The answer I give people when they ask what is the most honest forex ecn broker available; I tell them two things.
Firstly, ECN brokers have a vested interest in their clients SUCCESS. If their clients are not trading and making money, then they will not be making any money either.
ECN brokers act as middle men between clients and banking
institutions and hence only receive commissions from clients actual
trades, unlike MARKET MAKERS whom may profit by taking the opposite side
of the clients trade. Market Makers can thereby receive their income
from commissions AND ALSO their clients losing positions.
Second, personal experience with brokers;
In building brainyforex review site it is my goal to try a good
selection of the most popular forex brokers and report back the results.
Also encouraging others to contribute their own feedback with brokers
on this site.
From the forex broker list that I recommend traders to test out, so far I have personally used with real money accounts the following brokers with the following results;
Having tried FinFX.fi I can report that they have met my expectations as a honest forex ecn
broker. They always respond promptly to my email questions as well as
transferring money into and out of my account very fast. Staff seem very
helpful and friendly.
They have now been acquired by BCFXbroker.com and they have subsequently had problems with their license. Know nothing about BCFXbroker.
My first forex broker account was Oanda back in 2002. They have a huge reputation as being one of the largest and longest standing industry brokers out there. I have always found them great to deal with. No problems at all. Even though they are a market maker I have found them to be an honest broker.
Have been using IC Markets for a few years now and found them to be great in all aspects. Found them to be honest.
Forex traders whom would like special discounted trading commissions / lower spreads with these above brokers should sign up through the special links on this page here.