The best broker for scalping

FXOpen

Scalping has always been a favorite strategy among traders to earn big bucks in mere a short period of time. Scalpers intend to open positions with large lot size and try to close them after gaining just a few pips profit, a scalper usually holds a position just around a couple of hours or less. Besides certain trading skills, a broker must also have some special features to execute scalping successfully. Here in this article, my focus will be on the broker i.e. what kind of features and qualities a broker must possess for scalping.

fxopen ecn agg

Low Spread

The prime requirement for scalping is either zero spread of the lowest possible spread because scalpers can’t afford high spreads. Ideally, scalping should be exercised on ECN accounts that offer the lowest spreads among different types of trading accounts. If I write about my personal preference, I’ll definitely go with FXOpen, they connect traders to big liquidity providers, and thus a trader may get his /her order filled at the best possible price. The environment of ECN trading offered by FXOpen is hassle-free. You will get the following information in FXOpen’s ECN trading:

  • A list of top five high prices (Bids) from traders willing to buy along with bid volume mentioned with each price;
  • A list of 5 lowest prices from traders willing to sell along with ask volume mentioned with each price.

This is how a scalper can easily choose the best price in a very hassle-free manner.

Pending Orders

The use of pending orders is very common in scalping as well as any other trading system. With FXOpen’s ECN account, your pending order will be filled at an exact price or a price better than your desired price, whatsoever situation may be. For example, you place a buy limit order in GBP/USD at 1.6030, the current price is 1.6080, your order will be filled at 1.6030 or a lower price such as 1.6029 or 1.6028 depending upon the situation and available buyers. Similarly, in case of a buy stop, your order will be filled at either the exact price or higher price. Likewise, in the sell stop, the order will be filled at an exact price or a price lower than the desired price.

Instant Execution / No Re-Quotes

Another desirable feature in scalping is instant execution without any re-quotes. Keeping in view the large size of the lot and only a few pips profit, if your order is not filled instantly at an exact price, then you could not achieve the desired results through your scalping system. Again, FXOpen provides re-quotes free trading at an exact price, thus allowing traders to maximize profits and minimize losses.

Best Charting Experience

Accurate data is another very important factor in scalping. Even a minor difference in price can prove to be disastrous. For example, GBP/USD gives a hammer sign on the daily chart at 1.6250, but your broker is showing the lowest candle value at 1.6251, consequently, you put stop at 1.6251, assuming it a critical support level. However in actual, the critical support level is 1.6250 instead of 1.6251, thus it may hit your stop loss because in scalping traders usually trade with very tight stops.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Brokers and Accounts

How Forex Brokers Make Money Why Forex Traders Lose Money 43% of FXOpen clients are profitable Forex Arbitration Claim: How Trader Can Prove His Right Why Did I Get Slipped? Forex Slippage

Latest articles

Forex Analysis

EUR/USD Analysis: Euro Showing Signs of Strength

Today news was published about the values of PMI indices for European economies. Data from France was encouraging: → French Flash Manufacturing PMI: actual = 46.8, expected = 43.5, a month ago = 43.1; → French Flash Services PMI: actual = 48.0,

Shares

NVDA Share Price Soars 11% after Report

The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.

Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000

We previously wrote about the reasons for the positive sentiment in the ETH/USD market. Optimism was added by a post on X (Twitter) by Vitalik Buterin about the so-called Werkle trees. This technology, which should (according to the information

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.