ECN Forex Brokers

Written by Zornitsa Stefanova

Zornitsa Stefanova

Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.

, | Updated: August 19, 2025

Known for offering some of the lowest forex spreads, ECN brokers have become the brokers of choice for many modern traders, especially those who have grown displeased with what market makers have to offer. ECN stands for “electronic communication network,” and it enables brokers to connect clients to liquidity providers and institutions. If you are interested in the best brokers that utilize ECN execution and are eager to learn more about the advantages and disadvantages of this technology, we encourage you to continue reading.

1Fusion Markets

Rating: 4.7 ⭐

74-89% of retail's CFD accounts lose money

Top Rated

2FP Markets

Rating: 4.9 ⭐

73.85% of retail investor accounts lose money

3Eightcap

Rating: 4.2 ⭐

59.57% of retail investor accounts lose money when trading CFDs with this provider.

4BlackBull Markets

Rating: 4.8 ⭐

Trading leveraged products is risky

5Global Prime

Rating: 4.6 ⭐

74-89% of retail CFD accounts lose money

6Pepperstone

Rating: 4.4 ⭐

75.5% of retail investor accounts lose money

7Axi

Rating: 4.5 ⭐

The vast majority of retail client accounts lose money

8IC Markets

Rating: 4.8 ⭐

70.64% of retail investor accounts lose money when trading CFDs with this provider.

9Interactive Brokers

Rating: 2.9 ⭐

55.68% of customer accounts are unprofitable (Q4 2024).

10TMGM

Rating: 3.9 ⭐

You may lose more than your initial deposit. You don’t own, or have, any interest in the underlying assets.

Top 11 ECN Brokers

1. TRADE NOW READ REVIEWTrustpilot Rating

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   1. Fusion Markets

   Fusion Markets is licensed by the regulators of Vanuatu, Seychelles, and Australia, the latter being one of the most trusted and highly regarded supervisory entities among traders. Moreover, the broker also ensures that client funds are segregated from the company’s money and held in separate bank accounts at HSBC and NAB, both of which are recognized as tier 1 banks. Suffice it to say that Fusion Markets checks all the boxes in terms of reputability. As Fusion Markets does not operate a dealing desk but rather relies on the ECN principle, the quotes offered to users are those of liquidity providers, and the broker boasts minimum spreads of 0.0 pips with Zero accounts where there is a $4.50 roundturn commission. It is worth nothing that Standard accounts have a 0.9-pip markup added to the spreads but enable fully commission-free trading in forex and metals.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
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   2. FP Markets

   FP Markets made a name for itself by offering a reliable service to traders looking to participate in the forex market. FP Markets’ ECN pricing is competitive, with clients having the option to trade with spreads from 0.0 pips.

   Traders who are particular about which platform they utilize are very likely to enjoy what FP Markets has to offer, seeing as its selection of platforms is versatile. Users can go with either of the popular MetaTrader platforms or choose between options like TradingView and cTrader. Raw ECN accounts come with highly competitive spreads from zero pips and a $3 commission each way. Standard accounts with no commission and a one-pip markup on spreads are also available. Both require a minimum initial deposit of $50 or $100 depending on where you register from.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. TRADE NOW READ REVIEWTrustpilot Rating

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   3. Global Prime

   The year 2010 marked the debut of Global Prime, a broker that today stands as one of the more popular and trusted brands when it comes to forex trading. It is licensed by Australia’s regulator, a tier 1 supervisory entity, as well as by the VFSC in Vanuatu, which enables it to extend its global reach to over 190 countries.

   Moreover, as a non-dealing desk broker, the firm assures users that they do not need to worry about Global Prime trading against them. Several account types are available, the first being the Standard Account, with spreads of 0.9 pips being the minimum. With a Raw Account, however, the ECN spreads start at 0.0 pips but there is a $3.5 commission per side.

   Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
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   4. TMGM

   TMGM clients are given two types of accounts to choose from, both of which are advertised as delivering ECN execution. The first one is dubbed “Edge,” and is TMGM’s premium option, with spread starting at 0.0 pips and roundturn commissions of $7 for forex and $5 for metals. One may decide to go with the Classic account instead, which has wider spreads from 1 pip and no commission. Both offer maximum leverage of 1:1000. As for the markets one can trade at TMGM, clients have the opportunity to dip their toes into 12,000+ markets across asset classes like forex, energies, indices, metals, stocks, cryptocurrencies, and more.

