannot provide you with any private broker. You will have to search for it on google, However we can verify with you whether or not they are our partners. Kindly verify if these brokers are partnering with you: There are introducing brokers who will assist you to open an account with LMAX. The minimum deposit will usually be less when you open an account with our introducing brokers.

Basically, the introducing brokers will assist you to open a direct account with LMAX. Therefore, the funds are treated as the same as they would when they come in as a direct client of LMAX. The introducing brokers may charge you on extra commission but that is between you and the introducing broker and we cannot provide more information regarding their commission charges.

Introducing broker just refers you to the same company. So your account will be with the same broker. Thanks for your response. Their MT4 account can be on market maker system, or if it is ECN, then it is supported by poor liquidity providers.

Can you trade both platforms through one live account, or you have to open either an MT4 or web based platform account? Read the policy as sometimes when you go that route, they can charge you an extra mark-up as that charge is paid to the broker, who introduced to you to another broker.

Hi Chris, before read this article, I thought Leverage only related to broker, not with Liqudity provider.

It is too risky for them to offer higher leverages. Thanks for always helping us out with your well detailed article. Please, I need your opinion on XM. I am afraid I cannot recommend you any broker via email. I have explained it in the above article. I tried asking Dukascopy for their liquidity providers, they ignored my question among others in my mail.

Still unsure about this broker… but I like the idea that they are based in Switzerland and we can choose CHF as account currency too. I have mailed with them, and they wrote that they trade with more than 20 liquidity providers with minimum ticket size of , , or As far as I can see they have implemented their own ECN instead of using an external one for order matching.

With this you can probably make some money without any deposit. But you have to at least triple it to withdraw the profit. Hi Chris, What is you opinion of not only MM brokers hunting stop losses, but also hedge fund, big traders and institutions seeking to move and control the market by stop hunting around areas of support and resistance where they expect most traders to place them?

This can be done on stock market, but not on currency market. It is only the central banks who can make the currency market move strongly. They do it by changing the interest rates for some special reasons. Are you saying that it is impossible to stop-hunt in the currency market? Is it just a myth?

Brokers can hunt the stop losses by increasing the spread: This is what that looks impossible to me because hedge funds are not strong enough to take the positions that can move the price on currency market. Currency market is larger than to be manipulated like that. Hi Chris, I found an interesting addition to this discussion we had earlier on the above subject if I am permitted to quote it on your website? Sorry that I had to remove that paragraphs you took from that site, because maybe we are not allowed to have their content here.

But we can link to it without any problems, so LuckScout users can refer to the site and read it. If you ask for my opinion, I have to say that I disagree with that article.

Forex trading is not like that. They do their own job which is what makes the price move. What we do is that we wait for them to make the price move, and then we follow the price. Not only they are not our enemies, but also we appreciate what they do, because it makes money for us, if we know how to follow the price: Thanks so much for your informative answer Chris and your reference I had not seen before.

There is so much conflicting information out there and the article was not encouraging. I apologize for direct quoting, I wondered if I had made a mistake as well as taking up too much space with it! Have we a method of editing our postings or does that complicate things? But you can do that on forums.

If we use MetaTrader with several instances we could easily use e. Thereby we could split up deposits on two brokers to limit our risk. By risks I mean things like the broker goes bankrupt, makes problems with withdrawals or a stop loss does not get triggered when the market moves strongly. Usually there is no strong movement about hours before and after the daily candlestick close. So, you can check the daily chart during this period and take your position if a trade setup is formed. Does that mean that no US brokers are true ECNs?

PLEASE if any Fxkey follower finds any ECN should recommend it here. Perhaps ATC Brokers Limited UK. I agree, still looking for suitable Brokers myself. You can read more about Dukacopy liquidity here: Here is document about it: And I think that regulation is not as strict in New Zealand as with FCA or FINMA. And also fund safety is really important. You guys seem to have done considerable work on Brokers and are quite knowledgeable.

Are you able to put together a page that can be added to the manual that may include: Anyway let me know if you can.

I lost 2 times my balance cause of those market makers. I did do 0. But the 2nd one is having 12 or 14 provider one of them city bank and Deutsche bank. Take commission also the provider take spread for every trade. Please tell me what is the best for me and if you have trust broker please share it with us.

