The ECN (Electronic Communication Network) system is an electronic trading network endowed with an automatic buying and selling orders. The main participants of the ECN systems are banks, major market makers, investment funds, brokers, and dealers. The main benefit of the ECN accounts is the absence of a conflict-of-interest between a client and a broker. A ECN broker forwards traders orders straight to his liquidity provider (there can be several of them). Using this trading scheme, the broker is interested only in an increase in the trading volume, as he receives a commission for each order.
The spread is the difference between the bidding the asking price is called the spread for a particular currency pair. Forex brokers make money on the spreads making the difference wider than it is on the actual market. For example, the forex broker pays a price of 1.3600 for buying. The broker will then offer you to buy this currency for 1.3601. Of course the spread always stays around the actual price, however, when you buy, you get one end of the spread and when you sell you get the other end of it.
HotForex received two important awards in 2013 by the popular World Finance magazine. The online broker maintained a title of the Best Online Broker in Asia for the second consecutive year. Additionally, the broker has been recognized as the Best Online Broker in Eastern Europe 2013. The awards show a strong position of Hotforex in the online forex brokerage, in particular, in Asia. It looks like their clients respond favorably to the high level of service they offer.
Every month the top 10 forex traders will be featured on the HotForex Awards Page, serving as Tribute to Top Traders.The number one Trader will be awarded the the HotForex award and a $1000 cash prize as a showcase to the excellent forex expertise that lead to the remarkable performance.
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