   The information provided on this website is general in nature only and does not constitute personal financial advice. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You may lose more than your initial deposit. You don’t own, or have, any interest in the underlying assets. We recommend that you seek independent advice and ensure fully understand the risks involved before trading. It is important that you read and consider disclosure documents before you acquire any product listed on the website. The information and advertisements offered on this website are not intended for use by any person in any country or jurisdiction where such use is contrary to the local laws and regulations. Products and Services offered on this website is not intended for residents of the United States.
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   5. OctaFX

   Established in 2011, OctaFX is a non-dealing desk broker that facilitates the trading of over 300 financial instruments, including 35 forex pairs. This includes both majors and exotics, and the lowest spreads have the potential to drop to 0.6 pips. In terms of platforms, OctaFX offers its own proprietary software named OctaTrader, along with the industry staples MT4 and MT5.

   The broker looks out for its clients, offering customer service via live chat, and its support team is ready to assist traders at any time. Excellent support is one of the many reasons OctaFX has managed to maintain a high Trustpilot score of 4.2.

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   6. IC Markets

   IC Markets is regulated in a range of jurisdictions, boasting licenses from the FSA, CySEC, ASIC, CMA, and SCB.. The broker’s website is available in languages like English, Italian, and Vietnamese, among others, with with telephone customer support available in many countries. Of course, clients may also choose to contact the support team by using live chat or email, with the former allowing for inquiries to be answered around the clock, seven days a week.

   IC Markets does not operate a dealing desk and describes its pricing model as “true ECN.” Clients can, therefore, enjoy spreads that start from 0.0 pips via Raw Spread accounts. These are available for cTrader and MetaTrader with $6 and $7 roundturn commissions per standard lot, respectively. Standard accounts have no commissions but their spreads are higher, starting from 0.8 pips.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   7. Eightcap

   If you are looking to trade forex, Eightcap, with its generous selection of 50 currency pairs, will serve as an excellent broker. Indices, commodities, and shares are also listed among the 600+ tradable markets offered by the broker.In terms of platforms, there are three options to pick from: MT4, MT5, and TradingView.

   However, platform availability varies by country. UK customers, for example, only have access to TradingView. You may deposit via bank cards, crypto, wire transfer, online banking, or Interac, regardless of your account type. Going with the Raw Account will give you access to the lowest minimum spreads (0.0 pips), but do be aware that since the execution type here is ECN, a commission of $3.5 applies per side.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   8. Interactive Brokers

   Interactive Brokers was founded by Thomas Peterffy in 1978, but it wasn’t until the 1990s that the company launched its online services. Since then, it has remained a popular choice for forex traders both in the US and internationally. Presently known as IBKR, this broker offers trading on forex, stocks, options, futures, ETFs, and more. The spreads are considered quite impressive as well, which is typically expected by traders who prefer using ECN-based accounts.

   Aspiring traders will find IBKR to have exceptional value in terms of education as the IBKR Campus offers plenty of courses, webinars, podcasts, and more, that can assist novices on their journey to becoming successful forex traders.

   Investing in financial products involves taking risk. Your investments may increase or decrease in value, and losses may exceed the value of your original investment.
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   9. Saxo Bank

   Saxo Bank is truly an international broker, offering its services in English, Danish, Japanese, Polish, and several other languages, and carrying the stamps of approval of trusted regulators like the Danish FSA. Its selection of over 8,000 trading instruments is great as well, and there are various accounts you can pick from, all boasting spreads of under 1.0 pip. Of course, if you are hesitant to take the plunge with Saxo Bank or are simply very new to trading, the broker also offers demo accounts so that you can practice without risking real money.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
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    10. BlackBull Markets

    BlackBull Markets is suitable for various traders, seeing as it offers trading on markets like forex, equities, and indices, to name a few. Users are spoiled for choice in terms of platforms as well. Both popular MetaTrader platforms are supported by BlackBull Markets, and the same applies to TradingView and cTrader.

    Depending on the type of account you choose to go with, the minimum spread will be set at either 0.8 pips or 0.1 pips for Standard and Prime accounts, respectively. ECN Prime accounts incur a $6 commission per standard lot. There are also Institutional ECN accounts for high-volume traders with spreads from 0.0 pips, round-turn commissions of $4, and minimum initial deposit of $20,000. All account types come with a high 1:500 leverage limit.

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    11. FXTM

    FXTM began operations in 2011, opening the financial markets to retail traders from around the world. The broker offers ECN execution through its Advantage account, with minimum deposit requirements of $/€200 and spreads starting from 0.0 pips. Commissions are competitive, starting from $3.5 per standard forex lot and $25 for notional trading volumes of one million in spot metals. Besides currencies, traders can diversify their portfolios with index, commodity, crypto, and stock CFDs.

    With FXTM’s ECN account, traders are guaranteed order execution at the best available market prices, with no requotes. The model is also favored for the lack of intermediary intervention, bringing potential conflicts of interest to a minimum and fostering transparency.

Comprehensive Comparison of the Top 10 ECN Forex Brokers

Best ECN Forex Brokers Ranked by Trustpilot Score

Definition and History of ECN Brokers

ECN brokers are named that way due to their utilization of ECN technology. The term ECN stands for “electronic communication network” and is a computerized system that facilitates the matching of buy and sell orders automatically when it comes to local and global markets alike.