Sorry forgot to tell you that the 2nd company have non dealing desk to offer with a commission as i told you. Thank you this great checklist, Chris! What do you think? All three items you mentioned have to be added to my list. You are absolutely right, specially about the first and the last item. I have a question Chris: If a broker in the US or in another country outside of Switzerland says its account currency can be CHF: You said that Micro lot 0.

Chris, I am one of your loyal follower. Thanks for your kindness and willingness to share your knowledge and finding about the world of FOREX. Since you are not going to recommend any broker to us, then just want to ask you for the ECN broker who offer leverage up to 1: Liquidity provider stated by them is LMAX Exchange, Citi and FXCM Pro.

Can this broker considered as true ecn broker. I am aware that you are saying leverage more than 1: I am really confusing and disappointed now since I have made a lot of study online, approach the broker through live chat, read the comment from the forum; but until now, I still failed to find any appropriate broker. As you mentioned their liquidity providers are LMAX Exchange and FXCM Pro. It means their liquidity providers are some other FX brokers, not banks like the ones I outlined above.

If we have to open a It is necessary to read this to know about leverage, margin and…: You say Micro lot 0. If I ask a broker for a list of their liquidity providers and they reply I should explain further what I mean by liquidity provider, does it mean the broker is a false ECN or is my question really too broad in this case?

Hello Chris, may I ask how do you ask the broker for a proof of the liquidity provider? One broker listed some big banks as liquidity provider, which sounds good.

But how can I believe it? I just open a small account with them and check how they deal with positions and profitable traders. I just love the way you think, it is just wonderful to think that you are here to help us without any bad thought.

You know, I sometimes thinks that human being are just like animals that want to eat each other. They want more money in their pockets no matter where and how it comes from.

Is ctrader is an ecn platform? I have demo account with pepperstone and ic markets, both in ctrader platform. Are both broker are ecn? Any platform can be connected to a market maker or ECN system. It is not the platform that makes a broker ECN or market maker. I have demo trading account with pepperstone and ic markets, both demo trading in ctrader platform. I urge no-one to trust FxPro. You are absolutely right.

This also has to be added to my list in the above article. Last night when NFP was released, all currencies spreads became really high USDJPY up to 5 pips, GBPUSD 6 pips, CHFJPY 15 pips, etc. It depends on the news potency, the amount of the money that starts being transferred right when the news is released, and the market liquidity.

Speaking from their website, they claim to be a good liquidity provider that is connected to the big international banks. Apart from market maker accounts, that are hooked up with other brokers they seem to offer true ECN accounts. They proudly told me I can chose to hook up my account with the Fortress Prime only.

Minimum lot size 0. What they have told you look so promising. If I were you, I would open a small account with them and would trade 0. It seems impossible to find reliable brokers.

Can you please tell me how I can find a good broker? Most of them are written by losers who even lose with a demo account. Some of LuckScout users have talked about some good brokers on this page.

It means it is not impossible to find a good broker. I am using FXCM. They are really good and transparent. Only concern is at times of news releases, the spreads go very wider and it will hit you SL easily. One my friends is using xm and it is good so far. Can you avoid them with long timeframes? Does FXCM offer this kind of feature?

Fxcm does these regulations only for USA residents. So far they are good to me. I used to trade real account with fxcm and demo with tickmill with same orders. I do not see much difference. I am not sure about tickmill real account.

F which country are you in? Try looking at Hantec Markets. They are registered with FCA, so clients funds are held in segregated account. Not sure about minimum lot size but their customer service is good so you can call and get your questions answered. Their MT4 charts close at midnight UK time so you will need another demo account to locate CS patterns used here that uses New York close time.

Hantec Markets has too much bad reviews about payment problems. Are you already trading? I believe the brokers listed here are reliable: InteractiveBrokers has really low spreads, eurusd spread is only 0. Hi Maria, thank you for your link. Looking for partially ECN broker than hopefully able to migrate to True ECN broker. It is no easy to distinguish the true reviews from the fake reviews.

Besides, there are also many positive reviews that are made from spammers paid by the brokers. I hope some users can help me. Do you know a cheaper broker? It seems that they all act as both market maker and ECN. Only very few like Interactive Broker seems to be a real ECN, but if you take more than 4 positions per week, you need a minimum 25K USD account. However, many of them claim to be.

A broker can be a liquidity provider for a broker so an ECN with poor liquidity provider…Is this better than a true market maker?

