Business

4 Things You Must Know If You Want To Trade With The Best Ecn Brokers

Best Ecn Brokers

ECN accounts have the special conditions and then the top 10 ECN brokers are not easy to find out. This article will help you to choose your own suitable ECN brokers by pointing out some requirements to apply for the best ECN brokers. Below is the list of top 5 best ECN 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

What are the requirements for the best ECN brokers?

  • The reliability
  • The trading cost
  • The trading conditions
  • The support service

The reliability

It is one of the most important things when traders are going to choose a broker in the forex market, especially for ECN brokers. ECN accounts are mostly for experts and experienced traders and so, they only work with big ECN brokers. They often trade and deposit with a dramatic amount of money, so they choose the most reliable ECN brokers. They could pay more to work with safe brokers rather than trade with bad ones.

How do we know if it is a reliable broker?

By checking their regulations, we could know if that broker is trusted or not. Regulation is a license provided by trusted financial organizations to manage the brokers. If brokers want to obtain a license, they have to acquire these requirements as below:

  • Maximum Leverage
  • Quotes quality
  • Broker’s minimum operation fund.
  • Bonus
  • Segregated accounts to protect clients.
  • Advertising messages to avoid misleading for traders…

As above, it is not easy to obtain a license and so, a broker having regulations is often trustworthy. If your country already has a regulation, a broker with that regulation is trusted enough for traders to work. However, it would be better to have more than one license.

Here are some regulations obtained by the top best ECN brokers:

  • com: CySEC, FCA (UK)
  • com: CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).
  • com: CySEC, FCA, ASIC
  • com: ASIC (Australia)
  • com: IFSC

The trading cost

The transaction cost is one of the most considerations of traders, including experts and experienced ones. It is said that US and UK brokers often have the highest cost such as Forex.com, FXCM. They charge from 1.7 – 2 pips for trading EUR/USD. Their costs are from 0.0xx pip spread for ECN accounts and each lot charges from 5-7$. Meanwhile, Exness’ spread is the lowest from 0.0xx pip and commission is $5 per lot (Exness reviews). The spread is nearly zero sometimes when there isn’t big news. ICMarket and XM charge from $6.

The trading conditions

Most traders like ECN accounts and think it is the best, but they actually trade with Market Maker and STP accounts. It is because of some special conditions as follows.

The cost of the ECN account is relatively low while it is very transparent. However, the volatility of this account makes it risky and unsafe for most of the traders. The quotes are not steady, the slippages are higher while there are also more no-quote errors and gaps. This is the place to make more money and lose even much at the same time. It is recommended that beginners should not use this type of account. Now, most traders using ECN accounts often prefer brokers with more stable quotes and fewer slippages.

The support service

ECN brokers provide the best service quality to their customers. They support in more than 20 languages including most popular languages such as English, Chinese, and Thai. They have 24/7 online service and many local offices to help traders instantly.

There are biggest forex markets like China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia,…, which are in the main areas that these best forex brokers 2018 focus on.