Hf forex

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Largest forex brokers by volume

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You buy from your broker, you sell to your broker. Think about your broker as the foreign exchange shop you find in an airport where you exchange currencies. You give them one currency in exchange for another at the prices decided by them. They have a spread between the buy and sell price to ensure they make a profit.

When it comes to retail shops where you exchange money, the spread is so big that the shop owners will make a profit even if they are stuck with a very large amount of one specific currency and they have to change it at another third party their liquidity provider in order to replenish their stock of the currency in high demand, because their liquidity provider has a much lower spread.

When it comes to forex brokers that act as market makers the situation is a bit different, because each trade you open will also be closed at a later time. Unlike foreign exchange shops, where you can buy Euros with Dollars and then spend the Euros elsewhere, when you buy Euros with Dollars from your forex broker you have only one way to spend your Euros: This transforms your transaction into a bet against your broker on how the currencies will fluctuate.

If you have a profitable trade, your broker will credit your account with money and if you lose, money will be subtracted from your account. But the money you earn from a winning trade come directly from your broker, while the money you lose represent revenue for your broker.

This results in a conflict of interest between trader and broker when the broker is a market maker. Market makers act just like bookmakers. They give you the possibility to bet against them on the evolution of currency pairs.

This is why in the United Kingdom market makers were forced by the regulators to call their services " Spread Betting " instead of " Forex Trading " in order to reduce any possible confusion. But why are market makers so happy to take the opposite trade against any client?

Don't they know that good traders can have good predictions of the market movements and make a profit? This would make them lose money. The truth is that most forex traders end up losing their money, so the market makers will make money out of them. The spread is also helping the market maker and gives it an edge against the trader, so in the long run the market maker will make a profit, or at least this will happen in most of the cases. It works exactly as it works for bookmakers when they accept betting on sporting events.

While the bookies will suffer loses in certain situations and some bettors are making money out of their hobby, overall the business is very profitable. The same goes for market makers. Remember when earlier in this article I said that not all legitimate brokers are suited for big investors? I was talking about the market makers. Big investors usually know much better than casual traders how to trade and have a much higher rate of profitability.

This makes them dangerous for market makers as they may end up losing money against such traders. Of course, they will accept large depositors because they hope they will catch the ones who don't know very well what they are doing and will end up losing money, but when they are faced with a client that wins a lot of money on a regular basis they will not like it.

Since a lot of market makers such as XM Group , Ava Trade or Exness are legitimate brokers they are well regulated and established companies in good legal standing that have a reputation to defend they will pay out any winnings and process all withdrawals. While they are suitable for small accounts because small winnings are not an issue for such large international brokers, they are not recommended for large accounts because of the conflict of interest.

If a market maker is faced with a trader that wins large amounts of money on a regular basis it will have to hedge the risks by covering the trades with a liquidity provider. However, the dealing desk will have difficulties in replicating the trades instantly, especially during news trading or if the trader is scalping. This may force the broker to resort to "tricks" such as requotes, poor execution, slippage, platform malfunctioning or even stop loss hunting. While reputable market makers will not engage in such shameful tactics, they may still be forced to limit your activity during news time and will not allow scalping.

In the end, the broker wants to make a profit and if it is losing money with a client it must do something to change that. Hedging the trades is a solution, but the market makers are less prepared to efficiently do that than ECN brokers. Because of the way they operate, market makers will usually advertise themselves in a way that attracts amateur traders and is not attractive for professionals. Casual traders are the most profitable for market makers as they have a very small rate of profitability.

ECN stands for Electronic Communication Network and is an electronic system that connects retail traders, brokers and liquidity providers in an exchange-like environment.

An ECN broker is a forex broker that processes all orders electronically directly to its liquidity providers without a dealing desk. The broker's platform is connected directly to the liquidity providers usually big banks such as JP Morgan, Barclays or City and the trades are executed against the liquidity provider offering the best quote. A good ECN broker uses many liquidity providers in order to have lower spreads for its customers, since the system will connect the trader with the best quote available in the system.

