STP Forex brokers is the most diverse group when it comes to trading conditions. Ranging from STP brokers who act almost like a Market maker, to STPs who offer advanced DMA trading. While all STP brokers offer No Dealing desk NDD trading and Straight Thought Processing STPdesk eliminates conflict of interests, there are 3 factors that stand them apart:. STP broker Order execution: STP available on accounts: Number of Liquidity providers: Bank of America, Barclays, BNP Paribas, Citibank, Commerz Bank, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, J. Morgan, Citibank, Deutsche Bank, Barclays So, an STP broker with no dealing desk will direct all orders to Liquidity Provider s. A Liquidity Provider LP always acts as a Principal and a Conterparty to your trade. An LP takes the other side of your position, forex looking to make profits by closing this position later in a trade with another party. Same as with ECN brokers, who pass your trades to an ECN pool, where other liquidity providers - banks, hedge funds, brokers, investors - become a counterparty to dealing trade. Thus, in the end your order always meets a Liquidity Provider, who is a final Counterparty to your trade. Depth of the liquidity pool number of liquidity providers 2. Type of the spread fixed or variable 3. Type of execution instant or market. Unlike ECN brokers who send orders to ECN liquidity pools with a large number of liquidity providers trading on the Interbank, an STP broker has it's own "internal liquidity pool", which consists of a smaller predetermined number of liquidity providers - only those with whom an STP broker has signed a business contract. It's worth mentioning that if an STP broker has only one Liquidity Provider LPthere will be no price competition among LPs, and therefore it'll be equal to just adding yet another "middleman" into the trading. An STP broker with variable spreads works in a way similar to ECN model but inside its own internal liquidity pool: The spreads will remain fixed all the time. If an STP broker has only 1 liquidity provider, this Liquidity Provider will act as a single counterparty to all client trades. In this case traders are at the mercy of the liquidity provider, who decides which prices to quote and when. If there are several liquidity providers, but the spreads remain fixed, this means that an STP broker uses its own back-office price matching engine, which ensures that a broker is able to make profits on spread difference. To do that, a client is charged a fixed spread, which is higher than the best available rate a broker can get from the LP s. A broker then earns on the spread difference while immediately hedging this trade with an LP at a better rate. As practice shows, when it execution to reading about trading advantages on brokers' sites, the term "Instant execution" can be used differently:. We're interested in the second definition - "Instant execution as the method of platform order execution". Instant execution means that the order won't go to the market it'll be instantly filled by your broker. Market execution means the order will go to the market where it'll be filled based on available quotes from the dealing providers. STP brokers who offer Market execution provide true Direct Market Access DMA trading to their clients. So, how do I tell STP from Market maker? With instant execution and fixed spreads would be a market maker. With instant execution and fixed spreads could be an STP. Well I'd guess that would mean that my STP dealing my orders to a Market maker I'm in the same boat. Well, unfortunately, since there is no central regulator for Forex exchange, anyone can open a site and "become a broker over night". We should be vigilant! Say, would you bring your money to a newly opened bank? So why do traders open accounts with novice brokers and then complain about being dumped? They knew the risks. Go to an old broker, make sure it's got registration and regulation preferrably in the US, UK, Australia, Switzerland and may be a few other countries, where Forex regulation forex well establishedand in such way minimize your risks at the very least. Still yet is properly answering to their clients and not ready to provide the information as such. Dealing request to every one dont use iktrust. Trading orders are sent, evaluated, matched and confirmed by computers. Institutional Forex doesn't need leveraged trading, since there is no real need to "help" institutional clients scale up their investments in order to participate in trading: I have an account at Iceberg Brokers for two weeks. The account opening was pretty straight forward it took 3 days from first contact to have my collateral at my account and I was able to trade. They really do not have dealing desk, no spykes, no stop hunting, no commission. Their platform is Metatrader4. Their support was very helpful and their spreads are very good. I asked them about equities and different platforms they will have equity trading whithin a month and they will offer more platforms like Realtick. I only can recommend this firm to everyone. You can check their website: Can u guide me. This link should answer it plenty: I HAVE NOT FOUND A FOREX BROKER YET THAT ACCTUALY IS TRUE ,THE ONES I'VE TRYED THEY TAKE YOU OUT OF THE MARKET BEFORE IT HITS YOUR STOP. THEY ALL HAVE THEIR FINGERS IN THE PIE. I believe it's not a fair game trade on that broker. Just getting away from Oanda 3 long and miserable years! Should I ask to PFG about their LP-s in order to understand their access to liquidity? Mostly of the reviews around the internet are outdated. Anything good from them beside the fact of being Swiss? I think actiwincapitals doing wonderful job. EA friendly good broker in the world. FQ Securities do also have ECN, but is not listed here. Have used them