⭐ 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**
AAFX	ECN marketing*	100 $	1 : 2000	0.6 pips	0 $
AdroFx	ECN marketing*	100 $	1 : 500	1.2 pips	0 $
Advanced Markets	ECN-style pricing*
Al-Awal	ECN marketing*
Alkimiya Markets	ECN	25000 $	1 : 100	0 pips	3 $
Alpari	ECN marketing*	300 $	1 : 3000	0.1 pips	16 $
AlphaFX Markets	ECN marketing*	100 $	1 : 300	0.1 pips	0 $
AMarkets	ECN marketing*	200 $	1 : 200	0 pips	5 $
Anzo Capital	ECN-style pricing*	500 $	1 : 500	0.1 pips	7 $
ARUM Capital	ECN-style pricing*	500 $	1 : 30	0 pips	5.4 $
ATC Brokers	ECN-style pricing*
AximTrade	ECN marketing*	50 $	1 : 1000	0 pips	6 $
AZAforex	ECN-style pricing*	2000 $	1 : 500	0.5 pips	3 $
BAXTER-FX	ECN	50000 $	1 : 100	0 pips	3.9 $
BlackBull Markets	ECN-style pricing*	2000 $	1 : 500	0.1 pips	6 $
Blackwell Global	ECN marketing*	1 $	1 : 30	0.1 pips	9 $
BrightWin Securities	ECN marketing*
Cabana Capitals	ECN marketing*	1000 $	1 : 200	0 pips	10 $
Capital Street FX	ECN marketing*	10000 $	1 : 100	0.1 pips	15 $
CapitalXtend	ECN marketing*	1000 $	1 : 1000	0.8 pips	6 $
CapproFx	ECN marketing*	500 $	1 : 1000	1 pips	7 $
CJC Markets	ECN marketing*	50000 $	1 : 200	0 pips	5 $
CLMarkets	ECN-style pricing*	500 $	1 : 500	0 pips	7 $
CM Trading	ECN marketing*	10000 $	1 : 200	0.1 pips	14 $
Doo Prime	ECN-style pricing*	5000 $	1 : 400	1 pips	6 $
Dukascopy Bank SA	ECN-style pricing*	100 $	1 : 100	0.1 pips	9 $
FBS	ECN-style pricing*	1000 $	1 : 500	0 pips	12 $
Fidelis Capital Markets	ECN marketing*	100 $	1 : 400	0 pips	6 $
Forex.ee	ECN marketing*	200 $	1 : 500	0 pips	7 $
ForexVox	ECN-style pricing*	1 $	1 : 500	0 pips	7 $
FreshForex	ECN marketing*	1 $	1 : 500	0 pips	6 $
FXCC	ECN marketing*	1 $	1 : 500	0 pips	0 $
FXChoice	ECN marketing*	100 $	1 : 200	0 pips	7 $
FXDD	ECN-style pricing*	1 $	1 : 30	0.2 pips	5.98 $
FXGiants	ECN marketing*	500 $	1 : 200	0 pips	7.5 $
FXGlobe	ECN-style pricing*	2000 $	1 : 300	0 pips	8 $
FXOpen	ECN-style pricing*	100 $	1 : 30	0.2 pips	3 $
FXOpen UK	ECN-style pricing*	300 $	1 : 30	0 pips	3 $
FxPlayer	ECN marketing*	5000 $	1 : 200	0.4 pips	8 $
FXPRIMUS	ECN marketing*	2500 $	1 : 30	0.1 pips	10 $
FXTM	ECN marketing*	500 $	1 : 2000	0.1 pips	4 $
FXTRADING	ECN-style pricing*	1000 $	1 : 500	0 pips	7 $
Fxview	ECN-style pricing*	5 €	1 : 500	0 pips	2 $
GCI	ECN marketing*	500 $	1 : 400	1.7 pips	0 $
GetzCapital	ECN marketing*	10000 $	1 : 500	0 pips
GKFX Prime	ECN marketing*	1 $	1 : 1000	0 pips	20 $
Global Prime	ECN-style pricing*	200 $	1 : 200	0 pips	7 $
Grand Capital	ECN-style pricing*	500 $	1 : 100	0.4 pips	10 $
Grinta Invest	ECN marketing*	1 $	1 : 200	1.5 pips	0 $
Hextra Prime	ECN marketing*	10 $	1 : 5000	0.1 pips	20 $
House Of Borse	ECN-style pricing*	1 $	1 : 100	0.1 pips	7 $
Hugos Way	ECN marketing*	10 $	1 : 500	0.8 pips	0 $
ICM Capital	ECN-style pricing*
IFX Brokers	ECN marketing*
INFINOX	ECN marketing*	1 $	1 : 500	0.2 pips	15 $
INGOT Brokers	ECN marketing*	100 $	1 : 200	0 pips	7 $
IronFX	ECN-style pricing*	500 $	1 : 200	0.3 pips	13.5 $
Juno Markets	ECN marketing*	1000 $	1 : 200	0 pips	8 $
Just2Trade	ECN-style pricing*	200 $	1 : 500	0 pips	0 $
Key to Markets	ECN marketing*	100 $	1 : 500	0 pips	8 $
Kitco Markets	ECN-style pricing*
Land-FX	ECN-style pricing*	2000 $	1 : 200	0 pips	7 $
