10 Best ECN Forex Brokers 2024

Best for beginner-friendly operations

Exness is an eminent player in the realm of ECN Forex brokers, acclaimed for its advanced technology, vast range of tradable assets, and transparent operations. Launched in 2008, it has steadily grown into a global entity, catering to the trading requirements of both retail and institutional traders.

Overall Rating	⭐⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	99.5% of orders are executed within 0.4 seconds
Min. Deposit	$10
Regulation	FSCA, CYSEC, FCA, FSA
Financial Instruments	currency pairs, metals, energies, stocks, indices
Demo Account	Yes
Max. Leverage	1: unlimited
Trading Cost	From 0.2 pips & commission-free (Std account)
Trading Platforms	Exness trading app, Exness Web, MT4, MT5
Customer Support	24/7 live chat, phone, email
Bonus	N/A

Pros

√ Regulated by well-known regulatory bodies (FSCA, CYSEC, FCA, FSA)

√ Wide range of trading instruments

√ Low minimum deposit of only $10

√ Fast execution speed and minimal latency

√ Access to advanced platforms MetaTrader 4 and MetaTrader 5

√ 24/7 Customer support in multiple languages

Cons

× No bonuses offered

Best for low spreads and forex education

BlackBull Markets, an ECN forex broker based in New Zealand, is a preferred choice for many traders. Launched in 2014, the company has quickly gained a strong foothold in the market because of its advantageous offerings for traders.

Overall Rating	⭐⭐⭐⭐⭐
Broker Type	ECN, STP
Execution Speed	Not publicly specified, using Equinix servers for reliable low-latency trading
Min. Deposit	$0
Regulation	FMA, FSA
Financial Instruments	26,000+, forex, shares, commodities, futures, indices, crypto
Demo Account	Yes
Max. Leverage	1:500
Trading Cost	From 0.8 pips & commission-free (ECN Std account)
Trading Platforms	TradingView, MT4, MT5, cTrader, BlackBull CopyTrader, BlackBull Shares
Customer Support	24/7 live chat, phone, email
Bonus	N/A

Pros

√ Regulated by FMA and FSA

√ Offers an extensive selection of more than 26,000 trading instruments

√ No minimum deposit requirement

√ Follows ECN model with tight spreads and fast execution speeds

√ Does not charge commission on ECN standard account

√ Provides access to MetaTrader4 and MetaTrader5 - advanced and user-friendly trading platforms

√ Excellent 24/7 customer support

Cons

× Limited information about execution speed

× No bonuses offered

Best at offering low ECN fees

RoboForex is a prominent ECN broker, acclaimed for its extensive range of assets, robust platforms, and customer-centric approach. Founded in 2009, the broker has made significant strides in the forex arena by providing quality services to its clientele.

Overall Rating	⭐⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	Over 90% of orders executed within 60 milliseconds
Min. Deposit	$/€10
Regulation	CySEC, NBRB, IFSC
Financial Instruments	100+, stocks, indices, futures, ETF, metals, energy commodities, commodities, currencies
Demo Account	Yes
Max. Leverage	1:500
Trading Cost	Floating from 0 pips & commission-free (ECN account)
Trading Platforms	MT4, MT5, MobileTrader, StocksTrader, WebTrader
Customer Support	24/7 live chat, phone, email
Bonus	Deposit bonus (no); loyalty bonus (yes)

Pros

√ Regulated by CySEC, NBRB, and IFSC, ensuring a safe trading environment

√ Provides access to a wide variety of over 100 trading instruments

√ Low minimum deposit of only $/€10

√ Offers ECN trading conditions with tight spreads starting from 0 pips and a high leverage up to 1:500

√ Provides access to both MetaTrader 4 and MetaTrader 5 platforms

√ Provides 24/7 customer support in multiple languages

Cons

× Limited execution speed information available

× No deposit bonus available

Best for true ECN and trading platform

FXTM, also known as ForexTime, is a dominant force in the ECN Forex brokerage landscape. With its establishment in 2011, the company has consistently demonstrated its commitment to providing top-tier trading services.

