Forex Trading #49: ECN Broker Suggestions

[silverkosta]

What about dukascopy? They seem legit

[ForexCoachingPros]

@silverkosta

Dukascopy may not be pure ECN. My clients have given both good and bad reviews. The truest ECNs I know are Lucrorfx and PFGbest. I use New Zealand's Lucrorfx because they cater to my clients--True Micro Accounts, 200:1 leverage up to a $2500 account size, hedging, and they allow my Bionic-Traders to pay for some of their education from their profitable trades, rather than out of pocket, and other services. But you must tell them Stephen Story referred you).

[silverkosta]

@ForexCoachingPros I took a look at PFGbest and i saw that they support the NinjaTrader (which is really nice) platform but their site is a bit uninformative. I couldnt see any spreads and any commission charges

[ForexCoachingPros]

Lucrorfx, Finnfx, pfgbest, are true ECN as long as they Straight through process all trades to the ECN Banks and as long as the counter trader is not controling the trade platform. The Broker must be motivated only by the volume of trades being taken as his means of making an income. Any other condition from this is a Market Maker or a counterfiet ECN Broker.

[ferry01324]

woooow, i like it........

[silverkosta]

Before the year 2000 there are a ton of complaints about FXCM!!! Now i see they've incorporated the No dealing desk ..So i ask my self is that true or its all BS..I really like their Trade Station 2 platform and i want to join them but i dont know what to do?? Help me pick a broker..

[MotorsportsX]

Hi!... coule you do me a quick favor and check out FXPro? They have a great trading platform but i cant tell if it is REALLY a TRUE ecn platform. they say it is, and the spreads are low... but i need a expert! thanks alot!

[SuperAlexrios]

decent man 

[dodgeshelbyviper]

Hi Stephen. Great Video on clearing up the ECN systems a bit more for me. What's your take on FX Solutions? They claim to have about 99.15% of the orders filled in with an automated system. By which they mean that only less that 1% of their orders are filled in by a dealing desk. Do you think they are good?

[ForexCoachingPros]

@dodgeshelbyviper fxsolutions is a market maker and they will deal against you in the counter position in their favor. It is the nature of all market makers. They cannot afford to lose money to traders who attempt to beat their virtual dealer or their live dealers. It come out of their own pocket when they decide to take risk.

[abhu68]

I just received an email from ATC confirming they use 'raw spread' from FXCM!

Having receiving their data from a Market Maker... So much for being a 'true' ECN trader...

[ForexCoachingPros]

@abhu68 ATC has been one of those who, although they may be an IB for FXCM, receive among the best ratings from my students. So does PFGbestdirect. But the best ECN I use is lucrorfxdotcom or Lucror Capitol Markets. They provide the best services and special privileges to my students. Most of my new clients and students switch over.

[vidaamerica]

can you tell me if FXCBS.com is a good broker? I am wanting to open up an account and start trading

[ForexCoachingPros]

@vidaamerica

Hello,

Thank you for your comments.

Come see my website and lets talk about your forex needs. I have all kinds of ways to help people to reach their trading goals.

Stephen Story

Forex Coaching Pros

forextidalwavedotcom

Skype.com name: mastercoach1

(011-01) 801-607-5249

[satjathamma]

thank you Stephen for this info, I now know why I been loosing all this time, as a first time investor this have been a hard blow to me, it's a shame I didn't see your video before, I wish they will all be locked up some day, they are nothing but thieves! Stephen, what to think of brokers which offer use MT4? are they all bucketshops? and finally I want to ask you if Activetrades broker in uk would be good? I been checking them out recently, they claim to be no desk dealing. thanks again.

[ForexCoachingPros]

Yes there are some good ECN brokers. I speak about them on a couple of other Tips on Trading videos in my library on youtube and on my website at forextidalwave. I also have a much more detailed article I have written about this on my Blog at the same site. You should try lucrorfx . They allow my students avantages that they will not be able to get elsewhere. PFGbest, ATCbrokers, and MBT are also good if you want a US broker, but they may be more NFA restricted

[satjathamma]

@ForexCoachingPros thanks for the fast reply, I did some more research and I decided to go with ACT Brokers, they seem highly recommended everywhere on most every forum out there, do you have any deal with them? I think the minimum deposit is 5k which is a bit to much for me, 1k would be a lot better and just what I can put up atm, thanks

[ForexCoachingPros]

@satjathamma

You should try LCM or Lucror Capitol Markets at lucrorfxdotcom

Hello,

Thank you for your comments.

Come see my website and lets talk about your forex needs.  I have all kinds of ways to help people to reach their trading goals.

Stephen Story

Forex Coaching Pros

forextidalwavedotcom

Skype name: mastercoach1

(011-01) 801-607-5249

[matrixxxxxx1]

What I find ironic is lot of the forex brokers won't open an account with another type of currency for example CDN. This is about currency trading yet you can not choose which currency to hold your funds in.

What if you're bearish on the US dollar for example long term?

Why are you required to hold your funds in US only. Doesn't make any sense.

I wish the recommended brokers here open you up in non US funds especially MB Trading

[maxdecimus88]

Hey Stephen... thanks for all your videos, they are very imformative. I shall be checking out the ECN Brokers that you recommended.

[SDRockman]

Now I know what's going on!! I need a new broker, as Alpari UK are placing orders against me! My strategy kills on the demo, but when it came to the real thing I lose! I have lost a LOT of money by being conned by Alpari UK and I don't have a lot of money to put money into a ECN broker....

[ForexCoachingPros]

There are two things that will keep you from being successful as a live trader, even though your demo account trading is great:

1- An unethical or dishonest broker

2- Emotional interference trading a live account that causes you to compromise your trade plan.

Be open and honest with yourself when examining both of these obstacles.

Stephen Story

[oldford71]

I'm just moving from FXCM to an ECN broker..FXcbs..amazing spreads and the demo has been incredible..i know feeds are better because of the way the EA's have been producing mass wins as opposed to mass losses or barely break evens..but i was just after an opinion from a pro trader on the legitimacy on FXcbs...

[KILLINGFLOOR7]

What do you think about CMS FOREX (VT Trader) and FXCM?

I value your opinion, Thanks

[ForexCoachingPros]

These are all Market Makers and will take the counter trade position against you. For this reason you will never be allowed to become very successful by them in the long run. FXCM is claiming to be transitioning to an ECN status, but be cautions if you see lots of requotes or delay tactics on your emtries and closes. That means Market Maker, not ECN, or at least that the counter trader has control of the trade platfform to there favor.

[commodityfx]

FXCM is not great.

[sysopkc]

What about FXCM metatrader 4 platform, they seem popular

[ForexCoachingPros]

This is a Market Maker claiming to be an ECN broker because they do not have a dealing desk any more. But the one taking the counter position against your trade is the one that matters if they have view and control of the trade platform. If so, you will never be allowed to become very successful by them in the long run, unless it is with an Optimized carry Trade Strategy that is more difficult for them to sabotage.