Best ECN Forex Brokers for 2024

Below you will find a list of Forex Brokers that presumably offer true ECN trading accounts, alongside with other types of accounts. The Electronic Communications Network (ECN) is an automated system that facilitates trades between different market participants. The net connects various brokerage companies, liquidity providers and individual traders in one place. The broker in this scenario usually acts only as an intermediary. It earns money by charging a commission on each opened or closed trade. For the record, one simple way to verify if you really have an ECN account is to check the type of order execution. It should be ‘Market Execution’. Not ‘Instant’ or any other type.

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RoboForex RoboForex (2009) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: Belize Instruments: Currencies Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards PayPal Skrill Neteller Perfect Money Trustly iDeal Sofort Bitcoin Bitсoin Cash Ethereum Liteсoin Ripple Tether Giropay SticPay AstroPay Przelewy24 FXCC FXCC (2010) Leverage: up to 1:500 * Deposit: from 20 USD Spreads:  low  low Location: Cyprus Vanuatu Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller UnionPay Sofort Bitcoin Ethereum Liteсoin Tether BitPay PaySafeCard IC Markets IC Markets (2007) Leverage: up to 1:500 * Deposit: from 200 USD Spreads:  low  low Location: Australia Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 MetaTrader 5 cTrader TradingView Social Platform FIX API (protocol) Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay BitPay Bpay POLi Klarna FP Markets FP Markets (2005) Leverage: up to 1:500 Deposit: from 100 AUD Spreads:  low  low Location: Australia Cyprus Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 cTrader TradingView Specific Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether Google Pay Apple Pay SticPay VantageFX VantageFX (2009) Leverage: up to 1:500 Deposit: from 200 USD Spreads:  low  low Location: Australia UK Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay Bpay POLi AstroPay AMarkets AMarkets (2007) Leverage: up to 1:3000 Deposit: from 100 USD Spreads:  low  low Location: New Zealand Saint Vincent and the Grenadines Mwali Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Neteller FasaPay Perfect Money AdvCash Bitcoin Ethereum Liteсoin Tether Alpari Alpari (1998) Leverage: up to 1:3000 Deposit: from 1 USD Spreads:  low  low Location: Mwali Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Binary Platform Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Perfect Money AdvCash Bitcoin Ethereum Liteсoin Tether FxOpen FxOpen (2005) Leverage: up to 1:500 * Deposit: from 1 USD Spreads:  low  low Location: Australia UK Saint Kitts and Nevis Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 TradingView Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin RBK Money Intellect Money PaySafeCard Anzo Capital Anzo Capital (2015) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia Belize Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Yandex Money Qiwi BitWallet POLi Dukascopy Dukascopy (1998) Leverage: up to 1:200 Deposit: from 100 USD Spreads:  low  low Location: Switzerland Latvia Japan Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 Specific Binary Platform FIX API (protocol) Wire Transfer Credit Cards Z.com Trade Z.com Trade (2011) Leverage: up to 1:30 Deposit: from 50 USD Spreads:  low  low Location: UK Hong Kong Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards PayPal Skrill Neteller WebMoney Yandex Money Trustly Qiwi iDeal Sofort POLi Giropay Moneta Ru LeoPrime LeoPrime (2017) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Marshall Islands Seychelles Vanuatu Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller UnionPay Perfect Money Bitcoin Exness Exness (2008) Leverage: up to 1:2000 * Deposit: from 1 USD Spreads:  low  low Location: UK Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Yandex Money Qiwi Bitcoin Tether Key To Markets Key To Markets (2010) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: New Zealand UK UAE Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay LQDFX LQDFX (2015) Leverage: up to 1:500 Deposit: from 20 USD Spreads:  low  low Location: Saint Lucia Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 PayRedeem Bitcoin Bitсoin Cash Liteсoin