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Recently read what is ECN, STP and MM. Interesting topic with this A book and B book, the only question is how to verify it and is it true? I can also write that I am an ECN broker and there is a Market Maker:/
I use Forexchief as of now; a decision made after many months of demo trading. Yes, the spreads are fantastic, cheap fees too. A Reliable broker is a broker that meets the requirement of traders and has stood the test of time. A broker that has maintained a good reputation for at least 5years is worth using.
You always need to objectively look at the conditions that the broker offers, in particular the size of the spread, but it seems to me best of all to work with a floating spread.
The most important thing when it comes to choosing a low spread forex broker is to check if they charge extraordinarily high commissions or not, or else the purpose will be defeated.
Choose a broker which provides flexible spreads. Also, you can check online their reviews to know if they can really provide low spreads or not.
We can never be 100% sure but GlobalPrime is the only 1 offering trade receipts so we can see which liquidity provider filled our order. The other way to tell is by the amount of leverage provided with your trading account. An A book brokers cannot provide very high leverage so if your broker offers 500 and 1000 leverage you can be assured that they run B books. I would say that most MT4 and MT5 brokers are B book Brokers and if you are a winning trader, some brokers who also maintain A books will pass your trades straight through OR they will try and get rid of you with all sorts of tricks (slow executions, high spread, -ve slippage, high negative swap, platform freezing ups, imaginary spikes, fake bars etc etc.... A few of those B book brokers are even dodgier and they won't even pay you, and if you are winning, the most you can hope for is to get your deposited funds back (if you are lucky) so I would stick to the bigger and most reputable and regulated brokers.
I have zero spreads on major pairs like EURUSD at Hotforex and Tickmill however for other pairs spreads can be higher, also don't forget about commission.