It may take long time if your not Lucky. The problem is that we cannot trust the information on the net, the brokers hides the thruth, and the reviews are mostly scams or from people that did not read and understood your articles on margin, leverage, spread, Limit and stop order, stoplloss etc… HELP!!! When the liquidity provider is a market maker broker, then you are trading with a market maker broker actually.

Indeed, Interactive broker seems to be reliable but it will require significant amount of deposit. It is really hard to find single ECN broker. Besides, I just found one company, known as integral, according to the web page, it provides trading network for foreign exchange and the selected liquidity providers are the best such as citi, morgan stanley, HSBC, Barclay… their client are bank, broker, dealer, hedge fund, corporate.

In their partners section, there got some recommendation of so called a true ECN brokers. Chris, have you came across with this company before? Just want to get a feel whether their recommendations is reliable or not. Very similar except that the lower shadow of my This is what I thought excessive and a manipulation.

Thank you for sharing your chart. My broker informed me that it is usual for them to charge three times the normal swap rate on Wednesdays because they have to take into account the swap for weekends. Is this normal practice as far as you know? Do true ECN brokers do this sort of thing.

ATC UK does it too: To account for Saturday and Sunday, the forex market books three days of swap rate on Wednesdays, which makes a typical Wednesday rollover three times the amount from another weekday. The Roll Over Swap rates can be viewed from accessing your MyAccount section.

It makes sense to me that interest rate should be paid for every day, be it weekday or weekend, because my position is open. Are you talking about AGM markets, right? Damn, I thought they were true ECN, cause they have 1: Does that mean, that an this type of aggregation engine would allow a true ECN to offer micro lots?

I have being with FXPRO on there ctrader platform, and you can use a leverage of up to 1: Let them not to confuse you! When I earlier checked their homepage the offered And for cTrader only around But in fxpro ctrader platform, i am able trade in micro lot i. But according to chris if any broker who provide micro lot trading, they cannot be an true ECN broker.

Then how can i judge fxpro ctrader is ECN or not? Pleaae reply me as soon as possible. Protect yourselves LuckScout members before you give over your hard earned money.

The money market is a snake pit. I did read of battles some have had with unscrupulous brokers in this regard. Do you concur with this Chris? Regarding negative balance, please read this article: Having referral link or affiliate link might be consider that you or others will gain something. Just look at how many complaints ensued when Chris and his team started providing us with trading signals!

For your demo account you can use any broker. You can use the MQ platform: My suggestion is that you simply go on reviewing different brokers as you have been doing in the past. So far you have it seems to me reviewed brokers who might only be Market-Makers. I still have some more brokers to review.

I will start reviewing again. They cannot be even profitable demo traders. Instead of doing this, we prefer to make people focus on learning first this is what Youness also mentioned on the page.

This is the hardest part of trading. If they can do this, they can also find a good broker. Thanks Chris, very useful reference. Especially the advice to withdraw your money when you have doubled it. Then if you lose you only lose back to the market what you have gained from the market. But I would still feel more secure if the broker can guarantee me that I can never lose more than my account balance. The following link provides a list of brokers who forgave the negative balance following CHF Crisis.

However, please note that they are likely to be market makers…do your own research. Good point Youness, so far, my research showed similarly what you wrote. I found a broker called ATC. It has very good reputation and offers a 1: The clients outside the US have a leverage of 1: Does it mean the international account is a market maker? Currently they provide 1: Another thing is the lot size: Swap is a bit high on crosses, as well as the weekend spread. No negative balance protection. No swap free accounts, but they have triple Wednesday swap.

The price can be different form a data resource to another one. Few pips difference is OK. If you refer to different local banks, you will see that they also offer different prices for different currencies. How is that possible to prevent an account from having a negative balance when the price moves like crazy and the order is placed with a liquidity provider?

That is possible only when the broker is the market itself market maker. So, if this happens, it is the trader who has to pay it. However, I have never seen that a retail trader to be prosecuted because of a negative balance by a broker. If they do it, then nobody will sign up for an account with any broker, because they not only can lose their trading capital, but also every other thing they have if a huge negative balance happens.

Market maker brokers offer negative balance protection just to make traders feel safe to sign up for an account. It is just a number, like what you see with the demo accounts. Then MM brokers or ECN brokers with MM accounts have huge scope in being able to do whatever they want. But for the sake of micro accounts we have to go with them. Hi Chris, I live in India. I have some questions about the daily candlestick.

