Best ECN Brokers 2025
True electronic communication network (ECN) brokers use advanced technology to connect traders directly to liquidity providers, enabling faster executions, tighter spreads, and greater transparency – ideal for short-term traders who thrive on speed and efficiency.
Top 6 ECN Brokers 2025
We have personally tested 223 brokers and these are the 6 best ECN brokers:
Why Are These Brokers the Best for ECN Trading?
Here's a snapshot of why these are the top pure ECN providers:
- FOREX.com is the best ECN broker in 2025 - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- Dukascopy - Established in 2004, Dukascopy Bank SA is a Swiss online bank and brokerage providing short-term trading opportunities on 1,200+ instruments, including binaries. A choice of accounts (JForex, MT4/5, Binary Options) and sophisticated platforms (JForex, MT4/MT5) deliver powerful tools and market data for active traders.
- Sage FX - SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
- AZAforex - Established in 2016, AZAforex is an offshore broker offering short-term trading on 235+ global financial markets, including through binary options with payouts of up to 90%. Three accounts (Start, Pro and VIP) offer unique features, but all provide access to the broker’s Mobius Trader 7 platform, which has benefited from performance upgrades over the years.
- Plexytrade - Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Compare the Best ECN Brokers Across Key Areas
Zero in on the right true ECN broker for you with our comparison of key features important to active traders:
| Broker | Minimum Deposit | Leverage | Platforms | Regulators |
|---|---|---|---|---|
| FOREX.com | $100 | 1:50 | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | NFA, CFTC |
| Dukascopy | $100 | 1:200 | JForex, MT4, MT5 | FINMA, JFSA, FCMC |
| Sage FX | $10 | 1:500 | TradeLocker | Pending |
| AZAforex | $1 | 1:1000 | Mobius Trader 7 | GLOFSA |
| Plexytrade | $50 | 1:2000 | MT4, MT5 | - |
| World Forex | $1 | 1:1000 | MT4, MT5 | SVGFSA |
How Safe Are These ECN Trading Providers?
Here's how our top ECN brokers protect your funds:
| Broker | Trust Rating | Guaranteed Stop Loss | Negative Balance Protection | Segregated Accounts |
|---|---|---|---|---|
| FOREX.com | ✘ | ✔ | ✘ | |
| Dukascopy | ✘ | ✔ | ✔ | |
| Sage FX | ✘ | ✔ | ✘ | |
| AZAforex | ✘ | ✔ | ✘ | |
| Plexytrade | ✘ | ✔ | ✔ | |
| World Forex | ✘ | ✘ | ✘ |
Compare Mobile ECN Trading
Here's how these brokers measure up if you want ECN trading capabilities on your mobile:
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| FOREX.com | iOS & Android | ✘ | ||
| Dukascopy | iOS & Android | ✘ | ||
| Sage FX | iOS and Android | ✘ | ||
| AZAforex | iOS & Android | ✘ | ||
| Plexytrade | iOS & Android | ✘ | ||
| World Forex | iOS, Android + Web Browser | ✘ |
Are the Top ECN Brokers Good for Beginners?
Beginners should use ECN brokers that allow trading with virtual money (a demo account) and have other features that new traders require:
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Education Rating | Support Rating |
|---|---|---|---|---|---|
| FOREX.com | ✔ | $100 | 0.01 Lots | ||
| Dukascopy | ✔ | $100 | 0.01 Lots | ||
| Sage FX | ✔ | $10 | 0.01 Lots | ||
| AZAforex | ✔ | $1 | 0.0001 Lots | ||
| Plexytrade | ✔ | $50 | 0.01 | ||
| World Forex | ✔ | $1 | 0.01 Lots |
Are the Top ECN Brokers Good for Advanced Traders?
