NordMarkets – not the Best ECN Broker for FAPTURBO

Friday, March 27, 2009, 9:55
FAP TURBO Brokers
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Yesterday I had a phone call with NordMarkets manager Daniel, because this week I have opened a DEMO account to test what spreads they can offer in the time period when FAP TURBO trades.

There was an option to open DEMO Mini account, but then you would have fixed spreads. Therefore, I opened ECN DEMO account to check if any trader could get good spreads directly without dealing desk. And I was disappointed the first minute I have loaded it…

I noticed that it has 1.8 to 5 pips higher spreads on EURCHF and EURGBP than other brokers on DEMO accounts like Forex.com, FastBrokersFX (also known as FastFX) and FXCM (FXCM does not offer Metatrader4 DEMO account, therefore I have installed their Trading Station).

But they had lower spreads on GBPCHF (7 to 11 pips) and USDCAD (4 to 8 pips). Of course, these two pairs are not recommended to trade, but if you want to have more adrenaline, you can start trading them .

Let’s get back to the phone call, it took much longer than the calls I had with Forex.com, FastFX or FXCM managers. And the main information I got:

NordMarkets have 14 liquidation sources (like UBS, some other banks and institutionals);
ECN DEMO account is real mirror of the LIVE account having the same tight spreads (manager told, that many other brokers offer lower spreads on DEMO accounts than it is really on LIVE accounts);
spreads are higher due to abnormal situation in Forex market, cause volatility is much higher and the liquidity is not enough (the same problem most of the FAP TURBO users had or still are having with FXPRO or IBFX brokers), and it was way lower before December – it should get back to low spreads when the markets will still down;
ECN account is available only from $10.000 (I noticed him that Live support told me that I could open account with minimum $2000 deposit, but then I would have lower leverage, check the chat with NordMarkets FXoperator. But the manager answered, that he has not such instructions about LIVE ECN account minimum deposit and he will clear this thing in email he will send me later).

It is always good to talk to someone live about the service they provide, only you should have some questions to ask, not only to listen to the manager’s promotion.

In overall, NordMarkets is not an option to the best broker list for FAP TURBO Forex trading robot.

Update: I had another call with Daniel, and he cleared, that the lowest deposit for ECN is $6000, but then you would get leverage 1:50. And this option is available only in special occasions.

I am still looking for the best broker for FAPTURBO money making Forex robot to make a list of them and will announce it shortly. So if you still are not connected with me, you can start it now. Follow me on Twitter or just subscribe to my full RSS feed or subscribe to my blog news by Email to be noted about latest news from FAP TURBO front and other ways to earn money automatically on Forex.