Best ECN Forex Brokers

Table of Contents

• TL;DR
• Comparison Table
• Criteria Breakdown Summary
• IC Markets
• Pepperstone
• FP Markets
• FXCC
• Vantage
• RoboForex
• Fusion Markets
• FOREX.com
• Notable Mentions
• Frequently Asked Questions
• Final Thoughts

TL;DR

• IC Markets is a solid choice for high-volume traders. It has low spreads and excellent liquidity. 
• Pepperstone is renowned for its fast execution speeds and fast spreads, with several trading platforms. 
• FP Markets is one of the best ECN forex brokers in Australia, with many advanced features.
• FXCC offers a simple ECN trading experience and uses the MetaTrader platform only. 
• Vantage is popular for both forex and CFD trading with a competitive pricing structure.  
• RoboForex has a range of trading platforms and account types for specific trading requirements. 
• Fusion Markets has some of the lowest fees and commissions in the market. 
• FOREX.com is a reputable ECN broker with many currency pairs.

Comparison Table

Criteria Breakdown Summary

This overview of the best ECN forex brokers follows a set of criteria. This includes regulatory compliance, fees and commissions, execution speeds and quality, trading platforms, customer support, and educational resources. I also explored customer reviews to give me a well-rounded view of each broker with ECN accounts.

To help ascertain which ECN forex broker is the best choice, I’ve put together this comprehensive guide. Ultimately, it will be much easier to find the perfect match without excessive stress and worry.

While you’re here, you might also like to explore our article on the highest leverage forex brokers. Let’s get started.

IC Markets

Best Known for Ultra-Low Spreads

Based in Australia, IC Markets is a popular ECN forex broker. Founded in 2007, this broker has tight spreads and deep liquidity pools. It is a good choice for high-volume and algorithmic trading strategies in particular. IC Markets gives access to more than 65 currency pairs and 41 CFDs, along with a range of trading platforms. 

IC Markets is a popular ECN broker with various features. Source: IC Markets

Key Features

One of the reasons IC Markets is so popular is its range of features that suit different trading abilities. While ECN trading in general requires careful consideration for beginners in particular, this broker offers a comfortable learning environment. However, its educational resources could be expanded to match its competitors. 

IC Markets has institutional-level liquidity and it supports several trading strategies, along with advanced order types. There is a VPS service, along with social and copy trading capabilities. 

Pros

• Extremely competitive spreads and low commissions
• Fast execution speeds averaging 40ms
• Supports various trading styles including scalping and EAs
• Strong regulatory oversight from ASIC

Cons

• Limited range of non-forex CFDs compared to some competitors
• Higher minimum deposit for Raw Spread account ($200)
• Educational resources could be more comprehensive

Criteria Evaluation

• Regulation: 4/5
• Spreads and Commissions: 5/5
• Execution Speed: 5/5
• Liquidity: 5/5
• Platform Options: 4/5
• Minimum Deposit: 4/5
• Customer Support: 4/5
• Educational Resources: 3/5

Community Reviews and Expert Recommendations

Overall IC Markets enjoys positive feedback from users and industry experts. Most enjoy its fast execution speeds and tight spreads, along with how easy the platforms are to use. Some users mention occasional problems with customer support response times, yet have no issues with the advice given.  

“I’ve had a live account with IC Markets for almost a year and without issues. I just had questions about setting up to use IC Social, my questions were quickly answered on chat by a real person, friendly and knowledgeable.” – Joe Markey via Trustpilot 

“My 7-year Demo and Live trading experience with ICMarkets has been a memorable positive one, with very few hiccups. Anyone expecting perfection in this universe is definitely unrealistic. I make bold to say: “IC Markets is definitely one of the best in the CFD and Equity trading industry”. With the transparency almost 100% and a near-perfect customer service, I found it hard to get a team that can rub shoulders with the enviable ICMarkets Team.” – Adegbemiga Adeniran via Trustpilot Industry experts praise IC Markets for its reliability and excellent trading conditions. However, they feel more educational resources would be beneficial. Our IC Markets review digs deeper.

