Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

ECN Forex brokers list

ECN Forex BrokersThe Forex world has experienced in the past few years a surge in the growth of new pure breed of brokers called ECN (Electronic Communication Network) brokers. They allow clients to interact directly with each other. An ECN Forex broker executes a client’s trade order by matching it with that of clients on the other end of the trade or interested third parties.

Selecting the most suitable ECN broker out of the several options can be an uphill task even for experts. The fact that some traditional brokers also provide ECN-type of accounts besides other trading accounts complicates matters further. In the table belo, you can find a review of ECN Forex brokers and all the information you need to know to choose the best one one.

  • Key information
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  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
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Filter
Company #LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
leverage
Live spread
Interval:
Live
spread
EUR/USD
Live spread
Interval:
Live
spread
GBP/USD
Live spread
Interval:
Live
spread
USD/CHF
Live spread
Interval:
Live
spread
USD/CAD
Live spread
Interval:
Live
spread
USD/JPY
Live spread
Interval:
Live
spread
AUD/USD
Live spread
Interval:
Live
spread
NZD/USD
Live spread
Interval:
Live
spread
EUR/AUD
Live spread
Interval:
Live
spread
EUR/CAD
Live spread
Interval:
Live
spread
EUR/CHF
Deposit bonusAccount
RoboMarkets1RoboMarkets2012
CySEC
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
EXNESS2EXNESS2008
FCA, CySEC
17

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex.com3Forex.com2001
FCA, CFTC

Regulated

1

Payment systems

ECN, MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXTM4FXTM2010
IFSC, SEBI

Regulated

13

Payment systems

NDD, ECN
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
JustForex5JustForex2012
IFSC
6

Payment systems

ECN, STP
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

From now on, clients of JustForex can increase their deposit with the help of Double benefit bonus. Deposit your account with at least 100 USD and double your opportunities for trading!

NordFX6NordFX2008
SEBI, CySEC

Regulated

20

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
FxPro7FxPro2006
FCA, CySEC

Regulated

32

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FBS8FBS2009
IFSC, NAFD
2

Payment systems

ECN, STP
1 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
City Index9City Index2001
ASIC, FCA
0

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Admiral Markets10Admiral Markets2001
FCA, CNMV
8

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Weltrade11Weltrade2006
IFSC
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
25 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Instaforex12Instaforex2007
RAUFR
11

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %
Alpari13Alpari1998
IFSC, CBR
10

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
FXOpen14FXOpen2005
ASIC, FCA
3

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
1 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AMarkets15AMarkets2007
Financial Commission, FSA
2

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A25 %
Dukascopy Bank SA16Dukascopy Bank SA1998
FINMA
8

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %Get a 100% Welcome bonus to your account.
Dukascopy Europe17Dukascopy Europe2010
FCMC
2

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Saxo Bank18Saxo Bank19923

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXDD19FXDD2002
MFSA
1

Payment systems

NDD, ECN
250 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
LiteForex20LiteForex2005
CySEC
9

Payment systems

ECN
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %Bonus CRYPTO 100%
Atom821Atom82013
FCA
2
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • DMA
5000 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Orbex22Orbex2010
CySEC
2

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
GKFX23GKFX20092

Payment systems

ECN, STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Octa FX24Octa FX2011
FCA, FSA
1

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Deposit bonus can only be credited to a verified account. Deposit bonuses can only be credited to any MT4 | MT5 account.
Fort Financial Service25Fort Financial Service2010
IFSC
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Due to our developed system you can increase the amount of every deposit up to 50%! No doubt that more funds on your account means, more profit from trading is available for you.
ETX Capital26ETX Capital2002
FCA, CNMV
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
IC Markets27IC Markets2007
ASIC
4

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxGiants28FxGiants2015
FCA
0

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %Увеличьте свои торговые возможности. Получите до бонус на все депозиты до 2000$
Umarkets29Umarkets2014
IFSC
18

