There are many great ECN brokers but not all are the best forex brokers for you. It is based on your country conditions, trading strategies that you should choose your own suitable ECN brokers. Following is the list of the best ECN brokers for your consideration:
1, Exness.com 8/10
2, FxPro.com 7.5/10
3, XM.com 7.5/10
4, ICmarkets.com 7/10
5, FXTM.com 6.5/10
Standards of the top 10 ECN brokers:
- The reliability of ECN broker
- The cost of the transaction
- The conditions of trading
- The customer service
The reliability of ECN brokers
It is apparent that you should always work with reliable brokers, but it is more necessary for those traders in ECN brokers to trade with the trusted ones. It is because traders with ECN account often deposit and trade a huge amount of money (hundreds of thousands of dollars). They are also big and long-term traders who want to work with big and trusted brokers. They can even pay more to trade with reliable brokers rather than work with the bad ones.
*Standards of the reliable brokers
How to know if a broker is reliable or not? We should check their regulations because regulation is one of the most important things in forex market. It is provided by trusted financial organizations to manage brokers and so, there are certain requirements given as below to obtain a license:
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
It is not easy to obtain a license and therefore, those brokers who have trusted regulations are all reliable. It would be better if a broker could have more than one license. However, if your country already has a regulation, one trusted license is enough.
Following are some reliable with their regulations:
- com: CySEC, FCA (UK)
- com: CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).
- com: CySEC, FCA, ASIC
- com: ASIC (Australia)
- com: IFSC
Cost of the transaction in ECN brokers
Trading cost should be reasonable to attract traders, including ECN traders. However, US brokers often have the highest spread and commission such as Forex.com, FXCM. Their cost is from 1.7 – 2 pips for trading EUR/USD, which is 50% higher than other brokers. For ECN accounts, their spreads are from 0.0xx pip and each lot costs from 5-7$, while Exness has the lowest spread, which is from 0.0xx pip and sometimes zero. Its commission is $5 per lot, while ICMarket and XM charge from $6 (Exness reviews).
The conditions of trading in ECN brokers
There is a truth that most traders think ECN is the best account while they are trading with Market Maker and STP accounts. This is due to some special conditions of ECN that are explained as follows.
First, ECN account has low cost and transparency. However, it is very volatile, which is at high risk for beginners or inexperienced traders. Second, this is a risky environment for new traders as the quotes are not stable, slippages are higher and there are more no-quote errors and gaps. Traders could gain a lot and lose even more when joining this account and therefore, traders using ECN account prefer the brokers with more stable quotes and fewer slippages.
The customer service of ECN brokers
ECN brokers provide more than 20 languages in addition to English to support their customers. They offer online services and local office also. They even support 24/7 with the most popular languages such as English, Thai, and Chinese. Supporting is very important to each trader and so, the best ECN brokers should also bring the best care to customers.
These brokers focus on Asia and Africa market while having offices in China, Thailand and Indonesia,…