The best ECN (Electronic Communication Network) Forex brokers, according to our research, are:
- Pepperstone
- FP Markets
- Admirals
- Vantage
- Dukascopy
- Roboforex
- FBS
- GO Markets
- HFM
- LCG
In order to rank the best ECN brokers, we took a multitude of factors into consideration:
- The presence of ECN accounts
- The quality of order execution
- The number of trading services offered
- The number of liquidity providers
- The trading platforms offered
- The possibility of using EAs and use scalping techniques
What are the best ECN brokers?
Below is our curated list and review of the most popular and favourable true ECN brokers and ECN forex brokers in particular, with details of features and characteristics.
Pepperstone
best ECN broker overall
Pepperstone offers valuable ECN features with the Razor ECN account, with low spreads starting from 0 pips and a commission of $6 per lot. Pepperstone supports algorithmic trading on the cTrader platform.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- It is a broker of choice for scalpers and algorithmic traders due to its valuable ECN features
- With its Razor ECN account, it is known to offer very low spreads starting from 0 pips, with an average spread of 0.09 pips on the EUR/USD pair.
- The broker charges a commission of $6 per lot traded, and allows you to open forex positions of up to 100 lots.
- The ECN razor account can be used with the cTrader platform, which supports automatic trading and VPS connections.
- Professional traders, in addition to having access to leverage up to 1:400, will also benefit from a rebate program depending on the amount of lots traded.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FP Markets
top ECN choice for scalpers
FP Markets provides an efficient ECN service with spreads as low as 0 pips, high liquidity, and a $6 commission per lot, accessible on MT4, MT5, and webtrader platforms.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- FP Markets is an ECN broker that focuses on offering an efficient, high liquidity forex service that processes orders within an average of 40ms.
- With an FP Markets RAW ECN account, the trader will have access to over 70 forex pairs with spreads as low as 0 pips and a $6 commission per lot.
- The broker makes MT4 and MT5 available for this type of account, with the webtrader platform also available for further choice.
- While international traders have access to a leverage up to 1:500, European and Australian non-professional traders will be able to use leverage up to 1:30.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
Admirals
best ECN MetaTrader broker
Admirals enables ECN accounts on MT4 and MT5, offering spreads from 0 pips with a $6 commission per lot, enhancing MetaTrader with additional indicators and order monitoring.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- With Admirals you will be able to open ECN accounts on MT4 and MT5 in over 10 currencies, making this broker great for avoiding conversion fees.
- Additionally, Admirals offers add-ons to increase the capabilities of MetaTrader with additional indicators and order monitoring systems.
- With over 40 forex pairs available, Admirals offers spreads as low as 0 pips with a $6 commission per lot.
- For active traders, the commission per lot can drop to as low as $3.6.
- As with other brokers, Admirals also allows the use of VPS and trading robots.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
Vantage
best ECN broker for expert traders
Vantage features two ECN accounts, Raw and Pro, with spreads from 0 pips, ECN fees from $6 to $3.50 per lot, and supports MT4 and MT5 platforms.
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About Vantage
Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.
Vantage Features
The features of Vantage are listed below.
- With Vantage you will be able to choose two ECN accounts, namely the Raw and the Pro.
- Spreads start at 0 pips, but ECN fees range from $6 per lot, to $3.50 per lot on the Pro ECN account.
- Both can be used on either MT4 or MT5, and can be opened with a total of nine account currencies.
- The maximum leverage goes up to 1:500, while it is 1:30 for Australian clients.
Vantage Pros and Cons
Advantages of Vantage
The advantages of Vantage are listed below.
- Competitive spreads and low commissions
- Strong range of asset classes
Disadvantages of Vantage
The disadvantages of Vantage are listed below.
- Not available to US traders
- Customer service could be improved
Dukascopy
great ECN service for professional traders
Dukascopy offers an ECN service with accounts from $1000, providing FIX API for large deposits, using the SWFX platform, with commissions starting at $8 per lot.