I always wonder what time exactly the candlestick will complete on the daily chart? If that is the case, then traders from different timezones or broker server time may see different candlestick patterns on their chart?

It depends on the platform you use and the broker settings. We use the platform that the daily candlestick close is at 5pm EST New York time. You can install such a platform for free: I am also from India. In India daily candlestick closes at 2. Following table are shows date of DST starts and end in upcoming year. Year DST begins DST ends March 8 October 25 March 13 October 30 March 12 October 29 March 11 October If you installed MT4 as Chris suggested, then there is no problem.

You are maybe confused by time zones but simplest way to see beginning of new trading day is when Sidney session starts and New York session ends.. Here is my email. If you like to use one platform for everything, you can try MBTrading, they too are true ecn broker. Disclaimer to anyone reading this post: If you choose to use them, you take full responsibility. Here is the link: It is whole gambling with the broker itself: What can I say? This is not the first time I see this over the Internet.

Can I assume that this can be an indication of an ECN or a MM broker? ATC BROKERs smallest lot size available is 0. This is from IC Markets risk disclosure. Also because it may be transacting with other persons, at different prices or rates, or IC Markets will be trading with market participants. The policy used by IC Markets is that as principal it issues the CFD and Forex Contracts to you based on the price it gives you, not by acting as broker to you.

IC Markets obtains its price by dealing with its own Hedge Counterparty. Totally bullshit that they say in big letters on their website TRUE ECN. I have explained the reason. Juan I am inky suggesting as a unlimited demo account. I do not have a live trading account with them. Global prime seems true ecn though their leverage is high 1: The only reason I still think they are true ecn is because they can provide you with a receipt upon request of the liquidity provider who took the other side of your trade.

You need to bear in mind that their spread is a markup in their spread of 0. I had a look at interTraderDirect, and I concluded they are not ECN as such, i. When you open an order, they keep it internally, but they put an equivalent order under their name on the open market, so if you win, they make a loss from their money but their loss gets offset by their win from liquidity provider when they mirrored your trade.

And vice versa, if you make a loss, they make a profit, but that profit is paid to cover the loss with the liquidity provider when they mirrored you trade. I quote from their site http: You are effectively opening a contract with us, and we will simultaneously offset our exposure to you on that contract by trading with the relevant liquidity provider.

Chris, I think hedging brokers like this one is better than pure market makers to start trading live with small capital, once the stake is bigger, traders can move to true ecn broker. It is much easier and it has less headaches. They only do it for the winning positions and accounts. They have a dealing desk who are good traders. When they see a client take a position that will be a winning position most probably, then mirror it, not to lose to client.

How to Distinguish Between Market Maker and True ECN/STP Brokers

These are all the dealing desk tasks. So they are market maker in general, but they follow some strategies to protect themselves. This is what all market makers do. At the same time, if they can do some general tricks to prevent the positions from winning, they do it. They make money through commissions. In case of the events like CHF tsunami, they have to take the negative balances from the traders and pay them to LPs, which is what they cannot do.

So, they have to pay the losses to LPs. If they can, they survive. If not, they have to shut down the company, and they can get sued by the LPs too. However, you need to ask them will they add a markup to their spreads of the chosen account you want to use, and if that account will be put in their market maker system.

The reason is this disclaimer from their site http: When executing customers trades, FXCM can be compensated in several ways, which include, but are not limited to: Under the Dealing Desk execution model, FXCM may act as a dealer and may receive additional compensation from trading.

So the account can suffer depletion or addition due to the price direction reversing or advancing after the trade has been closed.

The trade proceeds are not converted to the base currency until the account holder does it. When it is done — the money amount called a virtual position is converted via an OPPOSITE TRADE in the currency pair. So if the trade was BUY AUDCAD and the profit made was CAD — this would remain in the account as CAD — the Account Holder must convert this back and the method used is — A trade is opened in AUDCAD to SELL AUDCAD — A commission is again charged for this transaction.

If it is not done then one must be aware that the account is still trading the CAD.

You are welcome — I learnt the hard way — my relationship manager did not explain this side of the deal. Your work on the Brokers is great — if you would do a summary of it and perhaps do an article for the Forum — I could add a page to the manual- no pressure — just a thought? My major concern is they are self regulated and apparently self licensed.

