It is generally accepted that there will not be any best ECN broker in the forex market. Although the US and UK brokers are more reliable than Asian countries, they still face many disadvantages in their businesses. However, if I know which country you are in and know how about your trading strategy. I think I can give you many useful tips to you can choose the best ECN broker.
I hope the standards that I will list in this article will help you understand more about the broker that you will be in the future.
However, I will also give priority to 5 brokers that I think deserve to be honored in this year as follows:
Moreover, I hope that after you consider explicitly the things I mentioned below, you will have an appreciation for their own or can rearrange the order of priority if you want:
THE STANDARDS OF BEST ECN BROKER
- Reliable ECN brokers:
- Lowest trading cost:
- Lower spread and commission
- Lower deposit and withdrawal fee
- Better rebate/ bonus and quotes
- Great trading conditions
- More trading platforms
- Lower slippages
- Better execution speed
- Lower swap or fee swap
- Better local supports
To create trust, what should the broker do?
As you know, in any business, having a business license for yourself is extremely important. While the foreign exchange environment is a very complex place, the number of brokers up to now can be an endless sequence. Not to mention, forex online- No Dealing Desk
I would try to get a concrete example like this: If you run a car on the road and meet the traffic police, how do you prove to them that you are old enough to drive and understand clear the law? I bet you that you cannot stand there for hours to lecture them. Instead, just show them you have a licensed driver by the state or a reputable organization in the field. That means, a license can easily prove who you are, you understand the rules and the ability to implement adequate laws which are also responsible for or able to protect others-you are a trustworthy.
So, what this license do if the broker get them from reliable agency. Negatively speaking is the license can holds a lot things for a broker. Another thing is that they are territorial. I mean a licensed broker in the US cannot protect his trader in China, for example.
There are some disadvantages:
- Maximum Leverage
- Quotes quality
- Minimum broker’s fund.
- Separate accounts to protect customers.
- Advertising messages to avoid confusion for traders.
Besides that broker will not be able to afford the reputation of a broker as they have a license from such famous agencies. There are top 5 broker and their license.
|2||FxPro.com||CySEC, FCA , DFSA, FSB|
|3||XM.com||CySEC, FCA, ASIC|
I can tell you some trading volumes of 3 big brokers:
- Exness with $400 billion a month
- XM with $300 billion a month
- FxPro: $ 100 billion a month
One more thing, these brokers get scam report. In fact, I read many complain in social. However, most of them are because beginners do not familiar with the trading systems.
Best brokers for Asian >>> here.
LOWEST TRADING COST.
Offer good spread and commission.
Due to the disadvantages from license, the spread and commission is their major income sources.
Forex.com often charges from 1.7 – 2 pip for EUR/USD of each lot.
Exness is given at the lowest spreads charge from 0.0xx pip. For normal account, their spread is zero and 5$ for commission per lot. Meanwhile,
ICMarket commission charges from 6 to 7$,
XM charge 6$ per lot.
Variety of payment programs
From my view, there are some big brokers in US and UK that they are highly rated in their own country. But in Asia and Africa countries is quite the opposite.
I will take my example so you can see clearly: when I deposit by Credit Card in my (Asian) country, the banks will charge me from 1.7 – 4%. So, I cannot earn 5% monthly while I have to pay 4% just for depositing. Therefore, when I dealing with these brokers is absolutely no sense. I want to say, choosing an ECN broker that offers local payment systems is exceedingly momentous.
Which brokers have the best payment system?
I am under the impression that the payment system of Exness broker is the best. Since, they even have up to 30 different payment methods, time to transfer money and recover funds just a few mouse clicks. ..
These ECN brokers offer better rebates/bonuses
Speaking for myself, there are many bonus programs that do not prove that the broker is large and reliable. However, rebates and bonuses have great relation to cost.
If you get 5$ rebate per lot, you will earn 0.5 pip spread for couple currency XXX/USD.
FXTM and XM, there are two broker have an attractive bonus. When you begin to register an account, you will receive $ 30 welcome bonus as well as can get 100% bonus when depositing.
The best trading platforms
While the two popular trading platforms such as MT4 and MT5 that they cannot incompatible with some system as Windows Vista, XP and also cannot be installed in a smartphone. FxPro and XM are leading in the improvement of transaction platforms.
The best support broker
In addition to using English to support traders, brokers are increasingly improving their support programs to attract customers. Typically as:
– Exness supports 13 languages and 24/7
– XM supports 30 languages and 24/7
– FxPro supports 19 languages
I hope through this article, you can the answers to your questions, it is time to select a broker to trade. As with trading, choose a broker based on your own analysis and assessment. It is you who understand what you want and which broker will suit you most.
THE BEST TRADING CONDITIONS
According to my survey about question “What kind of forex account do you think is best?” Almost people told me that they think that ECN account is the best account. Although, you are trading Market Maker and STP accounts.
For best account for beginners >>> here.
How about retail forex brokers’ quote?
In my experience, the retail forex broker often offer the quotes better than big brokers. Because of the liquidity provider provides its quotation. There are a lot of no-quote, slippages and gaps. Understand about this problem, the popular broker like Exness, FxPro or ICMarket… get quotes from dozens of liquidity providers at the same time then choosing the best quotes. It’s much better because in the case of a liquidity provider having a quote problems, they will get quotes from others. Here are top 3 Best ECN quote brokers: Exness, FxPro, and ICMarket.