In recession time, forex is the only market that serves as a twig for a drowning world economy, so is the case with you when you struggle with your financial situations and want to find a true ECN broker.
So, now is the time. Read on how to.
What is an ECN Broker?
The word ECN stands for Electronic Communications Network. It helps facilitate different marketplaces where organisations or people from all over the world gather to offer and bid against each other to provide small spreads.
It is usually better to choose an ECN broker because they never trade against you like Market Makers. Their main revenue stream is "commission" so they never care if your trades lose or win.
On the other hand, there are several brokers who claim to be an ECN broker to entice people. This is actually a serious root cause of problems, and you as a trader should take proper steps in identifying them.
How Can You Identify A Reliable ECN Broker?
I've found a few terms that I want to share with you as quite often first-time traders get baffled by these:
•ECN by Association
All these are usually used interchangeably by Forex traders and brokers, but if you know their meanings, your life will become a lot easier.
True ECN Brokers
These are actually the best ecn brokers that offer a trustworthy platform where organisations, banks, and traders can easily compete against each other by sending offers and bids. Forex traders can get the best offer for their orders at the particular time.
ECN by Association
Most of these brokers develop a link between real marketplaces, traders and True ECN brokers. A majority of these brokers have their own platforms and can operate the trades if they want.
These types of brokers are simply scammers, frauds who run off with your money. I have just one word for you if you are dealing with them and that's "good luck."
The Signs of The True Ones
The majority of traders usually naive and new ones never study the broker agreement that shows if your broker is working under ECN by association or a True ECN. It is obligatory for all regulated ECN brokers to disclose their agreement and details to their clients. True ECN brokers may have adaptable spreads. You may feel very bad to know that if ECN broker claims to offer a fixed spread, then it is not a True ECN broker.
Check your order chart and forex brokers chart. Is there any difference in bid prices? If there's no difference then bingo, you are with a True ECN broker.
If the broker is providing you with only unfavourable slippages, then it is not a True ECN broker. Slippage is usually a standard occurrence, and that is pretty normal in any True ECN marketplace.
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