30 Best ECN Forex Brokers in SA

Best ECN Forex Brokers SA

Forex brokers that use Electronic Communications Networks (ECNs) allow clients to access currency and stock markets directly and they are able to provide more flexible trading hours, tighter spreads and price transparency. This article reviews the 30 Best ECN Forex Brokers in SA.

The advantages of using ECN brokers include tight spreads, trading hours that are not restricted by market hours, and price feed transparency and price history. 

Price history can be used conveniently for market analysis and price manipulation is limited because current and past prices can be viewed at all times.

The downside of ECN brokers is the high trading and commission fees that often come with trading with these brokers.

ECN brokers are beneficial for traders who have busy schedules and for those who want tighter spreads.

 

Admiral Markets (Admirals)

Admiral-Markets

 

Admiral Markets recently rebranded to Admirals on the mark of its 20th anniversary and is in the process of being transformed into a personal finance provider with an extended product offering.

The Admirals website is well-developed and user-friendly, and traders can choose to trade with MetaTrader or the brand new Admiral Markets trading app.

Admiral markets is regulated by CySEC and FSA, and holds and official AFSL license.

 

Pros and Cons 

✔️Pros Cons
Negative Balance Protection  Does not support social/copy trading
Excellent selection of analysis and research tools Penalty fee after one year of inactivity
Comprehensive library of educational resources
Flexible account types

 

Fees and Commissions

Features Prices
Minimum deposit $50
Average spread EUR/USD – active 0.6
Average spread EUR/USD – standard 0.7
VIP or active trader discounts No
Maximum leverage 1:30 (retail clients)
Account currencies USD, CHF, EUR, BGN, HRK, PLN, RON, CZK, HUF, GBP
Instruments Forex, Bonds, Stocks, ETFs, CFDs

 

Alpari International

Alpari International

 

Alpari International has over 2 million active traders and boasts 20 years of experience in the Forex trading industry, and is regulated by the Financial Services Commission of Mauritius

Traders can choose from more than 250 instruments in the markets of stocks and currencies.

Beginners can use a free demo account along with a variety of educational courses and guides so that they can learn to trade in a risk-free environment.

Experienced traders have access to CopyTrading features and advanced Strategy Managers that can be used on the MetaTrader platforms.

 

Pros and Cons 

✔️Pros Cons
Comprehensive educational resources No fixed spread accounts
CopyTrading platform Not regulated by CySEC, ASIC or FCA
Multilingual customer support team
Autochartist signals 

 

Fees and Commissions

Features Prices
Minimum deposit $5
Average spread EUR/USD – active 0.82
Average spread EUR/USD – standard 0.92
VIP or active trader discounts Yes
Maximum leverage 1:1000
Account currencies USD. NGN, EUR, GBP
Instruments Forex, Metals, CFDs, Cryptocurrencies

 

AvaTrade

AvaTrade

 

AvaTrade was established in 2006 and is regulated across 6 jurisdictions, including the ASIC, MiFID and the FSC.

AvaTrade offers a wide range of platforms, including AvaTradeGO, AvaOptions, AvaSocial WebTrader, MetaTrader 4, and MetaTrader 5.

Traders have access to more than 80 comprehensive articles, up to 50 video tutorials, an investor’s dictionary and interactive webinars.

 

Pros and Cons 

✔️Pros Cons
Free deposits and withdrawals Spreads are not fixed
Innovative research tools Commission charged on trades
Highly regulated Penalty fee for inactivity
Compatible with multiple platforms

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.62
Average spread EUR/USD – standard 0.92
VIP or active trader discounts Yes
Maximum leverage 1:400
Account currencies USD, EUR, GBP. CHF. AUD
Instruments Forex, Stocks, Commodities, Indices, ETFs, Bonds, Cryptocurrencies

 

Axi (AxiTrader)

AxiTrader

 

Axi was founded in 2007 as AxiTrader and rebranded in 2020 as a Forex and CFDs broker. 

Axi is regulated by the FCA, ASIC and FMA, and has won several awards since its inception.

Traders can choose from Individual, Joint or Corporate accounts, and accounts have different fee structures based on the account type.

Axi trader is compatible with  MetaTrader 4 and provides traders with advanced trading tools, such as Zulutrade, MyFXBook, trading alerts and signals, and PsyQuation.

 

Pros and Cons 

✔️Pros Cons
No minimum deposit Difficult to find account information without signing up
Tight, raw spreads Accounts may take up to 3 days to create
No penalty fee for inactivity
Flexible accounts offered

 

Fees and Commissions

Features Prices
Minimum deposit $0
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts No
Maximum leverage Up to 1:30
Account currencies AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD, USD
Instruments Forex, Cryptocurrencies, Metals, Indices, Commodities

 

Axiory

Axiory was launched in 2011 as an ECN and STP broker with a comprehensive list of trading resources, including advanced trading tools, risk management features and technical analysis.

