ECN trading accounts enjoy wide popularity both among beginners and experienced traders. These accounts allow traders to save on fees and also ensure quick order execution. Traders Union analysts have prepared the rating of the best ECN brokers in UK. Experts analyzed companies based on more than 100 criteria. The specialists singled out the most reliable brokers with attractive trading conditions.
The most reliable brokers in UK by TU include the following:
FxPro is a reliable broker company that offers market access to all traders, regardless of their level of knowledge and experience. Broker's clients are protected from negative balance; their activities are carried out in comfortable conditions and with competent professional support.
Pepperstone is particularly suitable for novice market participants as well as more seasoned trading professionals. In general, the Pepperstone platform offers everything novice traders need for comfortable trading such as favorable conditions, reliability, a wide selection of trading options, along with an assortment of first rate educational materials.
IG Markets is a well-known international company focused on financial market services. It is one of the largest CFD and Forex providers. The broker is regulated by reputable supervisory authorities and provides a high level of security for client assets.
Axi is a reliable brokerage with years of experience, holding three licenses in different jurisdictions. It offers accounts for traders of all experience levels, along with education and tools to enhance trading efficiency.
IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.
Best ECN brokers in UK in 2024
| FxPro | Pepperstone | IG Markets | Axi | IC Markets | |
|---|---|---|---|---|---|
Trading platform |
MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge |
cTrader, TradingView, MetaTrader 4 and MetaTrader 5 |
MetaTrader 4, IG Trading Platform, ProRealTime, L2 Dealer, and API |
MT4 desktop, MT4 mobile app, MT4 WebTrader, Axi Mobile app |
MetaTrader 4, MetaTrader 5, TradingView and cTrader |
Min deposit |
$100 |
$1 |
$1 |
No |
$200 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 0.0 points |
From 0.4 points |
From 0.0 points |
From 0.0 points |
Level of margin call / stop out |
25% / 20% |
90% / 20% |
No |
90% / 20% |
100% / 50% |
Execution of orders |
Market Execution |
Instant Execution |
Market Execution |
Market Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
No |
No |
No |
No |
No |
ECN is an electronic communication network which is used to process the trades of traders. There is no dealing, which is used by classical brokers. Such companies earn a profit exclusively from the fees paid by the traders. Therefore, they are directly interested in making sure that the client trades as long as possible and does not lose the deposit fast.
The ECN technology does not allow the broker to interfere with the process in any way. Traders work directly with the liquidity providers, i.e. the largest banks and financial institutions. Liquidity improvement is achieved through an increased number of trades, and not the trading volume. The spreads are floating on ECN accounts and they are better compared to classical brokers with dealing centers.
1
Best ECN broker in UK - FxPro
The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.
👍 Advantages of trading with FxPro for traders from UK:
•Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;
•insurance of client funds at the expense of the broker participation in an investor compensation fund;
•beginner traders will be able to access tested advisors;
•a full package of services is available to the client regardless of the balance of his account;
•VIP account holders are offered a personal manager and get a Free VPS;
•company capital exceeds 100 million euros;
•offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;
•the reliable trading environment provided by the competent educational and research department.
👎 Disadvantages of FxPro for traders from UK:
•it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;
•difficulties registering in an affiliate program.
FxPro Commissions & Fees for traders from UK
The fees are the key source of income for ECN brokers. Before choosing a broker, it is important to evaluate the levels of commissions and fees, which the broker offers on different accounts, including ECN.
FxPro Commissions and Fees in UK
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
FxPro MT4 Instant |
From $10 |
0 |
FxPro MT4 Fixed |
From $5 |
0 |
FxPro MT5 |
From $5 |
0 |
FxPro cTrader |
From $3 |
0 |
FxPro Platform |
From $1 |
0 |
2
Best ECN broker in UK - Pepperstone
Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia,
by professional traders who were not satisfied with the quality of services provided by most brokers. The founders
decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders,
etc. The founders therefore focused on improving the technical component. The company has set itself the goal of
changing the “rules of the game” and setting the bar high for online trading.