Overall Rating	⭐⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	Not publicly specified
Min. Deposit	$/€/£10, ₦10,000
Regulation	FSCA (exceeded), CYSEC, FCA
Financial Instruments	forex, commodities, indices, shares, cryptocurrencies
Demo Account	Yes
Max. Leverage	1:2000
Trading Cost	From 1.5 pips & commission-free (Micro account)
Trading Platforms	MT4, MT5
Customer Support	24/5 live chat, phone, email
Bonus	Refer a Friend Program ($5 for you, $50 for a friend)

Pros

√ Regulated by significant entities such as FCA of the UK, CySEC of Crypus and FSCA of South Africa, providing high client security

√ Offers access to a broad range of financial instruments including forex, commodities, indices, shares, and cryptocurrencies

√ Multiple currencies are available and the minimum initial deposit is only $/€/£10 or ₦10,000

√ Provides ECN trading conditions with spreads from 1.5 pips on the Micro account, and up to 1:2000 leverage.

√ Offers advanced trading platforms, MetaTrader 4 and MetaTrader 5

Cons

× Spread is not favorable for all trading strategies such as scalping

× No 24/7 customer support

Best for low forex fees and free transactions

IC Markets is a renowned ECN forex broker based in Australia. Established in 2007, IC Markets has been a favored choice for many traders due to their advanced technology, wide variety of assets, and transparent business model.

Overall Rating	⭐⭐⭐⭐⭐
Broker Type	ECN, STP
Execution Speed	99% of their orders are executed in less than 40 milliseconds
Min. Deposit	$200
Regulation	ASIC, CySEC
Financial Instruments	2250+, CFDs on forex, commodities, indices, bonds, digital currencies, stocks and futures
Demo Account	Yes (free for 30 days)
Max. Leverage	1:500
Trading Cost	From 0.8 pips & no commission (Std account)
Trading Platforms	MT4, MT5, cTrader
Customer Support	24/7 live chat, phone, email
Bonus	N/A

Pros

√ Highly regulated by ASIC and CySEC, ensuring high security

√ Offers a wide range of over 2250 financial instruments including CFDs on forex, commodities, indices, bonds, digital currencies, stocks, and futures

√ Features low spreads starting from 0.8 pips on the Standard account and ultra-fast execution speed, making it suitable for various strategies including scalping and algorithmic trading

√ Provides advanced trading platforms including MetaTrader 4, MetaTrader 5, and cTrader

√ Provides customer support 24/7 in multiple languages

Cons

× Does not provide any form of bonus

× The minimum deposit of $200 is relatively high for beginner traders

Best for low trading fees

XM, operated by the XM Group, is a distinguished ECN broker globally acclaimed for its responsive customer service, user-friendly trading platforms, and extensive educational resources. Established in 2009, XM prides itself on a robust technological infrastructure that bolsters efficient forex trading.

Overall Rating	⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	99.35% of trades are executed in less than a second
Min. Deposit	$5
Regulation	ASIC, CySEC, FSC, DFSA
Financial Instruments	1000+, forex, CFDs on indices, commodities, stocks, metals and energies
Demo Account	Yes
Max. Leverage	1:1000
Trading Cost	From 1 pip & commission-free (Std account)
Trading Platforms	MT4, MT5, XM WebTrader
Customer Support	24/7 live chat, phone, email
Bonus	Up to $2,000

Pros

√ Regulated by multiple high-standing entities like ASIC and FSC, ensuring a secure trading environment

√ Offers an impressively wide range of over 1000 financial instruments for trading

√ Low minimum deposit of only $5

√ Adheres to the ECN model with tight spreads from 1 pip and swift order execution

√ Provides access to advanced platforms MetaTrader 4 and MetaTrader 5

√ Offers 24/7 available customer support in various languages

√ Wide range of educational resources available for traders

√ Generous bonus structure with up to $2000 in bonuses

Cons

× Although spreads are tight under the ECN model, the trading costs are relatively high for some traders, especially beginners

× The high maximum leverage level of up to 1:1000, while advantageous to some traders, can increase trading risks, particularly for novices

Best for adherence to regulations

MultiBank is a global forex and CFD broker that has been operating since 2005. The broker is known for its strong regulatory compliance and wide range of trading options.

