Best Forex Robot Reviews 2012

There are numerous forex brokers in Australia, a few are white label forex brokers and others are core forex brokers. The two latest fx brokers to hit the forex scene in Australia are IC Markets and Vantage fx as I’m always excited by trying new broker platforms I thought that I’d check out both of these companies to find out what all the hype was about.

Before I share my results with you I decided that I would let you know that both fx brokers use the Metatrader 4 trading platform and have quite tights spreads, however IC Markets is a real ECN forex provider and Vantage FX is a market maker broker. Being a market maker forex provider isn’t an issue as long as the broker doesn’t play games with the prices when you begin making money, however regrettably this can be a huge problem with most market maker forex brokers.

After trading on the Vantage Fx live trading platform for 2 months I discovered that their spreads were reasonable and remained relatively tight during news periods. One thing that did frustrate me was that when I tried to deal any amount greater than 2 standard lots their execution speed would drop considerably, it was as if my order was being sent to a dealing desk to be manually executed. When dealing in sizes of less than one standard lot I didn’t have any issues at all although I’m certain that if I commenced to make money my execution speeds would have been slowed down no matter what. The Vantage fx trading platform is Metatrader 4 so this is a really a huge advantage for this company as I am able to utilize my expert advisers without any problems. Their server seems to be quite dependable and did not disconnect me all the time which was on the list of big issues that I’ve had with a number of the other Metatrader 4 brokers in Australia in the past.

I discovered the service at Vantage fx to be extremely average, they were able to assist me with a good number of things, however they do depend on their customers being knowledgeable about Metatrader 4 and do not help too much with the initial trading platform setup, this might be a problem for brand new forex traders who’re not familiar using the Metatrader 4 trading platform. I attempted to call them after-hours on a number of occasions and seemed to get through to the exact same tired and grumpy man each time, he was not very helpful in any way. After hours support is certainly not this forex brokers expertise.

IC Markets also use the Metatrader 4 trading platform which is of course a massive advantage for them also, one of several very interesting aspects of this forex provider is that they’re a true ECN forex broker which is unlike the majority of other Australian forex brokers. After two months trialling this forex broker, every time I traded I continued to be amazed at the spreads that they were showing me. I had always heard that ECN forex brokers were able to show superior spreads than their market marker colleagues, however I didn’t realize that the spread differences could be that considerable, I was frequently able to deal on Zero spreads on IC Markets Metatrader.

I had found a number of forum posts saying that the execution speeds of a few ECN forex brokers could be slower because orders need to be confirmed in the ECN market place before they’re filled. During my two months of forex trading with IC Markets I did not detect any speed problems whatsoever, my trade execution speed was actually quicker with IC Markets than with Vantage FX.

Among the list of key benefits of ECN brokers is that large orders can be placed without any delays or rejections. I confirmed that this was the case with IC Markets. I experimented with trades as much as 7 standards lots in size with no latency or slippage problems, I would have tried placing bigger orders but I was restricted by my trading account balance.

I called up IC Markets a couple of times just to see how good their support was and I found that they were very helpful, they guided me through the Metatrader trading platform and were able to assist with a few fx trading queries that I had, this was a real surprise to me. I tried contacting them after hours expecting their support to decline however this was not the case the individual I spoke to knew the Metatrader platform well.

If I was to recommend one of these broker platforms to members of my forex trading group there isn’t a doubt that it would be IC Markets, Vantage FX however remains a very good forex broker, however they wouldn’t be great for active fx traders or those using expert advisers. IC Markets is an effective all round forex provider their spreads are extremely low which is terrific for scalpers, there are no order size limitations, they provide the Metatrader platform and their service is absolutely outstanding and definitely the very best that I’ve experienced out of all the Metatrader 4 brokers in Australia. I personally now trade with IC Markets myself.

To know more about forex trading, visit our website Vantage FX and IC Markets

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Many forex sites promote forex trading as a business which will give the trader millions in profit. This can be both true and false in a way since you can indeed get rich if you invest in forex but you have to work hard and study hard first before you can attain success in this business. Forex is short for foreign exchange, meaning that forex trade involves the buying and selling of foreign currencies.

