10 Best ECN Brokers for 2024

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Best Forex ECN Broker in 2024 - OANDA

Your capital is at risk.

Top Forex ECN accounts are:

  1. OANDA – Best for trading with advanced technical analysis tools (TradingView charts support);

  2. Coinexx;

  3. FOREX.com – Best markets diversity (over 4500);

  4. Interactive Brokers – Best broker for international investors (assets from 33 countries, 150+ markets);

  5. RoboForex – Best Forex broker for beginners ($10 min. deposit, copy trading);

  6. Eightcap – Best broker to trade directly from TradingView charts (15+ customizable chart types, 90+ drawing tools).

point

ECN (Electronic Communication Network) broker simply means a specific (ECN) account type that online brokers offer. It’s a great technology that comes with a very low trading cost to trade in the real market. This technology is perfect for those traders who want to get more involved during market hours. It can also help the people who need a little more diversity as it brings lower commission rates and tighter spreads.

ECN brokers allow you to compete with a large financial institutions’ pool in the market. Because of the technological advances that ECN Forex brokers bring to the table, more and more people are starting to use this system. This article contains the best ECN brokers that you can choose from in 2024. So, without any further ado, let’s jump into it.

1

OANDA ECN Account

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Description

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Trading Instruments

The brokerage company OvalX (aka ETX Capital) was founded in 2002 and belongs to the well-known corporation Monecor Limited, which has been operating since 1965. The brokerage company provides high-quality personal services to each client through the implementation of a proprietary platform with an intuitive interface. It allows you to analyze the markets using advanced technical indicators and instantly execute trades in one click. The broker offers clients over 5,000 markets for trading and a wide range of instruments. The brokerage company OvalX was founded in 2002 and belongs to the well-known corporation Monecor Limited, which has been operating since 1965. Headquartered in London, the company is regulated by the FCA (UK Financial Conduct Authority). The broker is aimed at cooperating with traders from EU countries. ETX Capital provides a wide range of trading tools, narrow spreads, and quality training materials. The OvalX brokerage provides high-quality personal services to each client through the implementation of a proprietary platform with an intuitive interface. It allows you to analyze the markets using advanced technical indicators and instantly execute trades with one click.

Commissions

The fees are charged as the spread

2

Coinexx ECN Account

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Description

Coinexx gives customers access to cryptocurrency markets. Deposit and withdrawal of funds are available via cryptos allowing for instant financial transactions. Here at Coinexx one can find top customer care service, narrow spreads, fast order execution, access to the cryptocurrency market from all over the world, and instant deposit of funds.

3

FOREX.com ECN Account

Description

Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).

Trading Instruments

Forex.com offers trading in over 4,500 markets including Forex, stocks, commodities, and cryptocurrencies

Commissions

The Forex spreads with this broker start from 0.11 pips.

4

Interactive Brokers ECN Account

Description

Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. You can also trade cryptocurrencies on Interactive Brokers. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.

Trading Instruments

Interactive Brokers supports stocks, options, futures, forex, bonds, and funds trading.

Commissions

Clients can choose between two accounts, the IBKR Lite and the IBKR pro service. With both accounts’ clients get access to 0% commissions on most trades. You also won’t have to worry about a minimum deposit account. When it comes to shares, IBKR will charge $0.005 per share, up to a minimum of $1 and a maximum of 1% of the trade value

5

RoboForex ECN Account

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Description

RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Trading Instruments

RoboForex supports Forex and stock trading. The broker provides access to trading a total of 12,000+ trading assets.

Commissions

In the CFD market, the broker uses spread as the commission. In the Forex market, the commission depends on the chosen account. Typical spread is from 0.3 pips, ECN account tradinf fee is $1-$2 per lot.

6

Eightcap ECN Account

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Description

Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

Trading Instruments

With Eightcap you can trade Forex, Cryptocurrencies, Indicies, Commodities, Shares

Commissions

The EUR/USD Average fee is 0.76 pips

7

Exness ECN Account

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Your capital is at risk.
You can lose your money.

Description

The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

Trading Instruments

Currencies, assets of stock and commodity markets, cryptocurrencies

Commissions

Standard Account EURUSD Average Spread 1 pip, ECN/STP Account Fee $3.5 per lot

8

Pocket Option ECN Account

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Description

Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.