Overall Rating	⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	Not publicly specified
Min. Deposit	€50 (Std account), €10,000 (ECN account)
Regulation	ASIC, CySEC, SCA, MAS
Financial Instruments	CFDs on forex, metals, shares, indices, commodities and digital assets
Demo Account	Yes
Max. Leverage	1:30
Trading Cost	From 0.0 pips(ECN account)
Trading Platforms	MT5
Customer Support	Live chat, contact form, phone
Bonus	N/A

Pros

√ Highly regulated by ASIC, CySEC, SCA, MAS, providing a secure trading environment

√ Offers a wide range of trading instruments, including CFDs on forex, metals, shares, indices, commodities, and digital assets

√ Provides access to the advanced platform MetaTrader 5

Cons

× High minimum deposit requirement for the ECN account

× Maximum leverage of 1:30 is relatively low, limiting opportunities for high-risk/high-return trading strategies

Best for fast digital account opening and free transactions

Pepperstone, an Australian-based forex broker, has had a significant impact since its inception in 2010. With a reputation for low cost trading and customer satisfaction, Pepperstone consistently ranks high on lists of top-tier ECN brokers.

Overall Rating	⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	98% of trades are executed within 30 milliseconds
Min. Deposit	$200
Regulation	ASIC, CySEC, FCA, DFSA, SCB
Financial Instruments	1000+, forex, cryptocurrencies, shares, ETFs, indices, commodities
Demo Account	Yes
Max. Leverage	1:30 (EU retail)/1:500 (Professional)
Trading Cost	Average 1.1 pips & commission-free (Std account)
Trading Platforms	Trading View, MT4, MT5, cTrader
Customer Support	24/5 live chat, phone, email
Bonus	N/A

Pros

√ Well-regulated by notable organizations like ASIC and FCA, ensuring high client fund security and transparency

√ Offers a wide variety of over 1000 trading instruments ranging from forex to commodities

√ Provides competitive trading conditions with an average spread of 1.1 pips and fast execution speeds

√ Follows an ECN pricing model, providing transparent and competitive pricing, with commission-free trading available on the Standard account

√ Provides access to versatile and advanced trading platforms including MetaTrader 4, MetaTrader 5, and cTrader

Cons

× High minimum deposit requirement of $200

× Does not offer 24/7 customer service

× Leverage is significantly lower for retail clients in the EU due to regulatory restrictions. High leverage of up to 1:500 is only available for professional clients

Best for educational tools and low forex fees

FP Markets is an Australian-based forex broker that has been around since 2005. Praised for their direct market access and ideal trading conditions, they are a favorite among many traders.

Overall Rating	⭐⭐⭐⭐
Broker Type	ECN
Execution Speed	Most of the orders filled in less than 40 milliseconds
Min. Deposit	$100 AUD or equivalent
Regulation	ASIC, FSCA, CYSEC
Financial Instruments	Forex, stocks, index, commodities, bonds, precious metals, cryptocurrencies
Demo Account	Yes (free for 30 days)
Max. Leverage	1:500
Trading Cost	From 1.0 pips & commission-free (Std account)
Trading Platforms	MT4, MT5, WebTrader, Mobile App
Customer Support	24/7 live chat, phone, email
Bonus	N/A

Pros

√ Regulated by well-respected regulatory bodies such as ASIC and CySEC, providing a secure trading environment

√ Offers a wide variety of trading instruments including forex, stocks, indices, commodities, bonds, precious metals, and cryptocurrencies

√ Provides tight spreads starting from 1.0 pips on the Standard account and rapid execution speed, accommodating all varieties of trading strategies

√ Provides access to advanced trading platforms MetaTrader 4 and MetaTrader 5

√ Offers robust 24/7 customer support accessible via live chat, phone, and email

Cons

× A minimum deposit requirement of $100 AUD is relatively high, while most brokers have no minimum deposit requirement

× High leverage of up to 1:500, while beneficial for some traders, can increase potential losses and is not be suitable for everyone

Best MT4 ECN Broker

FXOpen is a well-established forex broker known for providing trader-friendly conditions and sophisticated technology. Founded in 2005, it has grown from an educational center to a respected ECN broker with global recognition.

