For this list, we have searched and tested several ECN 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 had 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 possibility of price manipulation.

What is an ECN Trading Account?

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

These brokers provide ECN directly that 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 broker.

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 Trading Brokers

To select the best ECN brokers, we tested and reviewed several forex brokers with ECN accounts. We opened live accounts and deposited real money with each broker. We 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.

Best Overall Real ECN Broker

We have picked BlackBull as the best overall ECN broker with a True ECN environment.

BlackBull is based in Auckland, New Zealand, and is also regulated in multiple jurisdictions, including New Zealand and Seychelles. It offers a wide range of trading products that include forex, indices, stocks, commodities, and cryptocurrencies.

It offers trading with over 200 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 which 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 GO Markets as the best ECN forex broker.

GO Markets, an Australia-headquartered broker, offers some of the best services when it comes to forex trading. This broker offers 52 currency pairs and has no limits on trading strategies, meaning both hedging and scalping are allowed.

It offers to trade on MT4 and MT5. 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 to trade 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 ECN broker with high leverage.

Moneta Markets is another brokerage brand under the Vantage Group. It is a comparatively new brokerage brand but gained a reputation quickly because of its operator.

It is a regulated broker 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.

Top ECN Forex Brokers List & Reviews

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

Forex BrokerECN accountAbout Our TestOur Review
GO MarketsYesDeposit Amount: Over €4,000
Total Trade: 12 trades
GO Markets 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
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.

True ECN Forex Brokers List

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:

ECN vs Standard Account

Standard Account and ECN account execution models and fee structures are typically different. Standard Accounts is no commission account with a fixed or variable spread basis usually preferred by beginning traders, and ECN Account maintains a commission fee model with the interbank spread from 0 pip and fixed commission charged per lot.

ECN Broker No Commission

All ECN brokers charge a commission per lot traded, representing the trading fees.

Fixed Spread ECN Forex Broker

There are no ECN Forex Brokers offering Fixed Spread, ECN Broker Fees are based on Commission. Fixed Spread is offered only by Brokers maintaining Market Marking executions, check FxPro or GKFX for fixed spread proposal.

Best ECN Broker for Scalping

Best Broker for Scalping is a broker with a Spread Fee basis, since ECN Brokers’ costs are built into the commission charge we would advise picking those with a lower commission.

Check Some Scalping ECN Forex brokers:

Is Forex com ECN Broker

No, Forex com is a Market Making Broker, also offering STP accounts with NDD execution.

ECN Forex Brokers Australia

ECN brokers in Australia with direct market access are often preferred by expert traders for zero or tight spreads and fast execution.

Some of the best Australian ECN Brokers are:

  • Pepperstone
  • IG
  • IC Markets
  • GO Markets
  • FP Markets

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 forex brokers in South Africa are:

  • FXTM

ECN Brokers in the USA

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:

  • IG (US)
  • ATC Brokers

ECN FX 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 include:

  • 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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