inter-connected model that allows for multiple liquidity pools with various characteristics to be offered simultaneously. An ECN broker facilitates trades for interested investors across the ECN. An STP Forex broker is compensated through the spread (spread markups - to be explained in details below). Market Makers typically offer wider spreads as this is one way in which they can manage risk, though this is not true of all Market Makers. In this article, we take a look at how liquidity is actually provided, and what is the real story behind pricing, volume, price, cost and ultimately, better trading conditions. Only by separating all business activities including liquidity sources, platform, staff and IT infrastructure can a broker hope to offer trading services to all market participants without compromising key features such as pricing, liquidity, latency or execution. Large trade sizes also mean spreads tend to be decided upon trade entry as opposed to the retail market where the spread is of prime importance and often decides trade entry for retail traders.
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Sometimes STP brokers are discussed as if they were ECN brokers. Dukascopy Bank SA is, in effect, a bank more than a broker, so much so that it is regulated as such. However, despite this seemingly skewed liquidity picture, access to liquidity has never been so diverse. Pepperstone is one of the few forex brokers to offer, in addition to the access to an ECN, a DMA (Direct Market Access) execution. An STP broker therefore has 2 options:.
Electronic Communications Network(ECN Is the only type of a broker per-se. Like in equities brokers are supposed to let you gain access to the market not be the market (like in MM or STP sometimes). So a true ECN broker lets you see the actual prices and display the order in the market. ECN Forex brokers always have variable spreads.
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