Over my years of forex trading, I’ve had my fair share of discussion about the top 10 ECN brokers and which one of them is the best. Disagreements aside, we’ve all agreed on one point which is that there isn’t a best broker, at least not an absolute best one out there. While some might argue that the brokers in the US and UK are somewhat more reliable and trustworthy than the rest of the world, there too are arguments that Cyrus brokers offer relatively better trading conditions such as better ECN trading platforms, lower spreads, lower margins, … Each of the argument has its own valid points, but in the end, it all comes down to personal situation such as location, financial status… to determine which one is the most suitable for you. To give you a reference point, here are the current top 5 best ECN brokers 2018 in the world that I’ve taken the initiative to rate them based on my own professional experience:
In this article, I’ll be reviewing some of the best forex brokers based on many different criteria. Here’s my own standards of what I consider a good ECN broker:
|Trustworthy||Trading costs||Trading conditions||Local services|
|Regulations||Low spread||Good quotes||Payment system|
|Historical activities||Low commission||Trading platforms||Local offices|
Let me explain why these standards are important for an ECN brokers
- 1 The best ECN brokers 2018 must be reliable brokers.
- 2 The best ECN brokers 2018 charge lowest trading cost.
- 3 The best ECN brokers 2018 offer better rebates/bonuses.
- 4 The best ECN brokers 2018 offer the best trading conditions.
- 5 The best ECN brokers 2018 have better trading platforms.
- 6 The best ECN brokers 2018 support better.
The best ECN brokers 2018 must be reliable brokers.
For ECN traders who often deal with large amount of money, a broker’s trustworthy is without a doubt the most important criteria since the money at stake here can even be the matter of millions of dollars
How do you know which broker is reliable?
The answer is actually very simple. It’s the licenses. A broker’s validity is based on whether they have a license or not, and the license itself must be confirmed its validity as well as coming come from one of the more trusted agencies such as FCA, Cyrus, …
Licenses are provided by the government agencies whose purpose is to safeguard the general public, which evidently makes obtaining a license a challenging and difficult work.
A license would limit a broker in a lot of aspect in exchange for the security as well as their services. To name a few limitations that a broker would have to deal with, there are:
- Limits of maximum Leverage
- Limits of quotes quality.
- Minimum operation fund limit.
- Limited Bonus
- Segregated accounts to protect clients.
- Limit advertising messages to avoid misleading for traders
As for us traders, doing business with a broker that has one or two trusted licenses always feel more comfortable and safer than doing business with untrusted brokers. Although for trusted brokers, their trading fees might cost a little bit more in exchange for the better service and security. This is due to the fact that the aforementioned agencies charge their brokers a large amount of fee in exchange for their service as well as reputation, so in order for brokers that have licenses to make a profit, they’d have to charge their customers more by making their margin requirements higher or charging higher spread and commission and so on.
My professional opinion about licenses
I think we can all agree that a license should always be healthy for any broker. It shows that a broker cares enough to put up with the downsides of a license to provide their customers overall better service and safety. However, one license in my opinion should be enough most of the times. Owning two or more licenses would indirectly put a lot more costs on their customer by making them pay more to cover for the license fees.
What regulations do these brokers have?
|2||FxPro||CySEC, FCA, DFSA, FSB|
|3||XM||CySEC, FCA, ASIC|
These 5 brokers are all in the top largest retail forex brokers in the world. Their monthly trading volumes are as follow:
- Exness: $400 Billions monthly.
- XM: $300 Billions monthly
- FxPro: $ 100 Billion monthly.
Evidently, the larger a broker is, the more reliable they are. The ECN brokers list here has been around since the 90s and 2000s and yet there is still no official fraud lawsuit filed against them. This alone should be enough to prove just how trustworthy these companies are.
The best ECN brokers 2018 charge lowest trading cost.
Most of US brokers have higher spread and commission
To name a few, there’s Forex.com and FXCM who charges from 1.7 – 2 pip for the EUR/USD currency. However, there too are brokers that charge little to none spread. The top brokers that I have mentioned in the previous section all charge 50% lower trading costs comparing to the other US brokers. As for ECN accounts, these brokers charge as little spread as 0.0xx and 5 – 7% commission for each lot traded. Their spread can sometimes be dropped down to none when there isn’t any big news around. Comparing to the other brokers such as ICMarket who charge $6 to $7 commission fee for each lot traded, or XM who charges $6 commission fee, these top brokers offer quite a great trading condition.
Efficient payment system
While this might not be that big of a deal for US and UK traders since most of the brokers there have relatively good payment system. As for Asia and Africa, however, most of the brokers’ payment system are quite bad and in need of a lot of works. I myself am from an Asian country and the banks here would charge 1.7 to 4% alone just for depositing in my Credit Card, which just makes no sense since it’s already hard for us traders to earn even 5% monthly. Therefore, I think that it’s very important for you to choose a ECN broker that offer local payment system or just overall excellent payment system.
