New ECN Broker – Prime Bank Forex, Raw Spreads & No commission

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New ECN Broker – Prime Bank Forex, Raw Spreads & No commission

Post  scottfx99 on Sat Nov 07, 2009 11:49 am

New ECN Broker – Prime Bank Forex, Raw Spreads & No commission

The guys behind CashbackForex (forexcashback.info) has started their own Forex Brokerage. As we all know, market makers has their drawbacks with potential market manipulation etc., but my experience is that the commission of traditional ECN brokers is consuming too much equity, especially when trading with scalpers.

This new brokerage however seem to try to combine the best of two worlds. It’s a ECN/STP brokerage with no commissions and they offer raw institutional spreads (or nearly raw spreads, since their commission is built into the spread)

From weeks of testing they claim to have the following average spreads:

EUR/USD 1.1
USD/JPY 1.6
GBP/USD 2.0
USD/CHF 2.2
USD/CAD 2.5
AUD/USD 2.1
NZD/USD 3.0
EUR/GBP 1.8
EUR/CHF 2.4
GBP/JPY 4.2
GBP/CHF 4.5
EUR/JPY 2.1

Their key selling points are:

- Wholesale, institutional pricing for retail traders
- STP MT4 platform that allows all robots to run freely without intervention
- Raw feed provides 300% more tick data than most brokers
- 29 Currency pairs
- Trade micro, mini, and standard lots from a single platform
- A firm that makes more when you win, unlike market maker operations
- 100:1 leverage on crosses and majors
- Zero commission, the spread contains all fees
- Fast account opening and funding procedures
- Excellent customer service
- ECN execution via an STP interface
- Hedging
- Funds are held in top US banks
- $250 deposit minimum
- Deposit via check, paypal or wire

The only information we miss here is of course the one about regulation. However, since these guys run some very established and profitable forex businesses today I am sure they will not risk their reputation in the industry. They would have everything to lose and very little to gain from that. I feel therefore quite confident with them when I open an account later.

At the moment it is registration by invitation only, so you need to be a customer with them and have an account registered to be able to open an account. However, as soon as they are confident to be able to handle a large customer base their service will be available to the public.

scottfx99

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Join date : 2009-11-07

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