10 Best ECN Forex Brokers and Trading Platforms

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

ECN Forex Brokers¬†or Electronic Communications Network¬†Forex Brokers have long been considered to be the only ‚Äútrue brokers‚ÄĚ. By definition, a broker should connect buyers and sellers, without participating in the transaction itself and only pocket a commission. A good example of this would be a real estate broker who has no interest in the property which is being purchased or sold, but they do play an active role in connecting a buyer with a seller. This also applies in the Forex market among true ECN Forex Brokers as their only job is to join buyers and sellers of currency, without actively managing any of the funds themselves.

ECN Brokers allow both parties to have a direct connection by automatically matching requests for purchasing and selling at the most suitable available price from various participants. ECN Forex Brokers offers instant results with optimal performance and high internal liquidity.  ECN Forex Brokers usually earn revenue from charging a commission, per trade volume and they do not make any revenue through the ask spread or profit from any of its clients’ losses. True ECN Forex Brokers supply a professional trading platform where the best bid price is retrieved from its tier-1 liquidity providers.  

ECN Forex Brokers have become one of the fastest emerging brokerage firms in the Forex market.

Here is a Quick overview of the 10 Best ECN Forex Brokers and Trading Platforms:

XM Group

XM Group

Since 2009, XM Group has become one of the largest and unshakable investment firms with more than 1,500,000 clients worldwide.  XM Group is a group of online regulated brokers, and to open a live account, traders will need a minimum deposit of at least $5.  XM is authorised and regulated in 3 countries: Australia (ASIC), Cyprus (CySec) and the United Kingdom (FCA).

Pros

Cons

Used by 700,000+ traders

Inactivity Fee

Established in 2009

Not FCA Regulated

Regulated by IFSC, CySEC, and ASIC

 

Min. deposit from $5

 

XM Group offers over 261 different instruments to trade, including over 55 currency pairs.

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Low min deposit 

Standard account 

Payoneer

Offers Negative Balance Protection 

Zero spread account 

Neteller

Trading Features:

Islamic account

 

Allows scalping 

  

XM Group supports a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish.

AvaTrade

AvaTrade

AvaTrade is one of the largest online trading platforms with approximately 200,000 registered clients who complete up to 2 million trades per month Рapproximately $60 billion of trading volume.  AvaTrade offers traders a range of financial trading instruments including indices, commodities, shares, forex, digital currency, bonds and exchange traded funds.  AvaTrade is regulated by the Central Bank of Ireland, the Polish Financial Supervision Authority, the Australian Securities & Investments Commission and the South African Financial Sector Conduct Authority (FSCA).

Pros

Cons

Used by 200,000+ traders

Doesn’t offer VPS

Established in 2006

Not FCA Regulated

Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI

 

Min. deposit from $100

 

To open a live AvaTrade account, traders will need a minimum deposit of at least $100, alternatively, a demo account is on offers which can use for practice.  AvaTrade offers both of the MetaTrader platforms; MT4 and MT5.

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Low min deposit 

Mini account 

PayPal

 

Standard account 

Skrill

 

Islamic account 

Payoneer

  

Neteller

AvaTrade support a wide range of languages including English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch.

pepperstone best broker

Pepperstone

Pepperstone Limited is an online¬†forex¬†and¬†CFD broker¬†which providers traders with low-cost pricing across all forex, CFDs and commodities.¬† Pepperstone¬†is regulated¬†by the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Pepperstone offers a range of online trading platforms which include: 

  • MetaTrader 4¬†(MT4)
  • cTrader
  • WebTrader¬†
  • Mobile apps for iPhone, Android and tablets¬†

Recently, Pepperstone has made the announcement that they will in future also be offering the MetaTrader 5 (MT5) platform. 

Pros

Cons

Segregates client funds

Limited range of instruments

Established in 2010

 

Regulated by Financial Conduct Authority, UK and ASIC

 

Min. deposit from $200

 

To open a live account, traders will need to make a minimum deposit of at least $200, alternatively, Pepperstone offers a demo account. Pepperstone also offers traders over 170 different instruments to trade, including over 61 currency pairs.

