Choosing the right broker:

One of the sometimes overlooked facts of forex trading is the need to choose a good broker. For news trading, one must choose an ECN broker that does not increase the spread substantially during news releases.

I can really only comment on brokers available to US residents. I have found that tradersway, interactivebrokers, finfx, and mbtrading are the only options available to us.

Tradersway: I had an account with tradersway, but it is unregulated, so I do not use tradersway. I was scammed in July last year by forexoma:
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/26322-forexoma-com-brokerage.html
As a result, I will never trade with unregulated brokers ever again. I never had a bad experience with Tradersway, but if you do trade with them, be well aware that they could just disappear with your funds with no consequences and no hope of getting your money back. So use caution with the broker.
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/27177-forexoma-where-money-you-took-traders.html

MBtrading: I have never had an account with MBtrading, so I cannot comment on the performance, but they are regulated and I'm sure that they do a decent job as a broker.

FinFX: I had an account with FinFX and they were good and reliable, but also not regulated by any official forex regulation. I would suggest that with them, you use caution, but they are a reputable broker. After getting burned though by forexoma, I will not trade with FinFX. I do not trade with FinFX, but if I had to choose between FinFX and Tradersway, I would choose FinFX.

Interactive Brokers: The broker I traded with most recently is Interactive Brokers. They are a legitimate ECN available for US residents. They have insurance for their accounts up to usd 500,000 through a private insurance company. They are by far the best broker as far as ECN's in the US go at least in my opinion. Fills during news time were always good with spreads low enough that one could still make a profit, but their charting software is so-so for forex trading. For news trading I would have to say that Interactive Brokers is my choice for news trading. A big drawback is the initial account size though. It is out of range for most, but they offer smaller starting sizes for those 26 or younger. I am 24 years old, so I only needed usd 3000 to open an account.
Interactive brokers does not offer metatrader charting software to trade with, so that is a big drawback for many potential clients. For technical forex trading, it is not the best, but for news trading I would say it is the best.

IBFX, Forex.com, FXCM, OANDA all have spreads that widen way too much during news times, but seem legitimately good for technical trading. However, I would not use these for news trading as they are market makers and never were good at news trading for me.

So then, that is my review of the handful of brokers that I have tried. I will post updates, especially about Interactive Brokers, if any new developments arise. I am looking into a few different ways that one can access better charting software for Interactive Brokers. I will keep you informed.