10 Best ECN Brokers for Forex Trading in Comparison 2025

ECN brokers act like bridges, directly connecting traders to a vast pool of liquidity providers operating within the interbank market. Beyond simply routing orders to the interbank market, they ensure that traders’ orders are matched and paired with counterparty orders initiated by other traders.

They are the top choice for many traders due to fast execution and reduced conflict of interest, seeing as they are less incentivised to take the opposing side of their clients’ trades.

Here’s our quick comparison of 10 well-renowned ECN Forex brokers at WR Trading, highlighting their core benefits:

Top 10 ECN Forex Brokers

#1 BlackBull Markets

One globally recognised ECN broker is BlackBull Markets, our top pick and winner in this review. Blackbull is appealing to many traders because of its emphasis on transparency and direct access to the market. It offers ECN account types for all levels of experience.

For the active trader, the most popular choice is a Prime account. It has ultra-tight spreads from as low as 0.0 pips, a commission per lot of $6, and a minimum deposit requirement of $2,000 (for Prime accounts only). The following two accounts, ECN Standard and ECN Institutional, are structured slightly differently. 

A standard has a minimum spread of 0.8 pips (different from Institutional, which has a minimum of 0.0 pips), no commission charge, and no minimum deposit requirements. The bare-bones cost structure is economical, making it attractive to scalpers and day traders who seek tiny price movements.

Feature	Detail
Account Type	ECN (Prime, ECN Standard, ECN Institutional)
Trading Platforms	MT4 and/or MT5
Minimum Deposit	$2,000 (Prime)
Regulation	FSA (Seychelles)
Tradable Instruments	26,000+ Instruments (Forex, Indices, Commodities, Crypto)
Spreads	Ultra-tight spreads (from 0.1 pips)
Commissions	Varies by account (e.g., $6 per lot per side for Prime)

#2 FP Markets

FP Markets is our second pick among the brokers we’ve reviewed in this piece because of its solid reputation for good ECN forex trading services, with many account options. One of these is the Raw ECN account, which some members of the WR Trading team love. Its razor-thin spreads start from 0.0 pips and a USD3 per side commission, drawing many traders to this account type.

WR Trading particularly values FP Markets’ advocacy for transparency. The broker makes its execution statistics available on its website for traders to consider when judging order execution quality and making significant decisions.

FP Markets supports the trading activities of many traders by requiring a small minimum deposit of AUD$ 100. It provides 24/7 multilingual customer support through telephone, toll-free numbers, and email and has walk-in options at the offices. The office address can be seen on the company’s website.

Feature	Detail
Account Type	ECN (Raw ECN)
Trading Platforms	MT4 (potentially FP Markets’ own platform)
Minimum Deposit	AUD$100
Regulation	ASIC (Australia), CySEC (Europe), FSCA (South Africa), FSA (Seychelles)
Tradable Instruments	10000+ Tradeable Assets, including 70+ Forex Pairs, Indices, Metals, Commodities
Spreads	Razor-thin spreads (from 0.0 pips)
Commissions	$3 per side commission

#3 Vantage Markets

As our third pick among ECN brokers, Vantage Markets stands out in its offering. We advise traders to opt for Vantage Markets’ Raw ECN Account. This account offers a pure ECN experience to clients by using tighter spreads from as low as 0.0 pips with no commission added. 

Vantage Markets champions safety and security through its regulation by the VFSC, or Vanuatu Financial Services Commission, in Vanuatu, the FSCA, or Financial Sector Conduct Authority, in South Africa, and the ASIC, or Australian Securities & Investments Commission, in Australia. This ECN broker requires a $50 minimum deposit to open an ECN account. There are no maintenance or inactivity fees with them.

The company caters to various trading styles through popular platforms such as MT4 and MT5 and its Vanatage mobile app. Vantage Markets offers many more markets where a trader could diversify their portfolio: CFDs in shares, ETFs, soft commodities, bonds, indices, and precious metals. Vantage Markets is our second-best because of its multilevel Tier 1 and 2 regulation and affordable minimum deposit requirement.