Pricing

IC Markets offers competitive pricing with spreads from 0.0 pips. Commissions start at $3.50 per lot round turn on its Raw Spread account.

Pepperstone

Best Known for Fast Execution

On my best list of ECN forex brokers, Pepperstone stands out for many reasons. Founded in 2010, this Australian broker is popular due to its fast execution speeds, range of tradable instruments, and excellent customer support. It also invests in trader development thanks to a range of educational resources on offer. 

Pepperstone is among the best ECN forex brokers with an excellent reputation. Source: Pepperstone

Key Features

Pepperstone has many features that create a comfortable and enjoyable trading experience. Social trading is a stand-out feature, along with advanced charting options, and an easy-to-use interface. Additionally, this broker has a range of educational resources for both beginner and advanced traders to use. 

Along with leverage up to 1:500 and VPS hosting, Pepperstone is a strong ECN broker with a good reputation.

Pros

• Fast execution speeds and low latency
• Wide range of trading instruments
• Excellent customer support
• Strong regulatory oversight from multiple authorities

Cons

• Higher spreads on standard account compared to some competitors
• Limited range of cryptocurrency CFDs
• No proprietary trading platform

Criteria Evaluation

• Regulation: 5/5
• Spreads and Commissions: 4/5
• Execution Speed: 5/5
• Liquidity: 4/5
• Platform Options: 5/5
• Minimum Deposit: 4/5
• Customer Support: 5/5
• Educational Resources: 4/5

Community Reviews and Expert Recommendations

Pepperstone enjoys positive feedback from traders, and many focus on its execution speeds and educational resources in particular. Uses also emphasize quality customer support and easy-to-use platforms. However, some users mention that spreads may widen during market volatility, although this is not something related to Pepperstone only. 

“Pepperstone CS never disappoints with reasonable requests. Becca has been attentive and great. Straight to the point, and answered and did what I asked. Good job.” – Jenson Chong via Trustpilot 

“Customer support is pro, fast and Hao provided me with an answer right away, but the speed of withdrawal could be better. Overall, and I recommend.” – Belinda via Trustpilot 

Industry experts praise Pepperstone for its reliability, trading conditions, and its educational resources. They recommend this broker for both beginner and advanced traders. Our Pepperstone review gives more details. 

Pricing

Pepperstone offers competitive pricing with spreads from 0.0 pips on its Razor account. Commissions start at $3.50 per lot.

FP Markets

Best Known for Wide Range of Instruments

FP Markets is another Australian broker that has a long history. Founded in 2005, this is one of the best ECN forex brokers for its large range of tradable instruments. It offers commodities, cryptocurrencies, stocks, and forex. This broker is also known for its advanced trading platforms and competitive pricing. 

FP Markets is a popular Australian ECN broker with competitive pricing. Source: FP Markets

Key Features

FP Markets has a large range of tools that are suitable for both beginner and professional traders. The advanced charting tools are particularly useful, along with expert advisor support. The educational resources are wide-ranging and they’re suitable for all ability levels, making it a good choice for learning and development. 

Additionally, FP Markets has a good quality app for trading on-the-go, along with copy trading capabilities. 

Pros

• Wide range of trading instruments
• Competitive spreads and commissions
• Advanced trading platforms
• Strong regulatory oversight from ASIC

Cons

• Higher minimum deposit for some account types
• Limited cryptocurrency offerings compared to specialized crypto exchanges
• Customer support could be more responsive during peak hours

Criteria Evaluation

• Regulation: 4/5
• Spreads and Commissions: 4/5
• Execution Speed: 4/5
• Liquidity: 4/5
• Platform Options: 4/5
• Minimum Deposit: 3/5
• Customer Support: 4/5
• Educational Resources: 4/5

Community Reviews and Expert Recommendations

Overall, FP Markets has positive feedback from traders and most highlight its competitive pricing and large range of tradable instruments. Many users also enjoy the range of educational resources and copy trading options. However, some users mention occasional concerns about withdrawal processing times. 