Traders are provided with Autochartist, customizable indicators, Expert Advisor functionality, historical data on MetaTrader 4 and 5, and Axiory Strike Indicators.

The Axiory website is well-developed and easy to navigate, and is suitable for beginners and professionals alike.

 

Pros and Cons 

✔️Pros Cons
Beginner-friendly Only 2 base currencies for accounts
5 account types to choose from Commission charged on stock CFDs
Negative Balance Protection Cannot be accessed by US citizens
Compatibility with MetaTrader, FIX API and cTrader

 

Fees and Commissions

Features Prices
Minimum deposit $50
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts No
Maximum leverage Up to 1:777
Account currencies EUR, USD
Instruments Forex, Stocks, Indices, Energies, Metals

 

BDSwiss

BDSwiss has been operational since 2012 and was established as an STP and ECN broker that is compatible with the MetaTrader platforms and cTrader.

BDSwiss has won several awards and offers more than 250 trading instruments and access to highly liquid international markets.

BDSwiss is regulated by CySEC and FSA, and offers 3 different account types that offer low commission fees and tight spreads.

BDSwiss reports a monthly trading volume of more than $84 billion, with 1.5 million accounts registered and $56 million trades executed annually.

 

Pros and Cons  

✔️Pros Cons
Daily market analysis updates Not available to US and Canadian clients
Trading academy for beginners No fixed spread accounts
Highly regulated broker
151 deposit methods

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts No
Maximum leverage Up to 1:400
Account currencies USD, EUR, CHF, GBP, DKK
Instruments Forex, Shares, Indices, Metals, Energies, Cryptocurrency, Commodities, Stocks

 

Blackbull Markets

BlackBull-Markets

 

Blackbull Markets is an ECN and STP broker that was founded in 2014 and is based in Auckland, New Zealand, with international offices around the globe.

Traders are provided with flexible account options, as well as a special account for active and high volume traders.

Blackbull Markets is primarily a MetaTrader broker which facilitates all forms of trading, including Algorithmic trading, and traders have access to VPS servers.

Blackbull Markets also offers referral bonuses, and social traders can use MyFxbook and Zulutrade.

 

Pros and Cons 

✔️Pros Cons
Zero-commission trading accounts No access to US clients
Low spreads with fast execution speeds Fixed spread accounts not available
More than 300 trading instruments
Excellent partnership programs

 

Fees and Commissions

Features Prices
Minimum deposit $200
Average spread EUR/USD – active 0.76
Average spread EUR/USD – standard 0.76
VIP or active trader discounts Yes
Maximum leverage 1:500
Account currencies USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, ZAR
Instruments Forex, Indices, Commodities, Precious metals, Energies

 

City Index

City Index

City Index is an award-winning Forex broker with over 35 years of experience in the trading industry.

Nearly 300,000 traders are clients of City Index and more than $5 billion worth of trading assets have been traded by customers.

City Index is regulated by the FCA and offers access to 12,000 markets, prioritizing Spread Betting, Forex trading and CFD trading.

City Index is compatible with MetaTrader, which gives traders an opportunity to use advanced charts, reliable trading signals and alerts, and a variety of innovative research and analysis tools.

 

Pros and Cons

✔️Pros Cons
Listed on NASDAQ Penalty fees for inactivity
Great selection of products Stock CFD fees are high
Deposits and withdrawals are free Only one account type to choose from
Part of StoneX

 

Fees and Commissions

Features Prices
Minimum deposit £50
Average spread EUR/USD – active 0.8
Average spread EUR/USD – standard 0.8
VIP or active trader discounts Yes
Maximum leverage Up to 1:50, depending on region and instrument
Account currencies USD, CHF, EUR, GBP, HUF, AUD, JPY, PLN
Instruments Indices, Shares, Forex, Commodities

 

easyMarkets

easyMarkets

 

easyMarkets is an ASIC and CySEC-regulated Forex broker with over two decades of experience in the trading industry. 

The user-friendly website can be used to find all information relating to accounts, platforms, special trading tools, educational resources and market analysis features.

The innovative easyMarkets app is well-developed and easy to use, and new traders have access to a demo account and the easyMarkets trading academy.

It is easy to register an account, but verifying your account and claiming your welcome bonus may take some time.

