ECN/STP Forex brokers

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
HotForex(Visit) Currenex accounts 500 500 0.01 10 yes yes yes
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
EXNESS(Visit) ECN accounts 1000 2000 0.01 5 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
FXCC(Visit) ECN accounts 1000 500 0.01 8 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
FxPro(Visit) cTrader accounts 1000 500 0.1 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
Investorseurope(Visit) Currenex accounts 2000 400 0.1 ? yes yes yes
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.

ECN Advantages:

  • 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

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