Such brokers are also known as STP brokers Straight-Through Processing since they process the trade directly to a third party instead of being market makers. They are also referred to as "No Dealing Desk" brokers.

When using a STP broker your final counterparty will be a third party, which is one of the broker's liquidity providers. This means the broker is not having a conflict of interest with you because it will not make money from your losses.

But how does this work? By giving you direct access to the network of liquidity providers to which the broker is connected to, you trade on behalf of the broker directly against the liquidity providers offering the best quotes. I know this may sound a bit confusing and hard to understand, but think of it as if you are trading directly from the broker's account against the liquidity providers. If your trade is profitable the broker takes money from the liquidity providers and when your trade is a loser the broker will give money to the liquidity providers.

This means that whatever you win, you win from the liquidity providers, not from the broker, and whatever you lose, you lose to the liquidity providers, not to your broker. Ok, so if a STP broker allows you to trade directly against its liquidity providers, how does the broker make its money?

There are two ways for the broker to do that:. Let's say the broker adds a 1 pip markup. If the liquidity provider has a spread of 1 pip, the platform will display a spread of 2 pips. If you make a trade and market moves pips in your favor you will win the value of 98 pips minus the 2 pips spread and your broker will win 1 pip the markup. The liquidity provider will lose 99 pips minus its 1 pip spread. In the opposite situation, when the market moves pips against you, you will lose pips plus the 2 pips spread and your broker will still win 1 pip the markup.

In both situations the broker wins, so there is no conflict of interest between you and your broker as the broker makes money when you trade, not matter if you win or if you lose.

In this case the broker makes its money out of the commissions for allowing you to trade directly against the liquidity providers without any markup at very low spreads the actual interbank spreads.

In both situations, the broker is not your final counterparty and it is not losing money when you make a profit. An ECN broker will always prefer for its traders to win, because this will ensure you trade more volume and for a longer period of time. The broker makes money only from the volumes you trade, so it will be happy to have a winning trader. This is why it is highly recommended to open an account with such broker when you intend to deposit large amounts of money and trade high volumes.

It is important to understand that most retail forex brokers are market makers. While the ECN model is profitable for the broker on both winning and losing traders, it also carries additional costs and generates less profits from losing traders.

The broker must run a very powerful computer network with high speed connections and maintain a good relationship with several liquidity providers in order to be part of a good ECN with low spreads and fast execution. In addition to that, the broker's markup or commission is only a part of the total spread because the liquidity provider has its own spreads. If a trader loses all his money by paying spreads assuming he doesn't win or lose a single pip during his trading sessions until he goes bust , a market maker would take all the trader's money.

In contrast, a STP broker will win only a part of it, while the liquidity providers will earn the rest. Considering the above, it is no wonder why most brokers prefer to operate only as market makers and sometimes hedge the trades of very profitable traders. The costs associated with direct market access are also the reason why micro and mini accounts are always provided in a market-making environment where the broker will always be your final counterparty.

Such traders are also very risky to trade against, so the ECN model is in the broker's advantage because it is risk free. This is why some brokers are giving direct market access to the traders that choose to open the standard or VIP accounts. The DMA accounts will always have fractional pips the spread can be 2. Real market conditions where liquidity providers compete against each other to offer better spreads will always result in variable spreads that tend to be lower when there is little volatility and will increase in time of high volatility such as during news.

Mini lots and micro lots are never used by liquidity providers. In the following paragraph I will list three brokers that offer very competitive STP accounts for big traders. They are the ones I consider to be the best choices available right now, in no particular order.

The three broker accounts I will present below are very reliable choices for high rollers. I am trading with all of them and I am very pleased with their service, since I had no major issues so far.

It is worth to check them all and decide for yourself which broker is a better choice for you. It is probably the best ECN broker in the world and the ideal broker for big traders who want real market access with very low spreads. As an Australian financial services company, IC Markets is a very safe broker able to handle very large accounts. These codes are used to identify countries where a code or abbreviation is helpful.

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