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Mini account 

Bank Transfer

Offers STP 

Standard account 

PayPal

Low min deposit 

MAM/PAMM account 

Skrill

Offers Negative Balance Protection

Islamic account

Payoneer

  

Neteller

Pepperstone supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

ic markets

IC Markets

IC Markets is a forex and CFD broker that employs a no-dealing desk, ECN broker model, operational in three jurisdictions: Australia (regulated by the ASIC), Seychelles (regulated by the SFSA), and Cyprus (regulated by the CySEC). 

IC Markets offers trading in all major currency pairs and CFDs based on many global stock indices, commodities like gold, silver, oil, and natural gas, bonds, and individual stocks.

60+ Currency Pairs

Based on major and minor world currencies.

5 Crypto Pairs

Based on Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin.

15 Indices Cash CFDs

Based on baskets of different blue-chip stocks.

2 Indices Futures

Based on US Dollar Index and Volatility Index.

6 Metal Spot CFDs

Based on Gold, Silver, Palladium and Platinum.

3 Energy Spot CFDs

Based on Crude Oil (WTI, Brent) and Natural Gas.

3 Energy Futures

Based on Crude Oil (WTI, Brent).

5 Soft Futures

Based on Coffee, Corn, Soybean, Sugar and Wheat.

9 Bond Futures

Based on US, UK, JP, German and Italian government securities.

110+ Stock CFDs

Based on shares of US, UK and EU companies.

IC Markets offers traders accounts in ten different base currencies, including USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD with a choice between the standard MetaTrader 4 and 5, plus its own – cTrader. Traders can make deposits with all major credit and debit cards and via the most common online money transfer services and bank wire transfers.

Customer service is available via live chat during market hours, an email support system, and a call-back option.

IQ Option logo

IQ Option

IQ Option is a forex & binary options broker with offices based in the UK, Cyprus, and the Seychelles, and is regulated by the FCA and CySEC.  

IQ Option offers the following underlying assets for FX trading.

90+ Currency Pairs

Based on major and minor world currencies.

17 Crypto Pairs

Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Zcash, Qtum, Cardano, OmiseGo, Stellar, EOS, IOTA, NEO, NEM, TRON.

5 Indices CFDs

Based on baskets of different blue-chip stocks.

3 Metal CFDs

Based on Gold, Silver and Platinum.

2 Energy CFDs

Based on Crude Oil (WTI, Brent).

1 Soft CFD

Based on Wheat.

130+ Stock CFDs

Based on shares of US, UK and EU companies.

28+ ETF CFDs

Based on exchange-traded funds containing various tradable assets.

IQ Option offers the following underlying assets for Binary Options trading (unfortunately, not available for EU residents).

30+ Currency Pairs

Based on major and minor world currencies.

2 Indices BOs

Based on DFMGI, TelAviv-25.

2 Metal BOs

Based on Gold and Silver.

20+ Stock BOs

Based on shares of US companies.

Payment methods accepted include all the usual options like VISA, MasterCard, Skrill and Neteller, plus a range of other online money transfer services, including AstroPay, Qiwi, and WebMoney.  IQ Option’s trading platform is web-based and supports both binary options and forex & CFD trading within the same user interface.  Customer support is available 24/7 via email and local phone numbers in 13 countries.

Olymp Trade

Olymp Trade

Founded in:  2014

Headquarters:  St. Vincent and the Grenadines

Regulation: ‚ÄéIFC

Platforms:  Olymp Trade WebTrader

Leverage:  1:500 on FX Trading

Minimum Deposit:  USD$10

Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options.  Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.

Olymp Trade¬†is part of an international organization, the Financial Commission, and the minimum amount required to start investments and open a live account plus Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat ‚Äď both quickly and efficiently.

Pros

Cons

No deposit or withdrawal fee

Only one trading platform available

Free Demo Account available

Not available for trading in all countries (EU, UK, and USA included)

Member of the Financial Commission

Long withdrawal process

Customer service available 24\7

 

Traders are also offered access to educational resources and training materials.

Admiral Markets

Admiral Markets

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.  This Broker is regulated by the FCA, ASIC, EFSA and CySEC, offering 4 different trading accounts to trade and invest on more than 5,000+ trading instruments across Forex, Commodities, Indices, Shares, ETFs, Bonds and Cryptocurrency CFDs.  Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.

