Quest For The Best Forex Broker
Let us face the facts. Everyone in business to make money, including broker. There are mainly two types of brokers. Dealing desks and non dealing desk. An important fact to know when your trade is, in an environment of virtually no dealing desk. Known top forex agent may even trade against you.
Image Source: Google
Now the question arises, how to find a non-dealing desk broker is genuine? Simple. Go find an ECN broker. Although it sounds simple, there are some considerations around it as well.
eg ECN environment may not be offered with smaller accounts such as 'micro' or even the 'standard' accounted for under the deposit a certain margin. So if you want a real ECN broker, a low minimum deposit may not be an option.
It's also true that some brokers are not only may trade against you, but it also sends a false spikes and dips tribes to end the lucrative trade open. This is the dirty tactics used by some so-called "best forex broker" to take advantage of the innocence of unsuspecting novice traders.
Forex is the most dynamic financial market in the world. dynamic so there is no central governing body to support the level and check the data. While this phenomena has been the backbone of forex, some brokers abuse against their clients to manipulate the market conditions and trends, just because the average trader can not verify the authenticity of the chart data provided by the broker. Do you still think you are the best forex broker in the market?
Real time results in identical demo account and live account of the same broker may be very different. I personally do not want to know why.