May 21, 2018

Best ECN Forex Brokers According to Traders | High Reputation Brokers


Here you will find the best ECN Forex Brokers according to clients' feedbacks.


Only the genuine ECN brokers are listed here so you can focus on trading without worrying about your broker being a true ECN or not.




1. IC Markets 

IC Markets is a "True ECN Broker" based in Australia and is one of the best brokers out there. This company was founded in 2007 and is currently being regulated by the Australian Securities and Investments Commission (ASIC). Their Headquarters is located at Level 6, 309 Kent Street, Sydney. 

IC Markets is one of the few brokers who disclose their liquidity providers. This leads to more trust from the clients since they will know who they're trading with. You can easily find all of their liquidity providers on their homepage. They also don't offer deposit bonuses, typical of a true ECN Broker.

IC Markets True ECN Broker Lowest Spread

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot: $5.50

Regulation: ASIC 

Min Deposit: $200 


2. Global Prime 

Global Prime FX is an Australian based broker located in Sydney and is being monitored by the Australian Securities and Investments Commission (ASIC). This broker boasts of it's transparency, top tier customer support, and Prime Broker relationship.

* Not the usual broker

Unlike many other retail brokers, Global Prime does not offer deposit bonuses and extremely high leverages. Deposit bonuses has strings attached to it while very high leverage, on a historical basis, leads to blowing accounts much faster instead of making gains faster.

* Provides trade receipts

Global Prime is one of the rare forex brokers who provides trade receipts to its clients. This receipt shows which liquidity provider filled the clients' orders so they would know who took the opposite side of their trade. This transparency of Global Prime is what makes them one of the best forex brokers.

Global Prime ECN Forex Broker Lowest Spread

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot: $5.50

Regulation: ASIC

Min Deposit: $500 AUD or equivalent in other currencies 







FxPro is a UK based Forex Broker located in 13/14 Basinghall Street, London and regulated by the Financial Conduct Authority (FCA). This company was founded in 2006 and is one of the oldest forex brokers. FxPro received the "Best Forex Broker of 2017" award by the Global Brands Magazine, CFI, and the Shares Awards.

FxPro Forex Broker

FxPro does not charge commission but instead they add it to the spread. The cost is just the same when compared with other brokers.

Average Floating Spread EUR/USD: 1.1 pip 

Commission Charge Per Lot: $0

Regulation: FCA

Min Deposit: $500





ForexTime is a Cyprus based ECN forex broker founded in 2011. They are licensed and regulated by several regulatory authorities which are the Cyprus Securities and Exchange Commission (CySec), Financial Conduct Authority of UK (FCA), and the International Financial Services Commission of Belize. ForexTime has been awarded the "Best Forex Broker in Asia for 2017 by World Finance and the "Most Innovative Broker for 2018 by FX Empire.

FXTM ECN Forex Broker

Average Floating Spread EUR/USD: 0.3 pip 

Commission Charge Per Lot: $5.30

Regulation: FCA, CySec, IFSC 

Min Deposit: $100



5. FXopen 


FXopen is being monitored by two regulatory bodies which are the Australian Securities and Investments Commission (ASIC) and Financial Conduct Authority (FCA). FXopen offered brokerage services in 2005 and is now one of the leading forex brokers. They also disclose their liquidity providers on their homepage which proves that they are also a true ECN broker.


FXopen ECN Broker

Average Floating Spread EUR/USD: 0.3 pip 

Commission Charge Per Lot: $5.90

Regulation: ASIC & FCA

Min Deposit: $100




TradeView Forex is a true ecn broker with their liquidity providers being several big banks. This broker is based in Cayman Islands and is currently regulated by the Cayman Island Monetary Authority (CIMA). 
TradeView Forex provides a true ECN marketplace and has one of the tightest spreads and lowest commission brokers in the industry. 

TradeView is also a good option for institutional clients through the "Liquidity Connector" account. With their outstanding experience and valued relationships with liquidity providers, TradeView offers unified institutional services to help institutional clients take their brokerage business to a higher level and achieve their business goals.

TradeView True ECN Forex Broker

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot: $7.00 

Regulation: CIMA

Min Deposit: $1,000




7. AxiTrader 

AxiTrader is an Australian based broker that was founded in 2007. They are one of the largest and leading brokers in Australia. This company's goal is simple and that is to become the broker that clients want to trade with.
AxiTrader ECN Forex Broker



Average Floating Spread EUR/USD: 0.2 pip 

Commission Charge Per Lot: $7.00

Regulation: ASIC 

Min Deposit: $100



Your broker must have these attributes:

- Regulated by financial regulatory authorities
- Offers True ECN accounts
- Offers raw spreads from Interbank Foreign Exchange Market
- No minimum Stop Loss and Take Profit levels
- Provides quick withdrawals, not only deposits
- Quick response from customer support representatives



Why trade with an ECN Broker?