Traders earn money whenever they buy a currency at a low price, and are eventually able to sell them at a bigger price, earning them a margin of profit in the process. It may sound uncomplicated, but there are many aspects of forex trading that you will have to consider.

You have to brace yourself before you jump into the forex business. Forex companies regularly hold seminars to educate future traders on how to effectively trade currencies. This educational instruction will create the much needed awareness with regards to the trade, inspiring more potentiall investors into investing.

Registering in a virtual forex trading software that allows you to trade without having to use real money can also be an effective way to practice. Forex trading tools of different kinds will also help a novice trader determine when to start buying and selling.

Aside from these, a good trader is well versed with the many factors affecting the country whose currency is often traded. Thus, if he trades US dollars regularly, he would have to know the current situation of the country as well as the war it is into. If there are security threats that could cause the downfall of its economy, you will have to be the first one to know. This way, you will be able to predict the direction the economy is headed.

Are you planning to get into forex trading? Learn as much as you can about the problems of the country to which the usually traded currency belongs.

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I have been looking for an Australian headquartered broker with tight spreads for some time now and only just lately I came across a broker called IC Markets. After performing some investigation into this forex provider I found that they are a real ECN broker situated in Sydney. I also found that they have a local Metatrader 4 server which is a bonus. I made a decision to test IC markets out to find out just how superior their spreads actually are, I was so impressed that I thought that I’d write a review regarding them to share my discovery with any other people searching for an ECN forex broker in Australia.

I opened my forex trading account with IC Markets five months ago so I’ve had a good amount of time to test them thoroughly and share my discovery. On the list of the key things that you’ll notice about IC Markets are the ECN spreads they show. It is a refreshing sight to see EUR/USD spreads at 0.2 pips and from time to time even Zero pips, but I guess that is what you get when you’re trading with an ECN forex provider as opposed to a market maker.

In addition to extremely low spreads I found that IC Markets Metatrader platform was very reliable. With most other Metatrader forex brokers that I have traded with I have experienced outages, however over the last 5 months I haven’t had one down time with IC Markets. Although I am guessing, I think that their solid reliability is because they’re an ECN so they have to ensure that like a share exchange the ECN system does not fail and effect all the ECN price contributors.

IC Markets Metatrader 4 platform is very dissimilar to all other forex brokers Metatrader platforms because it has a great one click one trading feature that makes scalping much easier and faster. I am not a great fan of the old Metatrader order tickets as putting on deals takes too long, for this reason I really like the one click forex trading functionality on IC Markets Metatrader platform. Their platform even has a number of other awesome functions such as dealing off the charts and allot more contingent order types than the conventional Metatrader 4 trading platform.

Naturally it’s all well and good to show great pricing on your Metatrader 4 platform, however it is useless if you can not deal on this pricing. There are a few forex brokers around that I know about which show ECN like spreads but delay your trade execution and slip you on your fills, these are dirty methods that market maker fx brokers use, a real ECN broker would never play these types of games. I have not had any execution problems with IC Markets, trades are filled in less than half a second without slippage. I have also tried dealing up to 13 standard lots on my account and the trade was filled immediately. IC Markets trade execution is by far the best that I have ever experienced.

After five months of investing forex with IC Markets I can confidently say that IC Markets are on the list of the best fx brokers in Australia, if not the very best broker. I was impressed by their spreads and quality of execution and the little extras on their version of Metatrader 4 were enough to make me shut all my other broker trading accounts, IC Markets is now my primary forex provider, no other company in Australia comes close. I would be happy to recommend IC Markets to anybody that’s serious regarding their forex trading.

To know more about forex trading, visit our website forex trading and IC Markets

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I was looking the net the other evening searching for a fresh forex trading robot and by accident I discovered a website that listed all of the fx brokers in Australia. I did a quick tally and discovered that there are in fact 26 fx brokers in Australia, a complete joke for a country with a population of only twenty two million people. Why Australia I asked myself, is it the great weather or the fact that Australians are gamblers? Who knows and who cares, at the end of the day now all Australians have choice and that’s what counts.