Ripple Tether FXTM FXTM (2011) Leverage: up to 1:2000 * Deposit: from 10 USD Spreads:  low  low Location: UK Cyprus Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin Dash Tether Google Pay DusuPay DixiPay CashU Grand Capital Grand Capital (2006) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay WebMoney Perfect Money Payza AdvCash Bitcoin Ethereum Tether RegularPay Payeer PayTrust88 TradersWay TradersWay (2011) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: Dominica Instruments: Currencies Crypto Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Bitcoin Ethereum Liteсoin Ripple Tether AAAFx AAAFx (2007) Leverage: up to 1:500 * Deposit: from 10 USD Spreads:  low  low Location: Greece South Africa Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller UnionPay Qiwi iDeal Sofort Bitcoin Ethereum Tether Giropay AstroPay Przelewy24 LiteForex LiteForex (2005) Leverage: up to 1:500 * Deposit: from 50 USD Spreads:  mid  mid Location: Cyprus Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Perfect Money Yandex Money Qiwi Bitcoin Bitсoin Cash Ethereum Liteсoin Forex.ee Forex.ee (1998) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Metals Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Perfect Money Qiwi Bitcoin Bitсoin Cash Ethereum Liteсoin No1 Capital Markets No1 Capital Markets (2017) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: Vanuatu Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards FasaPay Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether TenkoFX TenkoFX (2012) Leverage: up to 1:500 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Kitts and Nevis Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Skrill Neteller FasaPay Perfect Money Qiwi AdvCash Bitcoin Ethereum Liteсoin Tether Price Markets Price Markets (2013) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: UK Instruments: Currencies Indices Metals Energies Bonds Platforms: Web MetaTrader 4 Currenex Specific FIX API (protocol) Wire Transfer Credit Cards UnionPay WebMoney Trustly iDeal Sofort POLi Giropay AstroPay Moneta Ru Przelewy24 Arum Capital Arum Capital (2017) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: Cyprus Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Qiwi XtreamForex XtreamForex (2015) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Qiwi Bitcoin FreshForex FreshForex (2004) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards FasaPay WebMoney Perfect Money AdvCash Bitcoin Bitсoin Cash Ethereum Liteсoin Ripple Tether JustForex JustForex (2012) Leverage: up to 1:3000 Deposit: from 1 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Skrill Neteller FasaPay Perfect Money Qiwi BitWallet SticPay SuperForex SuperForex (2013) Leverage: up to 1:2000 Deposit: from 1 USD Spreads:  mid  mid Location: Belize Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Perfect Money Bitcoin Liteсoin Dash Ripple Tether BitWallet SticPay AstroPay FXDD FXDD (2004) Leverage: up to 1:200 * Deposit: from 10 USD Spreads:  mid  mid Location: Malta Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Neteller UnionPay FXPrimus FXPrimus (2009) Leverage: up to 1:1000 Deposit: from 15 USD Spreads:  low  low Location: Vanuatu Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Bitcoin EcoPayz SafeCharge TeleTrade TeleTrade (2000) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: Cyprus Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Yandex Money Qiwi Tifia Markets Tifia Markets (2011) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Vanuatu Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Bitcoin IronFX IronFX (2010) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Australia UK South Africa Bermuda Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay DotPay XBTFX XBTFX (2019) Leverage: up to 1:500 Deposit: from 0.0001 BTC Spreads:  low  low Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Specific Wire Transfer Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether Just2Trade Just2Trade (2015) Leverage: up to 1:30 Deposit: from 100 USD Spreads:  low  low Location: Cyprus Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 CQG Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay WebMoney Yandex Money Trustly Qiwi iDeal Bitcoin Ethereum Tether POLi Giropay Moneta Ru Klarna Przelewy24 Alipay Veracity Markets Veracity Markets (2020) Leverage: up to 1:500 Deposit: from 