Over many years, ECN forex brokers have got more popular for their quick and convenient features. They’ve become more competitive than other types of brokers such as STP (Straight Through Processing) and Market Maker. Therefore, a number of new brokers appear more and more.
And as you know, forex brokers are quite complex environments and are fraught with the risk of fraud. In my opinion, every type of investment has risks, and to reduce the risks, investors we must choose the correct partner. I mean that is a reliable broker. So which forex exchanges is considered the most prestigious in the world. Here are the top five reputable ECN forex brokers arranged according to our survey.
SO, WHAT STANDARDS ARE USED TO EVALUATE THESE BROKERS?
In this article I will try to write the most objective based on the information prestige and sometimes also give personal comment. Hope this article will give you an overview of the ECN forex broker and give yourself the appropriate choice.
- Reliable ECN brokers:
- Good license
- Lowest trading cost:
- Lower spread
- Lower commission
- Lower deposit and withdrawal fee
- Better rebate/bonus
- Better quotes
- Great trading conditions
- More trading platforms
- Lower slippages
- Better execution speed
- Lower swap or fee swap
- Better local supports
If you want to know which is one of the top ECN Forex trading platforms. You just need to consider in detail the aspects that I just mentioned above
- RELIABLE BROKERS.
As I know, ECN traders often very big, they also deposit hundreds to thousands of dollars. And that makes them more cautious in choosing the right partner- a broker.
What are the characteristics of a reliable broker?
First of all, they need to get one or many dependable licenses from famous agency in the world. All of us know that the work be given a sheet of licenses is extremely important, but more than that it should be issued by organizations with reputations to prove that he is the official company active in the field as well as the ability to guarantee the interests of investors in a certain standard that is not easy to anyone can do.
Because a license can regulate a lot of things with a broker like:
- Maximum Leverage
- Quotes quality
- Minimum broker’s fund.
- Separate accounts to protect customers.
- Advertising messages to avoid confusion for traders.
Of course, that’s a tradeoff. However, every things may not stop there. I used to write the article to talk about the disadvantages of ECN broker on the UK and US market here.
From where I stand that only one reliable license is enough to proof that they comply with trusted financial standards.
Besides, many people will not be able to afford the reputation of a broker as they have a license from such big agencies in the world. There are top 5 broker and their license.
|1||Exness.com||CySEC, FCA (UK)|
|2||FxPro.com||CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).|
|3||XM.com||CySEC, FCA, ASIC|
With these licenses and a good reputation from accreditation organizations. This will give the broker a pretty big turnover. I would like to be able to show you some forex brokers with the highest monthly trading volume
- Exness $400 billion a month. This is largest trading volume up to now.
- XM with $300 billion a month
- FxPro: $100 billion a month
Another thing is these broker that they have never got any fraudulent reports. If any, there are complaints from customers who are new and unfamiliar with the system as I know.
LOWER TRADING COST.
Higher spread and commission in Western countries
Owing to the fact that the spread and commission become their main income. So, they have to charge more spread and commission than others of the rest of world. For example: Forex.com charges from 1.7 – 2 pip for trading lot for EUR/USD. However, 5 brokers that I just mentioned in above, they charge very little spreads, normally around 50% or less than UK brokers.
For ECN accounts, they charge from 0.0xx pip of spread and from 5 – 7$ for each lot traded. Exness is given at the lowest spreads charge from 0.0xx pip. For normal account, their spread is zero and 5$ for commission per lot. Meanwhile, ICMarket’s commission charges from 6 to 7$, XM charge 6$.
Better payment systems/methods for Asia market.
I fell that almost the brokers are rated very well in their country, however in other markets and especially in Asia, Africa. It is not very good or it can be said to be bad. Click here for best brokers for Asian traders.
Better payment programs
In the countless I have ever traded, I am really impressed by Exness’ payment system. They offer up to 30 different payment methods. More than that, almost local payment system are the free-charged.
For Exness, you only need a few seconds to get the money or withdraw from your banks what the other broker is hard to do. What helped them do this? The answer is that they have built an automated system and they can do most of the interactive processes on the desk.
In addition, Exness also has to pay out a lot of money on these systems: electronic wallets, banks, local payment systems … To keep the process stable. By this way, Exness has become an excellent broker in this respect.
Better rebates/ bonus
Although limited to making rebates / bonuses. These brokers are always focused on it to give users the most attractive programs. Another cause is rebates and bonuses that they have special relation to cost.
For the currency pair XXX/USD, each 5$ rebate per lot that you get. It means you are saving 0.5 pip spread of trading. I reckon, if the brokers are reliable, their rebate and bonus program are exceedingly attractive.
FXTM and XM will offer bonus programs for new trader that its absolutely fascinating when the beginer register to create an account, you will receive $ 30 welcome bonus as well as can get 100% bonus when depositing.
Get XM 30$ bonus here
Get FXTM 50$ bonus here
THE BEST TRADING CONDITIONS
Their ECN quotes are better.
I consider, there are 95% traders think that ECN account is the best account. On the other hand, 80% of them are trading Market Maker and STP accounts instead.
Why does this happen? In view of the fact that ECN always the volatility. Beginners can bring more risk because their quotes are more volatile than STP and MM accounts
Moreover, ECN slippages are higher and the quotes are unstable. There are more no-quote errors and gaps. It can be said is why ECN become double-edged sword when there is a lot of advantage for them to cheat others. For comparison is of course deal with a company (Market Maker) and a bank (STP) will be less volatile.
Why these retail forex brokers’ quote are better?
Almost traders think that the big forex brokers as liquidity providers will offer better quotes than retail ones. But it’s absolutely not true. That is the reason why it is not stable because of the liquidity provider provides its quotation. However, 5 brokers that I mention they will consider the quotes from dozens of liquidity providers at once then choosing the best quotes and offered to retail customers. In many cases the liquidity providers have trouble in quoting so this way will be much better.
You can check top 3 Best ECN quote brokers as below:
1 Exness.com Check it now
2 FxPro Check it now
3 ICMarket Check it now
The best trading platforms.
Almost everyone has a smartphone, which makes the process faster and easier to use. Because, many brokers have invested their trading platform more compatible with phone. FxPro and XM are leading in the improvement of transaction platforms while MT4 and MT5, which are the two most popular trading platforms. Its’ not incompatible with a number system as Windows Vista, XP and even phone.
Check XM trading platform here
The best support brokers
While most brokers only support their trading in English. Exness support up to 13 languages and 24 hours per week service. XM supports to 30 languages and 24/7 and FxPro supports 19 languages. This shows that they are focused on learning and assisting clients what they need and want.
Above are a few typical elements so you get multiple perspectives over top 5 ECN broker in 2018. If you’re looking for an account that suits beginners, go here.