Which ecn broker

We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

Here is our list of the top ECN forex brokers. It offers a wide range of trading products that include forex, indices, stocks, commodities, and cryptocurrencies. It offers trading with around instruments and has no limitations on implementing trading strategies.

It offers MT4 and MT5 trading platforms and has an abundance of indicators and tools for market research and analysis. Dukascopy is a Swiss broker offering trading services around the world. It is a suitable broker for beginners due to the vast educational resource it offers that includes detailed text and video guides, and regular newsletters with critical market information.

It also arranges webinars. Dukascopy also offers trading on various markets, including forex, stocks, commodities, and cryptocurrencies. FXTM, a Cyprus-headquartered broker, offers some of the best services when it comes to forex trading. This broker offers 62 currency pairs and has no limits on trading strategies, meaning both hedging and scalping are allowed.

Both MetaTrader platforms are industry-standard with a massive community. Traders can easily import and run any special trading robots called Expert Advisors EAs or even create their own. GKFX is a popular brokerage brand that offers trading services across many countries. It offers MT4 clients on both desktop and mobile platforms. Moneta Markets is another brokerage brand under the Vantage Group. It is a comparetively a new brokerage brand, but gained reputation quickly because of its operator.

It offers more than forex and CFDs trading instruments with a maximum leverage of on popular pairs. Apart from the shortlisted ECN brokers, here is a complete list of forex brokers offering ECN account, which we have tested and reviewed. Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to ECN brokers. There are no exact rules or databases to check if a forex broker is offering true ECN services.

They do not inflate the spreads and charges commission on the transactions of every lot. It is very popular among both traders and brokers and is backed by a massive community. Most of the top brokers offer trading on MT4, with or without any other supplementary platforms.

To legally offer services in South Africa, forex brokers need to be regulated by the Financial Sector Conduct Authority FSCA , which oversees the entire financial market in the country. I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader. Everything you find on BrokerTested is based on reliable data and unbiased information.

Read more about our methodology. Your email address will not be published. ECN markets also often limit traders to transactions of a certain size. In fact, ECN trading is a popular option, often in combination with other kinds of trading, just like any investment type.

When it comes to regulations and brokers there are two types, unregulated and regulated. ECN brokers tend to be certified by several different regulatory bodies because each certification potentially gives them more users and access to more trading platforms. A good ECN will make it relatively simple to access your funds.

At a minimum, you should be able to deposit and withdraw funds through direct deposit. PayPal is the most common, but some other options are starting to show up in ECNs. A lot of ECNs will have a fee on at least one withdrawal choice, and some will have fees for all of these transactions. Look for an ECN that keeps the fees minimal and that has at least 1 low-cost option so you can better manage your profits and avoid getting nickel and dimed on your hard-earned cash.

Different trading markets may have offers on a wider range of assets, commodities, and currencies, as well as different going rates for each. Of course, working on more trading platforms offers as many pitfalls as advantages. Minimum deposits can be another good way to evaluate an ECN. In fact, ECNs with lower minimum deposits might be easier to get started, but they often also come with higher transaction fees. Different ECNs have different fees, but they should be a low fraction of a cent per transaction.

High fees can sometimes indicate scam brokers that make it incredibly difficult to profit while using them. Low fees can also sometimes be an indication of a bad-faith broker since they might not have the trading platform access needed to be profitable for traders.

Remember that not every ECN and trading platform is going to be a good fit for every trader. Make sure you evaluate the available platforms, fees, minimum deposit, and other details before committing to any software. Opening an account is relatively easy, but most ECNs do require some personal information before you can get started.

At minimum you should be ready to provide:. Most platforms will also ask for some proof of financial history or trader qualifications.

Almost all ECNs will require traders to provide additional verification that they are who they say they are before you can start trading.

Typically, this will be in the form of your passport or government-issued ID. However, there may be delays if there are any problems with the information, or delays in verification of your government ID. In some cases, it may be as simple as a representative needing to resend an email you missed, so it never hurts to reach out.

Most platforms will walk you through this process when you first access the account, but you should have your payment information ready. Remember, you need to make your deposit before you can start trading, so many brokers consider this the final step before your account is active. The last thing you want is to realize a helpful tool was available after months of doing all the legwork and evaluations yourself.

Some ECNs will waive fees on liquidity-ad trade during certain hours, usually before and after market hours, but will charge fees on all transactions during market hours.

ECN fees are always a fraction of a cent per share traded. Platforms that give you access to different trading markets will often have multiple sets of ECN fees since the fee is market-dependent instead of platform-dependent. That means that traders who use multiple platforms will need to learn multiple fee schedules to accurately predict fees and assess potential trades.

ECNs are typically considered less user-friendly than other broker types. While some ECNs make a lot of data readily available in an accessible interface, not all do. That also means that ECNs can be particularly difficult for beginning investors to use.

The trade-off of a steeper learning curve is less reliance on other platforms and individuals to be working in your best interest during a trade.

More skilled traders can take advantage of those mechanisms for better trades, but beginners and intermediate traders may find themselves confused by the wide range of options and limited information. The best ECNs provide enough additional tools and literature to be usable by traders of all skill levels with just basic knowledge of the markets they want to trade-in.

Yes, there are a few advantages to ECNs when it comes to forex trading. For one thing, since ECNs are direct brokers that charge a fee on trades instead of a commission on spreads, ECN brokers win when their traders win, not the other way around.

ECNs also give you access to better prices on average and a wider variety of possible trades. E-trading through an ECN is also typically faster and offers better trade transparency overall. Trading over an ECN functions a bit like trading on a live market. That means that there are some advantages, but those advantages also depend on your skill and ability to evaluate a trade well and quickly.

Instead, trading is done directly with the communication network as the only broker between trader and client. ECN Brokers and technology indeed more suitable for experienced traders, professionals or those that operate bigger sizes.

While the Standard account and market maker execution model might be a good option for beginning traders, for some strategies and regular size traders. BlackBull Markets. FP Markets. Axiory Review. Eightcap Review. Trade Nation.