Most of professional traders know that ECN account is the best account for trading. Because only ECN account allow you trading in real market. You will buy and sell with real traders. And the prices were determined by the market demand and supply. For other account types, you will trade against brokers or banks. That is why professional traders prefer ECN account.
ECN means Electronic Communication Network. This is a Network that connect you with others traders. So, this is the real market which you can buy/sell with real demands. You cannot use this account to join forex trading contest such as Exness Only The Best contest.
There are 3 types of forex trading accounts: - Market Maker accounts: This is the most popular accounts in retail trading market. Because it’s easy to open account and low requirements. As usual, this type of account don’t require minimum deposit, minimum order value, high leverage and no commission. But you will trade against your broker. It mean: if you win, your broker will loss and vice versa. So, some brokers will manipulate the prices to win you. That why professional traders don’t like market makers accounts. - STP accounts: It means Straight Through Processing. This type of account is also popular. For this type of account, you don’t trade against brokers. Because brokers will transfer all your orders to liquidity providers such as: Banks, bigger brokers,…). Most of traders think that trading STP account is better than Market marker account because they won’t trade against brokers. But for me, it’s same with Market makers. Because Maker maker also get quotes (prices) from liquidity providers. - ECN account. ECN brokers will connect you with real traders who have real demands. If you want to buy, they will connect you with traders who want to sell.
Exness is the biggest retail forex broker on the world. They are famous in professional trading community because they offer the best trading conditions for professional traders.
You can open Exness ECN account here