Good Forex broker ECN?
Im looking for a low initial deposit ECN forex broker…know any?
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This entry was posted on Wednesday, January 27th, 2010 at 10:37 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
January 27th, 2010 at 10:37 am
Real ECN forex brokers, ie. brokers with access to interbank liquidity, generally all require not only larger initial deposit ($10,000 and up) and minimum equity, but also a minium order size (at least $25,000 or equivalent or higher) and low leverage.
If you’re unwilling to commit more money right now, you’re much better off signing up with a forex DEALER, ie. a market maker that acts as principal instead of a broker. They have major disadvantages, but are more flexible. Also, ECNs do charge a minimum commission per order, so if you’re trading small positions like $25,000, the narrower spreads will NOT make up for the commission.
If you’re interested, Interactive Brokers is a pretty good one in the US and VERY cheap and fast. Minimum deposit $10,000, x50 leverage, and 0.2 basis point of total order commission, with minimum $2.50 commission per trade. Most major pairs have interbank liquidity of more than $60 million. But not newbie friendly, used by a lot of pros and institutional investors.
http://www.interactivebrokers.com
January 27th, 2010 at 10:37 am
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