Compare the 7 best ECN forex brokers in 2024

ECN forex brokers offer fast execution, low spreads, and favourable prices. This page compares the top ECN forex brokers around, to help you choose the best platform for your trading.
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Updated: Dec 27, 2023
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Trade your favourite markets with our top-rated broker, Plus500.

7.8/10

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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This beginner friendly guide helps you choose the best rated ECN forex broker. We explain what ECN brokers are, why they are beneficial when forex trading, and what to look out for when choosing one. Continue reading to learn more. 

Best ECN forex brokers overall for 2024

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  1. Plus500: Best for international CFD trading*
  2. eToro: Best for beginners, copy-trading & demo-account
  3. Public: Best for sharing beginner trading ideas
  4. Degiro: Best for 0% commission on US stocks

What are the best ECN forex brokers?

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The best ECN forex brokers are regulated, have low fees and commission, and easy to use platforms. The table below shows the best ECN forex brokers. Simply click on any of the inks to get started in minutes.

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1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2
Min. Deposit
$ 10
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

3
Min. Deposit
$ 0
Best offer
User Score
9.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

Top 7 ECN forex brokers, reviewed

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1. Plus500. Best for international CFD trading*

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade for UK & EU users (not US, real assets only)
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

What is an ECN forex broker?

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It’s a company that allows you to trade the forex market and directly connects buy and sell orders via a network. The best ECN brokers offer a range of different features including, technical tools, easy to use platforms, and advanced charting software. ECN brokers are generally favoured over other types of brokers due to their low spreads. 

How do ECN FX brokers work?

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ECN brokers operate using a no dealing desk model which means buy and sell orders are connected directly without being routed through a dealing desk. Orders are matched via an electronic communication network (ECN). These types of forex brokers are able to offer lower spreads, faster execution, and better prices. However, they usually charge a fee. 

  • ECN brokers match buy and sell orders via an electronic communication network
  • Low spreads, faster execution when placing trades, and more favourable prices are offered by ECN brokers. 
  • When using an ECN broker, trades are not passed through a dealing desk and broker manipulation is unlikely to occur. 

The best ECN forex brokers for beginners and experienced traders.

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ECN forex brokers have become increasingly popular in recent years and there is a broad range to choose from. Some are aimed towards beginners, while others cater for more experienced traders. Below we have selected the top ECN broker for each. 

The top ECN broker for beginners

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An easy to use forex platform for beginners is a must, along with low fees, and educational material. Click the link below to sign up with our top ECN broker for beginners.

Sign up to the top ECN broker for beginners

The top platform for experienced traders

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Traders with a little more experience will have a longer list of requirements. Advanced technical tools, leveraged trading, and access to other financial instruments. Check out the link below to register with our best rated platform for experienced traders.

Sign up to the top ECN broker for experienced traders

What should I look for in an ECN trading platform?

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There are a few key factors you should consider when choosing an ECN trading platform and below we’ve highlighted some of the most important ones. 

Low fees

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One of the main reasons traders flock to ECN platforms is the ability to take advantage of low spreads. However, ECN brokers charge fees and commissions. When choosing an ECN broker, you’ll want to ensure that fees are low, otherwise your profits can be eaten into quite quickly. Checking a broker’s fee schedule is the easiest way to find out their charges. 

Reliable platform

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Reliability is key when it comes to trading forex. A lot of traders who use an ECN broker tend to be day traders or scalpers. These types of traders actively participate in the market multiple times a day. A reliable platform that suffers little downtime or crashes is a top priority when choosing an ECN broker. 

Access to other markets

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As the world of online retail trading continues to grow, lots of brokers offer other markets to trade. The best platforms make it easy to trade other financial instruments like stocks, indices, and commodities. Many brokers have now also started offering popular cryptocurrencies like Bitcoin and Ethereum. 

Technical tools

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When selecting a broker it’s helpful to find one that offers a broad range of technical tools. Lots of traders use technical analysis when trading and having a selection of the best tools can make the process easier. Lots of brokers offer platforms like MT4 which already have many technical indicators built in. 

Quick answers to key questions

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Do I have to download software?

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No, not always. However, to get the most out of your platform’s functionality, it’s a good idea to download a trading platform. The most common platforms around are Metatrader and Trading view. If you decide to not download anything, you will still be able to use your broker’s webtrader platform, although it’s likely this will be limited in what it offers. 

Can I trade from my mobile device?

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Yes, almost all brokers offer mobile apps which you can download to your mobile or tablet and use to place trades. Trading apps have advanced in recent times meaning its possible to conduct analysis right from the palm of your hand. Using apps is also a great way to keep up to date with your trades while you’re away from your computer. 

Will I pay fees with an ECN broker?

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Yes you probably will. As ECN brokers are able to offer such low spreads by matching buy and sell orders, they usually charge fees or commissions to make a profit for themselves. Every ECN broker will have a different fee schedule so it’s worth checking before joining one. Unusually you will pay commission on each trade you make. 

Can I get a bonus when joining an ECN broker?

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You may be able to, but it will depend on the broker and if they are running any promotions at the time your register. It’s always a good idea to check the terms and conditions of any bonus you receive prior to accepting it. Most bonuses will come with certain criteria that need to be met before you can withdraw, like having to trade a specified number of times. Learn more about forex brokers with bonuses here.

Should I use an ECN broker to trade forex?

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Yes, using an ECN broker is often the best way to trade the forex market. For anyone using day trading or scalping strategies, using an ECN broker would be a good idea. Trading requires some experience and knowledge and there’s a lot to learn before you get started. Here, we’ve rated the top forex trading courses for beginners.

Still undecided?

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If you’re still not sure about joining an ECN forex broker, then we’ve provided a few pros and cons below to help you make up your mind.

Pros

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  • ECN brokers have some of the lowest spreads around and match buy and sell orders directly meaning there’s less chance for broker manipulation. 
  • The best ECN brokers have a range of free technical tools to help with your market analysis. 
  • Most brokers offer leverage so that you can profit from very small moves in a currency pair’s price. 
  • Top ECN brokers have mobile apps so that you can trade from your phone or check your positions when you’re not at your desk. 
  • The best brokers also offer a range of different financial instruments so you can spread your money around.

Cons

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Should I trade forex now?

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Yes, if you feel that you have the knowledge required then starting now could be a good idea. Although, there is a lot to learn before you do start and it can be difficult to find the right information.

Where can I learn more about forex trading?

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Right here at Invezz. We have beginner friendly courses that will help you learn how to start forex trading. Our forex news helps keep you up to date with macroeconomic factors that affect currency prices.

Sign up to an ECN forex broker

Methodology: How we choose the best ECN brokers

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Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.

FAQs

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What is the best ECN broker?
Will I make a lot of money from trading forex?
When is the best time to trade forex?
How quickly can I withdraw profits?
Can I trade crypto with a forex broker?


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Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.