Ya I do agree with you mate, experience wasn't that great with an STP, dropped the idea of using it. Instead found ECN to be a better option. But it wasn’t an ECN account for me until 3 sleepless nights with my lost trades, realised the importance of negative balance protection when I saw my entire investment draining. Using XTB and Fxview’s ECN atm.
What is your budget? If you are new to forex trading I would start with a lower budget and opt for an STP trader. Reasons being i) In general STP brokers don't charge a high amount for opening a trading account. ii) the commissions are low for each trade for STP.
mitchelstrack posted: I am new to trading and have been recommended by a few to possibly consider negative protection with an ECN account. Avoiding STP due to interest clashing (that’s what I heard). Is it actually a help?
Go for ECN and you are good, all my clients copying my trades I also advised to go for ECN.
I would never use a broker that doesn’t offer NBP. There’s this one trade that I so vividly remember in my initial days of trading when I was using a leverage of 30:1 on XM on EURUSD and was hopeful of good returns. The price just suddenly dropped, as opposed to my estimation of prices going in the reverse. Before I could realise what was happening and close my trade, my balance came tumbling down to 0. Had it not been been for the nbp I would have been in a debt of 15000. And I seriously don’t know how in such a scenario one would go about repaying the broker. I just simply decided to always stick to brokers with nbp. Fxview and oanda are other brokers that I’m using who provide this feature.
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