Who are true ECN broker?

Broker Discussion Forex Brokers
1

These companies states that they are ECN broker, but are they true ECN Broker, let me know. Thanks.

Interactive Brokers

Dukascopy

AxiTrader

Insta Forex

Think or Swim by TDAmeritrade

Tradestation

2

With my experien, IC and Dukas are real ECN brokers and they’re good broker. Insta have a big issued with FPA and a lot of scam topic. I don’t know others. But I recommend you go with HotForex and FxPro or FXCM, they are also real STP/ECN brokers.

3

Thank you, I will check it out.

4

I’d like to mention LMAX – they actually run an exchange-like FX platform mainly for institutional clients, but they also accept retail customers. LMAX also acts as liquidity provider for other brokers like Armada Markets so those can be considered true ECNs too. I’ve been trading with FinFX for a few years now and added IC Markets about a year ago. Both are ECN/DMA brokers.

5

I am also using Armada Markets

6

Axitrader, IC Markets, FxOpen AU, armada, global prime are all true ECN brokers.

Global prime can provide you a receipt for all trades stating which liquidity provider took your trade.

7

True ECNs you can also have from FXCM (FXCM Pro) and Alpari ECN, they use currenex and they have a credit line with a Prime Broker.

8

A true ECN broker must show the client quotes from several liquidity providers, the market depth and process trades straight through with the liquidity provider, without the intervention of a dealing desk.
I have seen time and time again STP brokers advertising themselves as ECN brokers eventhough they offer MT4 which is not an ECN environment out of the box. It is true that it can be an ECN platform with plugins that show multiple quotes and the depth of the market but I have only seen 1 broker do this. The Currenex platform is a true ECN platform, which is usually only available to professional traders of big brokers (usually require large minimum deposits).

9

Are there more ECN brokers aside from above companies?
I believe they required large minimum deposits.

Thanks,

10

Off the top of my head I am aware of:

  • Alpari with their Alpari Direct account offering the currenex platform with USD 20k min dpeosit.
  • FXPro with the cTrader ECN platfrom - I think min deposit is $500 (not sure) but min trade with cTrader is 0.1 lots
  • FXOpen offers ECN through MT4 with a plugin - min deposit USD 1k on this account
  • Pepperstone offers ECN through MT4 with a plugin - Edge Razor ECN account, min deposit USD200

Most of the above offer very low variable spreads with commission.

Also, its worth noting that a lot of STP brokers are connected to an ECN on their side… so they could by some be considered an STP/ECN but they are not a true ECN.

11

how do we know that it is tue ecn or not?

12

I am using Axitrader and Armada Markets

13

Aside from my points earlier on in this thread you can never actually be sure that you are receiving trades using the true ECN model. However, when you start trading there are signs you are trading with a true ECN.

  1. Execution should be done instantly… no longer than a second or so.
  2. Every now and again you should receive both positive AND negative slippage on orders.

If these two things happen then it is a good indication you are working with a true ECN.

14

Thanks, Yes you are right some STP brokers are now connected.
I’ll try a demo account with one of these platforms.

15

Thanks a lot for this helpful post. I am trading with FxPro since it’s very popular in my country and I have heard they’re good broker.

17

Thanks with this informative reply, How about 4RunnerForex? any review on this
I believe these brokers are from UK.

Thanks mate.

18

“1. Execution should be done instantly… no longer than a second or so.
2. Every now and again you should receive both positive AND negative slippage on orders.”

My average trade execution with Armada 300-500 milliseconds. (without VPS). Yesterday I got 0.2 pips positive slippage with 12 lot order.

19

I believe that IC Markets is the only True ECN broker. I never see other brokers who say they are True ECN have spreads that go to 0.0 pips. This means they cant be True ECN. I see IC Markets spreads at 0.0 many times.

20

You can’t determine whether a broker is True ECN or not just based on the spread. IC Markets (which I think is a good broker) has one of the widest variety of liquidity providers in the market and can therefore quote a zero pip spread more often than others. Nonetheless, other brokers who work with just one main liquidity provider (e.g. Integral or Currenex) can be True ECN too, even if their spreads go only down to 0.5 pips.

21

I like IC Markets and Global Prime. IC Markets has slightly better spreads but Global Prime is still good. Both brokers allow TRUE ECN trading with a low start IC Markets is $200. I think than with either broker you can not go wrong.