ECN trading are considered the most transparent of all forex brokers. They do not make a profit from the difference in spreads or other customer losses. Commissions are the only profit. These brokers really want customers to profit, otherwise they will have no commission fees. That why ECN trading is very well known in the financial sector nowadays. And as far as I know, the best forex brokers can be classified into almost infinite series. All of them have their own advantages and many different approaches to helping online transactions become feasible. In addition, I would like to say one thing for you to know that the US and UK brokers are more professional and reliable than the rest of the world. Although, Cyprus brokers are offering better trading conditions such as: lower spread, lower margin, greater trading platforms and modern payment systems… If you need to compare forex trading platforms to find the best one for you. I think here are a few things you need to know in advance. As there are a number of factors involved in comparing forex trading platforms, in my article, I will cover a wide range of aspects for you to consider your last choose. WHAT ARE THE STANDARDS OF BEST ECN BROKER? The standards that I give below are based on my experience and professional judgment. You can rely on what I share to choose a reliable broker and perform services as following points:
So, how to know which brokers are reliable brokers? First and foremost, choosing a broker without control regulations will push you to the risk of fraud and the broker does not also easily get good regulation. What is the regulation? Regulations are profit or on-profit organizations, who responsible for managing the law firms to all regulated brokers and force them to obey. Here are some:
Here are some of the typical disadvantages of ECN forex broker on the UK and US market:
As a result, it is the higher margin requirements.
My own view of the matter that only one reliable regulation is sufficient to demonstrate that they comply with reliable financial standards and that the company has good finances. In addition, people will not be able to afford the reputation of a broker as they have a license from such famous agencies. There are top 5 broker and their regulations With these regulations plus a good reputation, it gives 3 forex brokers the highest monthly trading volume in the world. There are:
LOWEST TRADING COST US brokers charge higher spread and commission As I mention in above that they get more disadvantages due to regulations, the spread and commission is their main income. Therefore, they have to charge spread and commission. An example: Forex.com, they charges from 1.7 - 2 pip for trading for couple EUR/USD. But, five above brokers charge very little spreads, normally only half or less than UK brokers. For ECN accounts, they charge from 0.0xx pip of spread and from 5 - 7$ for each lot traded. Exness is given at the lowest spreads charge from 0.0xx pip. For normal account, their spread is zero and 5$ for commission per lot. Meanwhile, ICMarket’s commission charges from 6 to 7$, XM charge 6$. Better payment systems/methods for Asia market I see that there are some excellent brokers in US and UK that they are highly regarded in their own country. But elsewhere, they may say a lot worse. Especially in Asia and Africa. For example, if I deposit by Credit Card in my (Asian) country, the banks will charge me from 1.7 - 4% in my fund. It's hard to earn 5% monthly while I have to pay 4% just for depositing. For that reason, dealing with these brokers is absolutely no sense to me. So choosing an ECN broker that offers local payment systems is extremely momentous. Which brokers have the best payment system? Among the brokers I have ever traded, I was completely impressed by Exness' payment system. Since, they offer up to 30 different payment methods. Besides, the most of local payment system were enjoying the free-charged. Normally it takes several hours to several days to take away money from the bank. But for Exness is another story, you can get your money in just a few seconds as well as withdraw to your banks within minutes. Why Exness can do this? Owing to the fact that they build an automatic system without interfering with anyone in all processes. Just order matching, you can receive money immediately. In addition, Exness also has to spend a lot of money on these systems: electronic wallets, banks, local payment systems ... to keep all transactions running automatically. It cannot be wrong to say that Exness is an excellent broker in this respect. These ECN brokers offer better rebates/bonuses For many experts investing too much money in rebates / bonuses makes them less interested in. Because of what they care most about is the credibility, swap spread and payment systems of brokers. However, rebates and bonuses have great relation to cost. If you get 5$ rebate per lot? It means you are saving 0.5 pip spread for trading XXX/USD. To my mind, if the brokers are reliable, there rebate and bonus program are exceedingly attractive. It is particularly for beginners, FXTM and XM will offer bonus programs absolutely fascinating when just one click to register to create an account, you will receive $ 30 welcome bonus as well as can get 100% bonus when depositing. What would happen if I told you that US/UK brokers don’t allow to offer bonuses program due to the regulations as I mentioned earlier. But unfortunately it is true. THE BEST TRADING CONDITIONS Their ECN quotes are better I have just completed a survey of 100 traders with the topic is "What kind of forex account do you think is best?" And the results are not what I think, there are 95% traders think that ECN account is the best account. In fact, about 80% of them are trading Market Maker and STP accounts. In fact, the biggest advantage of ECN account is low cost and transparency. It is worth mentioning here is that ECN always mindful of the volatility. Beginners will bear more risk because their quotes are more volatile than STP and MM accounts Moreover, ECN slippages are higher and the quotes are unstable. There are more no-quote errors and gaps. The cause is that ECN is a free market, where hundreds of thousands of traders are taking advantage, cheating on each other. Of course dealing with a company (Market Maker) and a bank (STP) is much more stable. So that is why we need ECN brokers to provide more stable quotes and less slippages. Why these retail forex brokers’ quote are better? Some people think that the biggest foreign exchange broker as liquidity providers will offer better quotes. But that's not true. That is why it is not stable because of the liquidity provider provides its quotation. There are a lot of no-quote, slippages and gaps. But 5 brokers above do not provide a price. They receive quotes from dozens of liquidity providers at once. And then choosing the best quotes that will be offered to retail customers. It's much better because in the case of a liquidity provider having a quote problems, they will get quotes from others. And they are always the best quotes among the top liquidity providers. Here are top 3 Best ECN quote brokers 1 Exness.com Check it now 2 FxPro Check it now 3 ICMarket Check it now The best trading platforms It does not seem to me that anything is perfect, including MT4 and MT5, which are the two most popular trading platforms. We are incompatible with a number system as Windows Vista, XP and also cannot be installed in a smart phone. That is why some brokers have invested their trading platform more compatible with phone. FxPro and XM are leading in the improvement of transaction platforms. The best support broker While most brokers only support online and in English. These brokers support an average of more than 20 languages. Not only do they support live chat, phone and local office but they also support 24/7 service for the most popular languages such as English, Chinese and Thai. As you know, the foreign exchange market is a very complex environment. Most traders will need a lot of early guidance. So, support plays a very important role. If the broker can assist merchants in the local language, it will become easier. The brokerage company primarily operates in Asia and Africa. And these countries are the largest foreign exchange markets: China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia, Arab countries… Most forex brokers have offices in China, Thailand, Indonesia, Malaysia and Dubai. For countries where they do not have regional offices, they support by live chat and phone. Here are some brokers with the support they are using: - Exness supports 13 languages and 24/7 - XM supports 30 languages and 24/7 - FxPro supports 19 languages Wish you choose the most suitable ECN forex broker! Read more : THE UPDATE OF TOP 5 LARGEST FOREX BROKERS IN 2018 SEE FULL LIST NOW!
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