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How good is NBP with ECN accounts?

Nov 05, 2020 at 05:56
625 Views
6 Replies
Member Since Oct 05, 2020   30 posts
Nov 05, 2020 at 05:56
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?
Member Since Oct 01, 2020   49 posts
Nov 05, 2020 at 09:47
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.
Member Since Oct 08, 2020   29 posts
Nov 05, 2020 at 12:55
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.
Member Since Oct 05, 2020   30 posts
Nov 05, 2020 at 13:26
Thanks for the input. My budget is around 2.5K.
forex_trader_1984295
Member Since Oct 22, 2020   42 posts
Nov 05, 2020 at 18:24
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.
forex_trader_1984295
Member Since Oct 22, 2020   42 posts
Nov 06, 2020 at 05:46
ECN/STP
Member Since Oct 05, 2020   65 posts
Nov 06, 2020 at 08:24
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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