Payment systems

ECN, STP
500 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AAFX Trading30AAFX Trading2014
ASIC, FSA
8

Payment systems

NDD, ECN
100 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %As a warm welcome to our newest traders, we are offering a 30% bonus on top of your initial deposit into your first AAFX live account.
Forex.ee31Forex.ee2004
FSA
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Yadix.com32Yadix.com2010
FSC
1

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Get a 50% Cash Bonus up to $10,000 on your first deposit. Cash bonuses are credited to your balance after the requirements are met.
MarketsCube33MarketsCube2011-0

Payment systems

ECN
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AMEGA34AMEGA2017-182

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

To get 100% bonus you need to Deposit at least $ 100 within 10 days after registration. After that, a 50% bonus is available for subsequent deposits.

TrioMarkets35TrioMarkets2014
CySEC
0

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex broker Haitong Haitong36Forex broker Haitong Haitong2010
MAS
0
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex broker FXCitizen FXCitizen37Forex broker FXCitizen FXCitizen2010
VFSC
0

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Land FX38Land FX2013
FCA, FSCS

Regulated

0

Payment systems

NDD, ECN
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 % 10% bonus applies equivalently to First deposit amount above $300
Synergy FX39Synergy FX2013
ASIC
0

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Pepperstone40Pepperstone2010
ASIC
0

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex broker Vantage FX Vantage FX41Forex broker Vantage FX Vantage FX2009
ASIC
0

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
InvestAZ42InvestAZ2010
FSP, SPK
0
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex broker Berndale Capital Berndale Capital43Forex broker Berndale Capital Berndale Capital2012
ASIC
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Colmex Pro44Colmex Pro2010
CySEC
0
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Fullerton Markets45Fullerton Markets2015
FSP
0

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FX8846FX882016
CySEC
0

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXCC47FXCC-
FCA, CySEC
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxGrow48FxGrow2008
CySEC
0

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Infinox Capital49Infinox Capital2009
FCA
0

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Just2Trade50Just2Trade2006
CySEC
0

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Mex Exchange51Mex Exchange2012
ASIC
0

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXPCM52FXPCM2007
FSC, DFSA

Regulated

0

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %To get this bonus, you just need to open a live trading account by registering with the new cabin.
STO53STO2009
CySEC
0

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Z.com Trade54Z.com Trade2005
FCA
0

Payment systems

NDD, ECN
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-


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5 (2)

Comparing ECN Forex Brokers and Other types of brokers

You will find the terms STP (straight through processing), NDD (No-dealing-desk) used in some instances to refer to ECN brokers. While the two terms apply to unique aspects of the ECN, there are significant differences between them. Below is a quick highlight of the different types of Forex brokers in the industry.

  1. DD brokers

  2. NDD brokers

  3. STP brokers

  4. ECN brokers (current list)

DD brokers

Dealing desk brokers are also known as market makers because they create the market. They always stick to the complementing side of a trade by buying from traders who are selling and selling to traders who wish to purchase. The trader cannot see the market prices. Hence these brokers can manipulate the costs to meet their interest.

NDD brokers

These brokers allow traders to directly access interbank markets by eliminating the dealing desk. The benefits of such platforms are that they do not restrict trading during trading news times, eliminates repeated quotes and additional pausing in the order confirmation process. The broker can make money by widening the spread or charging a commission. STP and ECN+STP brokers both fall in this category.

STP brokers

Traders on an STP platform can access market quotes as well as close trades without the intervention of a dealer. The brokers in this platform directly forward orders to their liquidity provider, which can be banks or traders. Having several such providers increases the overall liquidity of the system. It leads to faster execution of trade orders. However, it is common to find a broker that has only one liquidity provider.

ECN brokers

They operate in an NDD environment. All participants, traders, and banks, can interact on the platform. They create competitive bids amongst themselves and settle for the most suitable deals available at the given time.

