Aggregated feeds and single-source feeds feel different

[Fairman]

Aggregated feeds and single-source feeds feel different

Some brokers build the price from many liquidity providers and show the best bid and offer across all of them. Others stream from one or two sources and add their own markup.

The difference is visible in how the ticks look. An aggregated feed tends to jitter in small steps, because the best price jumps between providers. A single-source feed can look smoother and also be slower to react.

For scalpers, the tick pattern matters. Strategies built on microstructure, like quick fades of small spikes, behave differently on each type. A spike on one provider may be a real move on a single feed and just one provider's glitch on an aggregated feed, where the other providers hold the price steady.

Also, spikes that show on one broker and not on another are often an artefact of the feed, not the market. Backtesting on one broker's data and trading on another is a classic source of unexplained differences.

A fair comparison involves recording ticks from both brokers simultaneously for a day and overlaying them. The differences become obvious.

Which type of price feed does the broker use, and has it ever been checked against another feed in real time?