Are we getting a fair and accurate price in the dealing when we use the automated trading system?

Fairly accurate as a combined description with a few exceptions as describe in the video support. To know who are the participatng contributors providing price quotes through the system would be good to know as a matter of transparent information. In addition, it would also help to know how many contributory banks and institutions who actively provide real dealing transactions as market makers compared to those who simply contributes to the price feed provided on the different platforms.  

Video Support: Price Comparison between trading platforms

FYI - Retail Trading Platforms does not neccessarily have the same number of qualified liquidity providers compared with trading through the real Interbank markets. As the Thomson-Reuters dealing 3000 (FX) system or an EBS, Bloomberg, Currenex Terminal Trading systems are an example applied in Interbank FX markets has the transparency, price accuracy and lowest latency (just to name a few features) of knowing exactly name of qualified banks & other qualified liquidity providers that are actually participanting in the process. 

As to what bid and asking prices are being quoted, marked in the market on the exact time and date executed across the major global markets in real time. There are other equally professional systems not listed here that are used on the Interbank market. And not what most brokers would say that trading in line with big banks is something one should really think about.

Just a matter of information sharing; in the early 90's when price feeds comes directly from the IMM or the Internationa Monetary Market, quite a few companies such as Future Source, Telerate and CQG have incorporated the actual names of these banks and institutions in their system that can be tracked alongside their respective price quotes. However, with the evolution of electronic trading technology especially for retail trading this has not been included. Except for professional and institutional like dealing with the actual interbank where the Thomson - Reuters, EBS, Bloomberg Terminals have these information.

Confirmation and keeping track through an "Electronic Communications Network" or ECN and the "Straight Through Process" or STP that goes through each counter-party banks where all orders are cleared by the authorized / registered clearing member of the exchange. Otherwise, such trade orders placed must be confirmed /verifiable; if NOT then it may just be fitered out of the system. A must know!

 

Due Diligence:

How effective is a Forex Demo trading account for investor / traders?

How big is Retail Forex industry?