With all these brokers to select from I decided that I would take the leading three forex brokers in the nation and place them side by side. Some of you might ask why I’d simply select the very best three brokers. Well the straightforward response to this is that a lot of the other fx brokers on the list in my view are not worth trading with anyhow. A few of you will argue that this is only my judgment and since all of the fx brokers are not incorporated in this evaluation it is bias, now that may be true that’s why I ask you all to carry out your own personal evaluations as well.

So here is my unbiased review of who I think are the very best three brokers in Australia. Before I start, it should be noted that each of these forex brokers were given a rating in three simple categories. The categories that I chose were, service, price and order execution speed. The providers that I reviewed were Go Markets, Axi Trader and IC Markets, all 3 fx brokers are reputable Australian based brokers. I ought to also point out that only one of these forex brokers is a true ECN broker the other 2 are market maker fx brokers. It is also worth mentioning that I performed this test over a 2 week period and deposited $1,000.00 into a trading account with each of these brokers.

Service Go Markets = The service that I experienced whilst trading with this company wasn’t as terrible as what the feeling various forum posts that I had read created. They were polite and somewhat accommodating, they even called me within one hour of me submitting my trading account request to let me know what to do next. One thing that I will say is when I questioned their support personnel regarding market linked questions it sounded like they were way out of their depth. All in all though if you’re a DIY trader Go Markets service does the job. I am giving them 4 stars for their service.

Axi Trader = I understood little regarding this forex broker going into this appraisal, however I quickly came to realise that this forex provider really didn’t want my business. I opened an account on the web but it took them 2 days to get back to me, some 5 days later the account documents were submitted, this was a tell tale sign that this forex broker really didn’t care. One night I contacted them to ask a number of support queries only to be told that I couldn’t have a word to any person and I ought to call back in one hour, luckily my queries didn’t relate to an existing open position. There were also a handful of price discrepancies that I questioned them about that they could not answer. I think you get my point, I am giving Axi Trader only two stars for their service.

IC Markets = I first found out about this broker a while ago when they launched the first ECN forex offering in Australia so I was very excited about opening a forex trading account and giving them a go. The process was somewhat painless, I was able to open an account in a couple of minutes with a sales representative calling me soon after to guide me through the rest of the process. Their rep was very helpful and polite on the phone through the complete process. After trading for a few days I thought that I’d test them with some market related and Metatrader 4 technical questions, much to my astonishment the support person knew what I was talking about. It promptly became apparent that this forex provider employs fx traders not telesales people. Talking to someone who trades was a refreshing change for me. I can’t help but give IC Markets 5 stars for their service.

Pricing Go Markets = Over my 2 weeks of forex trading and monitoring Go Markets prices I surprised to see that there was so much variation in the prices offered, this principally occurred in EUR/USD. In the same foreign exchange pair I noticed two spread blowouts and a number of surprising spread alterations that were not present on the other forex broker platforms. Although I have seen much worse over the past 17 years of forex trading, I would not endorse Go Markets to any person who’s seeking to scalp the forex market because spread blowouts are enormously concerning. Sadly, I can only give Go Markets one star for their pricing, this is a real pity as I found their client service was well above par.

Axi Trader = Axi Traders pricing was actually better than what I had anticipated, this came as a real shock to me given their poor level of service. Their EUR/USD pricing was good given that they’re a market maker forex broker, however I did notice that the pricing on many of the exotic CHF and NZD based pairs left plenty to be desired. I didn’t notice any excessive price blowouts during my two weeks of testing however I have heard from other people that this is a real problem with Axi Trader mainly in the exotic foreign exchange pairs. If your trading EUR/USD Axi Trader isn’t too bad it is only when you venture outside this pair expect to see some fairly average pricing. I would give Axi Trader 3 stars for their pricing as they did not impress me on the exotic foreign exchange pairs.

