|Broker Name||Cashback Rate*||Regulation*||Min Deposit(USD)||Min Spread||Max Leverage||Execution Type*||NDD*||ECN*||Segregated Account||Negative Balance Protection||Islamic Account||No Deposit / Welcome Bonus|
|FXGiants||$7.88||FCA , AFSL||100||0.00||1:1000||Market, Instant||Yes||Yes||Yes||Yes||Yes||Yes|
|ForexTime (FXTM)||$13.12||IFSC||0||0.01||1:1000||Market, Instant||Yes||Yes||Yes||Yes||Yes||Yes|
|InstaForex||$13.12||CySEC, FCA, FSC||1||3.00||1:1000||Instant||No||No||No||No||Yes||Yes|
|Swiss Markets||$7||CySEC, MiFID||200||0.00||1:500||Market,Instant||Yes||No||No||Yes||Yes||No|
*Here cashback rates shown are based on major currencies spread.
Forex broker regulation gets approved & administered by the government regulatory authorities who handles all legal aspect of a forex brokerage company. For some regulatory authorities, if a brokerage company gets bankrupt, then they provide insurance for clients fund. So that client can retrieve their money, also in case of any kind of fraud. Followings are top forex regulatory bodies along with their full forms.
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ECN stands for electronic communications networks. ECN brokers provide clients direct access to the financial market. In simple words, with ECN brokerage services you need to pay less spread on currency pairs, but it includes commissions charges per trade. ECN brokers are best for scalpers.
In forex trading, execution types indicate how your placed order get executed by the brokerage service. There are two major types of order execution available with MetaTrader trading platform, market execution & instant execution.
Market Execution: This type mostly gets available with ECN or Non Dealing Desk(NDD) brokers. Here no middleman involves. Trader orders, directly get transferred to the bank(liquidity provider), then system chooses best price from among all available banks & returns it back to the trader by placing the order with that price.
Instant Execution: This type mostly gets available with Market Maker brokers. Here once trader places an order, it gets filled by the broker instantly. With this type of order, a trader can place stop loss & take profit instantly with the order, unlike market executions.
NDD stands for Non Dealing Desk, basically, it is for market execution type trades. Here no dealing desk involves for filling traders orders from brokerage side. If a trader opens this types of account with market execution then trader order will get filled directly from the bank or by the liquidity provider.
STP Stands for Straight Through Processing, which indicates how trader order gets processed. It is an order handling technology for brokerage services. As it is engineered to speed up the order execution, thus it produces less delay. Trader order get executed within micro seconds.