Trading with an ECN Forex Broker is much better compared to Market Maker Brokers because there is a clear conflict of interest when trading with a MM broker, your profit is their loss, and your loss is their profit. Whereas when you trade with an ECN broker, your orders are sent to their big liquidity providers like Citi, JP Morgan, Deutsche Bank, Goldman Sachs, Bank of America, HSBC and etc., which results to much tighter spreads due to the strong competition. ECN brokers simply charge a commission for each trade conducted by the clients and they don't take the opposite side of the trades. Therefore, ECN brokers doesn't have market exposure and thus, they don't have to worry if their clients make profitable trades since it's not them that fills the clients' orders.


Characteristics of a true ECN Broker:

- No requotes
- Allows all kind of trading strategies like hedging, news trading, scalping and arbitrage trading
- Does not offer generous bonuses like 100% or 50% deposit bonus because these bonuses has strings attached to it, and one of them is that you can't withdraw the bonus funds unless you trade a ridiculous amount of lots, and you don't need any kind of deposit bonus if you are a profitable trader
- Does not trade against you by hedging your trades/taking the other side of your trades, but instead sends your orders to their liquidity providers or matches it with other clients' orders
- Charges commission for each order instead of spread markups
- Offers 5 decimal pricing for USD quoted pairs and 3 decimals for JPY quoted pairs
True ECN Broker Characteristics
This broker uses 5 decimal accurate pricing on EUR/USD and 3 decimals on USD/JPY, an indication that it is a true ECN broker.


fake ECN Broker
This one does not use accurate decimal pricing, it only has 4 decimals on EUR/USD while 2 decimals only on USD/JPY, an indication that it is not an ECN broker.

- Does not have a minimum Stop Loss and Take Profit level
genuine ecn broker no minimum stop loss and take profit
This broker does not have a minimum Stop Loss or Take Profit

fake ecn broker
This broker has minimum stop loss or take profit of 7 pips for GBP/JPY pair which is an indication that it is not a true ECN broker.
- Offers variable spreads, not fixed spreads or fixed zero spreads             
true ecn broker variable spreads
This broker has variable spreads
forex broker fixed spread
This broker has fixed spreads which is an indication that it is not an ECN broker


Advantages of trading with an ECN Broker

- No conflict of interest as ECN Brokers doesn't take the opposite side of your trades but instead sends it to their liquidity providers or matches it with other clients.
- Tighter spreads due to strong competition from several liquidity providers.
- Prices are much more volatile which is good for scalpers.

Did you know? 

An ECN Broker is also an STP (Straight Through Processing) and NDD (No Dealing Desk) broker because your orders are executed automatically/electronically without the intervention of a middleman. Therefore, an ECN Broker is an STP, and NDD broker at the same time. 


Who are the participants in the Electronic Communications Network?

There are several participants trading in the ECN market. They are the central banks, commercial banks, companies, hedge funds, large currency investors, travellers, and finally, we, the retail forex traders.

Central Banks - These government banks enter the forex market to stabilize their currencies                whenever needed. They buy other currencies using their local currency to weaken their own currency when it's too strong/overvalued to keep their export products cheap, or they buyback their local currency from other countries when its too weak in order to control inflation in their country.


The advantages of online forex trading.

Lots and lots of people are getting interested in forex trading because of the good profits it can generate. It also requires smaller capital compared to stock trading, offers much higher leverage, and is tradable 24 hours, 5 days a week.

If you are a regular employee and you're looking for a side income, then forex trading can be one of your options. Aiming for a realistic target gain of 2%-3% per month should be enough and is also achievable.

But there are a lot of warnings that forex trading is too risky because of the high leverage, that's why every broker keeps telling you to only invest what you can afford to lose. 
So if you're just starting out, it's best to start with a small capital and trade using the smallest lot size. This way you won't lose a lot and will be able to stay longer in the market.


How to become a profitable forex trader?

Truth be told, you'll need to practice a lot in order to become a profitable trader. But there are things that you can do that will surely help you become a successful trader.

First, download an economic calendar app if you haven't yet. This will help you get updated with what's happening in the financial world and will guide you in making your trading decisions.

Second, choose long term trading instead of scalping or day trading. This way you won't have to check on your trades too often, will save you a lot of time, and is less stressful compared to scalping and day trading. Long term trading is having trades that lasts for a few days to several weeks depending on how good your entry price was.

