In contrast to market maker brokers, ECN brokers do not forward client order flow to market makers. Using an electronic system, they relay trader requests to liquidity providers.
This makes it possible for traders and liquidity providers to be matched in an electronic marketplace. Market purchase and sell orders are balanced by the network.
In this article, we explore the 5 best ECN Forex brokers to trade with, due to their sound regulation and competitive trading conditions.
1. FBS
Overview
FBS is one of the leading ECN Forex brokers in the industry and provides users with low costs, high levels of customer security, and amazing trading account possibilities by way of its one-of-a-kind trading program.
Pros and Cons
| PROS | CONS |
| Commission free trading | Not available in several jurisdictions |
| High leverage Excellent account offering |
Features
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | $1 for credit cards |
| Maximum Leverage | 1:3000 |
| Bonuses | $123 No Deposit Bonus |
| Customer Support | 24/5 |
2. OctaFX
Overview
Traders with OctaFX have access to unlimited demo accounts and trade commission-free via the company’s exclusive app, making it one of the leading ECN Forex brokers.
OctaFX also offers commission-free trading. As a reliable broker, OctaFX requires only a very small minimum investment while still keeping a very high level of trustworthiness.
Pros and Cons
| PROS | CONS |
| Ultra-fast execution | No VPS available |
| More than 30 forex pairs available Well-regulated | No Forex educational tools |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
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3. FP Markets
Overview
If you want a low-cost CFD and forex broker, FP Markets is a great choice. Over 8,000 products are listed for sale on the full range of trade platforms. FP Markets has distinguished itself as the go-to forex broker due to its low fees and other market-beating perks.
Pros and Cons
| PROS | CONS |
| Low forex fees | High stock CFD Fees |
| Streamlined and fast account opening process Fast processing for deposits and withdrawals | Limited product portfolio |
Features
| Feature | Information |
| Regulation | Australian ASIC, Cypriot CySEC, SCB |
| Minimum deposit from | $100 |
| Average spread from | 0.5 pips |
| Commissions from | $55 monthly commission for IRESS Trader users only |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
4. HF Markets
Overview
HF Markets stands out as a top-tier MetaTrader broker because of the fantastic investment options it provides to both inexperienced and seasoned traders.
Not only are they strictly regulated, but also they have built up a superb reputation over the years, giving investors every reason to have faith in them.
Pros and Cons
| PROS | CONS |
| Well-regulated | Offshore broker |
| Numerous industry awards | |
| Low minimum deposit |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 in EEA |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
5. BDSwiss
Overview
BDSwiss has a robust social media presence and offers a trading platform accessible from any online browser, including those on mobile devices. MetaTrader versions 4 and 5 are also available.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 are available | Relatively high minimum deposit |
| Multiple regulations |
Features
| Feature | Information |
| Regulation | CySEC, FSC, NFA |
| Minimum deposit from | $200 |
| Average spread from | 1.3 pips |
| Commissions from | 0.1% for stock and CFDs |
| Deposit/Withdrawal Fees | 10 EUR from 20 EUR upwards |
| Maximum Leverage | 1:500 |
| Bonus | None |
| Customer Support | 24/5 |
Read more: How to establish your trading style in Forex?
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