Good Forex broker ECN?

[Matt R]

Im looking for a low initial deposit ECN forex broker...know any?

[John S]

Real ECN forex brokers, ie. brokers with access to interbank liquidity, generally all require not only larger initial deposit ($10,000 and up) and minimum equity, but also a minium order size (at least $25,000 or equivalent or higher) and low leverage.

If you're unwilling to commit more money right now, you're much better off signing up with a forex DEALER, ie. a market maker that acts as principal instead of a broker. They have major disadvantages, but are more flexible. Also, ECNs do charge a minimum commission per order, so if you're trading small positions like $25,000, the narrower spreads will NOT make up for the commission.

If you're interested, Interactive Brokers is a pretty good one in the US and VERY cheap and fast. Minimum deposit $10,000, x50 leverage, and 0.2 basis point of total order commission, with minimum $2.50 commission per trade. Most major pairs have interbank liquidity of more than $60 million. But not newbie friendly, used by a lot of pros and institutional investors.

www.interactivebrokers.com