Pediafx – The types of 外匯 brokers can be differentiated based on the system (Dealing Desk/Non-Dealing Desk/Hybrid) as well as regulatory status (regulated/unregulated).
PediaFX – Basically, there are two types of 外匯 brokers: brokers with a Dealing Desk (DD), No Dealing Desk (NDD), and Hybrid. DD brokers are sometimes also called Market Makers or, in Indonesian jargon, Broker Bandar. On the other hand, NDD brokers can be further divided into Straight Through Processing (STP) brokers, Electronic Communication Network (ECN) brokers, and STP/ECN hybrids. There are also types of 外匯 brokers based on their legal status, which can be categorized into regulated brokers and unregulated brokers.
Types of 外匯 Brokers: DD, NDD, and Hybrid
- 交易台 (DD) 經紀商
DD brokers make profits through spreads. DD brokers can be considered market makers and create their own artificial market and exchange rates for clients. While it may sound like there is some manipulation involved, that is not the case. They still offer both sell and buy options and do not care which one the trader chooses. However, if you are 貿易 with a Dealing Desk broker, make sure you are dealing with a registered (regulated) Dealing Desk broker as a brokerage company with a good reputation. Examples of good regulation include NFA/CFTC in the United States, FCA in the United Kingdom, and ASIC in Australia. Dealing Desk brokers are often referred to as dealers. The advantages of DD brokers are usually reflected in the facilities they offer, such as high leverage up to 1:1000, no interest charges, small spreads (sometimes fixed spreads), attractive bonuses, and easy deposit and 提款 options through third parties. However, the downside is that since these brokers are market makers, traders do not see the actual interbank exchange rates. Additionally, both large and small dealers often take positions opposite to the trader. For example, if you open a 1 standard lot buy position on EUR/USD, the DD broker will first try to find a matching sell order of the same pair and size from another trader. This minimizes their risk. However, if there are no matching orders, they will take a position opposite to yours. Each 外匯 broker may have different risk management policies, so even if you know a broker is a DD broker, you can ask the broker directly about their approach.
經銷商經紀人有兩種類型：
a) 大型經銷商
這些經紀商通常擁有良好的聲譽，合法註冊（受監管），並且不位於偏遠或不明確的地點。與在賭場玩類似，建議尋找像澳門或拉斯維加斯這樣的大型賭場。這樣，如果您獲利，您可以確定經紀商將支付您的獎金，並且您投資的資金將保持安全。受監管的 DD 經紀商受到監管機構（通常來自地方政府）的監管，旨在控制並確保經紀商正確履行職責，不欺騙客戶。
b) 小交易商或不受監管的經紀人（對賭行或街頭經紀人）
您應該避免這些經紀人，因為他們很有可能操縱交易或從事詐欺活動，從而造成不必要的損失。一般來說，Bucket Shop 經紀商沒有適當的執照，他們的執照通常是作為普通公司或其他類型的公司（而不是經紀公司）頒發的。這常常會誤導沒有經驗的潛在客戶。
對賭店經紀人的特質：
- 位於不明確的地方或僅持有不明確的離岸司法管轄區的許可證。
- Most of them allow money transfers with third parties or individuals. 登記 is very easy and seems careless, without adequate verification.
- Some bucket shop brokers impose restrictions or prohibit certain 貿易 techniques (such as scalping, martingale, etc.). However, there are also Bucket Shops that allow all 貿易 techniques because their systems have automated scripts that can hinder those techniques (usually called Virtual Dealer scripts).
- The conditions offered by Bucket Shop brokers often deviate from the normal conditions of the actual market, such as excessively high leverage (e.g., 1:1000) or unrealistically low spreads (e.g., 1 pip fixed or even 0 pip fixed, while in the 真實市場, spreads are constantly changing every second).
- 他們提供巨額獎金來吸引客戶存入資金（這些資金最終被這些欺詐性經銷商「吃掉」）。警惕那些提供過於誇大的東西或看起來非常有吸引力的獎金的經紀人，因為獎金越大，您應該越仔細地考慮。與其陷入困境並遭受與所提供的獎金相比不成比例的損失，不如保持謹慎。
Bucket Shop經紀商常見的作弊行為如下：
- 過多的重新報價：當您想以特定價格執行交易，但平台提出不同的價格選項時，就會發生重新報價。
- 訂單執行緩慢：如果您的交易達到目標利潤（TP），則執行會變得困難，但如果達到停損（SL），則很容易執行。
- Frequent server downtime: When the server experiences issues, you cannot engage in 貿易. You may even be unable to close your open 貿易 positions.
- 操縱報價。
- Reluctance to acknowledge profitable transactions unilaterally, claiming that your 貿易 is not legitimate.
- 延遲或限制資金提取。
- 虛假陳述：警惕 Bucket Shop 經紀商的誤導性陳述，例如聲稱自己是 ECN 或 STP 經紀商。檢查監管以確保經紀人受到信譽良好的機構的監督以防止任何欺詐活動至關重要。
Furthermore, be wary of the awards they claim to have received. These awards do not guarantee the broker’s safety. Verify the credibility of the rating agency that granted the award. For example, the 外匯 broker Prime4x, which turned out to be a scam, claimed to be “The Best Broker 2009” from an unreliable rating agency, and ultimately defrauded customers and ran away with their funds.
- 非交易者 (NDD) 經紀商
NDD 經紀商，字面意思是“無需通過交易櫃檯”，充當交易者和銀行間市場之間的橋樑。 NDD 經紀商提供的點差無法固定，因為它們必須始終與市場價格保持一致，並且通常大於交易台 (DD) 經紀商提供的點差。或者，NDD 經紀商可能會對每手交易收取佣金。 NDD 經紀商通常不會根據客戶的部位進行交易。
NDD經紀商可分為兩種：ECN和STP。
STP Brokers: STP 外匯 brokers redirect orders from traders to their liquidity providers, who have access to the interbank market. STP brokers typically have multiple banks/financial institutions as liquidity providers, each with different bid/ask quotations. For instance, if an STP broker has three liquidity providers with varying rates, the system will sort and deliver the best rates to your platform. STP brokers earn profits from the spreads charged on each transaction, which are added to the price quotes provided by 流動性 providers. Therefore, spreads in STP brokers are usually variable or floating, not fixed.
ECN 經紀商：ECN 經紀商允許其客戶直接與電子通訊網路的參與者互動，包括銀行、對沖基金、其他經紀商和個人交易者。 ECN 經紀商的交易者有時可以訪問“市場深度”，其中顯示其他市場參與者的買入和賣出訂單。由於這個系統，ECN 經紀商通常需要大量存款，並對每筆交易收取佣金。
- 混合經紀商：
混合經紀商是 ECN/STP 經紀商和交易台 (DD) 經紀商的組合。一般來說，混合經紀商根據所使用的帳戶類型製定有關訂單執行的規則。需要注意的一件事是，一些自稱是 STP/ECN 的經紀商實際上可能會作為混合經紀商運作。提供手數為 0.1 或更低訂單的 Cent 或 Mini 帳戶等帳戶，由於其規模較小，可能不會被發送到流動性提供者或市場，而是透過交易台 (DD) 模型執行。然而，較大數量的訂單可以透過 STP/ECN 模型執行。確定經紀人是否真正是混合型經紀人具有挑戰性，唯一了解的方法就是親自嘗試。
