You Can Do These Tips To Choose The Best ECN Broker
Surely we already know enough that one of the brokers that are often used by professional traders is the ECN broker. For those of us who already feel quite familiar with the world of forex trading, then you can start plunging into using an ECN account. However, we also have to understand some tips for choosing the best ECN broker. Because every broker always provides advantages and disadvantages that make traders confused. Therefore, we also recommend you visit http://www.vixbrokers.com/forex/ecn.html to find some of the best ECN brokers.
Furthermore, here are some tips for choosing the best ECN broker yourself:
This is a very important first tip and a must-have if you are considering multiple brokers as an option. Because no matter how good the broker is in providing services, if there is no clear regulation, it is not recommended at all. If it is a broker from abroad, then make sure it is registered with several regulators.
Small Commission Is Promising
Now after we have confirmed that our targeted broker is regulated, then the tips for choosing the best ECN broker are to consider the commission amount. ECN Broker is a type of broker of NDD which cannot be free of commission fees. Unlike the DD brokers, they usually provide commission-free accounts. For that, try to find information about the amount of commitment required if we open a transaction. Look carefully at the explanation of the commission. Because there are brokers who use the term Turn Over which can make us confused.
Prioritize The Ones With A Spread That’s Quite Thin
If you use ECN, you will get a zero spread facility but you are required to pay a commission because that is the only source of income for the broker. Tips for choosing the best ECN forex broker are to choose the thinnest spread to zero spread. Some brokers usually still apply thin spreads from 1 point to 3 points. But it is better if we choose a broker with spreads that can zero.