In their dispute resolution pdf, there is no mention of any third party regulator they abide by https: Thank you for your support. We utilize FXCM as the counter party and work with both their US and UK division. You can check them out here http: Always use FPA before considering signing up with any broker. During this time, our staff was available for clients that called our trade desk and placed trades.

Please understand as we utilize FXCM as the counter party, we do not control slippage nor do we benefit from it. As stated on the previous review comments, ATC BROKERS is an IB introducing broker to FXCM. We have also recently launched ATC BROKERS UK LTD in the United Kingdom and we have a Broker registration status with the Financial Conduct Authority. We are the broker on record and do not utilize FXCM for the counter party.

We have integrated our MT4 with the Spotex aggregation engine to provide even tighter spreads with deep liquidity. It is a good idea. There is no guarantee that brokers execute all orders, including the stop loss and target, under any market condition. Sorry for not being specific before. Here is the article that talks about this: I found also this. A negative balance for them is like a million dollar demo account. Legally brokers have the right to prosecute the traders, but as I explained in that article, they usually cannot afford to do that.

ForexFactory calendar is good enough: Hello Chris, Any thoughts on this? Is it a reasonable explanation. Thank you for your time. In the screenshot I have a short on this pair which never triggered my TP at 1. The MT4 platform candles only show the BID Price ie. So you entered your trade at the sell price. When you have a short position, the price has to reach your target and goes below it to cover the spread ASK price. If so, your target will be triggered.

Linz I watched and was not amused at the dirty tricks used by some brokers. Thanks for posting the link. How about tick size and min. Does it indicate anything about broker? I have explained about spread above. Unfortunately I do not disclose anything about my brokers here on this site.

Regulation means nothing to me, because as far as I can see, the highly regulated brokers steal more from their clients.

Since we LuckScout members are not confident in finding a reliable broker, we need your help on this. Definitely you would have done lot of research before picking your broker. I am sorry that I cannot share our brokers names. I know you have been following us since long time ago, and so you have already seen the answers I give to those who ask about our brokers.

You know how some people think and how they are waiting for a chance to accuse us for something. When I published the FXCM review, someone accused me that I work for FXCM and I am promoting it on the site, whereas that was just a unbiased review.

This proves that some people are always looking for a reason to attack us. I know that If I disclose what brokers I use, LuckScout members will rush to open an account with them. This is something that can potentially make thousands of dollars for me, but I ignore this money not to be accused for something.

Even talking about our brokers without referring people to them through affiliate links, can make some people think that we are working for those brokers and they pay us through a different way. I have published several articles on this site that help traders to do their own research and due diligence to choose a broker. I just do it not to put all eggs in one basket.

If a trader is going to start with a small account, he can work with one broker as long as his account has not become too big. Prakash, I hope that answers your questions. Once again I am sorry that I cannot go beyond what I answered above. I prefer to keep this site for the educational purposes only, and not to contaminate it with the things that prevent us from focusing on our jobs. The CHF currency pairs have, sometimes, a spread of 4 or more pips. Is this normal for a ECN broker? Chris meant when there is news release that affects CHF currency, the spread will widen as volatility increases.

Chris please I have a broker who does not have instant excution on their Mt4 platform. Thanks again for your article. However somebody on one of the forums here The Difference between True and False ECN has just posted how this broker widens spreads at any time for no reason and is fond of reducing his leverage and increasing his margin requirements. The best thing you can do is that you try the broker with a small live account for a while.

Then you can decide. Maybe there are some new features supported by liquidity providers that I am not aware of. I will go deeper into research that matter and report my findings. Here is one comment on FPA forum which makes me think like that. This guy sounds like one with experience. I took notes about broker so I could know how to choose a broker as I will be going live soon and I choose MB Trading because they offer 1: Spreads are low as 1.

Can an ECN us markup? The other one called EXN Limits Plan MB Trading charges a competitive routing fee of 2. Also pays clients for placing limit orders. Do this seem like a ECN or MM? How can an ECN pay clients for limit orders? Nice article, its so hard on these markets to find the right brokers and thats really important to trade confortabel. You are nuts if you think that Pepperstone is a True ECN broker.

They are a market maker hands down. I personally only know of one Ture ECN broker, that is IC Markets but I have also had good experiences with FxPro. Get Our New E-Books For Free. Forex Brokers Last Updated: Enter Your Email Address and Check Your Inbox: LEARN A PROVEN BUSINESS PLAN.

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