|Broker||ECN available on accounts||ECN account||Max leverage||Minimal Lot||Commission per round turn(100k)||Scalping||All EAs allowed||Swap free account|
|NordFX(Visit)||MT4-ECN accounts, Integral (from $20 000)||1000||500||0.01||$5.00 ¨- $7.00||yes||yes||no|
|MFXBroker(Visit)||Currenex platform accounts||500||500||0.01||4.8||yes||–||yes|
|RoboForex(Visit)||Pro ECN accounts||300||500||0.01||6||yes||yes||yes|
|Dukascopy (Suisse) SA(Visit)||All accounts||100||100||0.01||$1.00-$9.60||yes||–||no|
|Gallant Capital Markets (GCMFX)(Visit)||Pro account||$50 000||400||0.01||0.5||no||no||yes|
|Pepperstone(Visit)||Razor accounts||200||400||0.01||$7.00 (AUD)||yes||yes||no|
|BMFN – Boston Merchant Financial(Visit)||ECN accounts||2000||200||0.1||2.5||yes||yes||yes|
|FXCM(Visit)||FXCM Active Trader||$25 000||400(US-50)||0.01||$7.00 -$10.00||yes||yes||yes|
|FXOpen(Visit)||FXOpen Level II||1000||500||0.01||$3.60-$5.00||yes – ECN accounts||yes||yes|
|MB Trading(Visit)||All accounts||400||50||0.01||$5.90 or $0.00 (EXN plan)||yes||no||no|
|Interactive Brokers(Visit)||All accounts||$10 000||40||0.25||–||yes||n/a||no|
|London Capital Group (LCG)(Visit)||All accounts||$25 000||100||1||–||yes||yes||no|
|Finotec(Visit)||ECN accounts||?2000||200||0.1||$3.00 -$5.00||yes||yes||yes|
|DF Markets(Visit)||Level 2 accounts||1||200||0.01||$6.00 – $10.00||yes||yes||no|
|IKON Global Markets(Visit)||Ikon Viking (institutional)||1500||50||0.01||2||yes||no||yes|
|IC Markets(Visit)||ECN account||$10 000||400||0.01||7||yes||yes||yes|
|FXPRIMUS(Visit)||ECN Premier accounts||1000||500||0.01||10||yes||yes||yes|
|RFXT(Visit)||R-ECN accounts||$10 000||400||0.1||$2.00 – $5.00||yes||yes||yes|
|FX Choice(Visit)||ECN accounts||1000||200||0.01||6||yes||yes||yes|
|Divisa Capital (DCFX)(Visit)||All accounts||2500||100||0.1||6||yes||yes||yes|
|ThinkForex(Visit)||MT4 Pro accounts||$10 000||200||0.01||12||yes||yes||yes|
|FIBO Group(Visit)||ECN accounts||1000||200||0.01||6||yes||yes||yes|
|AFX Capital(Visit)||AFX Fast accounts||$10 000||500||0.01||2.5||yes||yes||–|
|CitiFX Pro(Visit)||Premium accounts||$50 000||100||0.05||7||yes||–||no|
|Deltastock AD(Visit)||Level 2 accounts||100||200||0.01||$6.00 – $10.00||no||no||no|
|Renesource Capital(Visit)||FX PRO accounts||1000||100||0.1||$2.50 – $5.00||yes||yes||no|
|Real-Forex(Visit)||VIP accounts||$10 000||200||0.1||6||yes||yes||no|
|FinFx(Visit)||ECN & ECN Pro accounts||1000||300||0.1||$6.00 – $7.00||yes||yes||–|
|3TG FX(Visit)||ECN accounts||500||100||0.01||14||yes||yes||no|
|Sunbird(Visit)||MT4, G-Pro and Currenex accounts||$10 000 – $50 000||100||0.01||$8.00 – $10.00||yes||yes||yes|
|Trader’s Way(Visit)||ECN accounts||100||500||0.001||$2.50 – $4.00||yes||yes||yes|
An electronic communication network (ECN) is a financial term for a type of computer system that facilitates trading of financial products outside of stock exchanges. The primary products that are traded on ECNs are stocks and currencies.
There is no central exchange for Forex and trading is performed on an Over The Counter market. ECN trading gives you direct access to the interbank market where all its participants (banks, market makers and individual traders) trade against each other by sending competing bids and offers into the system. Participants interact inside the system and get the best offers for their trades available at that time. All trading orders are matched between counter parties in real time.(You can trade with other traders and your orders are displayed in the market and are seen by others, who in turn can introduce their own orders and if the prices match, a deal is complete)
Forex ECN can best be described as a bridge linking smaller market participants with tier-1 liquidity providers through a ECN Forex Broker.
This linkage is done using sophisticated technology setup named FIX Protocol (Financial Information Exchange Protocol). At one end, the broker obtains liquidity from tier-1 liquidity providers (Major Banks) and makes it available for trading to its clients. On the other side, the broker delivers clients’ orders to Liquidity Providers for execution.
A true broker must display the Depth of the Market (DOM) in a data window, let clients show their own order size in the system and allow other clients to hit those orders. With ECN broker traders can see where the liquidity is and execute trades.
- Complete anonymous trading environment. Anonymity enables traders to deal on neutral prices, which reflect the real market conditions only.
- Straight through processing with banks liquidity. The ECN model allows clients to trade on the global liquidity of world-class banks and qualified financial institutions.
- Interbanks prices and spreads. ECN Forex brokers always have variable spreads. There is No dealing desk & No re-quotes. Customers can trade on prices streamed by multiple large banks and prime brokers.
- A forex trader generally benefits from greater price transparency, faster processing, increased liquidity and more availability in the marketplace. All market participants are given an equal access and fair trading environment to best prices best spreads and fastest executions. Spreads as low as 1/10 of a pip on all majors. (A greater number of marketplace participants providing pricing to the ECN broker leads to tighter spreads.)
- All trading styles are welcome (no restrictions).
- Banks reduce their costs as there is less manual effort involved in using an ECN for trading.
- No conflict of interest. ECN brokers are not making money on bid/ask (spread) difference. ECN’s typically charge a small fee (Commission) for matching trades between their clients and liquidity providers. ECN brokers are interested in their clients to be winning, otherwise there will be no commission to earn. An ECN broker benefits from commission fees per transaction. The higher trading volume the broker’s clients generate, the higher the broker’s profitability.
Dealing Desk Brokers (Market Maker) vs No Dealing Desk Brokers (STP, DMA/STP, Or ECN/STP), which one should I choose?
ECN > STP> Market Maker