Seasoned traders need sophisticated features to elevate the ECN trading environment:
| Broker | Automated Trading | VPS | AI | Pro Account | Leverage | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| FOREX.com | Expert Advisors (EAs) on MetaTrader | ✔ | ✔ | ✘ | 1:50 | ✔ | ✘ |
| Dukascopy | Yes (EAs & FIX APIs) | ✘ | ✘ | ✘ | 1:200 | ✘ | ✘ |
| Sage FX | Expert Advisors (EAs) on MetaTrader | ✘ | ✘ | ✘ | 1:500 | ✘ | ✘ |
| AZAforex | - | ✔ | ✘ | ✘ | 1:1000 | ✘ | ✘ |
| Plexytrade | Expert Advisors (EAs) on MetaTrader | ✔ | ✘ | ✘ | 1:2000 | ✔ | ✘ |
| World Forex | ✔ | ✔ | ✘ | ✘ | 1:1000 | ✘ | ✘ |
Compare the Ratings of Our Top ECN Brokers
See how the top ECN brokers rate side-by-side in every critical area from our hands-on tests:
| Broker | Trust | Platforms | Assets | Mobile | Fees | Accounts | Research | Education | Support |
|---|---|---|---|---|---|---|---|---|---|
| FOREX.com | |||||||||
| Dukascopy | |||||||||
| Sage FX | |||||||||
| AZAforex | |||||||||
| Plexytrade | |||||||||
| World Forex |
Compare Trading Fees
Discover the most cost-efficient ECN brokers in the market:
| Broker | Cost Rating | Fixed Spreads | Inactivity Fee |
|---|---|---|---|
| FOREX.com | ✘ | $15 | |
| Dukascopy | ✘ | CHF 100 | |
| Sage FX | ✘ | - | |
| AZAforex | ✔ | $0 | |
| Plexytrade | ✘ | - | |
| World Forex | ✔ | - |
How Popular Are These ECN Account Brokers?
Lots of traders prefer the most popular brokers with ECN accounts (those with the most users):
| Broker | Popularity |
|---|---|
| FOREX.com | |
| Dukascopy | |
| World Forex |
Why Open An ECN Account With FOREX.com?
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Why Open An ECN Account With Dukascopy?
"If you’re an experienced trader, Dukascopy provides the tools you need: JForex for algorithmic strategies, competitive spreads from 0.1 pips, leverage up to 1:200, and the peace of mind of using a Swiss-regulated bank and broker."
Dukascopy Quick Facts
| Bonus Offer | 10% Equity Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options |
| Regulator | FINMA, JFSA, FCMC |
| Platforms | JForex, MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, PLN, CZK, AED, SAR, HUF, MXN |
Pros
- Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as both a broker and a bank, ensuring top-tier financial security and adherence to strict standards.
- The proprietary JForex platform is highly advanced, offering tools for algorithmic trading, extensive charting, and access to deep liquidity for short-term traders.
- Dukascopy features some of the best research we’ve seen, even a professional TV studio in Geneva covering financial news, market analysis, and daily insights from professionals.
Cons
- Some account types, such as the MT4/MT5 accounts, require a higher minimum deposit of $1,000, which may not be ideal for traders with smaller budgets.
- Dukascopy's withdrawal fees are higher than most competitors we’ve tested, particularly for bank wire transfers, which may deter traders who require frequent access to their funds.
- While Dukascopy provides some educational resources and 24/7 support, the complexity of its platforms and tools required extensive testing and may overwhelm newer traders.
Why Open An ECN Account With Sage FX?
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
Tobias Robinson, Reviewer
Sage FX Quick Facts
| Bonus Offer | $1,500 trading competition |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, indices, cryptos |
| Regulator | Pending |
| Platforms | TradeLocker |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Fast withdrawal processing
- Prop trading accounts with multiple funding tiers
- Low starting deposit from $10
Cons
- Lacks educational resources and other extra features
- Not regulated by any reputable body
- Relatively narrow range of asset classes
Why Open An ECN Account With AZAforex?
