The Electronic Communication Network (ECN) is designed to provide traders and investors with direct automated access to a platform where trading orders are sent between clients and liquidity providers.
Here is a comprehensive list of the top ECN Forex Brokers regulated by FCA.
In this in-depth guide you’ll learn:
- List of Best ECN Brokers
- Meaning of ECN Forex Broker
- 10 best FCA-regulated ECN forex brokers
- What is an ECN forex broker?
- Why do many traders not use ECN accounts to trade Forex?
- Pros and Cons of an ECN account
- ECN vs STP
And lots more…
Let’s dive right in…
10 Best ECN Forex Brokers – A Comparison
🌐 𝗕𝗿𝗼𝗸𝗲𝗿 | 📉 𝗢𝗽𝗲𝗻 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 | ⚖️ 𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 |
ActivTrades | 👉Click Here | $100 USD |
Infinox | 👉Click Here | $1 USD |
Capital.com | 👉Click Here | $20 USD |
FXGiants | 👉Click Here | $100 USD |
FXOpen | 👉Click Here | $10 USD |
HF Markets (Formally HotForex) | 👉Click Here | $0 USD |
IronFX | 👉Click Here | $100 USD |
USG UK | 👉Click Here | $500 USD |
Pepperstone | 👉Click Here | $10 USD |
IC Markets | 👉Click Here | $200 USD |
Definition of ECN Forex Brokers
Leverage in Forex Trading ECN brokers are popular with traders and investors who are interested in making larger transactions. It allows traders to trade outside of traditional trading hours and is a useful platform for traders who aren’t full-time traders and can’t actively trade when financial markets are open. ECN require higher initial deposits but they provide greater transparency, and a level of anonymity, and have lower commissions and fees with direct access to liquidity providers.
10 Best ECN Forex Brokers (2023)
- ✅ ActivTrades – Overall, best ECN Forex Broker
- ✅ Infinox – Offer competitive spreads as ECN Broker
- ✅ Capital.com – Provides Demo account for ECN trading practice
- ✅ FXGiants – Low Forex ECN Fees
- FXOpen – Offers social trading services
- HF Markets (Formally HotForex) – Best Online Trading Experience
- IronFX – Best for Scalping
- USG UK – Best MT4 ECN Broker
- Pepperstone – Top ECN Broker for Beginners
- IC Markets – Ultra-low spreads across Crypto derivatives
10 Best Forex Brokers for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
ActivTrades
ActivTrades is renowned for its dedication to honesty and integrity in the financial markets. As an ECN (Electronic Communication Network) Forex broker, ActivTrades works according to a model that links customers to a global network of liquidity sources, such as banks, businesses, and other traders.
Min Deposit
USD 100
Regulators
FCA, SCB, CSSF, CMVM, BACEN, CVM
Trading Desk
MT4, MT5, ActivTrader, Traderview
Crypto
Yes
Total Pairs
15+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
With this strategy, there are often few conflicts of interest between the broker and its clients, competitive spreads, and quick execution. Customers can execute their trades under fair market conditions thanks to ActivTrades’ chance to access deep liquidity and trade FX currency pairs transparently. ActivTrades has established a solid reputation as a trustworthy option for forex traders looking for a dependable ECN broker because to its commitment to customer education and strong regulatory presence.
ActivTrades Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗔𝗰𝘁𝗶𝘃𝗧𝗿𝗮𝗱𝗲𝘀 |
---|---|
📜 Headquartered | London |
📅 Year Founded | 2001 |
🚀 Regulating Authorities | CSSF, FCA, SCB, BACEN & CVM, CMVM |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:400 |
💰 Minimum Deposit | $100 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
ActivTrades Pros and Cons
✅ Pros | ❎Cons |
---|---|
Client funds are segregated from the company's operating funds, providing an extra layer of security in case of financial difficulties. | Primarily targets European and UK clients |
Offers a wide range of trading instruments, including forex, indices, commodities, and shares | Charges inactivity fees if an account remains dormant for an extended period |
Provides a variety of educational resources, including webinars, video tutorials, and market analysis | Does not accept clients from the United States |
Regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which is one of the most reputable financial regulatory bodies globally. | Subject to leverage restrictions |
Offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms |
Infinox
Infinox is a respected ECN (Electronic Communication Network) Forex broker with a strong reputation for transparency and integrity in the financial markets. Established in 2009, Infinox has its headquarters in London, United Kingdom.