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About Dukascopy
Dukascopy is a Swiss online bank founded in 2004, offering forex, CFD, and options trading through its proprietary platform, aling with standard banking services such as e-banking and credit cards. Dukascopy is regulated by FINMA, Dukascopy emphasizes advanced technology and competitive trading conditions. Dukascopy CEOs are Dr. Andre Duka and Veronika Duka, who are the founding shareholders.
Dukascopy Features
The features of Dukascopy are listed below.
- Dukascopy is a Swiss bank that also offers an ECN service focused on professional clients.
- With a deposit of $100,000, Dukascopy will provide its FIX API, and protect the client’s account in case of default up to a maximum of CHF 100,000.
- However, ECN accounts are also available from $1000 ($100 for EU clients), and can be opened in over 20 different currencies.
- The platform used by the broker is SWFX, owned by Dukascopy.
- Commissions per lot start at $8, but are progressively reduced to $3 depending on the volume traded.
Dukascopy Pros and Cons
Advantages of Dukascopy
The advantages of Dukascopy are listed below.
- Regulated Security
- Competitive Trading Conditions
- Diverse Asset Range
Disadvantages of Dukascopy
The disadvantages of Dukascopy are listed below.
- Limited Educational Resources
- Withdrawal Fees
- Inactivity Fees
Roboforex
best ECN broker for algo traders
Roboforex supplies ECN accounts with spreads from 0 pips, low commission per lot of $4, available on MT4, MT5, cTrader, and proprietary rTrader platform for algorithmic trading.
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About Roboforex
RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.
Roboforex Features
The features of Roboforex are listed below.
- RoboForex offers an ECN solution for algorithmic traders.
- RoboForex ECN account can be opened on MT4, MT5, cTrader, but also on rTrader, the broker’s proprietary platform.
- On rTrader you will be able to easily set up robots for automatic trading.
- Spreads start at 0 pips, with a low commission per lot of $4 and a maximum volume of 500 lots on open positions.
- For European clients the maximum leverage is up to 1:30.
- For international traders the leverage is up to 1:500 for all platforms except cTrader (1:300). In addition, the broker makes bonuses available at account opening.
Roboforex Pros and Cons
Advantages of Roboforex
The advantages of Roboforex are listed below.
- Diverse Trading Platforms
- Wide Range of Instruments
- Low Minimum Deposit
Disadvantages of Roboforex
The disadvantages of Roboforex are listed below.
- Limited Educational Resources
- Higher Spreads on Some Accounts
- Regulatory Concerns
FBS
best low-spread ECN solution
FBS provides an ECN solution with variable spreads from 0.7 pips, no per lot commissions, and supports micro-lots for accessibility, requiring a $5 deposit.
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About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- FBS ECN solution offers variable spreads from 0.7 pips.
- With the ECN account, commissions per lot are not charged.
- FBS offers micro-lots with a maximum executable order of 500 lots.
- To open an account, FBS requires a deposit of $5.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
GO Markets
deepest liquidity ECN broker
GO Markets aggregates spreads from over 20 liquidity providers, offering ECN trading from 0 pips, with low commissions per lot and free VPS for eligible clients.
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About GO Markets
GO Markets is an online broker offering CFD trading in different markets such as forex, commodities, indices and shares. GO Markets was founded in 2006 and is regulated by multiple authorities, including ASIC, CySEC, FSC, and FSA. GO Markets provides various trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and their proprietary GO WebTrader. GO Markets emphasizes fast execution, tight spreads, and educational resources for traders.
GO Markets Features
The features of GO Markets are listed below.
- GO Markets is one of the ECN brokers with the deepest liquidity.
- Their spreads, which start at 0 pips, are aggregated from over 20 liquidity providers.
- Their commissions per lot are similarly low, starting at $4 per lot traded.
- For traders who meet the requirements, GO Markets offers a free VPS.
- The broker offers both MT4 and MT5 to its clients.
GO Markets Pros and Cons
Advantages of GO Markets
The advantages of GO Markets are listed below.
- Fast Account Opening
- Excellent Educational Resources
- Competitive Spreads
Disadvantages of GO Markets
The disadvantages of GO Markets are listed below.