IC Markets = IC Markets were really the only true ECN forex broker out of the 3 trialled, this being the case I anticipated allot from this broker, and they delivered. After two weeks of forex trading with this forex broker I was hooked, their pricing with the commission charges added across all the most important currency pairs was anywhere between 20-50% superior than that of the other forex brokers tested. There were even occasions where I noticed negative and zero spreads. When you compare Go Markets and Axi Trader who’re both market maker forex brokers to a real ECN broker you’ll be able to really see the price differences, this obviously translates to a major advantage when you are forex trading actively and scalping the market. Without a doubt IC Markets gets five stars for their pricing and takes the cake on the price front.

Order Execution Speed Go Markets = Because I was conducting this analysis from Australia I thought that Go Markets execution speed would be the best of the group without a doubt. Like every one of the fx brokers trialled I pinged their servers as well as timed my trade reporting fills with a simple expert advisor installed on my Metatrader 4. Go Markets execution speeds were not as quick as what I originally anticipated reporting a 400 millisecond delay. As a discretionary currency trader this latency would be tolerable, however if you’re using an expert advisor the quicker the execution the better. Go Markets gets three stars from me for their execution speed.

Axi Trader = I pinged Axi Traders Metatrader 4 server a number of times and on every occasion I got different results. I found this behavior quite strange and after some homework I found they were using numerous servers with varying connection speeds, a bit of a pain actually. To be fair I made a decision to take the average execution speed that I managed to attain. On average their execution speed was 330 milliseconds. I was really disappointed with the erratic connection speeds achieved with Axi Trader this would really effect anybody who is using an expert advisor. Axi Trader gets 1 star for their unpredictable execution speed.

IC Markets = Usually the execution speeds of ECN broker platforms are somewhat slower that those of market maker brokers, the reason for this is because trade fills must be confirmed by other contributors in the ECN network. It was because of this that I expected the execution speeds of IC Markets platform to be the slowest of the lot, however the results of my testing were a pleasing surprise. The average execution speed was 183 milliseconds, twice as quick as Go Markets and 1.8 times faster than the speeds achieved at Axi Trader. I was especially impressed by IC Markets ECN execution speeds especially given I had gone into this test thinking that they would be the slowest forex broker of the lot. IC Markets gets 5 stars and wins the speed test by a significant margin.

Conclusion Go Markets are a pretty good forex broker if your new to forex trading and want to get your toes wet, their service is terrific but you may be dissatisfied by their pricing and execution speed, not much of a problem if you are a long term investor but not so great for scalpers and EA fx traders. Axi Trader is nice for infrequent forex traders, their prices are slightly better than the average forex provider but they’re let down by their poor service and completely unreliable execution speeds. IC Markets were the company that actually stood out from the bunch, their service was exceptional, coupled with the best pricing that I have ever witnessed and lightning fast execution speeds makes them my number one pick of these 3 Australian based brokers.

To know more about forex trading, visit our website forex trading and IC Markets

Forex is now one of the most popular terms in the financial arena. It is one of the fastest growing markets when it comes to money. It’s all about trading different currencies through the internet. It is very convenient so many People are encouraged to join the trade.

foreign exchange trade offers a lot of convenience being an online market. This makes it accessible for traders at any time of the day wherever they may be. Plues everything that a trader would ever need is also available through the internet. This is the reason why some people even make the trade their source of income. Instead of getting employment they simply invest and manage their own funds.

Yet there are also some downsides to it. There are a lot of risk factors involved in forex trading, so much that if you are not careful you would surely be facing a lot of problems with it.

Like all other investments it needs proper planning, analyzing and decision making. Because it is online it means that anything can happen at any time of the day. This requires the trader to keep track of all changes through various tools. These tools may be in the form of data records and charts.

Aside from the fast changing nature of the trade there are also a lot of external factors that influence currency values such as economic and social climate of countries. Traders should also be able to monitor these conditions so that they may be guided in making certain market decisions.

Yet all these would be useleff without analytical tools that would process data into valuable information. Some tools also help predict currency behavior through these data.

The first and most important key to success in forex trading is getting a good broker that will provide you with all these necessary tools and guidance.