Min Deposit
USD 1
Regulators
FSC, SCB
Trading Desk
MT4, MT5, INFINOX Platforms, IX Social, IX ONE
Crypto
Yes
Total Pairs
45+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Infinox is considered a low-risk, reliable broker with a wide range of trading instruments and an economical social trading environment. Infinox is regulated by the top tiers SCB, FSC & FSCA and has low spreads and competitive trading fees against major currency pairs
Infinox Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗜𝗻𝗳𝗶𝗻𝗼𝘅 |
---|---|
📜 Headquartered | Mauritius |
📅 Year Founded | 2009 |
🚀 Regulating Authorities | FSC, SCB |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:1000 |
💰 Minimum Deposit | $1 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
Infinox Pros and Cons
✅ Pros | ❎Cons |
---|---|
Offers a wide range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies | Limited cryptocurrencies |
Offers the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and extensive analytical tools. | Lack of Negative Balance Protection |
Provides educational resources, such as webinars, tutorials, and market analysis | Charge inactivity fees |
Offer customer support services, | Limited Account Types |
Competitive Spreads | Limited Regulatory |
Capital.com
Min Deposit
USD 20
Regulators
CA, ASIC, CySEC, FSA, SCB
Trading Desk
MT4, APIs Service, TradingView
Crypto
Yes
Total Pairs
119+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Capital.com Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗖𝗮𝗽𝗶𝘁𝗮𝗹.𝗰𝗼𝗺 |
---|---|
📜 Headquartered | Cyprus |
📅 Year Founded | 2016 |
🚀 Regulating Authorities | CySEC, FCA, NBRB, ASIC |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:500 |
💰 Minimum Deposit | $20 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
Capital.com Pros and Cons
✅ Pros | ❎Cons |
---|---|
user-friendly trading platform | Limited Geographic Availability |
Offers a wide range of assets for trading | Limited Payment Options |
Regulated by several financial authorities, such as the FCA in the UK and CySEC | Charge inactivity fees |
offers leverage, which can amplify potential profits | |
Users can practice trading with a demo account |
FXGiants
According to research in South Africa, FXGiants is a company founded in 2015 with headquarters in London, United Kingdom. It also has offices in Australia and Bermuda.
Min Deposit
USD 100
Regulators
FCA, ASIC
Trading Desk
MetaTrader 4, PMAM, VPS Hosting, FXGiants Web Trader Apps, FXGiants Mobile Trading App
Crypto
Yes
Total Pairs
70
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
FXGiants Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗙𝗫𝗚𝗶𝗮𝗻𝘁𝘀 |
---|---|
📜 Headquartered | Bermuda |
📅 Year Founded | 2015 |
🚀 Regulating Authorities | FCA and ASIC |
🎁 Sign Up Bonus | Yes |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:1000 |
💰 Minimum Deposit | $100 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
FXGiants Pros and Cons
✅ Pros | ❎Cons |
---|---|
Regulated by multiple financial authorities | Limited cryptocurrency trading |
Offers a wide range of trading instruments | Charges withdrawal fees |
Provides access to competitive leverage options | Not available to traders from all countries |
Offers different account types | Inactivity fees for dormant accounts |
Offer customer support services |
FXOpen
Overall,FXOpen was the first broker to offer ECN and STP trading via MetaTrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices.
