The best 10 ECN Forex Brokers for investors – Reviews and comparison

Min. Deposit:
1. RoboForex
RoboForex logo
Starting 0.0 pips + 4.0$ commission per 1 lot
$ 10
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
Starting 0.0 pips + negotiable commission per 1 lot
$ 200
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
3. Pepperstone
Pepperstone logo
Starting 0.0 pips + $ 3.5 commission per 1 lot
$ 200
ECN trading:(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. Thunder Forex
ThunderForex logo
Starting 0.0 pips + 3.5$ commission per 1 lot
$ 100
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
5. Tickmill
Tickmill logo
Starting 0.0 pips + 1$ commission per 1 lot
$ 100
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
6. IC Markets
IC Markets logo
Starting 0.0 pips + 3$ commission per 1 lot
$ 200
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
7. HotForex
HotForex logo
More than 6
Starting 0.0 pips + 3$ commission per 1 lot
$ 200
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
8. Vantage FX
VantageFX logo
Starting 0.0 pips + 2$ commission per 1 lot
$ 200
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
9. Admiral Markets
Admiral Markets logo
Starting 0.0 pips variable + 3$ commission per 1 lot
$ 100
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)
10. FBS Forex
FBS Forex logo
Starting 0.0 pips + 6$ commission per 1 lot
ECN trading:(Risk Warning: 74 – 89% of accounts lose money)

Are you searching for a reliable ECN Forex Broker? – Then you are right on this website. We show your the best 10 ECN providers for private traders. With more than 9 years in financial trading, we tested each one separately. Inform yourself in the next sections how the ECN Forex Broker is working and why it is so important to choose one. Should you invest your money there? – Find out in this review.

ECN Forex Broker graphic

See the list of the best ECN brokers (more details below):

  1. Pepperstone – The best ECN broker overall
  2. RoboForex – High bonuses
  3. BlackBull Markets – Deep liquidity
  4. Thunder Forex – ECN offshore broker
  5. Tickmill – Low trading fees
  6. IC Markets – Lowest spreads
  7. HotForex – Social Trading available
  8. Vantage FX – ECN offshore broker
  9. Admiral Markets – Huge variety
  10. FBS – Asia’s number one broker

Watch our video review about ECN broker:

What is an ECN Forex Broker? – How does it work?

ECN means “Electronic Communication Network”. It is well-known in the trading industry and every successful trader knows this term. A Forex Broker can be a market maker or an ECN broker to provide currency trading. Traders want to buy and sell currencies and the broker is delivering the liquidity for it. But where does the liquidity come from? – See the picture below.

ECN Forex Broker Liquidity system

ECN Forex Broker Liquidity system

The ECN Forex Broker gives you direct access to the currency market. Traders buy and sell into the network and get the best prices through different liquidity providers. The liquidity providers are competing against each other to give you the best price and execution. For example, if you open a very large position the order can be executed by different liquidity providers.

Advantages of ECN Trading: 

  • No Requotes: You will get an instant execution of your order at the best prices.
  • High liquidity (Deep pool): ECN Forex Brokers offer very high liquidity by different providers.
  • Low costs: ECN trading is most of the time very cheap with low trading fees.
  • No conflict of interest: The broker is not trading against you.
  • Raw spreads: The broker is offering the real and raw market spreads.
  • No Slippage: ECN prevents slippage

ECN liquidity providers

Liquidity providers are most of the time big banks or even Forex Brokers by themself. If you ask your broker the support team can tell you the exact liquidity provider. Often you will see the logos on their webpage. ECN liquidity providers have the license to give liquidity in forex. So it is not possible for everyone to do it.

The network is also called the “interbank market”. this is the top-level foreign exchange market where the banks trade different currencies. The brokers are dealing directly with each other. On electronic brokering platforms over 1,000 banks are connected.

Popular liquidity providers: 

Benefit from raw ECN Spreads

ECN spreads are the best spreads for traders. Some brokers provide a 0.0 pip spread execution with high liquidity which you can see in the market depth. Note that the spread is always dependent on the market situation. Sometimes there can be less liquidity and the spread can be higher. Market News is a good example of it because a lot of traders are canceling their limit orders before the market news.

  • Raw and direct spreads
  • Starting from 0.0 pips
  • The spread is always depending on the market situation

In the picture below you will see some raw spreads:

ECN Liquidity

ECN Liquidity

Use the best technology – Equinix Servers

Some ECN Forex Brokers offering you access to the most important exchange servers in New York, London, and Tokyo. The servers are called “Equinix servers” and they are made for fast and big execution. Market makers, hedge funds, and institutional investors using the servers too. No matter which trading software you are using the execution will be very fast.

Example of Equinix servers: 

  • New York (NY4)
  • London (LD5)
  • Tokyo (TY3)


  • Deep pool liquidity (liquidity providers compete for the best price)
  • Depth of Markets
  • Low latency
  • Geographic advantage = fast execution

ECN means trading without conflict of interest – No dealing desk

ECN Forex Brokers are without a dealing desk. No dealing desk brokers do not manipulate charts or spreads because it is not possible. The orders go directly to the exchange servers. On the internet, you will often find some cases where users are saying the broker manipulates the chart, spreads, or execution. This can be possible but from our experience, it is very rare.

It is always depending on the broker when the execution is made. There are good and bad ECN providers. That is why we recommend our ECN Forex Broker list above. When you are trading with a market maker broker you are trading versus other traders on the broker’s platform or versus the broker. So this is not the best opportunity for you. To be 100% sure that the broker will not cheat you should choose an ECN Broker.