Lastly, connect with fellow traders in your country by searching for private Facebook groups or other online groups that focuses on forex trading. This will help a lot because you'll be exchanging trading ideas with the other members of the group. This is much better than sharing ideas with strangers in the forums, just make sure that you join a group that has strict rules, meaning that they kick out marketers and spammers in the group.


Do's and Don'ts in Trading

Do's:

1. Download an economic calendar like MyFxbook app to get updated with the current events in the financial world.

2. Buy low and sell high on longer time frames like the weekly and monthly chart. Identify the supply and demand zones.

3. Always remember that the market will try to hit your Stop Loss. It preys on greedy retail investors, so just open a small lot so you can place a wider SL.

Dont's:

1. Don't overtrade.

2. Don't trade forex to support your living expenses, treat it as an investment.

3. Don't risk what you can't afford to lose.




*Risk Warning: 

Before you start trading, you should completely understand the risks involved with the currency market and trading leveraged products, and you should be aware of your level of experience. 

*This article is not directed to jurisdictions where retail forex trading is restricted. 


Last Updated: September 11, 2018


tags: top forex brokers with lowest spreads 2018, best ecn forex broker for scalpers, tight spread forex broker, ecn brokers for beginners, forex broker spread comparison, best ecn forex brokers 2018, ecn broker list, low commission ecn forex broker

Jan 5, 2018

Best Forex Brokers With Commission Discounts & Rebates 2018


Here you will find the best Forex Brokers with the lowest spreads and with commission discounts.


Tip: Other websites on search engine results that also have a list of the best ecn brokers does not offer commission discounts unlike here. So take advantage of the discounts offered here as it willl save you a lot of money especially if you trade very often.



1. Global Prime (22% Discount)

Global Prime FX is an Australian based broker located in Sydney and is currently being monitored by the Australian Securities and Investments Commission (ASIC). This broker boasts of it's transparency, top tier customer support, and Prime Broker relationship.

* Not the usual broker

Unlike many other retail brokers, Global Prime does not offer deposit bonuses and extremely high leverages. Deposit bonuses has strings attached to it while very high leverage, on a historical basis, leads to blowing accounts much faster instead of making gains faster.

* Provides trade receipts

Global Prime is one of the rare forex brokers who provides trade receipts to its clients. This receipt shows which liquidity provider filled the clients' orders so they would know who took the opposite side of their trade. This transparency of Global Prime is what makes them one of the best forex brokers.

Global Prime ECN Forex Broker Lowest Spread

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot Traded: $7.00

Regulation: ASIC

Min Deposit: $500 AUD or equivalent in other currencies 

Register on Global Prime using the promo link below and get a 22% ($1.50) commission discount so that you'll only get charged $5.50  per lot traded instead of the regular $7.00 per lot.






2. IC Markets (22% Discount)

IC Markets is also an Australian based Forex Brokers. This company was founded in 2007 and is currently being regulated by the Australian Securities and Investments Commission (ASIC). Their Headquarters is located in Level 6, 309 Kent Street, Sydney. 

IC Markets is one of the few brokers who disclose their liquidity providers. This leads to more trust from the clients since they will know who they're trading with. You can easily find all of their liquidity providers on their homepage. They also don't offer deposit bonuses, typical of a true ECN Broker.

IC Markets True ECN Broker Lowest Spread

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot Traded: $7.00

Regulation: ASIC 

Min Deposit: $200 

Register on IC Markets using the promo link below and get a 22% ($1.50) commission discount so that you'll only get charged $5.50 per lot traded instead of the regular $7.00 per lot

IC Markets Discount link 






FxPro is a UK based Forex Broker located in 13/14 Basinghall Street, London and regulated by the Financial Conduct Authority (FCA). This company was founded in 2006 and is one of the oldest forex brokers. FxPro received the "Best Forex Broker of 2017" award by the Global Brands Magazine, CFI, and the Shares Awards.

FxPro Forex Broker

FxPro does not charge commission but instead they add it to the spread. The cost is just the same when compared with other brokers.

Average Floating Spread EUR/USD: 1.1 pip 

Commission Charge Per Lot Traded: $0

Regulation: FCA

Min Deposit: $500





ForexTime is a Cyprus based ECN forex broker founded in 2011. They are licensed and regulated by several regulatory authorities which are the Cyprus Securities and Exchange Commission (CySec), Financial Conduct Authority of UK (FCA), and the International Financial Services Commission of Belize. ForexTime has been awarded the "Best Forex Broker in Asia for 2017 by World Finance and the "Most Innovative Broker for 2018 by FX Empire.