“Great support. Good choice of platforms. Set your own leverage. Fast withdrawals. No extra charges for multiple withdrawals.” – Nicki Tunbridge via Trustpilot

“Fantastic customer support. Had some initial questions about various things. All my chat experiences have been excellent and answered all of my questions.” – JB via Trustpilot  

Industry experts recommend FP Markets for both beginner and advanced traders, and particularly highlight the educational focus. Our FP Markets review provides more information. 

Pricing

FP Markets offers competitive pricing with spreads from 0.0 pips on its Raw ECN account.  Commissions start at $3 per lot round turn.

FXCC

Best Known for Low Minimum Deposit

FXCC is one of the best ECN forex brokers in terms of minimum deposit which makes it a popular choice with many traders. This broker has no minimum deposit requirement so it’s ideal for beginners who want to try before they start trading. Additionally, FXCC offers fast execution speeds and competitive spreads.  

FXCC is an ECN forex broker with no minimum deposit requirement.  Source: FXCC

Features

FXCC gives ECN accounts a simple approach and no unnecessary complications. While the service may lack a huge amount of features compared to some of its competitors, it’s a strong choice, especially for beginner and intermediate traders. This broker offers MetaTrader 4 on desktop, mobile, and the app, and also supports algorithmic trading. For extra peace of mind, negative balance protection is available. 

Pros

• Low minimum deposit requirement
• Competitive spreads and commissions
• Fast account opening process
• Reliable MT4 platform

Cons

• Limited platform options (only MT4)
• Fewer educational resources compared to larger brokers

Criteria Evaluation

• Regulation: 3.5/5
• Spreads and Commissions: 4.5/5
• Execution Speed: 4/5
• Liquidity: 4/5
• Platform Options: 3.5/5
• Customer Support: 4/5
• Educational Resources: 3.5/5
• Deposit/Withdrawal Options: 4/5

Community Reviews and Expert Recommendations

In general, FXCC has positive reviews from users, many of whom mention the no minimum deposit requirement. This broker is popular amongst beginner traders in particular, although intermediate traders also enjoy the simple approach this broker provides. However, more advanced traders feel that while MT4 is a solid platform, additional choices would be useful.  

“This is an ECN broker and can be an excellent fit for intraday traders. The spreads are raw, there is no additional trading fee for opening and closing trades, which are common for ECN account types, and the leverage is pretty decent – 500x. Also, FXCC handles withdrawals professionally and quickly. I have never experienced any troubles while withdrawing from my account.” – Alex Burrows via Trustpilot 

“I have had a good experience with FXCC. They are so committed to providing transparent services and making sure their traders have nothing to worry about. Also as a trader, I live for low spreads because I can’t have the market taking most of my hard work.” – Zack Deckow via Trustpilot 

Industry experts recommend FXCC for beginner traders and praise its low-cost trading experience. However, they feel there could be more educational resources to help build knowledge and skills. 

Pricing

FXCC offers raw spreads starting from 0.0 pips with a commission of $4.50 per lot round turn on their ECN account. They also offer a Standard account with slightly higher spreads but no commission.

Vantage (formerly Vantage FX)

Best Known for Multi-Asset Trading

Previously known as Vantage FX, Vantage is a solid ECN broker with a range of features. This broker has a range of tradable instruments, including cryptocurrencies, forex, CFDs on stocks, indices, and commodities. However, the trading environment is diverse, which means it’s a great choice for a range of different trading preferences. Additionally, both MetaTrader 4 & 5 are offered, with leverage up to 1:500 on forex pairs. 

Vantage is a strong ECN forex broker with competitive trading conditions. Source: Vantage

Features

Vantage offers a range of features for all trading ability levels. Along with MT4 and MT5, the mobile app is ideal for on-the-go trading. There are advanced charting packages that can be used as add-ons to the main platforms, along with risk management tools. Social trading is available through ZuluTrade and DupliTrade. There is a free VPS service. 

