ECN/STP Forex brokers

BrokerECN available on accountsECN accountMax leverageMinimal LotCommission per round turn(100k)ScalpingAll EAs allowedHedgingSwap freeSegregated
FXOpen(Visit)FXOpen Level II10005000.01$3.60-$5.00yes (60 sec hold minimum) - Mini & Standard accounts
yes - ECN accounts
yesyesyesyes
NordFX(Visit)MT4-ECN accounts, Integral (from $20 000)10005000.01$5.00 ¨C $7.00yesyesyesnono
HotForex(Visit)Currenex accounts5005000.0110yesyesyesyesyes
MasterForex(Visit)Currenex platform accounts5005000.014.8yes-yesyesno
RoboForex(Visit)Pro ECN accounts3005000.016yesyesyesyes-
EXNESS(Visit)ECN accounts100020000.015yesyesyesyesno
Dukascopy (Suisse) SA(Visit)All accounts1001000.01$1.00 ¨C $9.60yes-yesnoyes
Admiral Markets(Visit)Admiral.Pro accounts10005000.014yesyesyesnono
Gallant Capital Markets (GCMFX)(Visit)Pro account$50 0004000.010.5nonoyesyesyes
Pepperstone(Visit)Razor accounts2004000.01$7.00 (AUD)yes, scalpers welcomeyesyesnoyes
FOREXYARD(Visit)Institutional accounts$50 0002000.018no - Mini & Standard account
yes - ECN account
-no - Mini & Standard account
yes - ECN account
noyes
FXCC(Visit)ECN accounts10005000.018yes, scalpers welcomeyesyesnoyes
BMFN - Boston Merchant Financial(Visit)ECN accounts20002000.12.5yes, scalpers welcomeyesyesyesyes
FXCM(Visit)FXCM Active Trader$25 000400(US-50)0.01$7.00 ¨C $10.00yesyesno- US account
yes- non-US
yesno- US account
yes- non-US
FXDD(Visit)PowerTrader & Viking Trader$25 000200(US-50)0.014yesyesno- US account
yes- non-US
yesno
MB Trading(Visit)All accounts400500.01$5.90 or $0.00 (EXN plan)yesnononoyes
Interactive Brokers(Visit)All accounts$10 000400.25?yesn/ayes (non-US accounts)noyes
London Capital Group (LCG)(Visit)All accounts$25 0001001?yesyesyesnoyes
Alpari(Visit)Alpari Direct Pro accounts$20 0005000.015yes, scalpers welcome (ECN account)yesyesyesyes
Hantec Markets(Visit)ECN accounts$50 0002000.01$5.00 ¨C $6.00yesyesyesyesyes
Finotec(Visit)ECN accounts?20002000.1$3.00 ¨C $5.00yes, scalpers welcomeyesyesyesyes
DF Markets(Visit)Level 2 accounts12000.01$6.00 ¨C $10.00yesyesyesnoyes
One Financial Markets(Visit)One DMA FX accounts$10 0002000.013.4yes (monitored)noyesyesyes
ATC Brokers(Visit)All accounts50002000.18yesyesyes (non-US accounts)noyes
ATG Marketplex -Aaron Trading(Visit)All accounts3000500.1$2.00 ¨C $7.00yesnoyes (non-US accounts)nono
FastBrokers(Visit)Integral & Currenex platform accounts25002000.019.8yes, scalpers welcomeyesyes (non-US accounts)yesyes
IKON Global Markets(Visit)Ikon Viking (institutional)1500500.012yesnonoyesno
CIM Bank(Visit)FX Active Trader (Level II)$25 0001000.1$7.00 ¨C $10.00yes, scalpers welcome-yesnoyes
IC Markets(Visit)ECN account$10 0004000.017yes, scalpers welcomeyesyesyesyes
Synergy FX(Visit)ECN accounts10005000.013.5yesyesyesyesyes
FXPRIMUS(Visit)ECN Premier accounts10005000.0110yesyesyesyesyes
RFXT - Royal Forex Trading(Visit)R-ECN accounts$10 0004000.1$2.00 ¨C $5.00yesyesyesyesyes
1lotstp(Visit)ECN accounts15004000.014yes, scalpers welcomeyesyesyesyes
4runnerforex(Visit)ECN accounts25003000.014yesyesyesyesyes
Loyal Forex(Visit)Forex Pro ECN accounts15004000.014yesyesyesyesyes
FX Choice(Visit)ECN accounts10002000.016yes (monitored)yesyesyesyes
SmartTradeFX(Visit)MT4 ECN accounts1002000.01$0.00 ¨C $7.00yes, scalpers welcomeyesyesnoyes
Divisa Capital (DCFX)(Visit)All accounts25001000.16yes, scalpers welcomeyesyesyesyes
FXCENTRAL(Visit)All accounts5001000.018yesyesyesyesyes
ThinkForex(Visit)MT4 Pro accounts$10 0002000.0112yes, scalpers welcomeyesyesyesyes
Gedamo Investments(Visit)Gedamo Trader ECN Currenex$15 0002000.15yes, scalpers welcomeyesyesyesyes
BlackHorse FX(Visit)ECN accounts10001000.10.2 ¨C 0.4 pipsyes, scalpers welcomeyesyesyesno
FxPro(Visit)cTrader accounts10005000.112yes, scalpers welcomeyesyesyesyes
FIBO Group(Visit)ECN accounts10002000.016yesyesyesyesyes
AFX Capital(Visit)AFX Fast accounts$10 0005000.012.5yesyesyes-yes
CitiFX Pro(Visit)Premium accounts$50 0001000.057yes-yesnoyes
Investorseurope(Visit)Currenex accounts20004000.1?yes, scalpers welcomeyesyesyesyes
Deltastock AD(Visit)Level 2 accounts1002000.01$6.00 ¨C $10.00nonoyesnono
Renesource Capital(Visit)FX PRO accounts10001000.1$2.50 ¨C $5.00yes, scalpers welcomeyesyesnoyes
Ajax Financial(Visit)All accounts5001000.1$6.00 ¨C $16.00yes, scalpers welcomeyesyesyesyes
Real-Forex(Visit)VIP accounts$10 0002000.16yes, scalpers welcomeyesyesnoyes
4XP(Visit)ECN accounts1003000.1$4.50 ¨C $7.00yesyesyesyesno
FXCBS (Fienex Group)(Visit)All accounts5001000.18yes, scalpers welcomeyesyesyesno
Universal FX(Visit)All accounts5001000.1$1.00 ¨C $6.00yes, scalpers welcomeyesyesyesyes
FinFx(Visit)ECN & ECN Pro accounts10003000.1$6.00 ¨C $7.00yesyesyes-yes
Swiss International (swissfs.com)(Visit)Institutional accounts75002000.1?yes-yesyesno
4XDG(Visit)ECN accounts50002000.0110yesyesyesyesyes
Solidity Brokers(Visit)ECN accounts20001000.0120yes, scalpers welcomeyesyesyesyes
3TG FX(Visit)ECN accounts5001000.0114yes, scalpers welcomeyesyesnoyes
Sunbird(Visit)MT4, G-Pro and Currenex accounts$10 000 ¨C $50 0001000.01$8.00 ¨C $10.00yesyesyesyes-
FXDME(Visit)FOREXTrader2502000.015yes, scalpers welcomeyesyes (MT4)noyes
FXM Financial Group(Visit)ECN account30004000.01?no - Mini accounts
yes - ECN accounts
yesyesnono
Trader's Way(Visit)ECN accounts1005000.001$2.50 ¨C $4.00yesyesyesyesno

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 or  DMA/STP ( Very Popular) > STP> Market Maker