This is one among the foremost commonly asked questions. The difficult part in understanding ECN and STP meanings is that those are interpreted differently by many of us. There are three main business models employed by Forex brokers which differ by the way the transactions are handled and orders are executed: ECN, STP and Market Makers.
ECN: An ECN broker is the purest form of Forex dealer out there. No profit is made on spread difference. Instead they charge a commission. As such, it is in their own best interest for their clients to be winning, or they wouldn’t be able to charge a commission.ECN stands for Electronic Communications Network. An ECN broker is a Forex financial expert who uses such a network to provide its clients direct access to other participants in the market. An ECN broker consolidates quotes from several participants, in order to offer tighter bid/ask spreads. It’s not just individuals who can take advantage. ECN brokers’ clients include banks, market traders as well as single traders. The broker provides a marketplace where these clients can trade against each other, sending bids and offers into the system. Interaction takes place inside the system and traders can get the best offer at that particular time.
Trading activity with an ECN broker is completely anonymous. This means that traders can deal on neutral prices that reflect real market condition only. Neutral prices aren’t slanted against a trader’s direction based on strategie , current market positions or tactics.Trading takes place instantly, via live streaming, the best final prices and immediate confirmations. As soon as a trade is dealt it is final and confirmed. There is no dealing desk to get in the way and no re-quotes. A trader’s personal trading model and risk management system can be connected to the broker’s data feed and matching engine, giving access to best bid and best prices, along with a range of other data.An ECN Forex broker always has variable spreads. This is because they can’t control bid/s like a dealer.
STP: This term stands for 'Straight Through Processing' and is employed when a Forex and CFD provider processes all trades at market prices obtained from a liquidity provider, this price is just passed on by the broker. this is often not dissimilar to the ECN pricing model therein the worth isn't altered and there's no dealing desk intervention when the trade is processed, hence it's referred to as STP.
Devise FX Markets is that the issuer of the products it provides. We consider ourselves to be a forex provider offering the ECN pricing model as we source our pricing from external unrelated liquidity providers , these prices are passed onto you with no dealing desk intervention. so as to supply you with better price certainty and to make sure fast speed we don't offset each and each position with our liquidity providers. We do that so as to supply you with a far better overall trading experience.
Devise FX Markets takes serious precautionary measures to ensure that your personal details are held in absolute confidence. Your passwords are encrypted and your personal details are stored on secure servers and cannot be accessed by anyone, with the exception of a very small number of authorised members of staff.
We require a copy of your valid International Passport, National ID card or Driver's Licence in order to verify your identity.
We may also request a Proof of residence document showing your name and address, issued within the last 6 months.
The document(s) required and their current verification status can be seen at any time via Devise FX Markets Direct.
You can upload your documents at the time of your registration. You can also upload documents via your Devise FX Markets Direct by clicking on 'My Profile' and then 'Upload documents'.
Document verification is usually very fast and you can always check the status from the same section in Devise FX Markets Direct.
Please note that uploading the documents through Direct is the only acceptable channel of submitting these documents and that any documents sent by email will not be processed.
As a regulated broker, we are required to assess the suitability of our clients in regards to their understanding of CFDs and knowledge of the risks involved.
If it is deemed that you do not currently have the experience required, you can proceed with a demo account creation, and read through our Education Section in order to familiarise yourself with the market and practice trading. Once you feel that you are ready and experienced enough to open a live account, and are fully aware of the risks involved, please contact us so we can reassess your suitability.
If the information you provided to us on the registration form was inaccurate, please let us know so we can contact you to clarify any errors.