Feature	Detail
Account Type	ECN (Raw ECN)
Trading Platforms	MT4, MT5, Vantage Mobile App
Minimum Deposit	$50
Regulation	VFSC (Vanuatu), FSCA (South Africa), ASIC (Australia)
Tradable Instruments	CFDs on Shares, ETFs, Soft Commodities, Bonds, Indices, Precious Metals
Spreads	Tight spreads (from 0.0 pips)
Commissions	$3 commission per 1 LOT (100,000 base currency)

#4 RoboForex

RoboForex has an ECN account dedicated to professional traders. As our fourth pick at WR Trading, we appreciate its tight spreads from 0.0 pips and $20 in commission per round. The abundance of trading instruments RoboForex offers makes it stand out.

RoboForex offers traders the possibility of diversifying their portfolio in as many as 36 currency pairs, metals, and CFDs. With this extensive range of instruments, RoboForex easily attracts multi-asset traders searching for a single one-stop shop to manage their investments. 

For security reasons and to ensure a safe and secure trading environment, RoboForex is regulated by the FSC in Belize. This broker offers ECN accounts with no minimum deposit requirements and supports the MT4 and MT5 platforms.

Feature	Detail
Account Type	ECN
Trading Platforms	MT4, MT5
Minimum Deposit	No minimum
Regulation	FSC (Belize)
Tradable Instruments	36+ Currency Pairs, Metals, CFDs
Spreads	Tight spreads (from 0.0 pips)
Commissions	$20 per round commission

#5 Moneta Markets

As our fifth-best ECN broker, Moneta Markets has grown steadily to become one of the most popular ECN brokers globally. For us at WR Trading, their excellence in teaching their clientele about the markets sets them apart. Hence, their massive library of educational material—video tutorials, market analysis, and live market streams—aims to empower all traders, regardless of experience. 

The minimum deposit required in Prime ECN and Ultra ECN account types is $50 and $20,000, respectively. Regarding regulation, Moneta Markets is overseen by the FSCA (Financial Sector Conduct Authority) and the SLIBC (Saint Lucia Registry of International Business Companies).

This broker supports the MT4, MT5, and ProTrader platforms. According to the broker’s specification, traders have access to trade 44 forex pairs, 16 indices, and 19 commodities, together with more than 700 share CFDs, over 30 cryptos, more than 50 ETFs, seven bonds, and CFDs.

Feature	Detail
Account Type	ECN (Prime ECN, Ultra ECN)
Trading Platforms	MT4, MT5, ProTrader
Minimum Deposit	$50 (Prime ECN), $20,000 (Ultra ECN)
Regulation	FSCA (South Africa), SLIBC (Saint Lucia)
Tradable Instruments	44 Forex Pairs, 16 Indices, 19 Commodities, 700+ Share CFDs, 30+ Cryptos, 50+ ETFs, 7 Bonds
Spreads	Tight spreads (from 0.0 pips)
Commissions	$3 per lot per side (Prime account only)

#6 Pepperstone

With an excellent ECN execution model and a highly feature-filled, user-friendly interface, Pepperstone has become appealing to many traders. The account types available suit different classes of traders. The Razor Account is one of the more popular ones for us here at WR Trading. 

With a commission-based pricing structure, this account type is favoured by scalpers and day traders who would like minimal trading costs. In addition, the Razor account proudly offers ultra-tight spreads starting from 0.0 pips for only $3 per lot per side.

Pepperstone is registered and regulated by the UK’s FCA, ASIC of Australia, and the DFSA of Dubai, the UA, and E for enhanced security measures. Pepperstone does not charge a minimum deposit for opening an ECN account, but it offers trading platforms like MT4, MT5, cTrader, and TradingView. The company provides over 1,200 trading instruments in the indices, commodities, and cryptocurrency classes, enabling traders to access broad trading opportunities.

Feature	Detail
Account Type	ECN (Razor Account)
Trading Platforms	MT4, MT5, cTrader, Tradingview
Minimum Deposit	No minimum
Regulation	FCA (UK), ASIC (Australia), DFSA (Dubai)
Tradable Instruments	1,200+ Instruments (Indices, Commodities, Cryptocurrency)
Spreads	Ultra-tight spreads (from 0.0 pips)
Commissions	$3 per lot per side commission

#7 IC Trading

With ultra-tight spreads and execution speed, IC Trading has established itself as an ECN broker among the best available. One thing we love at WR Trading is the company’s setup and excellence in eliminating all possible delays in order processing. This is rather important to scalpers, for whom low latency is paramount.