Admiral Markets Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Admiral Markets Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.  Admiral Markets offers traders multilingual customer support via Telephone, Live Chat and Email plus an Online Feedback form. The website further features an elaborate FAQ section and direct links to the broker’s Social Media channels.

Forex.com

Forex.com

Forex.com is an online broker founded in 1999 and offering Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.  Forex.com is a global broker and has a head office in the United States.  Forex.com is regulated by the Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC).

Pros

Cons

Low forex fees

Limited product portfolio

Great variety of currency pairs

High stock CFD fees

Diverse technical research tools

Non-user-friendly desktop platform

With Forex.com traders will need a minimum deposit of $500 and they can sign up for a demo account to start.

What can be traded with Forex.com?

  • Over 4500 instruments¬†
  • Over 80 currency pairs

Forex.com is the only broker that offers FMA in the US. DMA (Direct Market Access) is also available in the rest of the world and Forex.com UK services.

Forex.com Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Forex.com Trading Accounts Offered:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

Forex.com offer a good selection of educational resources and supports a wide range of languages including English, Chinese, Arabic.  Forex.com is best suited for Forex traders located in the United States, MetaTrader 4 users, Beginner forex traders and Active forex traders.

OctaFX

OctaFX

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  

Pros

Cons

Regulated and authorized by CySEC

Limited assets

Unlimited demo account

Low Crypto coverage

Advanced technology

No VPS

Forex and CFDs offered

No education tools on Forex

More than 30 FX pairs to trade

Telephonic support not available 24/7

No commission deposits or withdrawal options

No clients from USA, Canada, Belgium, or others outside EU

OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

OctaFX Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Islamic account

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

FP Markets

FP Markets

FP Markets¬†was founded in 2005 and it is an Australian CFD and forex broker. It’s¬†regulated¬†by the Australian ASIC and the Cypriot CySEC.¬† FP Markets offers traders a choice of two live account types one of which is a Standard commission-free, and the other a Raw account which provides tighter spreads, but also involves a commission.¬† Micro lots¬†are available for trade on both account types and FP Markets also provides free Demo accounts.

Account type

Minimum deposit 

Minimum trade size 

Maximum leverage

Typical Spreads

Standard 

$100

 0.01

 1:500

from 0.0 pips

ECN Raw

$100

 0.01

 1:500 

from 0.0 pips + AUD $3.5 / lot (per side)

FP Markets (FPM) is a CFD and forex provider which specializes in Direct Market Access (DMA) trading and traders are required to deposit $100 in order to open an account.  FP Markets offers traders several trading platforms: MetaTrader 4 (MT4), MetaTrader 5, and its in-house Iress, specialized in CFDs trading. 

 

ECN Forex brokers is the perfect choice for traders who cannot be active during traditional market hours and\or traders who prefer the elasticity provided by wider availability. ECN Forex brokers avoid wide spreads which are normally common while using a conventional broker, and they offer lower commissions than most.

Let’s take a look at 5 more mention worthy ECN Forex Brokers -

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

eToro best brokers

eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

Pros

Cons

Free stock and ETF trading

High forex fees

Seamless account opening

Withdrawing money can be slow

Social trading experience

Only one account base currency

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

xtb best broker

XTB

XTB is an online broker which was founded in 2002 and offers Forex, CFDs, and Cryptocurrency trading.  XTB is a global broker with their head office situated in Poland.  XTB is authorised and regulated by the Financial Conduct Authority.

Pros

Cons

Low forex and stock index CFD fees

High fee for stock CFD

Free and fast deposit and withdrawal

Limited product portfolio, mostly CFD and FX

Easy and fast account opening

Poor email support

XTB have won numerous industry awards over the 18 years that they have been operating as a financial broker and traders can choose to trade in a wide variety of instruments over 1,500 instruments and over 50 currency pairs in fact.  XTB offer traders the popular MT4 forex trading platform alongside the award-winning Xstation5.

XTB also offers traders mobile apps for Android and iOS and customer support in a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish.