Interested in joining the market?Follow this link. forex trading

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Lately I have been checking out the Australian Metatrader 4 forex broker scene and noticed some new power plays appearing down under, among the list of forex brokers that I noticed pop up a lot was a firm called IC Markets. I had not heard much about this company until lately where everyone in my fx trading club appears to be talking about them. I made a decision to check this company out myself and write an evaluation comparing them to my current broker Go Markets.

To enable me to perform my review I opened a real Metatrader trading account with IC Markets. Rather that writing a general review regarding my experience I thought that I would concentrate on several things that members of our fx trading group look for when choosing a forex broker. The criteria our group looks at are slippage, service and spreads. We evaluate each of the forex brokers our members trade with on these parameters.

I’ll begin by writing about the provider that I presently deal with, Go Markets. I have been dealing with with Go Markets for some years now so I know this forex broker inside out, making writing this assessment much easier.

Go Markets Let’s look at slippage first. I have had slippage issues at Go Markets particularly when trading sizes bigger than five lots, in the past I have been slipped up to 20 pips. Slippage with Go Markets can also be a real problem around news announcements, this is on the list of things that really annoys me regarding Go Markets.

The prices at Go Markets are not exciting, I’ve seen a lot better elsewhere, recently they made some modifications and the prices happened to get even wider, this was in fact one of the things that made me check out IC Markets and subsequently write this review. Spreads are obviously your cost of trading so when spreads are worse it means that it is harder to make a profit from the deal.

The service offered from Go Markets is very good, I do not have any issues here. They’re quick to reply to queries and are available 24 hours. It does however frustrate me that their support team aren’t the quickest at resolving issues over the phone, they seem significantly better at fixing issues after you email them though.

Now it is time to look at IC Markets, the newest Metatrader 4 power forex broker on the block. I opened a real trading account with this broker 3 months ago so it is fair to mention that I have dealt with them long enough to write a review regarding them.

IC Markets So far so good in relation to slippage at IC Markets, I have put deals on as large as ten standard lots without being slipped. IC Markets also seem very good over the numbers I haven’t had any slippage yet. I think that because IC Markets is an ECN provider their execution and liquidity is better than other fx brokers which means slippage does not exist.

IC Markets spreads are some of the best that I have experienced, not just are their spreads tight in the majors, spreads on the crosses are also pretty good. Because IC Markets are an ECN provider they charge a commission on the deals executed, you need to take this into account when viewing their spreads. Even when you are taking the commission into account the cost of dealing is roughly 20%-30% less than Go Markets.

I didn’t know what to expect of the IC Markets service but after opening my forex trading account I was pleasantly surprised. IC Markets team members are polite and courteous. They were really fast to respond to my queries and answered my calls at midnight. I was invited to one of their webinars whilst chatting to one of their support people and I was really impressed. It looked like my measly little forex trading account got me red carpet treatment.

Conclusion The old faithful Go Markets is not so faithful in comparison to IC Markets. IC Markets are much better regarding pricing, they’re approximately 20-30% less expensive and better still slippage is non-existent. IC Markets service is also second to none I received VIP treatment even with my small account balance. I am really glad that I conducted this evaluation as I’ve now discovered my new favourite Australian forex broker. I am going to still keep my Go Markets forex account as a backup account but now I will do most of my fx trading on my IC Markets trading account. I trust this evaluation assists anybody looking to trade with any of these brokers.

To know more about IC Markets, visit our website Go Markets & IC Markets

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Recently I was introduced to a forex broker called IC Markets by a friend of mine who runs a flourishing Sydney based hedge fund. As I’m an experienced trader I thought that I’d spend some time doing my research on the company before I open an account so I though that I would visit their offices in Sydney to find out more, I was very impressed with what I saw.

In the course of my visit to the IC markets office I rapidly discovered that IC Markets is not just a web-based forex and CFD provider but they also have stockbroking, financial planning and corporate advisory divisions that cover more than two floors of a prominent Sydney CBD address. I sat down in their boardroom which was decorated with artwork and overlooking the Sydney harbour bridge to meet with their Head of Trading and discuss IC markets foreign exchange product. He explained to me that they have got relationships with greater than thirty five global investment banks who supply them with their foreign exchange liquidity and that this is exactly the reason that they’re able to offer Australia’s and quite possibly the world’s first true Metatrader 4 ECN foreign exchange offering.