Min Deposit
USD 10
Regulators
FCA, CYSEC, ASIC,
Trading Desk
MT4, MT5, TickTrader, TradingView, WebTrader
Crypto
Yes
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FXOpen Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗙𝗫𝗚𝗶𝗮𝗻𝘁𝘀 |
---|---|
📜 Headquartered | Charlestown, Nevis |
📅 Year Founded | 2005 |
🚀 Regulating Authorities | FCA |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:500 |
💰 Minimum Deposit | $1 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
FXOpen Pros and Cons
✅ Pros | ❎Cons |
---|---|
Offers social trading services | Not be available to traders from all countries |
Supports the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms | Offers cryptocurrency trading, the selection may not be as extensive |
Provides access to leverage | Inactivity fees for dormant accounts |
Offering competitive spreads | Have fewer research tools and market analysis resources |
Offers a wide range of trading instruments |
HF Markets (Formally HotForex)
Overall, HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. Hotforex is regulated by Tier 1 and Tier 2 Trading Bodies. . Hotforex has a high trust score of 90 out 99.
Min Deposit
USD 0
Regulators
CySEC, FCA, FSA, DFSA, FSCA, CMA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
HF Markets Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗛𝗙 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 |
---|---|
📜 Headquartered | Cyprus |
📅 Year Founded | 2010 |
🚀 Regulating Authorities | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
🎁 Sign Up Bonus | Yes |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:2000 |
💰 Minimum Deposit | $100 Pro account |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
HF Markets Pros and Cons
✅ Pros | ❎Cons |
---|---|
Provides customer support services, including live chat, email, and phone support, to assist traders with their inquiries and issues | HF Markets (Formally HotForex) may be restricted in some countries due to regulatory restrictions |
Supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms | Limited Cryptocurrency Options |
Provides access to competitive leverage options | There are inactivity fees for dormant accounts |
Offers various account types | Offers competitive spreads on many instruments, spreads can vary depending on the account type and market conditions. Traders should be aware of the cost of trading. |
Offers a wide range of trading instruments, including Forex currency pairs, commodities, indices, cryptocurrencies, and more, allowing traders to diversify their portfolios. |
10 Best Forex Brokers for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
IronFX
Overall, IronFX can be summarised as a reliable and credible broker that is very competitive in terms of its trading fees, (against major currency pairs). The spread is also very low and is considered low-risk.
Min Deposit
USD 100
Regulators
FCA, ASIC, FSCA, CySEC
Trading Desk
IronFX Web Traders App, MT4, WebTrader, VPS Hosting, PMAM, TradeCopier
Crypto
Yes
Total Pairs
83
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
IronFX Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗜𝗿𝗼𝗻𝗙𝗫 |
---|---|
📜 Headquartered | Bermuda |
📅 Year Founded | 2010 |
🚀 Regulating Authorities | CySEC, ASIC, FCA |
🎁 Sign Up Bonus | Yes |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:1000 |
💰 Minimum Deposit | $100 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
IronFX Pros and Cons
✅ Pros | ❎Cons |
---|---|
Regulated by several financial authorities, including CySEC (Cyprus) and the FCA (UK), | Limited Research Tools |
Access to a broad spectrum of trading instruments, including numerous currency pairs, commodities, indices, and cryptocurrencies, | Withdrawal Delays |
Offers various account types | High Spreads |
Offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, | |
Offers customer support through various channels, including live chat, email, and phone, |
USG UK
Overall, it seems that USGFX is a decent choice for traders outside of the US who are interested in trading Forex or CFDs, though we think there may be better options that can give traders more peace of mind without the high minimum deposit requirement.
Min Deposit
USD 500
Regulators
FCA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
USG UK Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗨𝗦𝗚 𝗨𝗞 |
---|---|
📜 Headquartered | London |
🚀 Regulating Authorities | FCA |
🎁 Sign Up Bonus | No |
🥇 Demo Account | No |
📈 Maximum Leverage | 400:1 |
💰 Minimum Deposit | $600 USD |
☪️ Islamic account (swap-free) | No |
🚀 Open an Account | 👉Click Here |
USG UK Pros and Cons
✅ Pros | ❎Cons |
---|---|
Segregated trust accounts vir Barclays Group | Restrictions on trading companies |
Regulated by the Financial Conduct Authority (FCA). | Withdrawals can be approved within 48 hrs |
multi-asset global FX & CFD broker | |
margin based FX and CFD broker | |
fast execution of orders with one-click trading |
Pepperstone
Overall, Pepperstone can be summarised as a credible and trustworthy broker. Pepperstone is considered low-risk to medium-risk. Pepperstone offers competitive trading fees and pip spreads which gives it an overall trust score of 92 out of 99.
