Do you Really Know about the Best ECN Brokers?
ECN accounts are mostly for experts and experienced traders. If you are ready to become an expert, then you are reading the right article. This will be showing some standards that the top ECN brokers should have and help you choose your own ECN brokers. Below are some recommended ECN brokers, which are also the top 5 best brokers in the market:
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
Which standards should the best ECN brokers have?
- ECN brokers should be reliable
- ECN brokers should have low trading cost
- ECN brokers should have the best trading conditions
- ECN brokers should have the best customer service
ECN brokers should be reliable
Indeed, traders who use ECN account often trade and deposit a huge amount of money and therefore, they tend to choose a safe and trusted ECN brokers. They have also experienced traders or even experts who just want to work with big and large brokers in the market. Moreover, they could even pay more cost to trade in a safe environment.
*What is a reliable broker?
So, how to know if a broker is trustworthy or not? It is simply that we could check if a broker has a regulation. Regulation is a license that is given by trusted financial organizations to manage those brokers. They set rules for those brokers to make a safe environment for traders. There are certain requirements that a broker has to acquire before it can obtain a license:
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
Based on these requirements, it could be said that it is not easy to receive a license and therefore, a broker with regulation is often reliable. It would be better to have more than one license, but it is enough to have just one trusted license if your country already has a regulation.
Below are some regulations of the most reliable ECN brokers:
- com: CySEC, FCA (UK)
- com: CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).
- com: CySEC, FCA, ASIC
- com: ASIC (Australia)
- com: IFSC
ECN brokers should have low trading cost
It is said that US and UK brokers have the highest trading cost. Forex.com and FXCM cost from 1.7 – 2 pip for trading EUR/USD, which is 50% higher than other brokers. They charge from 0.0xx pip spread and 5-7$ for each lot for ECN accounts. Whereas, Exness has the lowest spread from 0.0xx pip and even zero sometimes. Their commission is $5 per lot when ICMarket and XM’s commissions are from $6. Moreover, Exness minimum deposit is just $1.
ECN brokers should have the best trading conditions
It is said that ECN account is the best while most traders use Market Maker and STP accounts. Why is so?
Because ECN account has the low cost with transparency. Nevertheless, ECN account is so volatile that it makes risks to beginners. This account is not recommended for new traders since the quotes are unstable with higher slippages, there are also no-quote errors and gaps. There are much more risks in this trading environment and therefore, traders tend to choose ECN brokers with more steady quotes and fewer slippages.
ECN brokers should have the best customer service
It is because the forex system is so complicated that most of the traders need many guides and supports from the brokers. ECN brokers provide support not only in English but also in more than 20 languages. There are also 24/7 online service and local offices for traders’ convenience. Especially, these brokers work mainly in Asia and Africa, which have the biggest forex markets such as China, Indonesia, Russia,… There are also many offices in China, Thailand, Dubai, which is so convenient.