When selecting a good broker to trading I make sure that you have to spend much time to determine even you can read over 100 newspapers to find out answering. Therefore, today I write this article to help you know more top 5 best ECN forex brokers reviewed 2018.
I list down 5 best ECN brokers to consult.
I will show some questions and answer them to give you some useful information
Question 1: What are the standards of best ECN broker?
4 standards to assess a good broker
- Trading conditions
- Trading cost
Question 2: How to know which brokers are reliable brokers?
Regulations are tools to support you determine whether a broker is good or not good.
Each regulation has their own regulations that all regulated brokers have to follow such as:
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
Obviously, regulations can guarantee the safety for traders. On the other hand, regulations cause many trouble problems. Here are common disadvantages of US/UK ECN brokers such as high spread and commission, higher margin requirements, less trading platforms supported, less payment methods…
Question 3: What is my opinion about regulation?
Some people said that: “the more regulation, the better”. Do you agree with this idea? Personally, I don’t totally agree. I don’t deny regulation is not vital. But the more regulations are, the more cost are. So, I think one reliable regulation is enough. Broker need one reliable regulation to prove that they follow reliable financial standards and company has good financial health.
Question 4: What regulations do these brokers have?
|1||Exness.com||CySEC, FCA (UK)|
|2||FxPro.com||CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).|
|3||XM.com||CySEC, FCA, ASIC|
As you see, all of them got a reliable regulation such as: CySEC, FCA or ASIC.
Question 5: Why are these brokers reliable than US and Europe brokers?
Some the following figures help you to answer this question. They are in top largest forex brokers:
- Exness is the largest retail forex brokers: $400 Billions monthly.
- XM Trading volume: $300 Billions monthly
- FxPro: $ 100 Billion monthly.
All these retail brokers are developing around 10 years old. And there aren’t any scandals about finance.
Example: Many traders complained Exness trading platform that: they got Stop Loss when the price weren’t hit stop loss prices. Because Exness price chart is Bid price. But Stop Loss will be Ask or Bid price depend on your buy or sell positions.
Question 6: Which brokers have the lowest trading cost ECM brokers or US and UK brokers?
I put to an example to guess this answer. For instance, for ECN accounts, they charge from 0.0xx pip spread and from 5 – 7$ for each Lot. Especially, Exness’s spreads are from 0.0xx pip. If the market doesn’t have fluctuations, its spreads even are zero. While Forex.com and FXCM charges from 1.7 – 2 pip for trading EURUSD. ICMarket charges from 6 – 7$, XM charges 6$. So, I think you want to make a profit, why don’t you choose Exness. Obviously, these ECN brokers charge lowest trading cost.
Question 7: What brokers have the best payment system?
With over 30 different payment methods no brokers can keep pace with its speed. And in most of their target countries, they offer many local payment systems which are free-charged. For US and UK brokers, they are wonderful for inside country but they are quite bad in the world. As usual, it takes a long time to withdraw money, but Exness payment system is fast. They built an auto system which no one can prevent in the process. Moreover, Exness also has to put a lot of money to these systems: e-wallets, banks, local payment systems… to keep all transaction run automatically.
Question 8: Why do brokers have to improve customer service?
To give advice many different traders brokers support a lot of languages. As you know, most brokers only support online and by English while ECN brokers support average more than 20 languages and diversified form such as live chat, phone, local office, etc. They support 24/7 for top most popular language such as: English, Chinese, and Thai. Languages help both traders and brokers to co-operate and develop. And these countries are the biggest forex markets: China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia, Arabic countries…
Most of these forex brokers have office in China, Thailand, Indonesia, Malaysia and Dubai.
They support by live chat and phone with countries no regional office.
– Exness supports 13 languages and 24/7
– XM supports 30 languages and 24/7
– FxPro supports 19 languages
Question 9: Why some brokers have invested their trading platforms?
As you may already know, 2 most favored trading platforms are MT4 and MT5. But they aren’t perfect because they aren’t suitable for some operation system such as Windows Vista, XP even some phones. Now, FxPro and XM occupied the top position in developing/improving trading platforms.
Question 10: How do rebates/bonuses play role in trading?
I found that most experts pay attention to broker’s credibility, spread and payment systems. They are not interesting in rebates or bonuses due to cost. What if you get 5$ rebate per lot? It means you are saving 0.5 pip spread (if trading XXX/USD). For me, if the brokers are reliable, there rebate and bonus program are extremely fascinating.
Question 11: Why did their ECN carry out different what they think is right?
After I did a survey of 100 traders I found out the reason why 80% brokers are trading Market Maker and STP account. The best advantage of ECN account is low cost and transparency. But death disadvantage of ECN is volatility. Trading ECN account is risky for beginners because its quotes are much more volatile than STP and MM accounts. Better quotes mean there are less slippages, gap, and no-quote problems. ECN account lack these factors. Therefore, we need ECN brokers that can create more stable quotes and less slippage…
Here are top 3 Best ECN quote brokers