Looking for a Spot Forex Broker - ECN/STP

I am looking for recommendations for a Spot Forex Broker, real ECN/STP and not the type who claim to be ECN/STP but when you read the agreement you find they reserve the right to be the principal on the other side of your transaction.

Ability to use Ninja Trader a plus but not a deal breaker, no MT4. Retail account, discretionary trading - whatever the platform it should allow multiple charts to cover multiple crosses and timeframes. Ability to put in several indicators a plus, as I always check to see what works and what doesn't (for me that is, anything usually works for someone somewhere). Good Data Feed essential.

I have looked through the relevant forums and threads and the list I came up with for further investigation is;

LMAX, PFG Best, MBT, Interactive Brokers, Alpari UK and Dukascopy/Molecule6.

I have since dropped LMAX as yesterday news broke that Goldman Sachs has dumped its 12.5% stake amid reports of difficulty in building significant levels of activity. Also, I saw they have had 1 change of CEO and the replacement is leaving before August 2012. Post MF Global, this is not sending out the right signals.

Any current feedback on the names listed or recommendations to add to the list will be gratefully received.

When I was searching for a Futures Broker, it was a 2 month process to gather a list of 31 names and then whittle it down to 3, though at the time I did not know the difference between an IB and FCM. This time with the help of experienced folks here, hopefully there will be fewer names to process.


For the benefit of those who will visit this thread in future, these were the steps I developed in my search for a futures broker, after compiling the list of names;

1) Visit website, list pricing / commissions, platforms, data feeds, etc.
2) NFA Search on Regulatory/Disciplinary action and Arbitration Awards
3) Check CFTC Financial data for FCMs, if Introducing Broker ID FCM and check FCM data and relationship status. At this stage just looking for decent size / rank.
4) Web search for reviews, complaints etc

Eliminate;
a) those that provided very little information and/or it was very poorly organised on the website,
b) the overpriced,
c) poor regulatory record (significant violations only), too many arbitration cases lost.
d) too many customer complaints (significant only)
e) desired platform(s) not available, data feed not highly regarded.

Re (a), if they can't be transparent and efficient, time will be better spent looking elsewhere.

For shortlist;

look at CFTC FCM data for the last 12 months, open demo accounts and test, start negotiating rates where possible.

Sounds tedious, but bottom line is you are sending your money to an account listed on a website by people you have never met.