An ECN Forex broker is not counterparty to the transaction. The broker merely facilitates the process by bring opposing traders together. Such a structure eliminates chances of conflicts of interest for which DD Forex broker platforms are known.

The main difference between an ECN and STP is that a real ECN has Depth of Market functionality. The DOM gives the players a view of the available orders and their costs. They can then execute the trades that they find to be most competitive.

 

Unique Features of ECN Forex Broker Environments

Here are the five unique features of the ECN environment that are worth knowing before trying it out.

  1. Who fits in

ECN brokers are only for big players who have the capital to invest. It comes out in most of its requirements such as limitation son deposits and trade sizes. It is, therefore, most suitable for seasonal Forex traders. 

  1. Minimum deposit

The standard account size in the Forex world is a microlot (0.01 of a slot). ECN Forex brokers, however, require higher deposit amounts with some insisting on one minilot (10 microlots). 

  1. Minimum trade size

ECN might not be the best place for people who prefer trading in microlots. Most of them have one minilot as the minimum trading size. Fortunately, there is a growing number of ECN brokers that allow microlot sizes. 

  1. Maximum trading sizes

Limits on the maximum trade size level is common on market making platforms. However, since it is a big-players-only environment, ECN brokers allow very high trade sizes. This is because the processing of the orders does not involve a dealing desk. 

  1. Spreads

Spreads on ECN platforms are always changing. They can vary widely and sometimes surpasses what most market makers are accepting at the time. The variation of the spreads is affected purely by the market dynamics of demand and supply. 

  1. Diversification

 The primary advantage of DD brokers over ECN Forex brokers is the vast variety of choice instruments they offer. ECN brokers will first prove the stability of the instrument before offering to trade in it. The smallest trade size requirement on non-Forex options by the NDD brokers is also very high. It is, therefore, not a suitable option if you wish to diversify into shares, stocks, and commodities.

  1. Execution speeds

 ECN brokers are reputable for their fast transaction execution speed, which sometimes takes seconds. Nevertheless, like all Forex brokers, there are times of low liquidity when no one wants to buy or sell. It usually occurs during trade news releases, when the result goes against the general expectation of most participants. Such cases result in longer delays than it would be with market makers.


ECN Trading Bridging software

The software platform varies from one ECN broker to another. However, there are only three main options to choose from, Meta Trade 4/5, cTrader and Currenex. It is impossible to cleave out the best choice among the three because they have different strengths and weakness. Since most ECN brokers use more than one platform, you need to know how to select the best software. Here are hints to go by:

Reliability

cTrader and Currenex Viking are the most reliable software for ECN trading. Meta Trader 4 or 5 were primarily for non-ECN brokers. However, there is an ECN MT4 in the industry, and it is worth trying out.

Availability

MT4 is the most available software with an established open source and online community. However, this is from a general view of the Forex industry. In truth, ECN MT4 is a late entrant with little online community. cTrader is the outright winner among the three regarding use and availability.

The depth of Market Functionality

The first Meta Trader software with DOM functionality is the MT5. However, it is still rudimentary. cTrader and Currenex Viking come with a better feature.

Level of experience

cTrader and MetaTrader4 are for the experts. cTrader even has supporting programs for sophisticated trading such as cAlgo and cMirror. Experts use cAlgo for algorithmic trading. Currenex Viking on the hand is an excellent tool for beginners in the ECN environment.


How to Filter Fake ECN Forex Brokers

The popularity of ECN brokers has led to an increasing number of brokers labeling themselves and such or claiming to offer ERCN-type of accounts. It is therefore crucial that you understand how to discern fake from real. Here are a few tips

Check the spreads

Spreads in an ideal ECN broker are dynamic. A broker that has nearly fixed spreads and slow executions is undoubtedly not an ECN broker.

Trading sizes

The first question that bank traders asked during the launch of the pioneer ECN Forex broker was the possibility of banks accepting to process direct microlots. The truth is that this level of execution is only possible for ten or more full slots. It would take longer to attain this threshold if an ECN Forex broker accepted microlots or smaller trade sizes.