"AZAforex is best suited to active traders looking to make all-or-nothing bets on global markets through binary options and those looking for high leverage up to 1:1000 in return for weak regulatory safeguards."
AZAforex Quick Facts
| Bonus Offer | 25% Crypto Deposit Bonus, 120% Loyalty Bonus, 30% Spread Rebate |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Binary Options |
| Regulator | GLOFSA |
| Platforms | Mobius Trader 7 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.0001 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, MYR, IDR, CHF, RUB, THB, VND, UAH, CNY |
Pros
- AZAforex supports a huge and growing variety of payment methods, including bank transfers, credit/debit cards, e-wallets, and cryptocurrencies, providing flexibility for funding and withdrawals. This variety accommodates traders from different regions and preferences.
- AZAforex provides high leverage of up to 1:1000, allowing for potentially greater returns with smaller capital. While this comes with increased risk, it's an attractive feature if you are an experienced trader looking for aggressive growth strategies.
- Few brokers offer binary options as part of their portfolio. Still, AZAforex includes them, allowing you to speculate on short-term price movements with fixed risk and reward up to 90%.
Cons
- AZAforex offers basic trading guides and a blog but lacks robust educational tools such as video tutorials, webinars, or interactive learning resources. This makes it less appealing for beginners who need comprehensive learning support. A lot of the content is outdated, too.
- While functional during testing, the Mobius Trader 7 platform is proprietary and not widely used by other brokers. This creates risks of potential price manipulation or discrepancies in market data, as there's no external verification like with MetaTrader or cTrader.
- AZAforex still operates without regulation from a recognized financial authority, which raises concerns about transparency, fund safety, and accountability. You may have no recourse in disputes, making it riskier than regulated brokers.
Why Open An ECN Account With Plexytrade?
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
- US residents are accepted as clients, distinguishing Plexytrade as one of the rare offshore brokers that cater to US-based traders.
Cons
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
- Plexytrade lacks regulation in major jurisdictions, significantly increasing the risks of opening an account and depositing funds.
Why Open An ECN Account With World Forex?
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- VPS hosting
- Copy trading solution
- Several different account types with varied pricing structures
Cons
- Weak regulation
- Withdrawal fees apply
- No negative balance protection
What Is An ECN Broker?
The simple definition is that Electronic Communication Network (ECN) brokers enable traders to place competing bids against each other.
They are Non-Dealing Desk (NDD) brokers, meaning that instead of passing orders to market makers who take the opposing position in a trade, they connect buyers directly with sellers. W
hen they cannot match two counter-parties, they reflect the highest bid and lowest ask price listed in the open market.
ECN forex brokers act as a major source of liquidity for retail traders versus major market makers like large banks, hedge funds and other financial institutions.
They are the fastest-growing brokerages globally and are particularly popular for forex trading, offering greater transparency for investors.
ECN Brokers Vs STP Brokers
ECN brokers are very similar to Straight Through Processing (STP) providers. STP brokers also have no dealing desk. Listed trades are routed to the broker’s group of liquidity providers, such as hedge funds, big banks and investors. These providers act as counter-parties for each trade and compete for the best bid/ask spreads.
The broker effectively acts as a silent facilitator, connecting the trader with its internal liquidity pool and taking its fee from a mark-up in the spread.
The primary difference with ECN vs STP brokers is routing. Whereas the STP broker provides access to different providers in their liquidity pool, the ECN plays the role of a hub. The hub essentially acts as the primary liquidity source, formed of the different hedge funds, banks and market players.
The other notable difference is position size. ECN brokers typically cap minimum position sizes at 0.1 lots. This is a result of few liquidity providers being able to cater to smaller position sizes, which can prove challenging for beginners.
Both ECN and STP models offer fast executions and tight spreads which lend them to a range of strategies, including scalping trading. In fact, many ECN, STP or hybrid brokers offer zero-pip forex spreads, though they may charge a fixed commission per lot.
