⭐ ECN Forex Brokers

ECN = A-book = NDD + STP + DMA + DMT + ECN pricing

  • ECN is essentially a Network - (Electronic Communication Network) - where ECN participants trade with each other
  • There is No Dealing Desk (NDD), all orders go straight to the Market (STP), every ECN participant gets Direct Market Access (DMA) - access to Top-tier liquidity - by default
  • ECN is distinguished by Direct Market Trading (DMT) - ability to trade directly on ECN level, e.g. send orders directly to ECN liquidity pools and interact directly with ECN participants. See ECN vs DMA Forex brokers for detailed comparison.
  • With ECN traders are able to analyze DOM (Depth of the Market) - see liquidity, place own Bid/Ask offers - create liquidity, and trade inside the spread - take advantage of it
  • Trading on ECN requires an average deposit of $50,000. Can traders create meaningful liquidity or place a single trade at ECN level with a $100 deposit? No.
ECN = A-book = NDD + STP + DMA + DMT+ ECN pricing ...read more
  • ECN is essentially a Network - (Electronic Communication Network) - where ECN participants trade with each other
  • There is No Dealing Desk (NDD), all orders go straight to the Market (STP), every ECN participant gets Direct Market Access (DMA) - access to Top-tier liquidity - by default
  • ECN is distinguished by Direct Market Trading (DMT) - ability to trade directly on ECN level, e.g. send orders directly to ECN liquidity pools and interact directly with ECN participants. See ECN vs DMA Forex brokers for detailed comparison.
  • With ECN traders are able to analyze DOM (Depth of the Market) - see liquidity, place own Bid/Ask offers - create liquidity, and trade inside the spread - take advantage of it
  • Trading on ECN requires an average deposit of $50,000. Can traders create meaningful liquidity or place a single trade at ECN level with a $100 deposit? No.

*ECN - true ECN broker
*ECN-style pricing - broker offers Best pricing from Top-tier liquidity providers, yet isn't a true ECN
*ECN marketing - liquidity source is unknown and/or trading conditions don't match ECN, the broker is not a true ECN

