“Are you looking for the best ECN brokers in the market?” This article will show you some standards to choose the best and most suitable ECN brokers for each trader based on their country conditions and trading strategies. Below are the best ECN brokers that are highly recommended with their rate:
1, Exness.com 8/10
2, FxPro.com 7.5/10
3, XM.com 7.5/10
4, ICmarkets.com 7/10
5, FXTM.com 6.5/10
Which are the standards for the best ECN brokers:
- Reasonable cost
- Good conditions
- Great customer service
ECN brokers should be reliable
This is the most important thing when you choose an ECN broker. Because traders using ECN accounts often deposit with an enormous amount of money, they always choose the trusted brokers to make it safer and reduce the risk. They are all professional traders and so, they care about the transparency, reliability of ECN brokers that they work with.
*How to know whether a broker is trusted or not?
It is simply by checking their regulations. Regulation is given by trusted financial organizations to each broker to make them follow the rules for the safe trading environment. Therefore, brokers with trusted licenses are also reliable and have to follow these requirements as below:
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
Those are the requirements that brokers have to acquire to obtain a license and so, it is not easy at all. It is recommended that a broker should have more than a license, however, if your country already has a regulation, one trusted license is enough for working.
Following are some regulations of trusted ECN brokers for your consideration:
- com: CySEC, FCA (UK)
- com: CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).
- com: CySEC, FCA, ASIC
- com: ASIC (Australia)
- com: IFSC
ECN brokers should have the reasonable cost
The lower the cost is, the more attractive a broker is. If US and UK brokers have the highest cost, other brokers have a 50% lower cost of the transaction. Forex.com, FXCM cost from 1.7 – 2 pips for trading EUR/USD, which is much high. For ECN account, its spread is from 0.0xx pip and the cost of each lot is from 5-7$. Meanwhile, Exness’ spread is the lowest, which is sometimes zero and commission is reasonable at $5 per lot. ICMarket and XM charges from $6. Moreover, Exness minimum deposit is just $1.
ECN brokers have the best trading conditions
There are many traders who believe that ECN account is the best but most of them work with Market Maker and STP account. Following are the explanations are given to know more about ECN accounts.
The cost of ECN account is relatively low and it is transparent. However, ECN account is volatile, which makes traders gain much and lose even more if they are not careful. It is a risk environment for beginners and new traders since its quotes are unstable, the slippages are higher. There are also more no-quote errors and gaps. ECN brokers with more stable quotes and fewer slippages are often preferred by traders.
ECN brokers have the best customer service
Because the forex market is complicated, the support from brokers is very significant. ECN brokers offer the best quality of service, which provides more than 20 languages besides English. Traders can get help from online service or at a local office. They could receive support 24/7 with the most popular languages such as English, Chinese, and Thai. Especially, ECN brokers mainly focus on Asia and Africa where there are the biggest forex markets such as China, Thailand, Russia,…
Most top ECN brokers have local offices in China, Thailand, Dubai,…which is very convenient for traders in these areas.