Overall Rating	⭐⭐⭐⭐
Broker Type	ECN, STP
Execution Speed	Not publicly specified
Min. Deposit	$/€300
Regulation	CySEC
Financial Instruments	Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks
Demo Account	Yes
Max. Leverage	1:30
Trading Cost	Floating from 0 pips & commission from $1.50 per lot (ECN account)
Trading Platforms	MT4, MT5, TickTrader
Customer Support	9 am-8 pm (Eastern European Time)-phone, email
Bonus	N/A

Pros

√ Regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring a secure trading environment

√ Provides a wide range of trading instruments including currency pairs, indices, commodities, metals, cryptocurrencies, and stocks

√ Offers tight spreads from 0 pips, low commissions, and swift execution as an ECN broker

√ Provides access to advanced trading platforms MetaTrader 4 and MetaTrader 5

Cons

× Relatively high minimum deposit requirement of $/€300

× Absence of 24/7 customer support.

ECN stands for Electronic Communication Network. An ECN Forex broker operates by providing a platform where traders can buy and sell currency pairs directly to one another, bypassing intermediaries. This allows traders to get a direct connection with the market and trade within real market conditions - the prices are set by market participants.

ECN brokers typically offer tighter bid/ask spreads, which can reduce trading costs. However, they usually charge a commission on trades, as market spreads keep fluctuating and can even turn to zero. Note that quotes from ECN brokers represent the best possible market conditions, but the final spread could widen depending on the order's size and market volatility.

One characteristic of an ECN broker is that they allow for more market transparency. Traders can usually see where the liquidity is and execute trades accordingly. This type of broker is particularly popular among experienced traders and those dealing in large volumes.

An ECN Forex broker essentially serves as a bridge that links smaller market participants with tier-1 liquidity providers through an ECN. The ECN aggregates forex rates from these liquidity providers and shows the best bid/best ask rateson its trading platform.

The ECN forex broker works by five steps:

Step 1: Traders place a buy or sell order on their forex trading platform.

Step 2: The ECN broker transfers the order to the Electronic Communication Network.

Step 3: The Electronic Communication Network matches the trader's order with the best available opposite order from liquidity providers, which encompass banks, financial institutions, and even other traders in some cases.

Step 4: The matching of the order happens in real-time.

Step 5: After both parties agree to the terms of the trade (order size, price, etc.), the transaction completes.

Pros √	Cons ×
· Direct Market Access	· Commission Fees
· High Levels of Price Transparency	· Higher Minimum Deposits Requirement
· Anonymity in Trading	· Increased Market Volatility
· No Dealing Desk Interference	· Complexity of Trading Platforms
· Lower Spreads	· Variable Spreads during Low Liquidity

Pros

• Direct Market Access: ECN brokers provide direct access to the interbank market, which can result in better prices and faster execution of orders.

• Transparency: ECN brokers offer high levels of price transparency. You're able to see the real-time prices and quantities in the market, which allows you to see the depth of the market.

• Anonymity: Trade orders are executed anonymously, providing privacy to traders as other market participants cannot see the orders.

• No Dealing Desk Interference: Since ECN brokers simply match trades between market participants, they do not trade against their clients, reducing potential conflicts of interest.

• Lower Spreads: Throughout periods of high liquidity, ECN brokers usually offer tighter spreads.

Cons

• Commission Fees: ECN brokers usually charge a fixed commission on every transaction, which may increase trading costs.

• Higher Capital Required: ECN brokers often require higher minimum deposits, which might not be suitable for all traders, especially beginners.

• High Market Volatility: ECN brokers offer direct access to market prices, so traders may experience large price swings. This increased volatility can amplify both profits and losses.