Pros

• Wide range of tradable instruments across multiple asset classes
• Competitive spreads and low commissions
• Multiple regulatory licenses for enhanced client protection
• Solid platform options including proprietary mobile app

Cons

• Educational content could be more extensive
• Higher minimum deposit for some account types

Criteria Evaluation

• Regulation: 4.5/5
• Spreads and Commissions: 4/5
• Execution Speed: 4.5/5
• Liquidity: 4/5
• Platform Options: 4/5
• Customer Support: 4/5
• Educational Resources: 3.5/5
• Deposit/Withdrawal Options: 4.5/5

Community Reviews and Expert Recommendations

Vantage receives positive praise from users, and most agree that the many assets on offer are a major advantage. Also, competitive trading conditions are highlighted. Many users appreciate the choice of platforms and mobile app functionality. Customer support is also praised for its quality and fast response times. 

“I’ve been using this platform for around six months now, and it’s been a fantastic experience. The mobile app makes trading on the go easy, and the economic calendar is a great tool for staying on top of market trends.” – Marian May via Trustpilot 

“Trading has been a breeze with this platform, especially due to the low spreads and fast trade execution. The demo trading feature helped build my confidence before I started live trading. It’s a great option for both beginners and experienced traders.” – Ernest Woodward via Trustpilot 

Industry experts recommend Vantage for both beginner and advanced traders, and praise the competitive trading conditions. Our Vantage FX review provides details. 

Pricing

Vantage offers raw spreads starting from 0.0 pips with a commission of $3.00 per lot per side on their Raw ECN account. Their Standard STP account has slightly higher spreads but no commission.

RoboForex

Best Known for Diverse Account Types

On the list of ECN brokers, RoboForex is a strong choice. This is a popular broker that has a variety of account types, including ECN accounts. As a result, it caters for different trading styles and abilities. Additionally, there are more than 12,000 tradable instruments across different asset classes, along with leverage up to 1:2000 on some account types. 

Roboforex is an ECN broker offering many account types. Source: RoboForex

Features

Roboforex is an ECN forex broker suitable for a range of trading preferences and styles. Along with the large range of account types, this broker also offers several trading platforms. These include both MetaTrader 4 & 5, along with cTrader and the proprietary R Trader platform. Additionally, there are many tools available, including VPS hosting, copy trading, and advanced analytics. As a result, this broker is a good choice for both beginner and advanced traders. 

Pros

• Wide range of account types to suit different trading styles
• Competitive spreads and low commissions
• Multiple platform options including proprietary R Trader
• High leverage options available (up to 1:2000 on some accounts)

Cons

• Not regulated by tier-1 authorities, which may concern some traders
• Higher spreads on some instruments compared to top competitors

Criteria Evaluation

• Regulation: 3.5/5
• Spreads and Commissions: 4.5/5
• Execution Speed: 4/5
• Liquidity: 4/5
• Platform Options: 4.5/5
• Customer Support: 4/5
• Educational Resources: 4/5
• Deposit/Withdrawal Options: 4.5/5

Community Reviews and Expert Recommendations

In general, Roboforex has mixed feedback from users. Most highlight the many account types and platform options as positives, along with competitive pricing. The high leverage and copy trading features are also regularly mentioned. However, some users express concerns around the lack of top-tier regulatory oversight. 

“I have been using this Brooker a couple of times over a period of time. I have NEVER had any ISSUES AT ALL, deposits AND WITHDRAWAL. I got my money every time. I even withdrew 400+ € and 185€ got my money both times with no issues and had it visible on my bank account on the same day.” – Danewolf via Trustpilot 

“I’ve been using this broker for a while now (4 Years), and they’re honestly the best I’ve come across. Their customer support is top-notch – always quick to help and super knowledgeable.” – Johannes Pichler via Trustpilot 

Industry experts recommend Roboforex for both beginner and advanced traders. However, like some users, they also highlight the offshore regulation as a potential downside. Our Roboforex review gives more details.  

Pricing

RoboForex offers raw spreads starting from 0.0 pips with a commission of $5 per lot round turn on their ECN Pro account. They also offer various other account types with different pricing structures.