Minimum deposit and account size for ECN traders

ECN trading is possible with a low minimum amount of money. As you saw in the table above the Forex Broker SuperForex is offering an ECN account with only a $1 deposit. The minimum trading volume is 0.01 lots. This means the volume of 1,000 units of the base currency of the currency pair. For example, if you are trading 1 lot on the EUR/USD chart you trade the position size of 100,000€.

ECN Forex position size

ECN Forex position size

In addition, you can use a leverage of up to 500. Most ECN Forex Brokers are offering maximum leverage of 100 – 500 (1:100, 1:500). The currency market is moving very slow which is why most traders are trading large positions to make a profit.

  • 0,01 = 1,000 units of the base currency
  • 0,10 = 10,000 units of the base currency
  • 1,00 = 100, units of the base currency

For depositing or withdrawing money you can use different payments which are provided by your broker. Often there are electronic methods and the classic bank transfer. You can capitalize your trading account instantly and start trading.

Popular payment methods of ECN brokers

Popular payment methods of ECN brokers

Trading high volume and profit from lower trading costs

The most ECN Forex Brokers in our list above are offering you different account types. If you deposit more money and trade higher volume in the market you can get better trading conditions and pay fewer fees. Also, you can negotiate with the broker if you are a high-frequency trader. The broker only earns money from the trading commission.

Trading commissions:

The broker will charge you a commission for each trade. Pay attention to the fees because it means that you pay a commission if you open and close the trade. When you open the trade you buy on the market and if you close the trade you sell. You made 2 trades by closing and opening the position.

Also, VIP accounts or professional accounts are offered. Just read through our full reviews to find out what’s the best account type for you.

About ECN trading fees

As we’ve mentioned, ECN forex brokers usually offer lower spreads because trades are executed at the best price available. But most ECN brokers charge a fixed commission for each transaction.

Below, we explain some facts about ECN forex trading fees:

1. Tighter spreads

ECN trading can allow traders to enjoy lower spreads on forex pairs because prices are collated from many sources, and orders are filled at the best price.

2. Commission is fixed

ECN forex brokers usually charge a fixed commission for every trade. This is their profit for that transaction.

3. The spreads can vary

The ECN displays prices in real-time. These prices are always changing every millisecond, and the spreads move accordingly. The ECN broker would offer variable spreads instead of fixed ones because of this.

4. No requotes

The ECN broker does not pass your order through a dealing desk as we’ve explained. Hence, there can be no requotes since orders are matched with the best price and passed to the liquidity providers.

How to identify a real ECN broker:

1. Verify their license

Forex traders should always confirm the broker’s license before dealing with them. It is safer to trade with regulated brokers in the first place. You can confirm the broker’s license by visiting their website. The regulatory body and the broker’s registration number should be displayed at the bottom of their homepage. Do not stop here. Visit the financial body’s website to confirm that registration number. You can email or call their support service to ask questions if necessary.

2. Ask the broker

Though some brokers may claim they are ECN brokers, a regulated broker operating under strict policies would be upfront about their offer. Note that some brokers might be hybrid, offering different types of trading accounts including an ECN account. A genuine broker will provide all the information you need regarding this. Or it may be clearly indicated on their website.

3. Open a demo account

Demo accounts allow the trader to experience the broker’s trading platforms and environment. With demo accounts, you can see live prices and their spreads. Compare these prices to that of a known market maker broker, and you may have a clue.

4. No requotes or slippage

An ECN broker matches your order with the best available price displayed on the network. So there can not be requotes on orders. Requotes happen when prices change before orders are filled, and this hardly occurs in an ECN as it is a computerized system that finds the best corresponding trade for your order. Requotes are common with dealing desks brokers.

Among the different types of brokers, ECN brokers are preferred and ECN trading is considered a welcome advancement in the industry.

There are many benefits for retail forex traders here in relation to trading with a dealing desk. Traders can avoid many of the hassles that come with the business, such as unknowingly trading against your broker, having endless requotes, and paying higher spreads. These problems can cause a trader to lose a considerable amount of funds before long. It has discouraged many from the trade. ECN trading brings a welcome solution to these headaches. Traders can focus on maximizing their earnings and improving their trading skills.

Forex brokers can be categorized into two, according to how they operate. The first and most common type receives the trader’s orders and passes them to a dealing desk. The second category does not work in this way. Instead, they publish orders received in an ECN platform to match them with the best price and then pass it on to several liquidity providers. This article focuses on explaining ECN forex brokers and how they operate.

Conclusion: ECN is the best way to trade forex

On this page, we showed you how the “Electronic Communications Network (ECN)” is working and why you should use it. An ECN Forex Broker is the best way to trade currencies because you will get the best possible trading conditions from liquidity providers.

Also, there is no conflict of interest between the trader and the broker. The broker is only earning money by trading commissions. For high-volume traders like scalpers or professional traders, it is important to get the best liquidity. With ECN trading there is a big pool of liquidity by different providers.

Start trading with 0.0 pip raw spreads and a low trading commission. We can truly recommend using a real ECN Forex Broker. Read our full reviews of the presented companies and start trading transparently with a reliable provider.

Our recommended ECN Forex Brokers: 

  1. RoboForex
  2. BlackBull Markets
  3. Pepperstone
  4. ThunderForex
  5. Tickmill
  6. IC Markets
  7. HotForex
  8. Vantage FX
  9. Admiral Markets
  10. FBS

ECN trading is necessary for every successful trader. Invest by using the best trading conditions.

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Last Updated on September 30, 2023 by Andre Witzel