• Complexity: The trading platform and data provided by some ECN brokers may be complex and require a learning curve for less experienced traders.

• Variable Spreads: While at times spreads can be tighter, during periods of low liquidity they can significantly widen, affecting trade execution.

Dealing Desk (DD) Brokers

• Market Maker

Market makers create an in-house market by taking the other side of a client's order. They can control the prices at which they fill the orders and often provide fixed spreads. However, there can be a potential conflict of interest as these brokers can profit from the client's losses.

No Dealing Desk (NDD) Brokers

NDD brokers act as a bridge between the client and the liquidity providers and include Straight Through Processing (STP) and ECN+STP. NDD brokers do not take the opposite side of their clients' trades and instead pass orders directly to liquidity providers.

• ECN Brokers

ECN (Electronic Communication Network) brokers provide a transparent trading environment where traders have direct access to interbank prices from multiple liquidity providers. They offer tight spread but charge a commission for the service. The orders are automatically executed, providing fast order execution speed and anonymity.

• STP Brokers

STP (Straight Through Processing) brokers send orders directly from clients to the liquidity providers (banks or larger brokers). They usually offer variable spreads.

Broker Type	Order Execution	Trading Cost	Spreads	Anonymity	Risk of Conflict
Market Maker	In-house, may delay execution	Earns from spreads, no commission	Fixed, typically wider	Low	High, as broker can trade against clients
ECN	Direct market access, auto execution	Charges a commission	Variable, can be very tight	High	Low, no dealing desk
STP	Direct to liquidity providers, auto execution	Earns from spreads, usually no commission	Variable	Moderate	Moderate, no dealing desk but spread markup is possible

Choosing the best ECN Forex broker involves several factors to consider:

Regulation

Ensure the broker is regulated by a reputable financial authority. This adds a layer of protection for your funds and ensures the broker adheres to standard industry practices.

On WikiFX, we strive to deliver the most relevant and up-to-date regulatory information about forex brokers. We understand how vital it is to know your broker's regulatory status before investing your hard-earned money. Our team conducts an extensive background check on forex brokers from around the globe to provide you with their regulatory data and other critical aspects.

By using WikiFX, you can easily verify a broker's regulatory status and steer clear of potential frauds or unregulated platforms. Knowledge is power - stay informed, stay safe and always check a broker's regulatory status on WikiFX before investing. It's easy, fast, and can save you from unnecessary losses.

Financial Instruments

Consider which pairs or other CFDs (Contracts for Difference) are available. You may want to trade a wide range of Forex pairs, or have certain favourite pairs you wish to focus on.

Market Depth

Another advantage of ECN brokers is a view into market depth, with details on where buy and sell orders are. However, not all ECNs provide full market depth, so make sure your chosen broker does.

Margin and Leverage

Different brokers offer different leverage ratios. While a high ratio means larger potential profit, it also brings higher risk. Choose a leverage level that matches your risk tolerance.

Spread

While the nature of ECN means that the spread is variable, it's still vital to take note of a broker's average spreads. Some brokers may also offer zero spread for certain currency pairs.

Commission and Fees

Given ECN brokers charge a commission on trades, you should compare the fee structures of different brokers. Lower commission rates can save significant trading costs over time.

Trading Platform

Assess the features of the broker's trading platform, ensuring it's easy to use, has a secure and stable connection, and provides necessary tools for executing your trading strategies.

Execution Speed

With ECN, execution speed should be faster. Check if this is the case with your chosen broker.

Customer Support

Good customer support is important for resolving potential issues quickly. Look for brokers who offer quality 24/7 customer service.

Positive Reviews

Look for positive reviews and comments from other users about their experience with the brokers you are considering.

Yes, beginners can use ECN forex brokers, but it's important to understand that ECN trading can be more complex and challenging than using a standard retail forex broker. ECN brokers offer a type of trading environment that is considered more transparent and efficient, but it also comes with its own set of challenges. So while beginners can use ECN brokers, it's recommended that they have a firm grasp of how forex trading works, a good understanding of their risk tolerance, and, ideally, some practice on a demo account before diving in.