Trading Instruments

With Pocket Option you can trade Forex, Commodities, Stocks, Cryptocurrencies and Indices

Commissions

minimum deposit starting with $50, zero non-trading commissions, and minimum trade as low as $1. The spread starts from 0.0 pips

9

FBS ECN Account

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Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

Description

FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.

Trading Instruments

Forex, indices, metals, futures contracts

Commissions

Standard account EURUSD everage spread 0.8 pips, ECN/STP account fee $6 per lot, everage ECN/STP spread 0.2 pips

10

FreshForex ECN Account

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Your capital is at risk.

Description

FreshForex has been operating since 2004. The broker is registered in Kingstown, Saint Vincent, and the Grenadines. FreshForex has won more than 20 International awards and these achievements include Best Trading Conditions according to FXDailyInfo in 2016 and Best Bonus Program in 2017.

Trading Instruments

Forex currency, CFD for precious metals, shares, energy products

Commissions

There are Fixed spreads (from 2 pips), floating spreads (from 0,9 pip), maximum low spread (from 0 pip)

Top 10 ECN Brokers on Forex

It can easily cost you days to search for the right ECN Forex broker that serves you exactly the way you desire. That’s where the following list of the brokers with great ECN conditions will come into place. We have compiled this list of the brokers after detailed research performed by our experts. Not only will this list simplify the whole process of searching for the right broker, but it will also save a lot of your time and energy.

The ECN brokers mentioned on this list are regulated by international and reliable regulatory authorities. Moreover, all of these ECN brokers are also listed on the official Traders Union website with great reviews.

Top 10 ECN Brokers

  • 1. OANDA

    Minimum deposit: $0
    Maximum leverage: 1:40
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: No
    Regulation: FCA UK, BVI FSC, ASIC, NFA, CFTC, IIROC, MAS, FFAJ
  • 2. Coinexx

    Minimum deposit: $10
    Maximum leverage: 1:500
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: No
    Regulation: Unregulated
  • 3. FOREX.com

    Minimum deposit: $100
    Maximum leverage: 1:50
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: 15 $
    Regulation: FCA UK, ASIC, NFA, CFTC, IIROC
  • 4. Interactive Brokers

    Minimum deposit: $2000
    Maximum leverage: 1:30
    Deposit fee: 0
    Withdrawal fee: Yes
    Inactivity fee: No
    Regulation: FCA UK, ASIC, NFA, CFTC, IIROC, Sebi, SEC, CBI(Central Bank of Ireland)
  • 5. RoboForex

    Minimum deposit: $10
    Maximum leverage: 1:2000
    Deposit fee: 0-0.5
    Withdrawal fee: 0-4
    Inactivity fee: No
    Regulation: FSC (Belize), The Financial Commission
  • 6. Eightcap

    Minimum deposit: $100
    Maximum leverage: 1:500
    Deposit fee: 0
    Withdrawal fee: 0-0.9
    Inactivity fee: No
    Regulation: FCA UK, CySec, ASIC, SCB
  • 7. Exness

    Minimum deposit: $1
    Maximum leverage: 1:2000
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: No
    Regulation: FCA UK, BVI FSC, CySec, FSCA SA, FSC (Mauritius), The Financial Commission
  • 8. Pocket Option

    Minimum deposit: $5
    Maximum leverage: 1:1000
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: No
    Regulation: Unregulated
  • 9. FBS

    Minimum deposit: $5
    Maximum leverage: 1:3000
    Deposit fee: 0
    Withdrawal fee: 0
    Inactivity fee: No
    Regulation: CySec, ASIC, FSC (Belize)
  • 10. FreshForex

    Minimum deposit: $0
    Maximum leverage: 1:2000
    Deposit fee: 0
    Withdrawal fee: 0.1-3.5 %
    Inactivity fee: No
    Regulation: Unregulated

Expert Opinion

ECN accounts are a good solution for both beginners and experienced traders. Trading on an ECN account ensures that the trader receives real and honest quotes. Additionally, trading on such accounts is cost-effective. Spreads are minimal (market-driven), and the trader pays a fixed commission per lot. Due to low costs and good liquidity, ECN accounts are suitable for various strategies, including those involving short-term trades. For example, they are advantageous for scalpers or day traders.

Ivan Andriyenko

Ivan Andriyenko

Author at Traders Union

What is an ECN Forex Broker?

