For this list, we have searched and tested several forex brokers offering ECN account.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best ECN forex brokers based on our trading data and experience as a trader.

What is ECN Trading?

Electronic Communication Network or ECN is an automated bridging system that directly connects buyers and sellers in a trade settlement. ECN eliminates the need for a third party for matching the orders and maintaining an order book.

ECN is that it connects brokerages and traders in different geographies and broadens the liquidity of trades. It displays the best bid/ask price to the traders available over the network and automatically matches and executes trades.

Some of the advantages of ECN are:

  • It eliminates the role of any third party in connecting buyers and sellers.
  • It offers privacy to the traders.
  • It allows trading outside the usual trading hours and is available around the clock.
  • It eliminates the posibility of price manipulation.

What is an ECN Account?

ECN account usually means the brokerage accounts providing traders direct access to the automated network.

These brokers providing ECN directly connects buyers and sellers, meaning they pass the orders to the liquidity providers. They are non-dealing brokers and do not take any position against their clients’ trades, eliminating any conflict of interest. 

ECN brokers usually make money by charging a commission on each transaction.

Some advantages of the ECN account:

  • All brokers in the network get access to the same price feed.
  • Brokers can offer tighter spreads.
  • It can provide anonymity to traders.
  • A massive liquidity pool is available.

However, the overall trading price paid by the traders with ECN accounts might get higher when compared with non-ECN brokers. This pricing that directly affects the profitability depends on the commissions charged by the ECN boker.

Some of the key highlights of trading with an ECN account:

🏦 SpreadLow spread starting at 0
📊 CommissionMostly yes
🛡️ Trading StrategyNo Limit
🔒 RejectionNo
💰 Re-QuotesNo
💰 SlippageLittle to no slippage

Best ECN Forex Brokers

To select the best ECN brokers, we tested and reviewed several forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service. Here is our list of the top ECN forex brokers.

  • Vantage FX – Best Overall ECN Broker
  • Dukascopy – Best ECN Broker for Beginners
  • FXTM – Best ECN Forex Broker
  • INFINOX – Best ECN Broker with MT4
  • Moneta Markets – Best High Leverage ECN Broker

Best Overall ECN Broker

We have picked Vantage FX as the best overall ECN broker.

Vantage FX is based in Sydney, Australia, and is also regulated in multiple jurisdictions, including United Kingdom, Australia, Vanuatu, and the Cayman Islands. It offers a wide range of trading products that include forex, indices, stocks, commodities, and cryptocurrencies.

It offers trading with around 310 instruments and has no limitations on implementing trading strategies. It has three account types for retail traders covering both ECN and STP services. It offers MT4 and MT5 trading platforms and has an abundance of indicators and tools for market research and analysis.

Best ECN Broker for Beginners

We have picked Dukascopy as the best ECN broker for beginners.

Dukascopy is a Swiss broker offering trading services around the world. It is a suitable broker for beginners due to the vast educational resource it offers that includes detailed text and video guides, and regular newsletters with critical market information. It also arranges webinars.

Dukascopy also offers trading on various markets, including forex, stocks, commodities, and cryptocurrencies.

Best ECN Forex Broker

We have picked FXTM as the best ECN forex broker.

FXTM, a Cyprus-headquartered broker, offers some of the best services when it comes to forex trading. This broker offers 62 currency pairs and has no limits on trading strategies, meaning both hedging and scalping are allowed.

It offers trading on MT4, MT5, and FXTM Trader. Both MetaTrader platforms are industry-standard with a massive community. Traders can easily import and run any special trading robots called Expert Advisors (EAs) or even create their own.

Best ECN Broker with MT4

We have picked GKFX as the best ECN broker with MT4.

GKFX is a popular brokerage brand that offers trading services across many countries. It holds licenses from the regulators in the UK, Malta, British Virgin Islands, Cambodia, and Australia.

The broker offers trading on both MT4 and MT5, two of the widely used trading platforms for forex and CFDs. MT4 is the broker’s primary trading platform, and so most of its additional tools and features are integrated on this platform. It offers MT4 clients on both desktop and mobile platforms.

GKFX offers both MT4 and MT5 platforms on web, desktop, and mobile devices.

Best High Leverage ECN Broker

We have picked Moneta Markets as the best high-leverage ECN broker.

Moneta Markets is another brokerge brand under the Vantage Group. It is a comparetively a new brokearage brand, but gained reputation quickly because of its operator.

It is regulated in the United Kingdom, Vanuatu, and the Cayman Islands. It offers more than 300 forex and CFDs trading instruments with a maximum leverage of 500:1 on popular pairs.

ECN Forex Brokers List

Apart from the shortlisted ECN brokers, here is a complete list of forex brokers offering ECN account, which we have tested and reviewed.

Forex BrokerECN accountAbout Our TestOur Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
GKFXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review
DukascopyYesDeposit Amount: Over €4,000
Total Trade: 15 trades
Dukascopy Review

FAQ and More on ECN Brokers

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to ECN brokers.

How to Verify a True ECN broker?

There are no exact rules or databases to check if a forex broker is offering true ECN services. But traders check brokerage’s services in certain ways to determine if it’s offering ECN services or not.

Some of the ways to verify a true ECN broker are:

  • The broker will declare in its client agreement if it is a true ECN or an ECN by association.
  • Trades can check the spreads by opening small positions. If the spreads are variable then the broker is likely to be an ECN, but if the spreads are fixed then it’s not an ECN broker. 
  • Monitor the slippage. If there is only negative slippage, then it is likely that the broker is not an ECN broker. 
  • True ECN brokers do not put any restrictions on trading strategies.

What are True ECN Forex Brokers?

True ECN brokers are the one that offers raw bid/ask market spreads to traders. They do not inflate the spreads and charges commission on the transactions of every lot.

Some of the true ECN brokers are:

  • Dukascopy
  • Vantage FX
  • FXTM
  • RoboMarkets (RoboForex)

MT4 ECN Brokers

MetaTrader 4 or MT4 remains the top forex and CFDs platform. It is very popular among both traders and brokers and is backed by a massive community. Most of the top brokers offer trading on MT4, with or without any other supplementary platforms.

Some MT4 ECN forex brokers are:

  • FXTM 
  • Vantage FX
  • LCG

ECN Brokers in South Africa

To legally offer services in South Africa, forex brokers need to be regulated by the Financial Sector Conduct Authority (FSCA), which oversees the entire financial market in the country.

Some of the ECN brokers operating in South Africa are:

  • INFINOX
  • FXTM

ECN Brokers in the UK

Forex brokers offering services in the United Kingdom must be licensed by the Financial Conduct Authority (FCA), which is deemed as one of the top global financial regulators.

Some of the ECN brokers operating in the United Kingdom are:

  • LCG
  • FXTM
  • INFINOX
  • Vantage FX

ECN Brokers in the US

In the United States, forex brokers must be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA).

Some of the regulated ECN brokers operating in the United States are:

  • Forex.com
  • IG (US)
  • ATC Brokers

ECN Brokers in Malaysia

Labuan Financial Services Authority (LFSA) is the Malaysian financial markets regulator that regulates forex brokers in the country.

Some of the popular ECN brokers offering services in Malaysia are:

  • RoboMarkets (RoboForex)
  • Vantage FX
  • FXTM

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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