for a while on demo, and are satisfied with them and their MT4 platform. I'd trust the support. There is no reason to lie to customers. Though the conditions they offer are very suitable for Market making: On the quick look there is no mentioning of conflict of interests in their client Agreement. So, we'd assume it's STP, unless proven otherwise. I've read in the IKOFX support page, they claim they are STP. Sorry, can't recommend brokers. Moreover, starting your own brokerage company requires more in-depth research of partners. For regulatory bodies in Mid East, please follow: Instant execution - you're trading with a market execution. Market execution - you're trading with STP. Both brokers offer only Market execution of orders, which cannot be "MM", but rather could be one of the following: Interactive Brokers is the only one I know in desk lists that provide access to 13 banks and to forex interbank liquidity. That is lower than anyone, except perhaps Dukascopy. The others, you trade directly agaist them. And they have no liquidity. So most traders trade in a highly expensive spread or commission market, trade against their broker, who can manipulate the market in a notoriously unregulated environment, and DO NOT have access to the REAL forex INTERBANK market, where the liquidity really is. They trade a parralel retail market design to get them creamed. Like sheep customers managed by wolves forex retail brokers with "no commission". Commission is so much cheaper and the brokers who charge commissions are transparent, with no conflict of interest. Spreads are extremely expensive compared to commissions, making trading and winning in these conditions virtually impossible. I want to share one very detailed answer about liquidity and bridges from TheCollectiveFx, which I think might be useful for traders like me who likes to ask many questions. My question to TheCollectiveFx was: Is it like Integral? I'm trying to compare it to brokers who simply have, say, 6 banks in the liquidity system. While you have 1. Hope you can understand the general point. The reply from TheCollectiveFx: In order to have multiple banks then that would require multiple bridges and that would result in multiple symbol sets e. There are some bridges that will connect to multiple banks directly and feed a single symbol set but truthfully those are very few and far between because the technology for routing the trades does not work. If you see a broker tell you that they have 6 or 10 or 25 banks that they trade with then that is more than likely an untruth, what they really mean is they connect desk ONE feed that has multiple contributors. This is exactly how Integral, Hotspot, Currenex etc all work. These connect to multiple banks and then feed that as a Best Bid Best Ask quote through the data feed as a quote. Any orders get routed to the bank that made the best quote. However, in order to trade with any of these or their equivalents then a single bank or prime broker needs to buffer the trades. The bank or prime allow multiple simultaneous lines of credit at each of the contributing banks and without them a separate deposit amount would have to be lodged with each bank. The prime bank does not care where a trade ends up, its job is to route trades efficiently and maintain margin and capital requirements. In short, I doubt there are any true MT4 brokers with multiple direct bank feeds, that is more mis direction than anything else. They may certainly have a single connection to a single prime bank who then connects to many other banks, but there won't ever be a direct connection from broker to each and every bank. Consider that each brokers feed is a composite feed from a single prime bank connected to multiple providers. Our data feed is exactly as above, we have a single bank connection who then connects us to multiple other banks. Unfortunately in this MT4 world too many people make too many misleading claims. At last count I think we had 27 contributing banks to our composite feed, although in reality there are really only about 12 that matter. I hope the answer isn't too complex or misleading, but in short consider that unless the broker is giving you multiple unique symbol sets to trade then their feed is a composite feed too. If the one feed goes down then all go down, yet if they were truly connected to multiple banks directly then if one failed then all that would happen is that spreads would widen, yet the feed would survive. With a single liquidity provider such as ours then ALL orders are routed to our bank who have quoted us the Best Bid Best Ask from all of the contributing banks that they deal with. Any order is then routed to the ultimate quoting bank for filling. That may actually be our prime bank as they are a market participant too, but only if they are the Best Bid Best Ask at the time. The order is then filled and routed back to the prime bank who routes it back to us. Your trade consumes margin at our prime bank and in turn their account consumes margin at the ultimate quoting bank. If you were to then close your order that order is also executed at the Best Bid Best Ask price which may not be the same bank that took the first part of your order. You don't care as your order is closed, we don't care because our prime bank has taken care of that for us. Our prime doesn't care because they too are flat by merit of having two positions of equal and opposite size at two of their contributors. The prime bank acts in an aggregating manner and settles their accounts with each of their contributing banks on a daily basis. Now you can see why my statement earlier that a single bridge that has multiple independent bank feeds is so hard to execute. The margin has to be dealt with so that multiple deposits aren't necessary and then the aggregation