- Limited Product Portfolio
- No Investor Protection for Non-EU Clients
- High Minimum Deposit Requirement
HFM
most flexible ECN broker
HFM delivers ECN Raw spreads from 0 pips through the HF Zero account, with a $6 commission per lot, supporting MT4, MT5, and algorithmic trading options.
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About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- HFM through their HF Zero account offers ECN Raw spreads from 0 pips, and a $6 commission per each lot traded
- With HFM it will be possible to use this type of account on MT4, MT5, and also in the Web platform.
- Although the minimum trading size is 0.01 lots, HFM allows more experienced traders to go up to 60 standard lots per position, and 500 lots in total.
- For algorithmic traders, it will be possible to download and use robots and EAs
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
LCG
best high-volume trading ECN broker
LCG provides the ECN service on MT4 and LCG Trader for high-volume traders with excellent liquidity, spreads as low as 0 pips, requiring a $10,000 deposit.
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About LCG
London Capital Group (LCG) is a global forex and CFD broker established in 1996. LCG offers trading on currencies, commodities, indices, stocks, and cryptocurrencies. LCG provides MetaTrader 4 and a proprietary LCG Trader platform. LCG is regulated by multiple authorities including the FCA and SCB. The CEO of LCG is Dave Worsfold, and the LCG managing director is Matt Basi.
LCG Features
The features of LCG are listed below.
- LCG only enables the ECN service to traders who deposit at least $10’000 into the account and request it from customer support.
- However, the service offered includes excellent liquidity, spreads as low as 0 pips and no requotes.
- Trading takes place not only on MT4, but also on the broker’s proprietary platform “LCG Trader“.
LCG Pros and Cons
Advantages of LCG
The advantages of LCG are listed below.
- Established Reputation
- Negative Balance Protection
- Diverse Trading Instruments
Disadvantages of LCG
The disadvantages of LCG are listed below.
- High Minimum Deposit for ECN Accounts
- Wider Spreads on Classic Accounts
- Inactivity Fees
Comparison of the best ECN Forex brokers
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| Broker | Min. deposit | EUR/USD Avg Spread | Fee/lot |
|---|---|---|---|
| Pepperstone | $200 | 0.09 pips | $7 |
| FP Markets | $100 | 0.09 pips | $6 |
| Admirals | $100 | 0.60 pips | $6 |
| Vantage | $200 | N/A | $6 |
| Dukascopy | $100 | 0.29 pips | $9 |
| Roboforex | $100 | 0.10 pips | $6 |
| FBS | $5 | 0.70 pips | N/A |
| GO Markets | $100 | 0.20 pips | $6 |
| HFM | $0 | 0.30 pips | $6 |
| LCG | $10000 | 0.20 pips | $4 |
What is the best ECN and STP broker?
The best ECN and STP broker is Pepperstone.
Pepperstone is the best ECN (Electronic Communication Network) and STP (Straight-Through Processing) broker. Pepperstone is able to provide fast order execution with 30 ms and the best spreads starting from 0 pips with an average spread of 0.09 on the EUR/USD Forex pair.
What is the best ECN broker for Forex?
The best ECN broker for Forex is Pepperstone.
Pepperstone provides the best ECN execution via the Razor account. The razor account has no minimum deposit, spreads from 0 pips with a trading volume commission of $3.50 per lot per side ($7 per lot per round turn). For more options, see best Forex brokers.
What is the best ECN broker with cTrader platform?
The best ECN broker with cTrader platform is Pepperstone.
Pepperstone provides the cTrader trading platform for both its Standard and Razor accounts. The best spreads with ECN execution start from 0 pips with a trading volume commission of $3.0 per lot per side ($6 per lot per round turn) on the Razor account. For more options, see best cTrader Forex brokers.
What is the best ECN broker with the MT4 platform?
The best ECN broker with the MT4 platform is Pepperstone.
Pepperstone provides the MT4 trading platform for its Standard and Razor accounts. The best spreads with ECN execution start from 0 pips with a trading volume commission of $3.5 per lot per side ($7 per lot per round turn) on the Razor account. For more options, see best MT4 ECN Forex brokers.