Today, Pepperstone offers clients all over the world some of the best technological solutions and favorable trading
conditions. The company also provides professional tools that help traders not only master the fine art of trading,
but also significantly increase trading efficiencies. In addition, Pepperstone’s platform is scrutinized by seven
regulatory authorities, including ASIC (Australian Securities and
Investments Commission, AFSL No.414530), FCA (UK Financial
Conduct Authority, 684312), DFSA
(F004356), BaFin (151148), CMA (128), SCB
(SIA-F217), and CySec (388/20). Moreover,
with Pepperstone, clients' assets are maintained in aggregated accounts with several major, global banking
institutions. These facts confirm the reliability of the company and guarantee the safety of the client's capital.
👍 Advantages of trading with Pepperstone for traders from UK:
•Attractive trading conditions;
•Fast order execution - 30 ms on average;
•1,200+ trading instruments;
•Low fees; and
•No inactivity fee.
👎 Disadvantages of Pepperstone for traders from UK:
•Support service works only 24/5;
•No cent account;
•Not available to US clients;
•Limited passive trading opportunities;
•Limited analytical materials available on the site. The only way to resolve this issue is to connect to trading signals;
•No news section; and
•Demo accounts can only trade for free for one month only.
Pepperstone Commissions & Fees for traders from UK
The fees are the key source of income for ECN brokers. Before choosing a broker, it is important to evaluate the levels of commissions and fees, which the broker offers on different accounts, including ECN.
Pepperstone Commissions and Fees in UK
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Razor |
From $0 |
No |
Standard |
From $1 |
No |
3
Best ECN broker in UK - IG Markets
IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.
👍 Advantages of trading with IG Markets for traders from UK:
•Regulated activities and participation in compensation funds;
•No minimum deposit requirements when opening an account with the international division;
•Leverage is available for trading currencies and CFDs;
•Wide range of trading assets and markets;
•Fee rebates for new and active existing clients with large trading volumes;
•Floating spreads from 0.6 pips for retail Forex traders;
•Bonuses for new clients and partnership programs for different client categories.
👎 Disadvantages of IG Markets for traders from UK:
•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;
•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;
•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.
IG Markets Commissions & Fees for traders from UK
The fees are the key source of income for ECN brokers. Before choosing a broker, it is important to evaluate the levels of commissions and fees, which the broker offers on different accounts, including ECN.
IG Markets Commissions and Fees in UK
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $6 |
YES |
4
Best ECN broker in UK - Axi
Axi is a multi-regulated Forex and CFD broker operating under licenses from ASIC (Australia - 127 606 348 ), FCA (United Kingdom - 466201), and DFSA (UAE - F003742), and is a member of The Financial Commission. Each division of Axi serves a specific region, with global traders transacting through the company registered in Saint Vincent and the Grenadines. Axi provides access to over 290 CFDs on stocks, commodities, cryptocurrencies, and shares. Specializing in the Forex market, the broker offers clients over 70 currency pairs with leverage up to 1:30, 1:400, or 1:500, depending on the regulator.
👍 Advantages of trading with Axi for traders from UK:
•Compliance with strict FCA, ASIC, and DFSA regulations;
•No specific initial deposit requirements for Standard and Pro accounts;
•High execution speed and price aggregation from 20+ liquidity providers;
•5-digit quotes;
•Access to VPS, Autochartist, and an extended toolkit for MT4;
•Minimum trade size of 0.01 lots;
•No fees for deposits and withdrawals.
👎 Disadvantages of Axi for traders from UK:
•Spreads on the Forex market are not the tightest;
•Demo accounts are provided for 30 days if the trader does not have a user account;
•The broker does not offer more advanced platforms like MT5 and cTrader, only MT4 is available.
Axi Commissions & Fees for traders from UK
The fees are the key source of income for ECN brokers. Before choosing a broker, it is important to evaluate the levels of commissions and fees, which the broker offers on different accounts, including ECN.
