The Ultimate Guide to
Choosing a Broker
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why scored high for l2dealer (Jump to section)
- Who is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on l2dealer (Jump to section)
What is the Best Trading Platform
The following brokers allow l2dealer on their platform:
Here are some areas where scored highly in:
- + years in business
- Offers + instruments
- A range of platform inc.
- 24/7 customer service
- Tight spreads from pips
- Used by 0+ traders
- Offers demo account
- 0 languages
- Leverage up to
offers one way to trade: . If you wanted to trade EURUSD through copy trading or other means, skip to part two.
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
have a trust score, which is . This is largely down to them being regulated by , segregating client funds, being established for over years, and much more. For comparison:
Trust Score comparsion
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who is (& Isn’t)
- Spread Betting
- CFD Trading
- Forex Trading
- Social Trading
To trade with , you'll need a minimum deposit of $. offers a range of different account types for different traders including a .
offer a wide range of instruments to trade including and many other asset classes. In the following section we’ve listed ’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ’s spreads compare in this review
Finally, isn't available in the following countries: . They do not offer islamic accounts either.
A Comparison of vs. vs.
Want to see how stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
|FTSE 100 Spread|
Comparison of account & trading features
L2Dealer is a professional direct market access (DMA) platform that enables traders to trade Forex and shares CFDs without the intervention of a dealing desk. The L2Dealer is a downloadable DMA platform available from IG Markets.
L2Dealer offers the following:
Shares DMA – Traders can buy or sell CFD contracts on their favourite stocks, or make use of the broker’s share dealing service to trade stocks without dealing desk intervention. Traders get access to full depth of market quotes and also gain access to dark liquidity pools.
Forex Direct – Forex traders can get direct pricing from liquidity providers and get algorithmic trade executions for their trades.
L2Dealer is free to use, but exchanges may charge fees for data usage.
L2Dealer: Basic Functions
In this section, we will introduce the basic functions that traders will encounter on the L2Dealer platform. Some of these functions will include searching for assets to trade, opening, and closing positions, monitoring positions, placing orders and setting position sizes, etc.
Searching for Assets to Trade
Assets traded with L2Dealer include Forex assets, indices, shares, and other OTC instruments. The Dictionary function (the magnifying glass on the top left of the platform toolbar) is used to display the different markets that warehouse the assets traded with L2Dealer.
The markets will then be displayed. Click on any market to see the assets listed. These assets will be listed on the left side of the platform screen. Click on each individual asset to open up the order box in order to open a position or adjust parameters such as trade sizes.
Traders may also decide to use the SEARCH function to look for a specific asset rather than use the Dictionary function. This is a faster way of locating markets or specific assets.
Opening a Position and Setting Order Parameters
Traders can open trade orders and adjust the order parameters using the Deal Ticket. The Deal Ticket pops up when a specific asset is clicked with the mouse.
Parameters that can be set include the following:
Order type: Buy or sell at market price, or use a limit or stop order for the trade.
Price direction: there are two arrows available to click. The up arrow is to Buy and the down arrow to sell.
Set the Stop Loss (Stop Out) or Take Profit (Limit Out) targets for the trade.
Select the Lot size (Forex contracts) or the Contract size (other OTC assets such as stocks CFDs or stock index assets).
Stop type: Select from the Stop Types available – Guaranteed or Non-Guaranteed stops.
If Limit or Stop order types are selected, there will be the opportunity to decide the expiry time of the entry (Good till Cancelled, End of Day, etc).
Use the Positions tab to check on open or closed positions.
If orders are opened using market orders, they appear in the Open Position section of the screen. If the trader has set Limit or Stop orders, they will appear on the Orders to Open section. It is only when the pending orders are executed that the position ticker is transferred to the Open Positions tab.
Manage open positions as well as trades that are awaiting execution in the Orders to Open section. Simply right click on the order ticker and select the option to manage the order in the required way in the drop-down menu.
L2 Dealer Features
L2Dealer is designed for professional traders, therefore it has the features of a professional-level dealing platform. It is possible to trade a wide range of contracts in different markets using a single account through the L2Dealer platform.
Markets that can be traded are:
Exchange-traded Futures and Options
The L2Dealer platform has a broad range of features and trading tools:
Level 2 prices, showing the full market depth for every stock
Anonymous order placement – inside the spread or at key levels
Access to all the key UK, US, European and world equity markets
Competitive bid/ask spreads
Large number of currency crosses
A large cross-section of world currencies with over 50 currency pairs available to trade
Competitive margin rates
Maximum Leverage at 1:50, with 2% margin requirements
24-hour online and telephone/voice trading
Non-expiring Standard FX contracts.
Rolling Spot FX contracts can be traded through L2 Dealer.
The first step in the process is to fill an online form on the IG Markets L2Dealer page to register to get login details for the platform. After this is concluded, the trader is sent a download link with login details to access the platform.
Click on the ‘Install L2Dealer’ download link sent to email. Either open the file directly, or save it locally and then run the executable file (recommended). When the installation of the L2Dealer platform is complete, open the platform by double clicking on the icon on the home page, and log in with the details provided.
The installation requires the Microsoft .NET Framework 2.0 to be installed on the PC.
For traders who want to ensure that their trades are executed at the best market price then a direct market access platform such as L2Dealer may be suitable. The platform offers the liquidity of primary exchanges and market makers for share trading, and a direct connection to the liquidity pools of major banks and other liquidity providers for Forex trading. L2Dealer is available from IG Markets, who are the providers of the product.
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