What is the best ECN broker with the MT5 platform?
The best ECN broker with the MT5 platform is Vantage.
Vantage offers 2 ECN accounts for the MT5 trading platform, the Raw ECN account and the Pro ECN account. Vantage provides an additional MT5 add-on (Smart Trader Tools) for professional market analysis tools. For more options, see best MT5 Forex brokers.
What is the best ECN broker with the lowest spread?
The best ECN broker with the lowest spread is Pepperstone.
Pepperstone offers the lowest spread from 0 pips with an average spread of 0.09 pips on the EUR/USD Forex pair. Additionally, there is a trading volume commission of $3.50 per lot per side ($7 per lot per round turn). For more options, see best low spread Forex brokers.
What is the best ECN broker with lowest commission?
The best ECN broker with lowest commission is GO Markets.
GO Markets offers the lowest commission of $2.50 per lot per side ($5 per lot per round turn). Additionally, spreads on Forex start from 0 pips with an average spread of 0.2 pips on the EUR/USD Forex pair.
What is the best ECN broker for scalping?
The best ECN broker for scalping is FP Markets.
FP Markets offers the Raw Spread account with ECN execution with spreads from 0 pips along a trading volume commission of $3 per lot per side ($6 per lot per round turn). Lastly, the order execution speed is less than 40 ms (milliseconds). For more options, see best scalping Forex brokers.
What is the best ECN broker with high leverage?
The best ECN broker with high leverage is HFM.
HFM provides a high leverage up to 1:2000 on Forex on most HFM account types (Top-Up account is excluded). This high leverage of 1:2000 is available only under the regulation of the FSA (Financial Services Authority) of the Seychelles (excluding traders from EU, UK, and Australia). For more options, see best high leverage Forex brokers.
What is the best ECN broker with a low minimum deposit?
The best ECN broker with low minimum deposit is HFM.
HFM has a minimum deposit of $0 to open three out of seven HFM account types: Cent, account, Zero account, and Premium account. For more options, see best Forex brokers with low minimum deposit.
What is an ECN forex broker?
ECN stands for Electronic Communications Network. Essentially, an ECN broker connects users within this network so they can trade assets directly with the financial markets. It effectively expedites the order execution process and makes it much more transparent at the same time.
Due to this, a real ECN forex broker is considered as both an STP (Straight Through Processing) and NDD (No Dealing Desk) broker, due to the fact that ECN execution provides no interference with the trading process whatsoever. In this sense, ECN brokers are considered opposite to Market Maker brokers or DD (Dealing Desk) brokers, which provide both buy and sell quotes, essentially “making the market” by taking the opposite position of their clients’ trades
ECN forex brokers provide high speed, no interference efficiency and a great combination of low spreads with some of the fastest execution speeds in the industry.
What are the differences between ECN and STP brokers?
Both ECN (Electronic Communication Network) and STP (Straight Through Processing) brokers offer a form of direct market access and aim to reduce the potential for conflicts of interest. However, they operate differently:
Order Execution:
- ECN: Connects traders directly to liquidity providers, showing the order book with available bid and ask prices.
- STP: Sends client orders directly to liquidity providers without intervention, but doesn’t provide the order book visibility.
Pricing:
- ECN: Offers variable spreads, often tighter, but may charge a commission.
- STP: Usually offers no-commission trades but with slightly wider spreads.
Counterparty:
- ECN: Trades are executed against multiple market participants like banks, funds, and other traders.
- STP: Trades are executed against selected liquidity providers only.
Depth of Market:
- ECN: Provides a view of market depth, showing volume and prices available.
- STP: Doesn’t typically offer a view of market depth.
Potential for Conflict of Interest:
- ECN: Reduced, as brokers profit mainly from commissions, not from traders’ losses.
- STP: Generally reduced, but depends on the broker’s relationship with its liquidity providers.
In reality, the differences between ECN and STP brokers can be subtle, with some brokers offering a combination, sometimes labeled as “ECN/STP brokers”.