Best ECN Brokers in the US for 2024 - TOP 5

TU Expert Review for the best ECN Brokers in the US

Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.

His opinion as for the best ECN Brokers in the US is posted below.

FTMO - TU Expert Review

FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%. Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms and mobile app. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester. My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.

Forex.ee - TU Expert Review

The project started in 1998, but it became a full-fledged brokerage company only in 2004. Since then, it has been actively developing, expanding its list of available trading instruments, adding new payment systems, etc. In 2014, as a result of a complete rebranding, a new Forex.ee website appeared with convenient management and online support. A year later, the company introduced an updated user account with more well-thought-out functionality. In 2015, Forex.ee offered crypto as a new account type. With it, traders can trade cryptocurrencies using ECN technology and leverage up to 1:3. Currently, the company does not provide for trading stock indices, and the choice of commodities is also limited. However, Forex.ee has a good range of currencies and cryptocurrencies. Moreover, you can execute trades with metals and CFDs on stocks. Traders can register only one e-wallet with Forex.ee, and add an unlimited number of trading accounts in different currencies to it. Funds can then be transferred between accounts without a fee. Payment processing is completed within 24-48 hours. Funds deposited with a bank card can be withdrawn no earlier than 30 days from the last deposit.

GAIN Capital - TU Expert Review

GAIN Capital is one of the largest trading and investment companies in the world. It brings together three brokers and also provides financial advisory services. It is crucial to bear in mind that GAIN Capital is not a broker and if you want to work with this company, trading will be carried out through its subsidiaries. The brokers that are part of GAIN Capital are reliable and trusted companies. They are licensed by reputable financial regulators and have a good reputation. They work in different financial segments—Forex and the stock market. So, traders need to choose a company depending on their trading priorities. Nevertheless, GAIN Capital can offer users products for both trading and investing.

Interactive Brokers - TU Expert Review

During its cooperation with Traders Union the Interactive Brokers investment company proved itself as a reliable partner, which faithfully fulfills its obligations to us. The broker provides clients with a wide range of services, allowing them to engage in both active trading and investments. At the same time, the broker charges a fee for an inactive account, and that's not convenient for passive investors. Despite the lack of a minimum deposit, Interactive Brokers is focused on working with professional market participants. The US and Canadian investors are the main target audiences of the company. Interactive Brokers customer support will help you resolve claims made to the company. You can find all the information about trading conditions and the specifics of various trading instruments on the broker's website. Before opening an account with this broker, we strongly recommend you to read about all trading conditions in detail, as well as reviews of other clients about cooperation with Interactive Brokers.

Thinkorswim by TD Ameritrade - TU Expert Review

TD Ameritrade’s Thinkorswim is a licensed broker that is fundamentally different from classic brokers in Europe. Forex is strictly monitored in the USA and TD Ameritrade’s Thinkorswim is authorized to provide currency pair trading services. The company also offers direct access to the American stock exchanges. Its emphases are on trading in securities, futures, options, and other derivatives, and securities of ETF funds. A separate area is the withdrawal of OTC assets, the OTC stocks, and the bond market. The OTC market differs from CFDs and the usual Forex trades are in the absolute control of the regulator. Thinkorswim is a unique proprietary platform that is considered the best in its class. Advanced analysis of securities yields, FRED charting, tools for identifying dozens of candlestick patterns, and market sentiment analysis are only a small part of its capabilities. It does not have MetaTrader 4 or QUIK. It will be a mammoth task to deal with it intuitively by typing. There are 400 technical indicators built into the Thinkorswim terminal. Many of the offered TD Ameritrade’s Thinkorswim tools, like the platform itself, is unfamiliar to CIS traders. And it will not be easy for traders to connect to a broker. The broker works only with US residents. Nevertheless, the company deserves attention and, perhaps, acquaintance with it will open up new investment horizons for traders. The reliability of the company is beyond doubt. Therefore it is rightfully included in the Traders Union Forex broker ratings.