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?
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.
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.
Nov 05 2020 at 13:26
Thanks for the input. My budget is around 2.5K.
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.
Nov 06 2020 at 04:23
In STP there is no conflict of interest between the trader and the broker because of the style in which the orders are executed. Brokers benefit from the commissions, not from the loss of customers.
Nov 06 2020 at 05:46
ECN/STP
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.
Nov 10 2020 at 04:02
Well no one can ignore the liquidity that is achieved through ECN.
Nov 10 2020 at 06:06
Negative Balance Protection is ok, but why go for ECN, I would rather suggest trying STP Brokers as they provide more transparency and more competitive pricing for customers. Plus the lot size can be smaller and easily manageable.
Nov 10 2020 at 10:14
I think both STP and ECN have their own advantages and disadvantages. It's up to the client what he/she wants. I have seen successful and happy traders using each type of broker. I am personally using Instaforex for STP account and ECN with Fxview.
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