LCG	ECN marketing*	10000 $	1 : 200	0 pips	4.5 $
LIRUNEX	ECN marketing*	200 $	1 : 500	0 pips	12 $
LiteForex	ECN marketing*	50 $	1 : 500	0 pips	10 $
LMAX	ECN	10000 $	1 : 100	0 pips	5 $
LQDFX	ECN marketing*	500 $	1 : 300	0.1 pips	7 $
Merit Forex	ECN marketing*
MEX Exchange	ECN-style pricing*	1 $	1 : 500	0 pips	7 $
MFM Securities	ECN marketing*	100 $	1 : 500	0 pips	5 $
Moneta Markets	ECN-style pricing*	200 $	1 : 500	0 pips	0.01 $
MTrading	ECN marketing*	500 $	1 : 1000	0 pips	8 $
MultiBank Group	ECN marketing*	5000 $	1 : 500	0.1 pips
NBH Markets	ECN marketing*	5000 $	1 : 500	0.2 pips	5 $
NICOFX	ECN marketing*
NSFX	ECN-style pricing*	5000 $	1 : 50	0 pips	8 $
OctaFX	ECN-style pricing*	100 $	1 : 500	0 pips	6 $
OspreyFX	ECN marketing*	10 $	1 : 500	0.4 pips	7 $
Price Markets	ECN-style pricing*
Profiforex	ECN-style pricing*
Profx Market	ECN marketing*	100 $	1 : 500	1.2 pips	0 $
RannForex	ECN marketing*	1 $	1 : 500	0 pips	4 $
Renesource Capital	ECN	50000 $	1 : 40	0 pips	25 $
RoboForex	ECN marketing*	10 $	1 : 500	0 pips	4 $
Samtrade FX	ECN-style pricing*	100000 $	1 : 200	1.7 pips	0 $
Scandinavian Capital Markets	ECN	250000 $	1 : 100	0 pips	10 $
Seven Star FX	ECN-style pricing*	5000 $	1 : 300	0 pips	10 $
SuperForex	ECN-style pricing*	1 $	1 : 1000	0 pips	0 $
tegasFX	ECN-style pricing*
TeleTrade	ECN marketing*	100 $	1 : 500	0.2 pips	8 $
Tifia	ECN-style pricing*	500 $	1 : 500	0 pips	8 $
Titan FX	ECN-style pricing*	200 $	1 : 500	0 pips	7 $
Trade12	ECN marketing*	10000 $	1 : 400	1 pips	0 $
TradeFxP	ECN marketing*	2000 $	1 : 100	0.9 pips	0 $
Traders Trust	ECN marketing*	2000 $	1 : 500	0 pips	6 $
Traders Way	ECN marketing*	10 $	1 : 1000	0 pips	3 $
Tradeview	ECN-style pricing*
Tradize	ECN marketing*	10000 $	1 : 200	0 pips	10 $
TrioMarkets	ECN marketing*	25000 $	1 : 500	0 pips	11 $
Turnkey Forex	ECN marketing*	200 $	1 : 400	0 pips	4 $
UNFXB	ECN marketing*	400 $	1 : 500	0.8 pips	10 $
Uniglobe Markets	ECN marketing*	1000 $	1 : 200	0 pips	20 $
Valutrades	ECN marketing*	1 $	1 : 500	0 pips	6 $
Vantage FX	ECN-style pricing*	500 $	1 : 500	0 pips	6 $
VARIANSE	ECN marketing*	5000 $	1 : 30	0 pips	0 $
Velocity Trade	ECN	25000 $	1 : 100	0.5 pips	5 $
VT Markets	ECN-style pricing*	200 $	1 : 500	0 pips	6 $
W7BT	ECN marketing*	100 $	1 : 200	1.5 pips	15 $
WesternFX	ECN marketing*	250 $	1 : 100	0.2 pips
World Forex	ECN marketing*
XGLOBAL	ECN-style pricing*
XtreamForex	ECN marketing*	250 $	1 : 400	0 pips	7 $
Yadix	ECN-style pricing*	500 $	1 : 500	0 pips	12 $
ZFX	ECN marketing*	1000 $	1 : 400	0.2 pips	14 $

* 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!

⭐ ECN Forex Brokers

ECN Forex broker

How ECN brokers work?

🔥 "ECN pricing" NOT equals "ECN dealing"

ECN pricing = ECN-style pricing ≠ ECN dealing

ECN with ECN pricing

STP and DMA with "ECN pricing"

Market Makers with "ECN pricing"

Conclusion

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⭐ ECN Forex Brokers

ECN Forex broker

How ECN brokers work?

🔥 "ECN pricing" NOT equals "ECN dealing"

ECN pricing = ECN-style pricing ≠ ECN dealing

ECN with ECN pricing

STP and DMA with "ECN pricing"

Market Makers with "ECN pricing"

Conclusion

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MORE FOREX BROKERS

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