Forex broker Type
Min deposit
Deposit
Leverage Spread* Commission**
ECN marketing*
100 $1 : 20000.6 pips0 $
ECN marketing*
100 $1 : 5001.2 pips0 $
ECN-style pricing*
ECN marketing*
ECN
25000 $1 : 1000 pips3 $
ECN marketing*
300 $1 : 30000.1 pips16 $
ECN marketing*
100 $1 : 3000.1 pips0 $
ECN marketing*
200 $1 : 2000 pips5 $
ECN-style pricing*
500 $1 : 5000.1 pips7 $
ECN-style pricing*
500 $1 : 300 pips5.4 $
ECN-style pricing*
ECN marketing*
50 $1 : 10000 pips6 $
ECN-style pricing*
2000 $1 : 5000.5 pips3 $
ECN
50000 $1 : 1000 pips3.9 $
ECN-style pricing*
2000 $1 : 5000.1 pips6 $
ECN marketing*
1 $1 : 300.1 pips9 $
ECN marketing*
ECN marketing*
1000 $1 : 2000 pips10 $
ECN marketing*
10000 $1 : 1000.1 pips15 $
ECN marketing*
1000 $1 : 10000.8 pips6 $
ECN marketing*
500 $1 : 10001 pips7 $
ECN marketing*
50000 $1 : 2000 pips5 $
ECN-style pricing*
500 $1 : 5000 pips7 $
ECN marketing*
10000 $1 : 2000.1 pips14 $
ECN-style pricing*
5000 $1 : 4001 pips6 $
ECN-style pricing*
100 $1 : 1000.1 pips9 $
ECN-style pricing*
1000 $1 : 5000 pips12 $
ECN marketing*
100 $1 : 4000 pips6 $
ECN marketing*
200 $1 : 5000 pips7 $
ECN-style pricing*
1 $1 : 5000 pips7 $
ECN marketing*
1 $1 : 5000 pips6 $
ECN marketing*
1 $1 : 5000 pips0 $
ECN marketing*
100 $1 : 2000 pips7 $
ECN-style pricing*
1 $1 : 300.2 pips5.98 $
ECN marketing*
500 $1 : 2000 pips7.5 $
ECN-style pricing*
2000 $1 : 3000 pips8 $
ECN-style pricing*
100 $1 : 300.2 pips3 $
ECN-style pricing*
300 $1 : 300 pips3 $
ECN marketing*
5000 $1 : 2000.4 pips8 $
ECN marketing*
2500 $1 : 300.1 pips10 $
ECN marketing*
500 $1 : 20000.1 pips4 $
ECN-style pricing*
1000 $1 : 5000 pips7 $
ECN-style pricing*
5 €1 : 5000 pips2 $
ECN marketing*
500 $1 : 4001.7 pips0 $
ECN marketing*
10000 $1 : 5000 pips
ECN marketing*
1 $1 : 10000 pips20 $
ECN-style pricing*
200 $1 : 2000 pips7 $
ECN-style pricing*
500 $1 : 1000.4 pips10 $
ECN marketing*
1 $1 : 2001.5 pips0 $
ECN marketing*
10 $1 : 50000.1 pips20 $
ECN-style pricing*
1 $1 : 1000.1 pips7 $
ECN marketing*
10 $1 : 5000.8 pips0 $
ECN-style pricing*
ECN marketing*
ECN marketing*
1 $1 : 5000.2 pips15 $
ECN marketing*
100 $1 : 2000 pips7 $
ECN-style pricing*
500 $1 : 2000.3 pips13.5 $
ECN marketing*
1000 $1 : 2000 pips8 $
ECN-style pricing*
200 $1 : 5000 pips0 $
ECN marketing*
100 $1 : 5000 pips8 $
ECN-style pricing*
ECN-style pricing*
2000 $1 : 2000 pips7 $
ECN marketing*
10000 $1 : 2000 pips4.5 $
ECN marketing*
200 $1 : 5000 pips12 $
ECN marketing*
50 $1 : 5000 pips10 $
ECN
10000 $1 : 1000 pips5 $
ECN marketing*
500 $1 : 3000.1 pips7 $
ECN marketing*
ECN-style pricing*
1 $1 : 5000 pips7 $
ECN marketing*
100 $1 : 5000 pips5 $
ECN-style pricing*
200 $1 : 5000 pips0.01 $
ECN marketing*
500 $1 : 10000 pips8 $
ECN marketing*
5000 $1 : 5000.1 pips
ECN marketing*
5000 $1 : 5000.2 pips5 $
ECN marketing*
ECN-style pricing*
5000 $1 : 500 pips8 $
ECN-style pricing*
100 $1 : 5000 pips6 $
ECN marketing*
10 $1 : 5000.4 pips7 $
ECN-style pricing*
ECN-style pricing*
ECN marketing*
100 $1 : 5001.2 pips0 $
ECN marketing*
1 $1 : 5000 pips4 $
ECN
50000 $1 : 400 pips25 $
ECN marketing*
10 $1 : 5000 pips4 $
ECN-style pricing*
100000 $1 : 2001.7 pips0 $
ECN
250000 $1 : 1000 pips10 $
ECN-style pricing*
5000 $1 : 3000 pips10 $
ECN-style pricing*
1 $1 : 10000 pips0 $
ECN-style pricing*
ECN marketing*
100 $1 : 5000.2 pips8 $
ECN-style pricing*
500 $1 : 5000 pips8 $
ECN-style pricing*
200 $1 : 5000 pips7 $
ECN marketing*
10000 $1 : 4001 pips0 $
ECN marketing*
2000 $1 : 1000.9 pips0 $
ECN marketing*
2000 $1 : 5000 pips6 $
ECN marketing*
10 $1 : 10000 pips3 $
ECN-style pricing*
ECN marketing*
10000 $1 : 2000 pips10 $
ECN marketing*
25000 $1 : 5000 pips11 $
ECN marketing*
200 $1 : 4000 pips4 $
ECN marketing*
400 $1 : 5000.8 pips10 $
ECN marketing*
1000 $1 : 2000 pips20 $
ECN marketing*
1 $1 : 5000 pips6 $
ECN-style pricing*
500 $1 : 5000 pips6 $
ECN marketing*
5000 $1 : 300 pips0 $
ECN
25000 $1 : 1000.5 pips5 $
ECN-style pricing*
200 $1 : 5000 pips6 $
ECN marketing*
100 $1 : 2001.5 pips15 $
ECN marketing*
250 $1 : 1000.2 pips
ECN marketing*
ECN-style pricing*
ECN marketing*
250 $1 : 4000 pips7 $
ECN-style pricing*
500 $1 : 5000 pips12 $
ECN marketing*
1000 $1 : 4000.2 pips14 $
* EURUSD Spread as low as
** Commission per standard lot Round Turn

