⭐ ECN Forex Brokers
*ECN pricing - broker offers best pricing from top-tier liquidity providers, yet it's not a true ECN broker
*ECN marketing - liquidity source and price source unknown, the broker is not a true ECN
🔥 "ECN pricing" NOT equals "ECN dealing"
Yes, it is best pricing (best Bid/Ask price quotes) delivered from top-tier LPs, but this is where the "ECN" word ends. LPs = Liquidity Providers.
"ECN pricing" means your broker does not make own pricing (like Market makers do), but instead sources best price quotes from it's own LPs and passes them to clients.
High quality LPs + more LPs = equals best possible pricing.
"ECN pricing", however says nothing about "How your broker handles client orders", e.g. dealing model.
This is where many traders would be surprised to learn that a broker with "ECN pricing" might in fact be dealing as a Market maker or an STP when it comes to handling clients orders.
As a rule, such Market makers would be Hybrid (means A+B-book dealing, where A-booked orders are passed to LPs (STP), while B-booked orders are held in-house and processed internally, e.g. countertraded (MM).
STP and DMA brokers with "ECN pricing" will send all orders to their LPs (A-book).
(DMA brokers will have better LPs, which improves overall trading experience for clients).
STP and DMA brokers can choose to add mark-up to price quotes and/or charge commission.
As you can see, its "Business as usual" for all Forex brokers.
Just that little fancy word "ECN" tends to receive more attention from traders, and thus higher client conversion for the Broker.
Marketing power in action!