Any broker that accepts such low minimum sizes has to have a dealing desk for the bucketing of the orders. It, therefore, ceases to be a real ECN broker.

Sometimes, knowing what happens behind the scenes might not be essential. Such is the case when you have the certainty that the brokers are matching the orders directly and the execution speed is acceptable.

The liquidity provider

The liquidity provider ought to be a 1 tier investment bank. Most of the fake ECN brokers have their dealing desks acting as the liquidity provider. Most of them do not reveal their liquidity provider to traders. If you have to push to get this information, then the broker is market maker with an ECN façade.

How to Select the Most Suitable ECN Forex BrokerECN Comparison

There exists over 100 known legitimate ECN Forex brokers in the industry today. The procedure for choosing the best among these is similar to selecting any traditional broker. ECN brokers rarely provide misleading information. This is because their target market is more sophisticated than that of market making brokers. Consequently, some of the best ECN Forex brokers have poor advertisement services.

The three essential features to consider are:

  1. Location

  2. Regulations that ensure deposit safety

  3. Bonuses and promotions

Location

Selecting brokers based on location should be the first step when filtering out suitable options. You can choose brokers that operate within your country of residence or that uses a language you understand. Other factors to consider are restrictions and tax legislation. UK residents, for example, would go for ECN brokers with special spread formats to avoid paying taxes on the earnings. In case you reside in the US, your choices are limited due to the restriction on Forex trading.

Regulations that ensure deposit safety

A wise investment scheme is one that assures you of the protection of your capital. Such might not be the concern of those who wish to put in only a small capital that they do not mind losing. However, since ECN is for big players, one needs to have an assurance of the safety of their deposits.

The first step of narrowing your list is by avoiding all brokers located in countries, especially islands you are learning about for the first time. Instead, focus on the reputable broker options within your desired location.

Some countries such as the UK protect investors’ deposits to regulated brokers. Registering with such government-backed brokers assures you of getting back your deposit in case you get bankrupt or the broker collapses. Such a structure is critical if you intend to make a substantial investment in ECN Forex trading.

Bonuses and promotions

It is important to tread softly when dealing with the enticements that brokers freely dish out to new traders. It is important to read the terms and conditions to decide if it will be economically beneficial to claim the bonus. Most of these incentives will make it impossible for you to withdraw a part of your deposit until you meet a specified trading threshold.

One more factor you would probably want to consider is the trading platform. You can choose cTrader, MT4 ECN or Currenex Viking depending on your preference and level of expertise.

The Pros and Cons of ECN Brokers


Pros

 

 Flexibility

 ECN allows investors to trade outside the regular trading hours. The flexibility makes it suitable for those who prefer to trade for long periods or are not available during the regular trading hours.

Transparency

A key benefit sets ECN apart from market making brokers is its promise of transparency. All the participants in the system have access to information on the available orders and the prices. ECN platforms also provide price history, which makes it easy to analyze the trends in the market. It also eliminates the possibility of price manipulation.

 High liquidity

Most ECN brokers have more than one liquidity provider. It controls the spread from widening to unnecessary levels.

Little or no slippages

Trading on ECN platforms continues unrestricted even during news release time. The continuity minimizes possible slippages that are common in DD broker platforms during such hours.

 

Cons

 

Capital requirement

The minimum account deposits for ECN is very high ranging from $10,000 to $50,00

Cost

Trading on ECN costs more than in other traditional Forex platforms. The brokers charge a commission on each trade and inevitable additional fees. The high charges affect your profit and bottom line.

 

Conclusion

An ECN broker provides a faster and transparent Forex trading for experts and big players. However, it is essential to watch out for unscrupulous brokers that allow opening accounts with incredibly low deposits. Creating a real ECN environment is expensive. Therefore, any broker that asks for a deposit lower $10,000 should be dealt with cautiously. Additionally, it is worth remembering that this part of the industry is suitable for high rollers and experts.