Choosing a Broker for Demo Trading

[Rafael 10]

Hi.

I'm completely new to forex and i'd like to find a suitable broker for demo trading for a few months.

I would like to open a demo account of 5000$ which is the sum i have for this purpose in reality. I understand that i need a micro account for that?

Also is it necessary to choose an ECN broker?

Here is what I read in a certain website (attached) about the disadvantages of choosing a non-ecn broker:

 

“

Cons:

• Because they may trade against you, market makers can present a clear conflict of interest in order execution.

• They may display worse bid/ask prices than what you could get from another market maker or ECN.

• It is possible for market makers to manipulate currency prices to run their customers' stops or not let customers' trades reach profit objectives. Market makers may also move their currency quotes 10-15 pips away from other market rates.

• A huge amount of slippage can occur when news is released. Market makers' quote display and order placing systems may also "freeze" during times of high market volatility.

• Many market makers frown on scalping practices and have a tendency to put scalpers on "manual execution", which means their orders may not get filled at the prices they want.

“

Full link:

http://www.investopedia.com/articles/forex/06/ECNmarketmaker.asp

 

I wonder how much of the above is correct?

 

Finally i'd like a broker which supports metatrader as i understand it's the most popular and has programming capabilities.

 

I'd like to hear from veteran forex traders what they find from experience that works best for new traders

 

Thank you very much for your help

Rafael

[Jene 10]

many times i have realized traders are unable to discriminate between which brokers type would be great for them. ECN or market markers.

 

Pros of market makers

 

I Generally have free charting software and news feed.

II. Prices can be "smoother" and less volatile than ECN prices.

III. Have a user-friendly trading and analysis interface.

 

Pros of ECNs

I. Generally better bid/ask prices since they come from several sources.

II. Variable spreads between bid and ask or might give no spread or tiny spreads at times.

III. ECN, not be trading against you but will pass orders to a bank or another customer on the other end of the transaction.