The counterparty is always MBTrading (just like on Hotspot the ctpty is always Hotspot, even on FXi). Thats because obviously an investment-bank doesnt accept Joe Shmuck as ctpty, only an institution they have a relationship with. I dont understand what the big deal here is. Its not really hard to believe for me, its the same business model as with their futures/stock biz - pass the order on and collect fees for that. Another hint would be that they have the flat minimum net cap requirement of 5mm in the CFTC report, indicating that they don't have to add a haircut for customer positions like oanda for example (which is significantly above the 5mm). I personally am rather agnostic about that stuff, i go where i get the best pricing, be it ecn or mm.
I agree, best pricing and.....cheapest overhead, best fills, least slippage, security of funds, reliability of platform, IT support, Customer Services, ease of withdrawal/deposit..... The point about who is counterparty is that we can only rely on the integrity of the company we choose to do business with, they all have the opportunity to bucket trades and manipulate quotes/spreads against us as far as I know. As far as FXi and other similar brokers, I thought deals are STP and appear as 'client of....'? You make a good point about net capital requirement, it's something I hadn't thought of to help identify a true ECN, is it a reliable indicator or can that number be massaged as well?
so do most agree to going with an ECN is a good idea? Among, MB Trading, Dukascopy , Hotspot FX and Interactive Brokers - who would be best?
May or may not be a valid point, but, if my laptop, pc and battery backup fails, Oanda is Java based, and I can break into my neighbors' house and log in.
I think the introduction of micro lots has really increased the retail traders chance of survival, provided they now how to use it. I was wondering do any futures brokers offer this on commodities, i am sure you get it on Gold. It may only be possible through trading CFD's but maybe somebody knows.
http://www.brocompany.com/trading-platform/broco-trader/trading-conditions-bt/ NoRequotes they also have currenex but no micro though
Russian broker, less than a year in business, and "licensed by the Financial Services Commission of Mauritius"? lol, no thanks!