ECN provides the traders with direct access to other currency and equity markets’ participants by working as a financial intermediary. An ECN broker usually offers the traders tighter (ask or bid) spreads because it consolidates multiple market participants’ price quotations. Moreover, it can’t trade against the users as it only matches different available trades among the participants of another market. The spreads available on the ECN accounts are narrower as compared to the ones available on the conventional brokers. But you need to keep in mind that you’ll be charged a fixed commission fee on each transaction while working with ECN brokers.

How do ECN Brokers work?

In order to execute trades, ECN comes with an electronic communication system for both sellers and buyers. It achieves it by providing the required information about the orders taking place and managing their execution. The system is crafted to match sell and buy orders which are present in the exchange currently. Moreover, if the information regarding a specific order is not available, the ECN system offers the prices that reflect the lowest ask and highest bid present in the open market.

Using ECN Forex brokers allows you to trade even trade outside the market’s traditional trading hours. This feature especially comes in handy for those people who want to utilize the flexibility of time or who can’t trade actively during the traditional market time.

trader

Trader

banks

Major Banks

ecn

ECN

Companies

Companies

provider

Liquidity Provider

👍 ECN Broker Pros

There are several benefits of using an ECN broker, and price feed transparency is one of those. All the ECN brokers have the same feed, and you can trade by using the precise provided price. You can also access a limited price history amount in order to easily analyze specific trends of the marketplace. Not only does it make it difficult to act unscrupulously, but it also mitigates price manipulation. Moreover, no user can have any built-in advantage over other users because of the equal provision of information. Here are some of the pros of using an ECN broker:

• No requotes

Low costs

• Deep pool, which means high liquidity

• Raw spreads

• No conflict of interest

• No slippage

👎 ECN Broker cons

One of the biggest disadvantages of using an ECN broker is the charging fees on general trading as compared to the non-ECN systems. As mentioned, you’ll need to pay a commission on each trade that can be costly, which can also impact your profitability and bottom line.

ECN Account vs. Standard Account: What to Choose?

One of the biggest differences between the two accounts is that the standard account usually has a fixed spread. In any position, the broker in the standard account plays the role of the counterparty most of the time. On the other hand, an ECN account provides you with liquidity via a network. In simple words, it means that they're different offers and bids available for you to trade as the spread between bid or asked price is usually tighter. Some of the most important differences between an ECN account and the standard account are as followed:

ECN Account vs. Standard Account

ECN Account Standard Account
The orders in the ECN account are executed with direct access to the liquidity providers. The order in the standard account is executed internally within the customer pool of the brokerage.
You need to pay a fixed commission fee per trade Only has spread and doesn’t have a commission fee
Comes with non-dealing brokers Can have dealing desk brokers
Doesn’t place any premium on the raw spread Charges a premium spread artificially to earn profit from the execution.
ECN Account
The orders in the ECN account are executed with direct access to the liquidity providers.
You need to pay a fixed commission fee per trade
Comes with non-dealing brokers
Doesn’t place any premium on the raw spread
Standard Account
The order in the standard account is executed internally within the customer pool of the brokerage.
Only has spread and doesn’t have a commission fee
Can have dealing desk brokers
Charges a premium spread artificially to earn profit from the execution.

Fee

The very first thing you need to determine is the amount of money that you’re willing to consume. That’s because you need to find a broker that’s not only reliable but also justifies the cost. Keep in mind that gone are the days of the wild west of Forex trading. With time it has become transparent and sophisticated, and now you can choose the type of brokerage and account that suits you the best. That's where this article comes into play that contains the best ECN brokers that offer value for your money.

Forex Accounts Comparison

Property ECN Standard STP
Fees Low High Average
Execution discipline Automatic order execution with direct access to the liquidity providers without re-quotation Internal order execution within the customer pool of the brokerage Automatic order execution without re-quotation
Best fit for Experienced and expert traders Beginners Traders on a restricted budget
Property ECN
Fees Low
Execution discipline Automatic order execution with direct access to the liquidity providers without re-quotation
Best fit for Experienced and expert traders
Property Standard
Fees High
Execution discipline Internal order execution within the customer pool of the brokerage
Best fit for Beginners
Property STP
Fees Average
Execution discipline Automatic order execution without re-quotation
Best fit for Traders on a restricted budget

Is ECN good for scalping?

ECN is an excellent option for scalping. There are several ECN features that give it an advantage when it comes to scalping as a trading strategy.