ECN Forex broker

an agent that operates No Dealing Desk (NDD) and is NOT a counterparty to clients' trades, instead facilitates processing of all orders directly to the Interbank Market (via Straight Through Processing - STP) where all ECN participants of all levels trade between each other and for themselves.

How ECN brokers work?

  • Price: ECN Forex brokers display price feeds as seen on the Interbank. ECN brokers charge commission for access to the global market.
  • Trade: Clients don't trade with ECN brokers. Rather they receive access to the ECN network & trade directly on the Interbank while using ECN brokers' interface. The final counterparty of each trade is all other ECN market participants (from individual traders to large investment corporations and banks).
  • What's the deal? Clients receive access to the Interbank liquidity, benefit from unlimited trading capacity under all market conditions, unlimited access to DOM data (Market Depth data) and lowest spreads directly from the market. Clients trade for themselves on behalf of themselves.

🔥 "ECN pricing" NOT equals "ECN dealing"

For many Forex traders seeing the word "ECN" triggers expectations of getting onboard of ECN trading.

In fact "ECN pricing" should be called "ECN-style pricing". This way it sets clear expectation that it is all about matching the ECN style, not being an actual ECN.

"ECN pricing" is just that: Pricing.
It says nothing about the dealing model.

"ECN pricing" means a Broker does not make own pricing (like Market Makers do), but instead sources best price quotes from liquidity providers (LPs) and passes them to clients. High quality LPs + more LPs = best possible pricing.

Yes, it is the best pricing (best Bid/Ask quotes) delivered from Top-tier liquidity providers, but this is where the word "pricing" ends.

"ECN pricing" says nothing about "How the broker handles client orders", e.g. nothing about the dealing model.

ECN pricing = ECN-style pricing ≠ ECN dealing

This is where many traders would be surprised to learn that a broker with "ECN pricing" could be a Market Maker or STP or DMA

ECN with ECN pricing

ECN Brokers offer true ECN pricing.

STP and DMA with "ECN pricing"

STP and DMA brokers promoting "ECN pricing" offer "ECN-style pricing"

  • STP and DMA brokers with "ECN pricing" will send all orders to their LPs (A-book).
  • STP and DMA brokers can choose to add mark-up to price quotes and/or charge commission.
  • DMA brokers will have better LPs, and more LPs, which improves overall trading experience for clients.

Market Makers with "ECN pricing"

Marker Makers promoting "ECN pricing" offer "ECN-style pricing"

Such Market Makers would be Hybrid = A+B-book dealing type, where A-booked orders are passed to LPs (No Dealing Desk model), while B-booked orders are held in-house and processed internally, e.g. countertraded by the broker (Dealing Desk model).

Conclusion

As we can see, it is "Business as usual" for all Forex brokers.

Just that little fancy word "ECN" mentioned by a Broker tends to receive more attention from traders, and thus higher client conversion for the Broker.

It's a pure marketing power in action!

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