Fusion Markets

Best Known for Ultra-Low Trading Costs

Fusion Markets has very low trading costs, which has helped it stand out in the forex trading world. Having been founded in November 2017, this is one of the newest ECN forex brokers on the market, but it has gained popularity relatively quickly. With transparent and competitive prices, spreads starting from 0.0 pips and low commissions, this broker gives access to more than 120 tradable instruments. 

Fusion Markets is a relative newcomer on the ECN forex market. Source: Fusion Markets

Features

Fusion Market offers a simplistic approach to ECN forex trading, but that doesn’t mean it lacks quality. All the necessary tools and features are evident, including several trading platforms and many tradable instruments. MetaTrader 4 & 5 is offered with integration with TradingView. Additionally, EAs are available, along with a free VPS service. 

Pros

• Extremely low trading costs
• Transparent fee structure
• Fast and responsive customer support
• TradingView integration for advanced charting

Cons

• Limited product range compared to some competitors
• Fewer educational resources than larger brokers

Criteria Evaluation

• Regulation: 4/5
• Spreads and Commissions: 5/5
• Execution Speed: 4.5/5
• Liquidity: 4/5
• Platform Options: 4/5
• Customer Support: 4.5/5
• Educational Resources: 3.5/5
• Deposit/Withdrawal Options: 4/5

Community Reviews and Expert Recommendations

Fusion Markets has become a popular choice very quickly and it receives positive feedback for its services. Most users highlight the low trading costs, and the transparency and simplistic trading approach. Additionally, many users also highlight customer support in a positive light. 

“Very impressive so far. I used a demo account for a few weeks to get a feel for Fusion Markets, taking the plunge with a live account about 3 weeks ago. So far, the experience has been excellent, trades have executed quickly and I have no complaints. So far, so very good!” Gerry via Trustpilot 

“Fusion Markets is a very good broker. Their spreads are very low. The commission is the best in the game. The customer service is more than 5 star …. they have very good customer support.” – Calvin via Trustpilot 

Industry experts praise Fusion Markets for its fast growth and recommend it for beginner and advanced traders alike. However, they mention that the range of educational resources could be expanded. 

Pricing

Fusion Markets offers raw spreads starting from 0.0 pips with a commission of $2.25 per lot round turn on their Zero account. They also offer a Classic account with slightly higher spreads but no commission.

FOREX.com

Best Known for Regulatory Compliance and Education

FOREX.com is a big name in the forex world and it’s one of the best ECN forex brokers around. It has a strong focus on education for both beginner and experienced traders, along with strong regulatory compliance. With a strong focus on market research and education, this broker is a popular choice for anyone who wants to blend reliability with innovation. 

FOREX.com is a strong ECN forex broker with excellent regulatory compliance. Source: FOREX.com

Features

As expected from one of the best ECN brokers, FOREX.com has a range of features for all trading ability levels. MetaTrader 4 & 5 are available, along with FOREXTrader PRO, their proprietary platform. In addition, large amounts of market research can be accessed, along with trading tools, and many educational resources for all levels.  

Pros

• Strong regulation by multiple top-tier authorities
• Comprehensive educational resources and market research
• Reliable execution and deep liquidity
• Wide range of tradable instruments

Cons

• Higher trading costs compared to some ECN-only brokers
• Limited leverage for retail clients in some jurisdictions

Criteria Evaluation

• Regulation: 5/5
• Spreads and Commissions: 4/5
• Execution Speed: 4.5/5
• Liquidity: 4.5/5
• Platform Options: 4.5/5
• Customer Support: 4.5/5
• Educational Resources: 4.5/5
• Deposit/Withdrawal Options: 4/5

Community Reviews and Expert Recommendations

FOREX.com enjoys positive feedback from users, particularly for its range of educational resources and strong regulatory compliance. All this gives extra peace of mind. Users also enjoy the extensive market research and analytical tools. Customer support is another area often mentioned in a positive tone. 