As we know, scalping takes advantage of small price movements by quickly entering and exiting trades. Therefore, it is a high-frequency trading option with special features for success. ECN has the following qualities that make it perfect for scalping:

High Liquidity

Due to the high number of traders willing to buy and sell on ECN at various price points, it experiences high liquidity which is beneficial for scaling. High liquidity provides for faster execution because the high volume of traders means they are more likely to find matches for their trades.

This quality is especially useful for scalpers who need to be fast when entering and exiting trades as they attempt to capture small price differences and thus maximize their profit.

Low Costs

Out of the options scalpers have, ECN offers some of the lowest trading fees on the market. For a high-risk trading strategy such as scalping, the lower the non-trading costs the better.

Direct Market Access

Direct market access means that traders can interact directly with the order books of participants such as banks and institutions, in addition to other traders thus widening their scope.

Direct access thus reduces execution time while reducing slippage, attributes that are invaluable for scalpers.

Tight Spreads

Tight spreads are essential when reducing risk. ECN brokers can easily provide tighter spreads because they aggregate prices from a wide range of liquidity providers. For traders who need to act fast, reducing risk is essential.

Depth of Market

Depth of market refers to the buy and sell order data at various price points. This depth of market gives scalpers more information about the market allowing them to make more informed decisions about their high-risk trades.

How to Choose an ECN Broker?

Please tell us what factors to look for when choosing an ECN Broker

Although ECN is a great option for scalping, not all ECN brokers are made equal. For your scalping trading strategy to work, you need to choose a broker who is best suited to your needs.

Here is what you should consider when choosing an ECN broker:

Spreads and Fees

A good ECN broker has tight spreads and affordable fees. Avoid ECN brokers with spreads wider than 0.3 pips and fees higher than $1-$2 per lot.

Regulation and Trustability

Always trade with ECN brokers who are regulated by either a regional or international regulatory body. Once you have identified the regulatory body that the ECN broker should be under, go to that regulatory authority’s site and confirm that the broker’s official name is in their database of licensed brokers.

Servers (Speed of Trades)

Choose a broker who has adequate trading speeds. You can tell this by looking at reviews from other users, observing how fast real-time data is updated on the site, and using a demo account to compare your past experiences.

VPN and other Extra Features

VPN may be necessary for traders who want to trade privately. However, many ECN brokers do not allow VPN use due to privacy and security concerns. Check local laws to confirm if you can safely use the VPN.

FAQs

What is the disadvantage of ECN?

One disadvantage of ECN trading is that it often involves higher trading costs due to the commissions charged. Additionally, the depth of market data provided by ECN brokers can be overwhelming for novice traders. ECN trading may also require more significant capital to get started.

How to choose the best ECN broker?

There are multiple factors that you need to consider while choosing the best ECN broker, and some of the most important ones are:

• Regulation and Location

• Fund Security

• Security protocol

• Fees

• Your trading styles

How can I avoid ECN fees?

To avoid ECN fees, you can consider trading on a non-ECN account type offered by some brokers. These accounts may have wider spreads but do not charge a separate commission. Alternatively, you can explore brokers that offer commission rebates or discounts based on your trading volume, which can help reduce your overall trading costs.

Who can use ECN?

ECN trading is suitable for experienced traders who value transparency, fast execution, and access to real market depth. It is not limited to any specific group of traders but may not be ideal for beginners due to its complexity and potentially higher costs. It is essential to have a good understanding of the forex market before using an ECN account.

Team that worked on the article

Chinmay Soni
Contributor

Chinmay is a certified Investment Analyst and Portfolio Manager by the National Stock Exchange (NSE) Academy. He is currently associated with a $75 million VC fund and assists them in identifying and researching investable sectors and start-ups. He has completed his Bachelors of Business Administration from the Institute of Management, Nirma University and is currently pursuing MBA majoring in Finance from the same. He has 4 years of hands-on investment experience in a variety of asset classes and his professional qualifications include being a CFA Level 2 candidate and NSE Certified Market Professional Level 2.

He finds writing as a way to express his thoughts and share his knowledge with people eager to learn. He himself happens to be an avid reader of personal finance books and on top of his recommendation list are the international bestsellers ‘The Psychology of Money’ and ‘Think and Grow Rich’

He has this one strong belief as his motto: Life is what you make of it.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.