has to be dealt with. You may be flat but the broker could have two positions open. Very very tough to execute successfully and thus why it doesn't truly exist in the MT4 world. Thanks Gary, it's the clearest and most detailed answer I've ever received! IT would be very helpful if you stated whether or not NDD STP brokers charge a commission or not so just add a little to the spread for their profit - if no commission. When it comes to ECN brokers, they use ECN pools with a large number of liquidity providers, which I'm not sure anyone counted. I don't know how many LPs MB Trading has, sorry. What I want to say eventually is desk we don't need to worry about ECNs, but we do have to have more information on STPs and their liquidity. Yes, we're a Market Makers with NDD execution. According our GBT point Hi you are saying UWCFX United World Capital is STP broker. Once you have placed the order and the server accepts it, once the price reaches your order it will usually be triggered. If what you are saying is that the spread gets widened in the time before you place your order, then you may consider placing the orders BEFORE the spread is likely to widen. In other words, and without knowing how your news feed desk triggering signals you could possibly advance the time of the signal, or get execution EA dealing to behave differently. If all the EA is doing is receiving a standard news feed and then placing bets around each news item, then it should be pretty simple to change. Hi I hope I can explain this in an understandable way I am trying a EA that trades the news releases it opens 2 pending orders 1 sell 1 buy 3 or 4 seconds before news release then execution for the spike execution way the problem is the broker I am using Alpari widens the spread, just before release, so much that I am getting error each time, which means that the price is too far away from entry. Does anyone know of a broker that offers fixed entry spreads on news regards Dennis. For all cent accounts, ROBOFOREX is a dealer, that is, the second party of the transaction. This happens because the terms of the Prime Broker Forex do not permit transactions below a certain level. For all standard accounts, the STP technology applies through a bridge connecting with the provider of liquidity. All transactions that exceed 0. With each transaction, RoboForex gets a portion of the spread. Then you look at trading conditions: Welcome to experience the Broker Search on a whole new level! Who shall we believe, the Fed or data? With market execution it is STP, no matter what spreads. Please correct me if I'm wrong. How can one get a true ECN broker? Has anyone experienced any? Hello, we don't have such references or information, I'm very sorry. HI, i would like to know is IKOFX market maker or STP? Tryer Which is the better,instant execution or market execution? I'll be glad to discuss. Hi guys, I want to share one very detailed answer about liquidity and bridges from TheCollectiveFx, which I think might be useful for traders like me who likes to ask many questions. If I've confused the matter then I apologise. What about MB Trading. How many liquidity providers do they have? According our GBT point 15 The General business Terms confirm that. This is only forex "Pro-ECN" acc for and spread is low ,see seriously. Hi Akram, You read the Client Agreement first, where it can be mentioned. Then you ask a broker directly if they are MM or STP. What code is in the image? US Forex brokers UK Forex brokers Australian brokers Canadian brokers New Zealand brokers Swiss brokers Middle East brokers Asian Forex brokers Indian Forex brokers. Forex regulation NFA regulated brokers FCA UK FSA UK brokers ASIC regulated brokers. How to choose a Forex broker? How to become a Forex broker? Introducing broker vs White Label? Margin calls vs Stop out levels? Market vs Instant execution? FIFO Stop loss policy under new NFA rules. New Poll How many brokers have you changed during the 1st year of Live trading?:. I stayed with my first broker. Forex brokers contests Forex bonuses Forex No-deposit bonuses Forex Incubator Programs Forex brokers providing Free education Oil Forecast Technical Analysis on Majors Top 10 reasons not to deposit Top 10 Forex brokers Alexa. Who's online There are currently 29 guests online. COM ALL RIGHTS RESERVED. Basics Forex vs Binary Options - 2. While all STP brokers offer No Dealing desk NDD trading and Straight Thought Processing STPwhich eliminates conflict of interests, there are 3 factors that stand them apart: Order execution type Number of liquidity providers spreads The list of STP brokers and trading conditions: Morgan, Morgan Stanley, Nomura, UBS. Morgan, Morgan Stanley, MUFG, Natixis, Nomura, RBS, SEB, SMBC, UBS. Sun Hung Kai Forex. A summary - conditions comparison - for all STP brokers:. Client orders are filled by the broker, who then may or may not offset own risks with forex providers - therefore it's a less transparent model. Client orders go to the market, where they are filled by liquidity providers - more transparent model. Adi October 14, BrokerGuru November 2, BrokerGuru August 24, BrokerGuru April 25, BrokerGuru April 7, BrokerGuru March 7, BrokerGuru February 13, Thomas November 1, BrokerGuru October 10, BrokerGuru October 4, BrokerGuru September 26, BrokerGuru September 22, John August 5, Dennis July 19, BrokerGuru July 15, BrokerGuru May 1, Akram May 1, FIFO Stop loss policy under new NFA rules SURVEY New Poll How many brokers have you changed during the 1st year of Live trading?: Top 10 Forex brokers Alexa Search Who's online There are currently 29 guests online. BROKERS Search Review Add a broker. TERMS OF SERVICE Disclaimer Privacy policy. COMPANY About us Contact Careers Investors.
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