Axi Commissions and Fees in UK
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Elite |
From $0 |
No |
Pro |
From $0 |
No |
Standard |
From $9 |
No |
5
Best ECN broker in UK - IC Markets
IC Markets is a multi-regulated STP/ECN broker that offers trading of 2,250+ instruments on MetaTrader, TradingView and cTrader platforms. Currently, IC Markets provides its services to over 200,000 clients worldwide. The broker processes over 500,000 trades daily and its monthly trading volume is almost $1.4 trillion as of June 2024. It is regulated by CySEC, ASIC, and FSA. The broker was incorporated in 2007 and is constantly developing, improving, and adding new services and products.
👍 Advantages of trading with IC Markets for traders from UK:
•Availability of three licenses;
•Wide range of assets;
•Standard and ECN account types for trading on different platforms;
•Mobile apps for Android and iOS-based devices;
•Scalping, hedging, and algorithmic trading are allowed;
•Minimum delay when executing orders and ultra-fast market execution;
•Competitive trading fees;
•Wide choice of social trading and copy trading platforms;
•24/7 support via live chat;
•Demo accounts on MT4, MT5, and cTrader;
•Swap-free accounts are available for Muslim traders.
👎 Disadvantages of IC Markets for traders from UK:
•Education materials available on the website are not very informative or diverse;
•Rebates are available outside Australia and the European Economic Area;
•Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.
IC Markets Commissions & Fees for traders from UK
The fees are the key source of income for ECN brokers. Before choosing a broker, it is important to evaluate the levels of commissions and fees, which the broker offers on different accounts, including ECN.
IC Markets Commissions and Fees in UK
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
$6 |
Bank fees apply |
Raw spread MT4/MT5 |
$0 |
Bank fees apply |
Raw spread cTrader |
$0 |
Bank fees apply |
Islamic |
$0 |
Bank fees apply |
ECN account pros
Brokers offer simultaneously classic and ECN accounts. However, working through ECN is more beneficial.
The key benefits of this solution include the following:
-
Narrow spreads. The spreads on ECN accounts are lower than on classic trading accounts.
-
Reliability. Brokers have no impact on users’ trades on ECN accounts.
-
No requotes. Brokers make a withdrawal for each trade to the contracting party that offers the best quotes at the specific moment.
-
High liquidity. Trading conditions are more beneficial than on classical accounts; liquidity is achieved at the expense of the number of trades performed through ECN.
-
Impossibility to manipulate quotes. Traders receive direct access to quotes from liquidity providers.
Conclusions
ECN accounts can make trading in financial markets more profitable. Thanks to low fees and direct quotes from liquidity providers, traders can buy and sell assets at market prices, with market spreads and without manipulations with quotes by brokers.
Remember that trading on ECN accounts also carries risks. A trader can lose money, open unprofitable trades, etc. However, with the right approach and trading in line with the strategy, ECN can become a reliable instrument for trading in the Forex and other markets.
Top ECN brokers in 2024 for UK traders
| FxPro | Pepperstone | IG Markets | Axi | IC Markets | |
|---|---|---|---|---|---|
Overall score |
8.5 |
8.29 |
8.23 |
7.76 |
8.4 |
Execution of orders |
8.25 |
9.15 |
8.75 |
7.8 |
9.45 |
Investment instruments |
8.9 |
9.58 |
10 |
9.37 |
8.77 |
Withdrawal speed |
6.5 |
8 |
8.29 |
8.86 |
9.43 |
Customer Support work |
8.9 |
6.98 |
6.33 |
6.05 |
7.19 |
Variety of instruments |
9.27 |
8.75 |
9.65 |
7.67 |
8.02 |
Trading platform |
9.2 |
7.29 |
6.33 |
6.82 |
7.51 |
FAQs
Is ECN suitable for a beginner?
Yes, ECN is beneficial for a beginner, because it has minimum trading fees and no requotes.
How does ECN work?
ECN provides direct access to liquidity providers, which means that traders work with minimum involvement of the broker. This ensures narrow spreads and protection of the client against manipulations with quotes.
How are trades executed on ECN accounts?
Trades are executed fully automatically. A trade is executed when the buyer and the seller with the best quotes are matched. Dealing is not required.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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