An ECN broker is a type of financial intermediary that provides clients with direct access to other participants in the equity and currency markets via electronic communications networks (ECNs). An ECN is a computerized system that automatically matches buy and sell orders for securities in the market. When investors from different geographic areas want to complete a secure transaction without the use of a third party, ECN trading is useful. Moreover, ECN trading can offer traders cheaper fees as there is no third party taking their cut.
On another note, MetaTrader 4 combines functionality, intuitiveness, and customization to deliver traders one of the best trading environments in the world. In this review, we will present a list of ECN brokers with MT4. Let’s jump in.
As an ECN broker, FP Markets receives price feeds directly from their liquidity providers. FP Markets can offer extremely competitive spreads, ultra-low latency execution, and minimal slippage by connecting to a number of liquidity providers. Trading orders can be matched and executed at what FP Markets believes to be better prices thanks to ECN Pricing. It works extremely well for forex traders who use trading strategies like scalping via Expert Advisors because it speeds up the execution even more. The goal of their ECN pricing model, regardless of FP Markets’ hedging strategy, is to ensure quality execution at tight pricing.
This broker site offers CFD trading in Forex, Indices, Shares, Commodities, Metals, Cryptocurrencies, Bonds, and ETFs in addition to trading Forex. It offers several trading platforms including MetaTrader 4. Clients can also choose to trade on MetaTrader 5, IRESS, cTrader, WebTrader and mobile apps for iPhone and Android devices.
Finally, FP Markets is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC), and Financial Sector Conduct Authority (FSCA). The minimum deposit on FP Markets is set at $100 AUD or equivalent in another currency. It has competitive spreads that start as low as 1.0 pips on the standard account. Clients can also trade on the Raw account that features spreads starting from 0.0 pips and a commission of $3 per side per lot.
79.39% of retail CFD accounts lose money
Forex.com offers ECN trading on its Direct Market Access account. This account charges different commissions depending on the trading volume of a client. For example, a trader with a trading volume of $0M – $100M per month would pay a commission of $60 per $1 million traded. Luckily, traders on this broker site have MT4 available to trade with. It also offers MetaTrader 5 and Forex.com trader platforms.
With Forex.com clients have over 5,500 trading instruments from various global markets including forex, indices, cryptocurrencies, stocks, and commodities. It is important to note that traders from most countries can trade Forex and CFDs on stocks, commodities, cryptos and indices while US traders can trade over 80 currency pairs, Gold and Silver, Futures and Futures Options. Spreads on the major currencies start as low as 0.8 pips on the standard account.
Finally, let’s see how Forex.com’s activities are regulated. In the UK, Forex.com is regulated by the FCA, in Canada by the IIROC, in Cyprus by the CySEC, in Australia by the ASIC, and in the US by the NFA and the CFTC.
71.6% of retail investor accounts lose money when trading CFDs with this provider.
Pepperstone is classified as an ECN broker because it does not maintain a proprietary trading book. They obtain pricing from external liquidity providers via an electronic communication network, and this pricing is passed on to clients without the involvement of a dealing desk.
Several trading platforms are available including MetaTrader 4, MetaTrader 5, and cTrader. MetaTrader 4 is one of the most popular trading platforms for a reason. It is very versatile and comes with many tools for analysis and charting. Nonetheless, clients also have two more excellent platforms in MetaTrader 5 and cTrader to choose from.
Further, Pepperstone supports portfolio diversification by providing over 800 CFD instruments on Forex, indices, equities, energy and commodities, as well as other markets. There are two accounts Razor and Standard. On the standard account, spreads are starting from 1.0 pips with no commissions and on the razor account clients get competitive spreads beginning at 0.0 pips on major currency pairs ($3.50 per side/lot commission applies). Pepperstone is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC)
79.7% of retail CFD accounts lose money
IC Markets is a forex provider that uses the ECN pricing model, sourcing pricing from unrelated liquidity providers and passing it on to clients with no dealing desk intervention. They do not offset each and every position with their liquidity providers thus they are willing to take the market risk. This provides clients with better price certainty and faster execution speed.
With this broker, clients can choose between a variety of top trading platforms. For starters, they have access to MetaTrader 4. All the benefits of functionality, customization, and versatility are available. On top of that, clients have access to MetaTrader 5 and cTrader.
on another note, IC Markets provides an environment for trading forex, stocks, commodity CFDs, futures, bonds, and digital assets. Clients have three account types to choose from. These include the Raw Spread (cTrader), Raw Spread, and Standard. The minimum deposit is $200. Spreads are relatively low starting at 0.6pips in the standard account.
Now let’s look at the regulatory status of IC Markets. company is regulated by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority of Seychelles (FSA).
FBS is an international online forex broker that offers trading services such as ECN trading. Buyers and sellers can trade directly without the use of a middleman with an ECN account. An initial deposit of $1000 is required to open an ECN account with this broker. Remarkably, FBS promises clients great pricing when trading. Depending on the account a client is on, the spread can be floating, starting from 0.2 pips, or it can be fixed starting from 3 pips. Further, clients can trade on the zero spread account with 0.0 pips and pay a $6 commission. Additionally, the ECN account is available on MetaTrader 4 at FBS. If you want to test the account first, you can use a free demo account.
