Fastbrokers,Ikon royal

[RobertR]

HI guys Does anyone has experience with Fastbrokers or Ikon royal? Everything looks like Fastbrokers are genuine ECN but suppose to associate with FXDD and they have bad reviews on forexpeacearmy.I appreciate any help

[Simon]

Hi Robert,

Fastbrokers are an IB (effectively an introducing agent - they work on commission) for FXDD - Fast Brokers | Fastbrokers.com reviews and ratings by Forex Peace Army

So there is no advantage to opening an account through them instead of FXDD directly - it will probably cost you more money to do so.

Icon Royal - not sure, however I have read enough bad things about them to not want my money to be anywhere near them. They also appear to be a US broker, which means you will be forced to endure the new (preposterous) NFA FIFO rules.

Not sure what you are looking to trade, manual/EA, account size, etc, but there are reputable brokers that people in this Forum are using - please advise what you are trying to achieve and I will do my best to assist.

Simon.

[RobertR]

Hi Simon
Thanks for the help. I'm not happy with my current broker so I'm looking for a good ECN broker.I'm trying to open an account with Dukascopy but INS lost my passport,(I'm from Czech republic and I live in the U.S.) and it will take about 3 months to get new one,plus another month befoure Dukas opens my account.So I don't want to be stuck with my current broker for another 4 months.All the so call ECN brokers that I'm looking at are realy STP(how they can be a tru ECN if they have fixed spreads and no commisions) or they have bad reviews.To try out a new broke I don't want to deposit more than $3000.It's just for a few months, I definitely want account with Dukascopy.
Robert

[Simon]

Hi Robert,

Dukascopy are the way to go, sadly you are not the first person to tell me horror stories of bureaucracy and red tape - sorry about your passport.

I would definitely look at Jade FX - JadeFX Automated Forex Trading

and

TheCollectiveFX

I'm a bit loathed to recommend brokers but I know people who use these two and I have heard no problems (actually only good things).

Please ensure you call them before you open an account! I REFUSE to open an account with anyone before I have spoken to them personally at length!

As to spreads and commissions, you are dead on. You cannot be an ECN if you do not charge commissions ONLY - no "spread padding" or other nonsense. You cannot be an ECN if your spreads aren't variable.

Hope this helps,

Simon.

[The Aslan Group]

Hi Simon
Thanks for the help. I'm not happy with my current broker so I'm looking for a good ECN broker.I'm trying to open an account with Dukascopy but INS lost my passport,(I'm from Czech republic and I live in the U.S.) and it will take about 3 months to get new one,plus another month befoure Dukas opens my account.So I don't want to be stuck with my current broker for another 4 months.All the so call ECN brokers that I'm looking at are realy STP(how they can be a tru ECN if they have fixed spreads and no commisions) or they have bad reviews.To try out a new broke I don't want to deposit more than $3000.It's just for a few months, I definitely want account with Dukascopy.
Robert

Hi Robert,

My company recently began working with Marc and we are actually an IB for Dukascopy. I can certainly relate to the arduous account opening process ( though they are a fantastic broker and certainly worth the wait ).

Simon has given you some good suggestions for brokers in the meantime and I also want to include ATC Brokers for consideration.

We are not an IB for them since they only compensate IB's by marking up the clients commission, so a trader is better off opening an account directly. They are however an excellent ECN option.

For your Dukascopy account, iIf you are interested in receiving rebates on your commission, simply open your account through this link and you will receive a 35% rebate on your trading commissions each month ( it's paid directly into your Dukascopy account ).

Best Regards,

Gavin

[RobertR]

Simon,Gavin Thank You guys for your help.