Min Deposit
USD 10
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MT4, MT5, cTrader, TradingView
Crypto
Yes
Total Pairs
1000+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Pepperstone Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗣𝗲𝗽𝗽𝗲𝗿𝘀𝘁𝗼𝗻𝗲 |
---|---|
📜 Headquartered | Australia |
📅 Year Founded | 2010 |
🚀 Regulating Authorities | ASIC, FCA, CMA |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:400 |
💰 Minimum Deposit | $10 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
Pepperstone Pros and Cons
✅ Pros | ❎Cons |
---|---|
Regulated by reputable financial authorities, including ASIC (Australia) and the FCA (UK), | Some withdrawal methods may incur fees |
Wide Range of Instruments | U.S. Clients Not Accepted |
Competitive spreads | Charge an inactivity fee |
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms | |
Provides customer support 24/5 |
IC Markets
Min Deposit
USD 200
Regulators
ASIC, CySEC, FSA, SCB
Trading Desk
MT4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
IC Markets Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗜𝗖 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 |
---|---|
📜 Headquartered | Australia |
📅 Year Founded | 2007 |
🚀 Regulating Authorities | FSA |
🎁 Sign Up Bonus | No |
🥇 Demo Account | Yes |
📈 Maximum Leverage | 1:1000 |
💰 Minimum Deposit | $200 USD |
☪️ Islamic account (swap-free) | Yes |
🚀 Open an Account | 👉Click Here |
IC Markets Pros and Cons
✅ Pros | ❎Cons |
---|---|
Regulated by reputable financial authorities, including ASIC (Australia) and CySEC (Cyprus), | Inactivity fees for dormant accounts |
Well-known for its tight spreads | No U.S. Clients |
Wide Range of Instruments | |
MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader trading platforms | |
Offers ECN and True ECN accounts |
ECN vs STP
🥇𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 | 💻𝗘𝗖𝗡 | 💻𝗦𝗧𝗣 |
---|---|---|
📌Execution Method | Direct access to interbank liquidity, offers market depth information. | Routes orders to liquidity providers without intervention. |
📌Spreads | Typically variable and competitive, close to interbank rates. | Variable spreads, generally tighter than Market Maker accounts. |
📌Commission | Charged per trade, may be higher than spreads in other account types. | No commission, broker profits from the spread markup. |
📌Order Execution | Faster execution with potential for slippage during high volatility. | Execution speed depends on broker's liquidity providers. |
📌Minimum Deposit Requirement | Often requires a larger minimum deposit. | Minimum deposit requirements vary by broker. |
📌Suitable for Scalping | Suitable for scalping due to low spreads and fast execution. | Can be suitable for scalping, but execution speed varies. |
📌Availability | Available with specific ECN brokers. | Offered by a wider range of brokers. |
Pros and Cons of ECN Trading
✅ Pros | ❎Cons |
---|---|
ECN accounts offer competitive, variable spreads, often close to the interbank rates. | raders pay a commission fee per trade, which can be higher than spreads in other account types. |
Traders can access market depth information, allowing for better transparency in price movements. | ECN brokers may require larger minimum deposits, |
ECN accounts provide direct access to interbank liquidity, potentially leading to faster execution and fewer requotes. | Traders may experience slippage, resulting in worse execution prices during fast market movements. |
ECN brokers do not trade against clients, eliminating conflicts of interest. | ECN trading can be more complex, requiring a deeper understanding of order types and market dynamics. |
Low spreads and fast execution make ECN accounts suitable for scalping strategies. |
What is an ECN forex broker?
ECN forex brokers use the Electronic Communication Network which provides traders with direct access to liquidity providers via interbank trading prices. Liquidity providers include banks, large brokerages, hedge funds, and investment corporations.
The ECN platform issues orders entered by Market Makers directly to third parties and individual traders. It effectively cuts out the traditional ‘dealer middleman’ in the over-the-counter forex market.
Traders with an ECN account benefit from the best pricing because they get different prices from a variety of market participants. This is because as the integration of orders increases, so does the overall pool of orders in the network.