250 USD Spreads:  mid  mid Location: South Africa Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Skrill Neteller Bitcoin Arum Trade Arum Trade (2018) Leverage: up to 1:200 Deposit: from 1 USD Spreads:  low  low Location: Vanuatu Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 5 FIX API (protocol) Skrill Neteller Perfect Money AstroPay Hankotrade Hankotrade (2018) Leverage: up to 1:500 Deposit: from 10 USD Spreads:  low  low Location: Mwali Instruments: Currencies Crypto Indices Metals Energies Platforms: Web Specific Bitcoin Bitсoin Cash Ethereum Liteсoin Tether TMGM TMGM (2013) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia New Zealand Mauritius Vanuatu Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay POLi SticPay Alipay Doo Prime Doo Prime (2014) Leverage: up to 1:400 Deposit: from 100 USD Spreads:  low  low Location: Mauritius Vanuatu Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: MetaTrader 4 MetaTrader 5 TradingView Specific Social Platform FIX API (protocol) Wire Transfer Credit Cards PayPal UnionPay Bitcoin Ethereum Tether PayTrust88 ForexVox ForexVox (2020) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: UK Seychelles Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 Social Platform FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay Trustly SticPay Alipay AZAforex AZAforex (2016) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web Specific Binary Platform Wire Transfer Credit Cards Skrill Neteller Perfect Money Qiwi AdvCash Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Tether Uphold Payeer CXM Trading CXM Trading (2019) Leverage: up to 1:500 Deposit: from 2000 USD Spreads:  mid  mid Location: UK Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Social Platform Wire Transfer Credit Cards UnionPay Bitcoin Ethereum Alipay Lirunex Lirunex (2016) Leverage: up to 1:1000 Deposit: from 25 USD Spreads:  mid  mid Location: Cyprus Malaysia Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards PayPal Tether BitWallet BitPay VT Markets VT Markets (2016) Leverage: up to 1:500 Deposit: from 200 USD Spreads:  low  low Location: Australia UK Cayman Islands Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Tether Bpay POLi Juno Markets Juno Markets (2014) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: Vanuatu Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 FIX API (protocol) Wire Transfer Skrill Neteller FasaPay UnionPay Bitcoin Ethereum Tether Alipay ZFX ZFX (2017) Leverage: up to 1:2000 Deposit: from 50 USD Spreads:  low  low Location: UK Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller Perfect Money Tether Opoforex Opoforex (2021) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Perfect Money AdvCash Bitcoin Ethereum Fxview Fxview (2017) Leverage: up to 1:500 * Deposit: from 50 USD Spreads:  low  low Location: Cyprus South Africa Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Bitcoin Ethereum Tether Giropay Klarna Przelewy24 Solid ECN Solid ECN (2021) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 5 Credit Cards Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether GANNMarkets GANNMarkets (2010) Leverage: up to 1:400 Deposit: from 100 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: MetaTrader 4 MetaTrader 5 Credit Cards PayPal FasaPay UnionPay Perfect Money AdvCash Bitcoin Ethereum Tether SAM Trade SAM Trade (2015) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Australia Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Credit Cards Tether PU Prime PU Prime (2015) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Social Platform Wire Transfer Credit Cards Skrill Neteller FasaPay Investizo Investizo (2019) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Specific Wire Transfer Credit Cards Perfect Money AdvCash Bitcoin Ethereum Liteсoin Tether AximTrade AximTrade (2020) Leverage: up to 1:3000 Deposit: from 10 USD Spreads:  low  low Location: Australia New Zealand Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Tether Alipay Varianse Varianse (2015) Leverage: up to 1:500 Deposit: from 500 USD Spreads:  low  low Location: UK Malaysia Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 cTrader FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Bitcoin MTFXG MTFXG (2022) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Kazakhstan Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller Bitcoin Ripple Tether CapitalXtend CapitalXtend (2005) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Kazakhstan Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Perfect Money Bitcoin Ethereum Liteсoin Tether PayTrust88 CXM Direct CXM Direct (2015) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: UK Saint Vincent and the Grenadines Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Perfect Money Ethereum Tether LCG LCG (1996) Leverage: up to 1:200 Deposit: from 100 USD Spreads:  mid  mid Location: UK Bahamas Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Interest Rates Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards Skrill Neteller UnionPay Crystal Ball Markets Crystal Ball Markets (2020) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web Specific Binary Platform Wire Transfer Credit Cards Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple FXCL FXCL (2006) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Credit Cards FasaPay Perfect Money Bitcoin HonorFX HonorFX (2018) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: Malaysia Saint Vincent and the Grenadines Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 5 Wire Transfer Credit Cards FasaPay Bitcoin Tether Fxcess Fxcess (2020) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Bermuda Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards GMI GMI (2009) Leverage: up to 1:2000 Deposit: from 15 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Mauritius Vanuatu Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller FasaPay ZForex ZForex (2022) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Mwali Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 5 Credit Cards WebMoney Bitcoin Ethereum Liteсoin Tether Blackwell Global Blackwell Global (2010) Leverage: up to 1:200 Deposit: from 50 USD Spreads:  low  low Location: Bahamas Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller RannForex RannForex (2013) Leverage: up to 1:500 Deposit: from 20 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Perfect Money AdvCash Bitcoin Tether FXGiants FXGiants (2020) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Bermuda Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards UnionPay Bitcoin BitWallet Inveslo Inveslo (2021) Leverage: up to 1:2000 Deposit: from 100 USD Spreads:  mid  mid Location: Kazakhstan Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Bitcoin Ethereum Liteсoin Ripple Tether DBinvesting DBinvesting (2018) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  high  high Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 5 Specific Wire Transfer Credit Cards FasaPay Perfect Money Bitcoin Tether Fortune Prime Global Fortune Prime Global (2022) Leverage: up to 1:500 Deposit: from 40 USD Spreads:  low  low Location: Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer UnionPay Tether FXPremax FXPremax (2021) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Specific Credit Cards Skrill Neteller FasaPay UnionPay Bitcoin Tether PaySafeCard Sway Markets Sway Markets (2022) Leverage: up to 1:500 Deposit: from 20 USD Spreads:  mid  mid Location: Australia Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web Specific Credit Cards Bitcoin Tether Google Pay Apple Pay FXGT FXGT (2019) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: South Africa Seychelles Vanuatu Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Neteller Bitcoin Ethereum Ripple Tether BitWallet SticPay Otet Markets Otet Markets (2023) Leverage: up to 1:3000 Deposit: from 100 USD Spreads:  low  low Location: Marshall Islands Mwali Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 5 cTrader Credit Cards WebMoney Perfect Money Bitcoin Tether DBG Markets DBG Markets (2007) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia South Africa Seychelles Vanuatu Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill UnionPay WebMoney Tether TenTrade TenTrade (2020) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 5 Social Platform Wire Transfer Credit Cards Skrill Neteller Perfect Money Bitcoin Tether Climax Prime Climax Prime (2021) Leverage: up to 1:300 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Lucia Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 5 Credit Cards Skrill Neteller WebMoney Perfect Money Bitcoin Ethereum Tether
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Did you know?

