Let’s face the facts. Everyone is working to earn money, even brokers. There are generally two types of brokers. Dealing desk and nondealing desk. One important thing to remember when trading is that when you trade in a desk setting, there isn’t a lot of winning scenarios. Top forex brokers could have a bias against you.
Now, the question is how do you find legitimate non-dealing desk brokers? Simple. Look for ECN brokers. While it may sound simple but there are a few issues about it as well. e.g. ECN environment, for instance, may not be available with accounts that are smaller, such as micro or traditional accounts with the threshold of a certain margin for deposits. Therefore, if you’re looking for an authentic ECN broker the low minimum deposit may not be the best alternative.
There is also the possibility that certain brokers may not only be a threat to you, but may also issue fake dips and spikes in rates in order to end your profitable trades. This is a tactic that is used by a handful of so-called “best forex brokers for beginners” in order to take advantage of ignorant novice traders’ innocence.
Forex is among the largest and most active global financial market. It is so fast-paced that there is no central regulators to approve the tick and rate data. This phenomenon has been at the heart of the forex industry however, some brokers use it against their customers to alter market conditions and trends due to the fact that average traders cannot confirm the validity of the information that the broker provides. Do you still believe that your broker is the best forex broker available?
Real-time results on identical live and demo accounts from the same broker could differ. Personally, I did not need to find out why. Think about the amount of the broker’s control is over the accounts of traders. Another easy test is to understand that you are not able to trade with data and charts from a different broker in the event that they are not genuine trading desks and ECN brokers. No matter if you’re an experienced trader or you are just beginning your career in forex, it is essential to conduct a comprehensive study on how the best forex brokers work and the authenticity of their operations are in the cards oanda review.