Benefits Of ECN Brokers
There are several advantages to trading with an ECN broker:
- Execution speed – Pure ECN forex brokers such as Pepperstone connect you directly to liquidity providers ensuring direct market access and faster fills.
- Transparency – ECN brokers prevent price manipulation as everyone uses the same feed and trades at a defined price. No investor enjoys a built-in advantage over other traders on the ECN.
- Trading hours – ECN providers generally let you trade beyond traditional trading hours, allowing investors to react to after-market news announcements, for example.
- Leverage – Top ECN brokers typically offer leveraged forex trading. Ratios vary depending on your jurisdiction, but it’s not uncommon to find 1:30+ leverage levels.
- Scalping – Rapid order executions and tight spreads lend ECN brokers to high volume scalping forex strategies. With that said, it’s worth checking the broker’s guidelines around scalping before you deposit funds.
- Regulation – ECN providers are often heavily regulated. This is particularly important in light of the increasing number of online forex scams. The best ECN brokers are regulated and meet compliance measures. See our list of the best ECN brokers above for trustworthy providers.
Drawbacks Of ECN Brokers
Downsides to trading with ECN brokers include:
- Commission – Forex commissions charged by most ECN brokers usually range between $2.50 to $7.00 per lot. Fees can be higher compared to trading other non-ECN trading brokers. This may mean ECN is less favorable for low-volume retail traders or those with micro-accounts.
- Volatility – Forex markets are vulnerable to sudden upsurges in variable spreads, especially during high market volatility. It’s therefore important traders use appropriate risk management tools.
- Deposits – The best ECN brokers generally come with higher opening deposits than standard trading accounts from our tests. This is because ECN providers often shift the responsibility of meeting market liquidity requirements on the trader. This is the opposite of a market maker broker who can intervene to provide liquidity on the trader’s behalf, and therefore offer lower minimum deposits.
How To Identify The Best ECN Brokers
The top true ECN brokers are regulated by reputable financial agencies. For example, if you’re trading forex in the UK, check the provider is regulated by the FCA. For traders in Europe, check for CySEC regulation. Reliable regulators will cap leverage limits to protect a trader’s risk exposure.
Logistically, location is significant as the best ECN brokers can only accept accounts for traders in the countries they work within. For example, RoboForex cannot accept traders in the USA, Japan, Canada and Australia, despite being a top ECN broker.
This means clients from the US will need to look to another broker, such as FOREX.com, another top ECN brokerage.
Similarly, the best ECN brokers in Kenya, Dubai, Malaysia, Cyprus or the Philippines might differ from the top providers in Nigeria, South Africa, India, Australia and Singapore.
You should also check the trading fees and commissions and whether you are allowed to start with a demo account. This will give you time to practice and get familiar with the platform, whether you are using MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader or another.
Brokers offer different platforms so it’s important to use one you feel comfortable with.
Other considerations to take into account on your broker checklist comparison should include:
- Fast deposit and withdrawal processing times
- Providers with a history of at least two years
- Brokers with no deposit bonuses
- A decent customer support team
- Forex trading rankings
- Good online reviews
Bottom Line
ECN brokers bring significant benefits for forex traders in the US, UK and beyond. High levels of market transparency mean price manipulation is harder.
With that said, it’s still worth looking for regulated ECN brokers. Leverage levels, commissions, plus trading tools are also important to consider when opening a live account with an ECN broker.
FAQ
How Do ECN Brokers Make Money?
ECN brokers typically make money from fixed commissions charged to the customer on each trade. This is in contrast to market maker models that generally take their cut from the spread.
What Is The Difference Between A Market Maker And ECN Broker?
Market makers help ensure there’s enough liquidity so trades can be executed seamlessly. Market maker brokers typically take the opposing side of a trade. In contrast, ECN brokers connect buyers and sellers, drawing on various liquidity providers.
ECN brokers usually offer tighter spreads, faster order execution and increased transparency.