The said orders must be made by market participants for the ECN to be able to match them, and the trade is technically executed between the client and the bank or institution responsible for the quotes. As opposed to market makers, ECN brokers are not in a position where it is possible for them to trade against clients. That also eliminates the possibility of having a conflict of interest that may otherwise arise if the broker strives to minimize its losses when taking the opposite side of an order.

The ECN technology has a rich history, beginning with the launch of Instinet in 1969. This pioneering system allowed direct institutional trading, bypassing traditional brokers. The term “ECN” gained traction in the 1970s, as the SEC (US Securities and Exchange Commission) encouraged these electronic systems to disseminate and execute orders, notably influencing the structure of NASDAQ, the first fully electronic stock market. Major early ECNs included Island and Archipelago.

While ECNs revolutionized stock trading, their forex application came later. Matchbook FX, founded in 1999, was the first ECN broker for internet currency trading, uniquely allowing users, including banks, to provide prices within its network. This empowered buy-side participants to become price makers.

The early 2000s saw ECNs gain widespread adoption due to the reduced costs, increased speed, enhanced transparency, and anonymity they offer. Many modern brokers operate strictly via ECN execution, connecting clients directly to the interbank market and earning commissions. Some dealing-desk brokers also offer optional ECN accounts to cater to the diverse needs of their clients.

How Does ECN Operate?

ECN technology enables the automatic matching of buyers and sellers when it comes to trading. ECN brokers allow clients to trade based on the quotes offered by multiple liquidity providers, which the broker forwards directly to clients. A given broker will present traders with the best possible bid/ask quotes determined through consolidation, and this is why the utilization of ECNs is known to entail transparency.

We should also stress that since the system is automatic, traders who use an ECN account are enabled to trade outside the daytime trading sessions, i.e. when the market is closed. Of course, they are also suitable for the forex market, which operates 24/5. ECN technology is also characterized by its speed, which is another key feature of ECN brokers.

The above factors result in traders being able to enjoy far narrower spreads in comparison to other types of forex brokers, but it also makes operating via ECN execution costlier for brokers compared to the alternatives. This, in turn, necessitates brokers to recoup the increased costs by charging traders higher fees.

While on the topic of how ECN pricing models function, we should also cover the terms Depth of Market (DOM) and Level II Pricing. The former offers a real-time view of all current prices for sell and buy orders, allowing traders who place their orders through ECN brokers to easily spot where the liquidity is currently concentrated. The Level II Pricing model gives traders access to the order books of multiple liquidity providers, allowing in-depth market analysis and easy comparison between bid and ask prices across numerous brokers.

ECN Brokers vs. Dealing Desk Brokers vs. STP Brokers

Experienced traders will recognize two major types of brokers when it comes to the execution type they utilize, starting with dealing desk brokers (DDs). As suggested, these brokers operate a dealing desk, and they are generally referred to as market makers.

They can dictate the prices of the market and generate quotes, and they make a profit through the spreads. This is why trading with a market maker will usually entail dealing with relatively wide spreads. It is possible for market markers to internalize the risk of a trade by holding the counter position, in which case the broker will technically profit should the trader lose. This has caused worry of conflict of interest among forex enthusiasts, which is why some avoid market makers. Externalizing the risk is also an option and is achieved by passing it to another liquidity provider (LP).

Finally, traders must be aware that market makers are the only type of broker that can re-quote client orders. Re-quotes occur when a broker is no longer able to provide the initially quoted price, which in turn, leads to the broker notifying the trader and offering an updated price.

The second major category encompasses non-dealing desk brokers, known as NDDs. They execute trades via either ECN or STP technology.

In contrast to market makers, brokers with ECN execution do not make money from the spread. However, we should reiterate that trading with the usage of ECN technology involves extra costs. These take the form of quote markups and commissions. As you are not technically dealing with the broker, there are no concerns surrounding potential conflict of interest here.

Straight through processing (STP) brokers are similar to ECN ones in the sense that they, too, do not operate a dealing desk. However, unlike ECN technology, STP is actually the intermediary that communicates with liquidity providers. In other words, with an STP broker, you will not be trading with the LPs directly. STP brokers bear a slight resemblance to market maker brokers as well, since the spread is how they make money.

While ECN brokers are popular with an array of traders, they are particularly favored by scalpers and day traders who prefer high-frequency trading. This is mainly due to the significantly faster order execution that ECN brokers can offer to their clients.

Advantages and Disadvantages of ECN Brokers

As is the case with all broker types, those that utilize the ECN execution method have both advantages and downsides that traders must be aware of before they create an account at a given broker.

Written by Z. Stefanova