The Head of Trading introduced me to their Chief Operations Officer who showed me firsthand their in-house ECN program, and how it produces a virtual marketplace permitting traders to include their own liquidity to what’s already being offered by the investment banks that IC Markets has relationships with. I was surprised to see prices that were inverted and showed volumes of over one hundred standard lots on the bid and offer at any given moment in time. I was quickly satisfied that trading in a real ECN market place was the only way to go for any forex trader.

Subsequent to spending just over an hour in the boardroom with the Chief Operations Officer he invited me to sit on the trading desk to observe order flow build up in the ECN market place just before The UK open. I went over to the trading desk and sat back with the Chief Operations Officer and observed the enormous amount of volume pour in from traders globally and the biggest investment banks world wide, it was an incredible display watching deals trade with one another at a speed of one hundred per second. This was something that as a forex trader I had never been privy to when sitting behind my trading displays at home in my Brisbane office.

After the hospitality that the IC Markets staff showed me I was confident that not only trading in an ECN environment was the only way to trade but also that IC Markets ECN technology was ground breaking and quite possibly a world first for any Metatrader 4 broker.

It has been five months since opening my IC Markets forex trading account and I have never looked back, the ECN spreads are fantastic and more significantly the execution is the very best that I have ever experienced. The IC Markets forex package is without doubt the very best offered by any forex broker in Australia. I recommend that if you are searching for an ECN forex broker you give IC Markets a go as I am certain that if you are a professional trader like me you will never look back.

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Many people have grown curious about forex simply because forex sites tell them that forex is a fast and easy way to earn huge amounts of money. This statement can be true and false. Thousands of traders have made good money on forex so that statement is partially true.

It is also false because forex is not an easy and simple way to make money. Forex sites merely lure people to invest their retirement money or savings on forex. These websites are investment sites which earn profit even though the trader may lose money in the end. So, in order to protect interest, you should first learn about forex trading before you jump in.

Forex is short for foreign exchange. Here, you buy foreign currencies and eventually sell that currency at a profit. Forex usually deals with currencies although some transactions would involve the trading also of oil and gold. Ordinarily, for a trader to make a profit, he has to buy currencies when their value becomes low and sells them when the value becomes high.

However, the part which is tricky is identifying if the value of the currency will indeed go up in the end. But, why if it does not increase in value? You might get stuck with a currency that has very low value. This is where research has to come in. If you are wise, you just do not buy a currency only because its value has become low, instead you check out its history to make out a pattern.

If you carefully examine the history of the currency from 5-10 years back, you will see its pattern. With the movement pattern, you would know if the currency is worth investing on. In order to arrive at a more sound decision, you also have to watch out for the economy, security threats and political activities of the country to which the currency belongs.

Are you relatively new in the forex? Get a training in forex so success would be within your reach.

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It is indeed true that forex trading is one of the major sources of instant cash. In just a single trade, a good trader may earn as high as 100% of his investment. But, this could only happen if you have had proper training and many years of experience. Forex trading, however, is not as easy as it seems. If you ask successful traders, they would tell you that in the past, they have also made a series of big mistakes causing extreme disappointments.

This is why in order to be a good trader, you have to study as much as you can. You may ask, what does it take to be a successful trader? And what do they have that mediocre traders don’t? Ultimately, it all boils down to one thing, strategy. Having a good strategy does not only mean being cunning and crafty. You should just have all the information you need in order to make a sound decision.

having a good trading platform is also important. This will have to be consulted with your broker. The thing which sets apart a successful trader from an ordinary trader is the forex broker. But, you may ask, what exactly does a broker do and how could one find a good broker? Finding a broker requires one to do his homework.

The first thing you have to find out when trying to narrow down a list of brokers, is the broker’s legitimacy. By legitimacy, this means that you have to know if the broker is regulated by or answerable to any government or private regulatory institution or not. When he is not, this opens the door to schemes which may be used to leave out the trader from making certain important decisions.