For such traders, IC Trading has developed the Raw Spread account. The account is commission-based, with spreads as low as 0.0 pips. The Mauritian regulatory body also controls it—the Financial Services Commission, which ensures a safe trading environment, especially for clients from that region. The minimum deposit to open an account is $200.

In addition, this broker offers its traders multiple popular trading platforms like MT4, MT5, and cTrader. IC Trading provides access to a wide range of financial instruments apart from forex, including bonds, indices, futures, stocks, and cryptocurrency, thus engaging everyone in Forex and encouraging portfolio diversification.

Feature	Detail
Account Type	ECN (Raw Spread)
Trading Platforms	MT4, MT5, cTrader
Minimum Deposit	$200
Regulation	Financial Services Commission (Mauritius)
Tradable Instruments	Forex, Bonds, Indices, Futures, Stocks, Cryptocurrency
Spreads	Ultra-tight spreads (from 0.0 pips)
Commissions	Commission-based (details not specified)

#8 Tickmill

Tickmill is a trendsetter and reputable ECN broker that is popular among price-sensitive traders. The pricing of the Raw ECN account is very aggressive. It offers ultra-tight spreads starting from 0.0 pips, with a $3 commission per lot per side.

At WR Trading, we applaud how Tickmill provides a secure trading environment while remaining affordable. FCA regulates the broker in the UK, DFSA in the UAE, CySEC in Cyprus, and FSCA in South Africa. This broker’s minimum deposit is $100. Trading platforms such as MetaTrader 4 and MetaTrader 5, MetaTrader WebTrader, and the Tickmill mobile app are also available for this broker.

The company allows traders to expand and diversify into other instruments, such as stock indices, cryptocurrency, and bonds.

Feature	Detail
Account Type	ECN (Raw ECN)
Trading Platforms	MetaTrader 4, MetaTrader 5, MetaTrader WebTrader, Tickmill Mobile App
Minimum Deposit	$100
Regulation	FCA (UK), DFSA (UAE), CySEC (Cyprus), FSCA (South Africa)
Tradable Instruments	Stock Indices, Cryptocurrency, Bonds
Spreads	Ultra-tight spreads (from 0.0 pips)
Commissions	$3 per lot per side commission

#9 FBS

While FBS is more oriented to the Forex beginner through other account types, an ECN account is available. Orders are passed on directly to liquidity providers, giving new traders a firsthand view of market dynamics and allowing for tighter spreads.

Our view at WR Trading is that, as much as it has tried to offer an ECN option, FBS does not seem to have the most feature-filled offering. Its orientation toward new traders has resulted in fewer features than those brokers with a specific focus on ECN trading.

Despite this, the FBS ECN account is an apt entry point for new traders who want to get a feel for trading in an ECN environment with the user-friendly platforms MetaTrader 4 and MetaTrader 5. The required minimum deposit to open an ECN account is 5. The FSC—Financial Services Commission—regulates FBS.

Feature	Detail
Account Type	ECN
Trading Platforms	MetaTrader 4, MetaTrader 5
Minimum Deposit	$5
Regulation	FSC (Financial Services Commission)
Tradable Instruments	Forex (limited compared to other ECN brokers)
Spreads	Potentially tighter spreads compared to other FBS account types
Commissions	From 0%

#10 VT Markets

VT Markets has established itself as one of the better internationally acclaimed ECN brokers. Its high personalisation and account management service reflect its solid customer support.

Besides customer service, VT Markets offers a smooth trading experience. It gives access to popular trading platforms like MetaTrader 4 and 5 and facilitates different trading styles through available account options. The Raw ECN account is better suited for most traders; it is commission-based, set at $6 per round turn, with very tight spreads from as low as 0.0 pips and a minimum deposit of $100.

VT Markets is regulated by ASIC, FSCA, and the FSC for financial safety and security in Australia, South Africa, and Mauritius, respectively. Regarding tradable instruments, VT Markets offers Forex pairs, CFDs, indices, and commodities.