ECN forex brokers charge a small fixed commission on every trade, regardless of the size of the trade. They don’t make profit on the spread difference. Instead, ECN traders are shown the best bid and ask price on the ECN platform and the matching and execution of orders takes place automatically. ECN account holders can always be sure that the forex broker never trades against them.
Reasons to trade with an ECN forex broker
➡️️ Best bid and ask prices available
Traders using an ECN trading account receive the best bid and ask prices available. This is because a variety of market participants are involved in the trade. Prices are instantly consolidated and the execution of trades is seamless.
➡️️ Very low/tighter bid-ask spreads
A major benefit of an ECN trading account is the spreads are very low during times of high market volatility. This is because the ECN provides deep liquidity from multiple providers and merely act as hubs for various players in the forex market.
Due to the fact there are so many participants in the ECN hub, it’s expected that there will be both higher and lower bid-ask prices. There will always be liquidity providers who have a lower bid price and higher ask prices which results in large spreads; and there will always be those who have higher bid and lower ask prices which results in tighter spreads.
The good thing about the ECN system is you can buy currency pairs from one liquidity provider at a lower price and sell to another provider at a higher price. This is what makes the ECN so popular among traders and investors who prefer to trade large amounts of capital.
➡️️ ECN brokers don’t trade against their client
An ECN broker can only match trades between its clients and other market participants. It cannot trade against the client. As a result, ECN spreads are often narrower than those used by Market Maker brokers and ECN brokers make money by charging clients a fixed commission per transaction.
➡️️ Transparency
ECN accounts offer full transparency because the ECN platform connects orders directly to other market participants. This limits price manipulation because all ECN brokers have access to the same feed and a certain amount of the price history is readily available to all parties. No ECN trader has a particular advantage over other ECN traders because everyone has equal access to the information.
➡️️ No Dealing Desk (NDD)
The ECN system does away with the dealing desk. The benefit of this is there are no re-quotes which can negatively impact your trading performance and increase costs. You deal directly with the interbank market without any dealer intervention.
➡️️ Trade outside of traditional trading hours
Trading with an ECN account means you can trade outside of normal market hours.
10 Best Forex Brokers for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Why many traders don’t use ECN accounts to trade Forex
For as much as there are numerous benefits to using an ECN account through an ECN forex broker, there are a few disadvantages that put many beginner and intermediate traders off using them. Higher service prices and higher initial deposits are the two main reasons why many traders opt for other types of trading accounts.
➡️️ Higher deposit requirements
ECN accounts require higher initial deposits. This makes an ECN account less suitable for beginner traders who should not be trading with large amounts of capital. The trade-off to higher deposit requirements is ECN account holders benefit from tighter spreads.
➡️️ Very high commission
ECN forex brokers charge a commission on each trade and it is higher than the commission charged by STP brokers. The per-trade-based commissions on ECN accounts can be costly and can affect a trader’s bottom line and profitability.
➡️️ No micro lots
ECN account holders are subject to minimum requirements from liquidity providers and typically have to take a minimum position of 0.1 lot (10 000 currency units). ECN traders cannot open positions for 0.01 lot (1 000 currency units) which is available to traders using Market Maker forex brokers.
Conclusion
In conclusion, ActivTrades, Infinox, Capital.com, FXGiants, FXOpen, HF Markets (Formally HotForex), IronFX, USG UK, Pepperstone, IC Markets are respected ECN brokers regulated by FCA. ECN Forex trading offers transparency, competitive spreads, and direct market access, making it a preferred choice for many experienced traders, but it may not be suitable for everyone due to commission costs and complexity.
Disclaimer
Forex is a complex instrument and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.
Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.
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Frequently Asked Questions
What is the meaning of ECN Forex Broker?
The Electronic Communication Network (ECN) is designed to provide traders and investors with direct automated access to a platform where trading orders are sent between clients and liquidity providers. The idea is to limit the number of intermediaries between two market players.
Why do many traders not use ECN accounts to trade Forex?
Due to the commission fees and preference for fixed spreads in other account types, many traders avoid using ECN accounts for forex trading.