Make sure that the timeframe your broker has suits your own trading style. If you have short timeframes, your broker should have no problem with that. Also, it may be good to look for a broker who has low spreads or commissions, this way, the savings on the fees would ultimately benefit you. A good broker must have and allow multiple trading instruments. Some brokers only trade currencies, while some allows the trading of gold and oil.

Are you getting into the forex market? A good and honest broker will be your guide to success. For more information visit our website Forex  

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Yesterday I was in Brisbane presenting to a bunch of forex traders from around Australia, a number of whom used to be my former students a number of years ago and are now trading professionally in a full time capacity. On the list of the key topics that I covered in my tutorial was interbank liquidity and price creation, needless to say a number of the skilled fx traders in the audience understood what I was talking about but it was astonishing to see that allot of traders still do not realise just how currencies are priced. In an effort to fill in the gaps I have written this concise review.

As a lot of people which have traded forex already know, forex isn’t traded on an exchange but rather it’s traded on an over-the-counter (OTC) basis. Trading over-the-counter is a new concept for those who have traded shares in the past as no two forex brokers are going to be exactly alike, this is very different to stock brokers who will always show you the same prices. One of several other main differences is that because there isn’t a central exchange when trading forex over-the-counter there is no physical exchange of any foreign currency but instead you’re trading directly with the broker, which means when you open a position with your forex broker you can only close it with that forex provider nothing like trading shares where it is possible to sell your shares through any stockbroker.

Now you understand the notion that forex is performed on an over-the-counter basis I’ll commence by explaining the fundamentals of price formation. Because of the OTC nature of forex trading a good number of transactions take place between investment banks and forex brokers as such they aren’t reported on a central exchange, it’s because of this that price creation in the world of forex is more difficult, however like shares and all markets there are a few key players in the forex trading world that make prices move, these are the investment banks. Banks create prices through their dealings with each other and in many cases they will quote prices through a system called EBS that allows one bank to see the prices shown by another bank. EBS however is not used by all banks, what this means is that there are other banks dealing on prices shown outside of EBS, essentially their own marketplace.

So what does this all mean to you? Well this means allot if you’re dealing using a market maker or STP forex provider who will simply provide you with a price they get from one bank or otherwise a price they derive themselves that is just based on the price they obtain from the bank that they deal with this means you might not always be getting a fair price. The good news is that there’s now an alternative, there are some providers that can show you an aggregated price feed from a variety of banks and also permit you to take part in the pricing formation, this means that you can place your own bids and offers amongst those presented by some of the world’s leading investment banks. Brokers that offer this sort of facility are known as ECN brokers.

ECN forex brokers are hard to come by and function in an extremely different way to conventional forex brokers. Aside from the improved pricing offered by ECN fx brokers they’ll always charge commission, for most fx traders this is unheard of however to the shrewd trader this is generally the best way to trade. One of many main advantages to paying a commission over a spread is the fact that you actually know how much you are having to pay your forex provider, their commission isn’t concealed within the spread. Paying out a commission also means more opportunity, since you are paying the natural market price you’re able to get choice and even inverted spreads something you would never see using a traditional broker.

Before you all send me a million emails wanting to know which broker I deal with I might as well save some space in my gmail account and let you know right now. Before I let the cat out of the bag I do want to make it very clear that if you look hard enough you will be able to uncover a couple of ECN brokers, just make sure you carry out your homework before you opening an actual trading account as you’ll find quite a few broker platforms available that claim to be ECN brokers but are really market markers. I’ve trialled just about all of the ECN brokers and so-called ECN brokers and found that there’s only one true ECN forex broker and this is also the forex provider that I personally trade with, it’s Australian based provider IC Markets. IC Markets have the best execution by a long shot and their pricing is the most precise that I’ve ever witnessed. As many of you already know I do not endorse any particular broker, I just trade with the forex provider that I feel has the best foreign exchange offering and most transparent pricing and that forex broker is IC Markets.

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