NSBroker

NSBroker

NSBroker is a forex and financial trading service provided by NSFX Ltd. which was founded by a group of expert traders in 2011.  The broker is based in Malta with the registration number IS/56519, and granted a license by the Malta Financial Services Authority (MFSA). After a decade of trading operation and execution, the broker has become one of the best trading service providers in both Malta and the world.

Pros

Cons

Regulated by the Malta Financial Services Authority (MFSA) and the Financial Conduct Authority (FCA)

Not available in the US and most of Europe

Provides negative balance protection

Customer support not available 24\7

Stores client funds in segregated accounts

 

Free Demo Account

 

Fast and easy method in opening an account

 

No deposit or withdrawal fees

 

In terms of trading fees, NSBroker has relatively low fees that are very affordable, compared to other brokers.  They start charging at 0.4 pip spread, which makes it a good choice for scalpers and for traders who are interested in short-term trades.  Most brokerage firms start spreads at 1.2 pip, which is why NSBroker is considered a hidden gem as it starts spreads at 0.4 pip.  MetaTrader 5 is the default trading terminal for NSBroker clients.

The customer service department can be reached via phone support, email, and live chat. Although they are not available 247, you will find their responses fast and relevant to what you need.

GlobeX360

GlobeX360

Globex360 is an online trading provider that was founded in 2017, with a primary focus on the continent of Africa.  Throughout the span of two years, it has become one of the leading online brokerage firms that accepts clients from all over the world. GlobeX360 is regulated by the Financial Conduct Authority in South Africa (FSCA).

Globex360 has a global presence in various geographical areas that allows them to offer their clients with quality services and technical support.  They have financial partners that are based in South Africa, Kenya, Botswana, Nigeria, Chile, and Australia; they are also registered with the Companies and Intellectual Property Commission in South Africa.

Pros

Cons

Variety of trading instruments

Only provides MT4 trading platform

Different types of trading accounts, according to traders’ experience

Does not accept US and Canada client

Regulated by the Financial Sector Conduct Authority in South Africa, also known as (FSCA)

Withdrawal process is slow

In accordance to the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002), the Prevention of Corruption Act 2002 (POCA 2002) and the Prevention of Terrorism Act 2002 (POTA 2002)

Does not provide negative balance protection

There is only one available Globex360 trading platform, which is the MetaTrader4. The MT4 trading platform is available and accessible for all traders, through their desktop terminal and their mobile application.  The customer service of Globex360 is available 24 hours a day5 days a week.

Dukascopy

Dukascopy

Geneva-based Dukascopy Bank was founded in 2004 and offers a full range of banking services plus a large brokerage operation focused mainly on contracts for difference (CFDs). Dukascopy operates in the unique Swiss FX Marketplace (SWFX) ECN. Dukascopy is licensed in Switzerland through Swiss Financial Market Supervisory Authority (FINMA) and in the EU through Financial and Capital Market Commission of Latvia (FCMC). 

Pros

Cons

Proprietary JForex platforms

Small product catalogue

Advanced charting

Higher-than-average trading costs

iOS and Android sync with desktop

No two-factor authentication

The proprietary JForex 3 desktop platform offers traders hundreds of indicators, advanced charting, historical testing, real-time news, and customer support standard 24/5 through local or toll-free phone and live chat. Questions can be sent via online message function or email. 

What are the Advantages of The Electronic Communications Network?

The biggest advantage of ECN brokers is privacy as it offers traders a level of anonymity if they would prefer it. This is beneficial for traders who are involved in making larger transactions. ECN Forex brokers also offers transparency in terms of how the information is sent and received. All ECN brokers have admission to the same feed and they trade at the particular price that is offered. Price history is also available to traders, making it easy to analyse trends in the financial market.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

In Conclusion

Choosing an ECN broker is not much different from choosing any other broker and when choosing a Forex broker, traders should start with how much money they are willing to deposit, types of instruments they would want to trade, how often they would like to trade, and where they are located. Whilst ECN brokers do not have the same conflict of interest present with market makers, there are larger trading risks involved and commission will always be charged on trades. Traders will find that true ECN accounts will require a higher minimum deposit.

EXNESS is this month's #1 Broker