“First thing which I like is that it is very easy and clear to see account details and easy to handle for everybody. Second, it is easy to transfer funds. No commission on trades. I especially love the mobile app.” – Nadeem Ahmed via Trustpilot 

“I really appreciate that I was able to get the help really fast. Much appreciated, honestly it has been the best help service from any other brokers. I didn’t have to wait 2 or 3 business days!! Great online customer service.” – Angel Gonzalez via Trustpilot 

Industry experts praise FOREX.com for its regulatory compliance and its focus on education. They recommend this broker for both advanced and beginner traders. Read our FOREX.com review for more insights. 

Pricing

FOREX.com offers variable spreads from 0.2 pips on their Standard account. Their DMA account provides raw spreads plus a commission of $5 per 100,000 traded.

Notable Mentions

The 8 ECN forex brokers I have reviewed are certainly high quality, but the following brokers also deserve a notable mention. 

XM Group

XM Group is a reliable broker with an excellent reputation. It offers low minimum deposits, low spreads and both MetaTrader 4 & 5. Read our XM review for more in-depth information.  

FXTM

FXTM is a reputable broker that is also known as Forextime. It offers a range of account types and trading platforms, along with many tradable instruments. Additionally, this broker also has a strong focus on educational resources. 

Swissquote

Swissquote is a large bank based in Switzerland that offers a range of services, including many trading options. It has an excellent reputation and offers fast execution on many different assets. 

Frequently Asked Questions

What is an ECN forex broker?

ECN forex brokers give direct access to the forex market, using many liquidity providers to give the best prices. As a result, traders interact with market participants without using a trading desk. In general, ECN services often have tighter spreads, transparent pricing, and fast execution speeds. 

How do ECN brokers differ from market makers?

While market makers create a market for their traders, ECN brokers are intermediaries and connect traders to liquidity providers directly. Both options have their pros and cons. ECN brokers offer tighter spreads and transparent pricing, but market makers often have more stable pricing during volatile conditions. Additionally, ECN execution speeds are usually faster but can be a riskier choice during market volatility. 

What should I look for when choosing an ECN forex broker?

When choosing the best ECN forex broker, it’s important to look at several elements before making a decision. These include regulation, pricing, execution speeds, customer support, and trading platforms. Additionally, it’s important to assess your personal trading preferences and goals and then find a broker that is in alignment. 

Are ECN brokers suitable for beginner traders?

ECN brokers are suitable for beginner traders but they will require a little more research and care. It’s true that these brokers have fast execution and tight spreads, but they may also come with a higher risk level. For that reason, it’s important to focus on education related to forex trading for beginners, before making a move. Some ECN forex brokers offer demo accounts, which are ideal for new traders looking to familiarize themselves first. 

How important is regulation when choosing an ECN forex broker?

It’s important to consider regulation when choosing any type of broker, ECN brokers included. When a broker has a strong regulation, you have greater peace of mind. Your funds are safer and you know the broker is adhering to fair trading practices. Top-tier regulators include the FCA in the UK, ASIC in Australia, and CySEC in Cyprus. 

Final Thoughts

From this list of ECN forex brokers, it’s clear that there isn’t a one-size-fits-all option. Yet, there is one for every type of trader. For that reason, exploring your options carefully is vital before making a firm decision. Consider your personal trading preferences, goals, and risk management and then seek an ECN broker that covers all aspects. By doing this, you can be sure of a more enjoyable, secure, and potentially profitable experience. 

ECN brokers usually offer tighter spreads and fast execution speeds but they do often require more knowledge of the market. If you’re a beginner, look for educational resources to help you understand the landscape before you start. You could also consider a broker offering a demo account. It’s also important to regularly assess your choice of broker as your trading experience improves and develops. 

At TopBrokers, we know that choosing the best ECN forex broker for your needs can be a bit overwhelming. Our website offers a wealth of information to help you compare different forex brokers and find your ideal choice. Additionally, we offer many guides to help you get started and develop in the forex world. These include how to create and manage a forex trading strategy, and managing forex trading stress. As your skills develop, our understanding the Gartley pattern in forex trading article may be helpful.

With careful consideration and a commitment to consistent learning, your trading journey will yield more gains over time.