different rates from different brokers

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I would like expert opinnion regarding two brokers that provide verry different market data. So different it make me question.

I tested my expert on both broker's MT4s - ForexLite and Instaforex. The expert trades on minor currency pairs (specially good for USDMXN and USDSGD) and it looks like 2 brokers provide completely different quotes for minor pairs. For example: USDMXN at 6/5/2010 at 21:00 -The max price that the pair hits is different: 13.3165 for instaforex and 13.3183 for forexlite. So my expert trades very differently on the two platforms and I cant find something that sais for sure that one is more correct then the other.

Does this make sense to you?

How can I check to know for sure what’s going on?

Thank you for your help

Fawwaz
 

Forex market does not have a centralize price maker, it will vary from broker to broker, especially on thinly trade pairs

Do a serch on google for how forex ECN market works

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

 
fawwazpips:

So my expert trades very differently on the two platforms and I cant find something that sais for sure that one is more correct then the other.

This can happen on the majors between brokers...
Price will vary more out of the main hours for a pair
Price will vary more on lower volume pairs

There is no one price for SPOT Forex...
Forex options and futures is different

-BB-

 

Every broker can setup MT4 differently: slippage, execution time, spread, etc.

Also, they have different source of quotes.

 
FXMan77:

Every broker can setup MT4 differently: slippage, execution time, spread, etc.

Also, they have different source of quotes.


So you are telling me anyone could use any price they want?

With such big differences I was sure something was wrong!

I know the market is not fixed, but this seemed like too much...

There is no way to find out if broker was not true to the real market?

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