As for my professional opinion on which broker should you choose based on their payment system, I personally find Exness to be the best in this area. Exness offers over 30 different payment methods as well as free of charge local payment support. Furthermore, Exness offers their own fully automatic transfer/withdrawal system which I find a lot more efficient as well as advanced comparing to the other brokers. While it might take you hours or even days to transfer/withdraw money in other brokers, the transfer/withdraw time in Exness is instant. With Exness instant transfer/withdrawal time, I can do my own ECN trading more efficiently and make more money this way.
Why is Exness Payment system so fast?
Exness payment system is truly a step ahead of every other brokers. It’s fully automatic, all the works are done by the machine. Exness payment system is programmed to compare your transfer/withdrawal information with your personal ID to ensure that each transaction is always secured.
Check Exness Payment system here.
The best ECN brokers 2018 offer better rebates/bonuses.
The US and UK regulator strictly prohibit their regulated brokers to offer bonuses. This is one of the main disadvantages of having a license that I’ve mentioned earlier. Professional/big traders might not care that much about this perk as they invest too much money to care about a little increase in their profit. But for us regular traders, a good rebate/bonus shouldn’t go unnoticed. A $5 rebate per slot means you’re essentially saving on a 0.5 pip spread. These perks might prove to actually be quite beneficial for us small to medium traders in the long run.
Out of the 5 brokers that I’ve mentioned above, only FXTM and XM have bonuses for their beginners/mini accounts. You can get as much as $30 welcome bonus when creating account for the first time. What’s more amazing is that you can also get a 100% bonus when depositing for these accounts, which might help a lot for new traders to learn more about the ECN trading market.
Get XM 30$ bonus here
Get FXTM 50$ bonus here
The best ECN brokers 2018 offer the best trading conditions.
Their ECN quotes are better.
I have personally done my own survey of 100 traders. My main question was which type of Forex account that they think is the best for Forex trading. Believe it or not, but over 95% of them think that ECN account is the best account for Forex trading. But in reality. Only 80% of them are trading Market Maker and using STP accounts.
ECN accounts sure have its own undeniable perks such as low cost and transparency. However, ECN accounts do have one major disadvantage which is its volatility. Trading with ECN accounts is even riskier for beginners due to the fact that its quotes are much more volatile than STP and MM accounts. Moreover, ECN slippages are higher, its quotes aren’t that stable comparing to the other accounts. There are more no-quote errors and gaps. The reason for this is that ECN accounts have to deal with the large forex trading market, where hundreds of thousands of traders are taking advantage of the system, of each other. Whereas trading with a company (Market Maker) or with a bank (STP) is much more stable. This is why we’re desperately in need of a ECN broker that can provide more stable quotes as well as lesser slippages, although this seems rather futile because it’s just the way how the market function.
Why these retail forex brokers’ quote are better?
There are still traders who believe that just because a forex broker is big, it will provide better quotes. This isn’t the case for most of the brokers since these liquidity providers provide quotes by themselves. That’s why there are a lot of no-quotes, slippages and gaps when doing business with other big brokers. However, there are still brokers that offer relatively good quotes such as the five big brokers that I’ve mentioned above. Those brokers get their quotes from ten liquidity providers at the same time, and they choose the best one among them to provide to their clients. It’s much better and safer doing business this way because they can always get their quotes from another liquidity provider in case their best one got quote problems.
Here are top 3 Best ECN forex brokers in the world
|1||Exness||Check it now|
|2||FxPro||Check it now|
|3||ICmarkets||Check it now|
Better quotes mean there are less slippages, gap, and no-quote problems.
The best ECN brokers 2018 have better trading platforms.
As you may know, MT4 and MT5 are among of the most popular trading platforms. But they aren’t perfect since they aren’t compatible with some operation system such as Windows Vista and Windows XP, as well as smart phones. That’s why some brokers have taken the initiative to invest in their own trading platforms which are more compatible with smart phones and older operating systems.
FxPro and XM are currently ahead of everyone else in the developing/improving trading platforms area.
Check XM trading platform here
The best ECN brokers 2018 support better.
Needless to say, customer service is one of the most important when doing business since business is all about people, trust and profit. Not to mentioned that the whole forex trading market is a rather vast and complicated place that the beginners/new traders sometimes find themselves lost. They are almost always in need of professional help as well as advices on how to make money safely.
The aforementioned brokers all have excellent customer service including 24/7 and multiple language support. Most of them have their own branches in China, Thailand, Indonesia, Malaysia, and Dubai…
For countries that don’t have regional offices, they offer support online as well as via phone in English or your native language. The language support is very crucial to traders who want to work with ECN brokers in South Africa or Asia because those traders may not be very good at English. Here is the ECN brokers list of those who can help you in different languages.
– Exness supports 13 languages and 24/7
– XM supports 30 languages and 24/7
– FxPro supports 19 languages
I hope you’re satisfied with our ECN review.