To Joni Darwin..
That admin is an IB/ White Label for several brokers. If the IB or White Label can markup prices, then your assumption may be correct. However, if they do not markup prices, and only receive commissions from every order closure made by clients, then your assumption may be incorrect.
Thanks
@ Joni Darwin:
- From my live chat with admins from GAINSCOPE, ECNpro, FXMAX and Forexbrokerpro, the order execution type on MT4 is instant execution.
Answer:
The execution type depends on your own choice when opening a position. In Metatrader there is a choice of instant execution or pending order.
If you choose instant execution, the price you get is the market price at that time, if you choose a pending order, the price you get will be as you have specified. For more information, see: Learn to Use Metatrader
- Where my assumption is: INSTANT EXECUTION = DEALING DESK = MARKET MAKER = BANDAR BROKER. Is my assumption correct..?
Answer:
Your assumption is wrong. The type of execution has nothing to do with the type of broker.
These types of execution are a key feature of all brokers using the Metatrader platform so that traders can open positions according to the desired price based on their analysis. Not only Metatrader, other trading platforms also have this feature.
-….. where customers/clients are unlikely to win and if they do win they will definitely be cheated when dealing with a bandar broker….
Answer:
When talking about a bandar broker or not, a bandar broker usually (not always) gives profits (if the position is profitable) to customers at the beginning of their trading, and then monitored.
If it turns out to be profitable often, it will be cheated, but if it often loses (or the loss is greater than the profit) it will be left alone and not disturbed.
You cannot conclude whether a broker is a bandar or not unless you know exactly how it works in the kitchen. The only way to find out is to be involved at the management level by working at the broker so you know what's inside.
In forex trading what you need to hold is the broker's regulation. As long as it is regulated by a credible regulatory body, you should not worry. Your funds will be safe and the trading process will not be cheated. If cheated you can complain to the regulatory body, and if the broker goes bankrupt your remaining funds will be returned by the regulatory body after the legal process is completed.
@Master Martin
The type of execution depends on your own choice when opening a position. In Metatrader there is a choice of instant execution or pending order. (there is also a choice of market execution or pending order if the mt4 is operated by a broker who is not a market maker / dealing desk).
If you choose instant execution then the price you will get is the market price at that time, if you choose pending order then the price you will get is as you have specified. (if market execution the price will be thrown directly to the Liquidity Provider, different from instant execution where the price will be accommodated by the broker).
@ Joni Darwin:
That's what the information suggests, but in my opinion, we can't be sure or guarantee whether an order will be thrown directly or held if we don't prove it ourselves. In my opinion, the orders that are definitely thrown directly are brokers of the true ECN (pure ECN) type.
Market execution can experience slippage but never requote, while instant execution can requote but does not experience slippage. In my opinion, both execution methods can be set via software.
@Joni Darwin, it's better to use a foreign broker, sir. On average, local brokers do act as market makers. That's what causes local brokers to often give unreasonable promos, the goal is one, to get traders to deposit money, although not all local brokers are market makers.
The market maker position is a choice because we know how Indonesians trade, just reading forex news and immediately trading, eventually losing, getting angry in the comment column. They are tempted by large deposit bonuses, but that's a trap. When live trading, they leave it without analysis, and the next day they lose and are confused. This is what makes Indonesian brokers choose to become market makers, because they know the quality of Indonesian traders is still low. Rather than forwarding it to the market, it's better for brokers to become market makers.
Brokers need employee salaries, company costs, it's reasonable to become market makers, the profit is high, just taking a different position than traders, making all kinds of rules to cause losses, the broker's profit is 100%. Just look at local brokers often changing names, maybe they want to run away from responsibility. So it's better for Mr. @Joni Darwin to look for a foreign broker that directly channels transactions to the market.
@ Yoshua Herman:
Instant execution is not only available with foreign brokers, local brokers also have instant execution.
Regarding withdrawals, they cannot be instant, whether with foreign or local brokers. At the fastest, it takes several hours for account verification purposes for the withdrawal. As far as we know, the verification process for withdrawals is done manually, it cannot be automated.