FXTM ECN Forex Broker

Average Floating Spread EUR/USD: 0.3 pip 

Commission Charge Per Lot Traded: $4.30

Regulation: FCA, CySec, IFSC 

Min Deposit: $100



5. FXopen 


FXopen is currently being monitored by two regulatory bodies which are the Australian Securities and Investments Commission (ASIC) and Financial Conduct Authority (FCA). FXopen offered brokerage services in 2005 and is now one of the leading forex brokers. They also disclose their liquidity providers on their homepage which proves that they are also a true ECN broker.


FXopen ECN Broker

Average Floating Spread EUR/USD: 0.3 pip 

Commission Charge Per Lot Traded: $5.90

Regulation: ASIC & FCA

Min Deposit: $100





TradeView Forex is a true ecn broker with their liquidity providers being several big banks. This broker is based in Cayman Islands and is currently regulated by the Cayman Island Monetary Authority (CIMA). 
TradeView Forex provides a true ECN marketplace and has one of the tightest spreads and lowest commission brokers in the industry. 

TradeView is also a good option for institutional clients through the "Liquidity Connector" account. With their outstanding experience and valued relationships with liquidity providers, TradeView offers unified institutional services to help institutional clients take their brokerage business to a higher level and achieve their business goals.

TradeView True ECN Forex Broker

Average Floating Spread EUR/USD: 0.1 pip 

Commission Charge Per Lot: $7.00 

Regulation: CIMA

Min Deposit: $1,000

Register on TradeView Forex using the promo link below and get a 22% ($1.50) commission discount so that you'll only get charged $5.50 per lot traded instead of the regular $7.00 per lot.





tags: best forex brokers, low spread forex broker, low commission forex broker, top forex brokers 2018

Aug 24, 2017

Free $10 Forex No Deposit Bonus Without Verification



Trading forex needs money, but some traders doesn't have spare cash in their pockets for forex trading, others just wiped out their accounts recently and they don't have money yet to deposit to their account again, so when a forex broker offers a no deposit bonus for new clients, a lot of traders immediately grab the offer. 

FXOpen is one of these brokers who offer a no deposit bonus for new clients, this is there way of allowing new clients to test how good their platform is before the new clients deposit their own money. The good thing about this bonus is that you can claim it without verification of your account and you can withdraw all the profits you make from it.


FXOpen No Deposit Bonus


Overview of FXOpen

FXOpen is an ECN broker and is one of the oldest brokers which started offering brokerage services in 2005. They are regulated by the Australian Securities & Investments Commission (ASIC) and Financial Conduct Authority (FCA). FXOpen offers several account types and these are:
Micro - Minimum Deposit $1
Crypto - Minimum Deposit $10
STP - Minimum Deposit $10
ECN - Minimum Deposit $100

When choosing a forex broker, you must see to it that the broker is large enough to handle lumps of money and is able to put them in the safest place. The broker must be insured, offers tight spreads, quick response from customer support representatives, have been around for many years and have a lot of experience about this kind of service and FXOpen has all these. Read below to find out how you can claim their $10 welcome bonus.

Amount : $10
Account Type: STP (Straight Through Processing)

To receive this bonus, follow the steps below:

1. Register an FXOpen e-Wallet and open an STP trading account. 

2. Verify your mobile number.

To verify your mobile number, follow the procedure below:

a. Click Settings on your Personal Area then click SMS notifications.
FXOpen No Deposit Bonus Tutorial

b. Enter your mobile number then submit.

c. Enter the four digit verification code you recieved.
FXOpen No Deposit Bonus Verification Code

d. Check all the boxes you'll see, then click save.
FXOpen SMS Notifications

e. Enter the second code you receive then click Confirm.
FXOpen SMS Confirmation


f. Login to your STP account on MT4 and you'll see the $10 bonus has already arrived.


The bonus will be added automatically to the first STP account that you open. You can use the bonus for live trading and withdraw the profit received when the trading volume exceeds 2 lots. All closed trades are counted - both losing and profitable. 

As the title of this post says, you don't need to verify your account by submitting scanned copies of your ID and utility bill in order to recieve the $10 bonus, but you need to somehow verify your mobile number. This is FXOpen's way of ensuring that you're not a bot.


Bonus withdrawal terms: 

- The bonus is paid once to your first trading account. You cannot withdraw the bonus, but you can withdraw any profit after trading a minimum of 2 lots. 

- There is no expiration date on the $10 bonus after you receive it.

Link to FXOpen
https://www.fxopen.com/


If you have questions, just leave them in the comments and I'll reply as soon as possible.

*Risk Warning: Trading leveraged Forex and CFDs carry a high level of risk. Trade with caution and don't risk what you can't afford to lose. 


tags: forex no deposit bonus without verification, forex welcome bonus, forex brokers offering no deposit bonus list