There are several global financial markets available to trade on the FBS broker site. These include forex, commodities, stocks, and cryptocurrencies. The broker offers other types of trading accounts such as Cent, Micro, Standard, and Zero Spread. The Cent account has the smallest initial deposit of $1. FBS also provides other trading platforms including MetaTrader 5 and a mobile trading app.
Lastly, FBS is regulated by the CySEC and the ASIC, which are two of the most reputable regulators in the forex space. The company also has regulations from the FSCA and the IFSC. Trading with a broker that has multiple regulations brings a sense of safety and legitimacy.
ECN trading is available at RoboForex via MetaTrader 4, MetaTrader 5, and cTrader. Furthermore, R WebTrader and R MobileTrader (the Company’s proprietary solutions) allow you to trade on MT4 accounts.
The company offers two of the best ECN accounts to traders, the ECN account and the Prime account. These accounts allow clients to trade with ultra-low spreads starting from 0.0 pips. As expected, both of these accounts require clients to pay a commission when trading. The ECN account requires a commission of $20 while the Prime account charges a commission of $10 and above.
The assets available for trading on the ECN account include 36 different currency pairs, metals, and cryptocurrencies. In contrast, the Prime account only features 28 currency pairs, metals, and cryptocurrencies. Finally, Roboforex is regulated by the CySEC, which allows it to operate in most countries in the European Economic Area.
Vantage Markets is a multi-asset broker that supports trading CFDs on Forex, Commodities, Indices, and Shares. It provides RAW ECN Account trading with razor-thin spreads starting at 0.0pips and institutional-grade liquidity. All Vantage clients with a RAW ECN account can benefit from competitive spreads and low commissions of $3.00 per standard lot, per side. Clients can begin trading with a $50 minimum deposit.
This broker offers clients a variety of apps to choose from. These include Vantage App, MT5, Protrader, WebTrader, and notably, MT4. All these are industry standard and powerful trading tools. Traders can pick and choose the trading platform that best suits their trading needs.
On another note, Vantage Markets is regulated by the ASIC in Australia, the CySEC in Cyprus, the CIMA in the Cayman Islands, The FSCA in South Africa, and the VFSC in Vanuatu.
FXTM is another ECN broker that avails the MT4 among its selection of trading platforms. Clients also have MT5 and the FXTM Trader trading platforms at their disposal. These are powerful and responsive trading platforms with many tools to help traders in their trading journey. The MT4 especially is one of the most popular platforms among both seasoned and beginner traders.
Additionally, FXTM offers several trading instruments from various global markets. These include forex, metals, commodities, indices, forex indices, and stocks. On top of that, the broker features some low spreads while trading. Specifically, the spreads on the ECN account can go as low as 0.0 pips for major currency pairs. However, there is a commission involved. Traders pay an average commission of $0.4 to $2 depending on the volume. The commission is variable on this platform and traders should be aware of the fees involved.
Finally, we look at the regulation of FXTM. FXTM has regulations from two of the best watchdogs in the industry, the FCA in the UK and the CySEC in Cyprus. Regulated companies have the best reputation in the market for a reason. Regulations from multiple regulators show that a company is committed to obeying the rule of law.
InstaForex is an ECN broker that operates under the regulations of the CySEC in Cyprus, the BVIFSC in the British Virgin Islands, and the FSC in St Vincent and the Grenadines. The regulation by the CySEC is noteworthy as it is one of the best financial regulators today.
Notably, InstaForex offers four main trading accounts. These include the Insta.Standard, the Insta.Eurica, the Cent.Standard, and the Cent.Eurica accounts. Boh the Insta.Standard and Cent.Standard accounts are spread-based. The spreads on these accounts range from 3 to 7 pips. On the other hand, the Insta.Eurica and Cent.Eurica accounts are commission based. Clients on this account pay a fee of 0.03% to 0.07%.
The minimum deposit on this broker site is $1 and clients get access to a variety of market instruments. Clients can invest in assets in the forex, shares, indices, metals, oil and gas, commodity futures, crypto, and Instafutures.
Regarding trading platforms, InstaForex delivers multiple software to pick from. Clients have access to MetaTrader 4, MetaTrader 5, Multiterminal, WebTrader, and InstaTick Trader. The MT4 is a top choice for many traders. Nonetheless, investors can pick and choose the trading platform that best suits their trading needs.
ECN brokers can offer clients a lot of advantages while trading. For starters, direct access to liquidity providers can lower trading fees as clients access live market prices. Additionally, this helps improve transparency when trading, increases execution speed, and much more. Pairing these advantages with the advantages of the MT4 presents quite an impressive trading environment for clients.
In this review, we looked at a list of some ECN brokers with MT4. We looked at the trading conditions these brokers offer to clients and their regulations. We believe that these brokers have what it takes to deliver clients quality services. Nonetheless, the choice of a trader comes down to their individual needs and preferences.
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