Compare the best ECN forex brokers in 2023

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: Jan 23, 2023
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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 2023

  1. eToro: Best for beginners, copy-trading & demo-account
  2. Public: Best for sharing beginner trading ideas

What are the best ECN forex brokers?

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.

1
Min. Deposit
$ 10
Promotion
User Score
10
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
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
-
Promotion
User Score
9.8
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Start Trading
Payment Methods:
Bank Wire, Check, Credit Card
Full Regulations:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.

Top 7 ECN forex brokers, reviewed

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

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit eToro Read Review

2. Oanda. Best for trading with live market data

oanda logo

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit Read Review

3. Capitality. Best for trading like a pro

capitality logo

...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

What is an ECN forex broker?

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?

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.

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

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.

The top platform for experienced traders

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.

What should I look for in an ECN trading platform?

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

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

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

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

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

Do I have to download software?

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?

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?

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?

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?

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?

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

  • 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

Should I trade forex now?

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?

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.

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Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.