ECN stands for “Electronic Communication Network”, and is a system of forex trade transmission and execution which relies on external fulfillment of client orders outside of the broker’s facilities. ECN forex brokers are forex brokers that use the ECN technology in the order transmission and execution process for their clients.

There has always been some confusion as to whether the ECN forex brokers are the same as DMA forex brokers. There are similarities between the two types, but also some key differences. ECN brokers operate a non-dealing desk, just like the DMA brokers. But the key difference is that unlike the DMA forex brokers that send their clients’ orders to the interbank market, the ECN brokers will send their clients’ orders to another brokerage entity (and not the interbank market) for execution. So it is possible that the clients’ orders may end up with a Tier-2 broker, or with another broker that will take on the order in-house using a dealing desk.

This is the difference between the ECN forex brokers and the DMA forex brokers.

Understanding the ECN Process

To understand the ECN brokerage processes, we need to understand how exactly the forex market works. The wholesale market where currencies are offered for sale is known as the interbank forex market. This is a virtual market which has no physical location. Rather, the market is actually a network of computers and trading stations from the different big banks that constitute the liquidity providers.

Banks are usually the largest interbank market participants. They trade huge volumes of currencies running into billions. Some of this money comes from banks that act as commercial traders, who simply come to the market to fulfill the FX needs of their clients (importers, international trade companies, etc). Occasionally, some central banks also come to this market to intervene on their specific currencies. Currency interventions usually require buying or selling a huge amount of one currency against another, in order to swing the demand-supply balance of the currency pairs in their desired directions. Then we have the major banks that are classified as the liquidity providers (LPs). They trade currencies with other banks, commercial banks, investment banks, prime brokers and market makers in large volumes, at what can be described as wholesale pricing conditions. As this is a market where there are no monopolistic forces at work, bid-ask prices of various currency pairs are not usually the same as you move from one liquidity provider to the next.

Prime brokers (also known as Tier-2 brokers), are participants in the interbank market. However, their clients are not the end-traders, but the ECN brokers. ECN forex brokers basically operate as agencies or facilitators. Since they do not operate a dealing desk, they have to look for external venues for fulfillment of their client orders. So what they do is use aggregator engines to bring together several bid-ask prices from various liquidity providers using the mid-office and back office facilities of the electronic communication network, and send these to the clients. Clients will see these prices at the front-end of the network (an ECN platform such as Currenex, cTrader or LMAX), trade by clicking the desired bid-ask price, and by clicking the order button, these are sent back to the ECN forex broker’s back office. From here, the ECN forex broker will transmit these orders to the prime brokers for fulfillment.

Some ECN brokerages are also white-label extensions of the prime brokerages, which provide a seamless arrangement for order fulfillment. Typically, traders will pay a commission on trades, but get a trade-off by getting reduced spreads on their trades.

What Do ECN Forex Brokers Do?

ECN forex brokers play several functions in the market. Let's take a closer look at general ones.

Infographics: What do ECN Forex brokers do?

A) Price Aggregation and Transmission of Orders for External Fulfillment

ECN forex brokers aggregate price quotes from various banks that act as liquidity providers and transmit these bid-ask prices to their clients. This enables their clients to select the bid-ask prices that they find most suitable. On selecting a particular bid-ask price quote and clicking on the order button, the trade quote is transmitted by the ECN forex broker to the liquidity provider that owns the selected price for execution. The orders are never filled or tampered with at the level of the broker’s dealing desk.

B) Depth of Market (Level II Quotations)

Another hallmark of ECN forex brokers is that they provide a Depth of Market book, which is basically an order book that shows the price at which various market participants are placing either buy or sell orders, as well as the order volumes at each price. For instance, you may see a range of prices for the EUR/USD that starts from 1.13453 and extends to 1.13467. Between the spectrum of prices which have been defined above, with 1.13453 acting as a price floor and 1.13467 acting as a price ceiling, we will see some buy orders and some sell orders within the spectrum. We will also see different volumes at play. For instance, it is possible to see a volume of 3.45 lots for a sell order at one price, and at another price, you may see an order volume of up to 1,230 lots for a buy order. Such information can easily be used by traders to know where heavy volumes are congregating, the type of orders being seen where the heavy volumes are located, and therefore where the market is likely going to head in a short while as the heavy volumes begin to dominate the market.

C) Technology Provision

Trading on ECN platforms requires technology that is different from what market makers offer retail clients. Therefore, traders on ECN platforms tend to get more specialized tools for faster trades and speedy executions. The trading platforms are also built separately and are suited for price aggregation and order transmission.

ECN Broker Advantages

There are many advantages to using an ECN forex broker:

ECN Broker Disadvantages

ECN forex brokers have the following disadvantages:

We have a list of ECN forex brokers you can trade with in order to get transparent pricing, speedy execution of your trades, and conditions that are favourable for scalping. You get no slippages or requotes when trading with these brokers.

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