Feature	Detail
Account Type	ECN (Raw ECN)
Trading Platforms	MetaTrader 4, MetaTrader 5
Minimum Deposit	$100
Regulation	ASIC (Australia), FSCA (South Africa), FSC (Mauritius)
Tradable Instruments	Forex Pairs, CFDs, Indices, Commodities
Spreads	Very tight spreads (from 0.0 pips)
Commissions	$6 per round turn commission

What Is an ECN Broker in Detail?

An ECN broker is simply an Electronic Communication Network broker who links a retail trader through an electronic medium to a large pool of liquidity providers in the interbank market. Examples include big banks, hedge funds, and several other institutional players. There are various benefits of trading with ECN brokers:

• Potentially tighter spreads: An ECN broker typically has tighter spreads than a dealership broker, otherwise referred to as a market maker. This is because the prices originate from the liquidity providers, indicating changes in demand and supply within the market over time. 
• Less conflict of interest: With ECN brokers, there are very few conflicts of interest. Since an ECN broker does not take the other side of your trade, it is in their best interest to pass on the best possible price to you.
• Faster execution of orders: Since orders are matched automatically by electronic pairing within the network, traders can have faster order execution times with ECN brokers. This is quite useful for scalpers and day traders.

The Electronic Communications Network Explained

An ECN is an electronic system used in the marketplace to connect buyers and sellers. Forex trading refers to the network through which brokers link a retail trader to liquidity providers. Here’s how:

1. Order placement by trader: A trader will log a buy or sell order in the trading platform provided by the ECN broker.
2. Order dissemination: The ECN broker broadcasts the order electronically to the pool of liquidity providers in the network.
3. Price Matching: This allows your order to be matched with the best available counteroffer posted by any liquidity provider.
4. Order execution: In the case of a matching offer, a trade is executed at the agreed price.

Pros and Cons of ECN Brokers

Understanding the benefits and pitfalls of financially worthy or significant efforts is critical. Similarly, examine the advantages and disadvantages of trading using ECN brokers before you begin. 

No Conflict of Interest Between ECN Brokers and Traders

One of the primary advantages of ECN brokers is that they have less conflict of interest. An ECN broker does not act as a dealing desk broker or market maker who quotes prices to the trader with the motive of making a profit from spreads. On the other hand, an ECN Broker links a trader directly or through participants to interbank markets. 

ECN Brokers charge commissions according to the number of trades executed. Therefore, managing your order effectively is in the broker’s best interest. The broker earns through commissions charged per trade rather than profiting from spread manipulation. The right trading broker saves costs and ensures quick order execution.

Is ECN Trading via an A-Book?

Yes, most ECN brokers can be considered A-book brokers since they use the A-booking system. However, some may use a hybrid model, potentially routing a small portion of client orders internally for risk management. It’s crucial to choose an ECN broker that is transparent about its order execution policies.

The terms “ECN broker” and “A-book broker” are often used interchangeably, but there’s a subtle distinction.

• ECN Broker: This refers to the execution model, in which the broker connects traders directly with liquidity providers in the interbank market.
• A-Book Broker: Refers to the way the broker handles client orders. An A-book broker typically routes most, if not all, client orders directly to the interbank market without taking the opposite side of the trade themselves.

Is an ECN Broker Using a B-Book?

No, an actual ECN broker would not use a B-book model.

B-Book Broker (Market Maker): This broker takes the opposing side of your trade. They quote prices based on their inventory or sources of liquidity, which also means they are interested in the result. A B-book broker may widen spreads or engage in requotes to profit from the difference between the bid and ask price.

ECN Broker vs Dealing Desk Brokers (Market Makers)

Here’s a more detailed comparison of ECN brokers and dealing desk brokers (market makers):

Feature	ECN Broker	Dealing Desk Broker (Market Maker)
Execution Model	Connects traders with liquidity providers	Maybe wider
Conflict of Interest	Lower	Higher
Spreads	Potentially tighter	May be wider
Commissions	Often charged	May not be charged
Order Execution	Faster (electronic matching)	It may be slower (manual intervention)
Transparency	Generally higher	Generally lower

Conclusion

Choosing the right Forex broker is a critical decision that can significantly impact your trading experience. ECN brokers offer several advantages. However, they also typically charge commissions and may have higher minimum deposit requirements.

WR Trading recommends carefully considering your trading style and budget when selecting an ECN broker. 

Frequently Asked Questions (FAQ)