 

Pros and Cons 

✔️Pros Cons
Innovative tools to control trades Not available to USA 
Fixed spreads A minimum deposit is required to access some education materials
Negative Balance Protection
Beginner-friendly

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.9
Average spread EUR/USD – standard 0.9
VIP or active trader discounts Yes
Maximum leverage 1:400
Account currencies EUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC
Instruments Shares, Indices, Metals, Forex, Vanilla Options, Cryptocurrencies, Commodities

 

Eightcap

Eightcap is an Australian Forex broker that was founded in 2009, and is regulated by the ASIC and VFSC.

Beginners have access to a variety of educational resources and articles that will help them to gain a fundamental understanding of Forex trading and using MetaTrader platforms.

Eightcap offers multilingual customer support and guarantees low spreads, starting at 0.0 pips.

 

Pros and Cons 

✔️Pros Cons
Compatibility with MetaTrader platforms Limited selection of trading instruments
Extremely low spreads offered High commission charged on Raw account 
Hedging and Scalping allowed No advanced market or research tools offered
Supports trading with EAs

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.0
Average spread EUR/USD – standard 2.0
VIP or active trader discounts No
Maximum leverage Up to 1:500
Account currencies AUD, USD, EUR, GBP, NZD, CAD, SGD
Instruments Forex, Commodities, Indices, Shares, Cryptocurrencies

 

eToroeToro

 

More than 3 million trades have been opened on eToro since 2007, and an average yearly profit of 83,7% is reported for CopyTraders.

eToro is regulated by FCA and CySEC, and caters to Social and Copy traders alike, with many useful tools and features for experts and beginners.

eToro is a popular Stocks broker, offering opportunities to invest in companies like Amazon, AMD, Google, Nvidia and Tesla.

 

Pros and Cons 

✔️Pros Cons
Supports CopyTrading Difficult to find detailed account information
Supports Social trading Forex fees are high
Flexible leverage Withdrawal fee of $5
Free stock and ETF trading in EU

 

Fees and Commissions

Features Prices
Minimum deposit $500
Average spread EUR/USD – active 1.0
Average spread EUR/USD – standard 3.0
VIP or active trader discounts Yes
Maximum leverage Up to 1:30, depending on instrument

1:400 for professional accounts

Account currencies USD, AUD, CNY, CAD, GBP, EUR, JPY, RUB
Instruments Stocks, Commodities, Indices, Forex, ETFs, Cryptocurrencies

 

ETX Capital

ETX Capital

 

ETX Capital is a London-based CFD broker that was founded in 1965, offering more than 5,000 CFD products and 62 currency pairs.

ETX Capital is regulated by CySEC and the FCA and has received positive reviews on customer support, which is available  24/7 on live chat, phone and email.

Traders are provided with advanced charting tools, watch lists, trading signals and alerts, and daily commentary on markets, as well as weekly webinars and top-tier Forex news updates.

 

Pros and Cons  

✔️Pros Cons
Withdrawals and deposits are free Only 3 base currencies for accounts
Great selection of educational resources Limited product offering
5,000 Stock CFDs to choose from
Interactive and customizable charts

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.81
Average spread EUR/USD – standard 0.81
VIP or active trader discounts No
Maximum leverage 1:200
Account currencies GBP, EUR, USD
Instruments Forex, Cryptocurrencies, CFDs

 

FOREX.com

Forex.com

 

FOREX.com is regulated by 6 international jurisdictions and operates as part of StoneX Group inc., with a total equity capital of $800 million.

FOREX.com offers trading courses based on trading experience that can be used along with a glossary and detailed trading and analysis guides.

Traders have access to market news and research that is updated on a daily basis and are provided with SMART Signals, performance analytics and a variety of innovative platform tools.

 

Pros and Cons 

✔️Pros Cons
Rebate program for high-volume traders Not regulated by CySEC
Low minimum deposit Penalty fee for inactivity
Withdrawals and deposits are free Difficult to find detailed account information
Customizable charts

 

Fees and Commissions

Features Prices
Minimum deposit $50
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.0
VIP or active trader discounts Yes
Maximum leverage Up to 1:500
Account currencies EUR, GBP, USD, AUD, CHF, JPY
Instruments Forex, Stocks, Indices, Commodities, Cryptocurrencies

 

FP Markets

FP Markets

 

FP Markets was founded in 2005 as an ECN broker and provider of Direct Market Access and CFD trading.

Low spreads are guaranteed, starting at 0.0 pips, and scalping is allowed.

FP Markets offers two accounts that can be used on MetaTrader platforms and have access to a variety of trading instruments, including 60 currency pairs, metals, indices, and commodities.

 

FP Markets offers a unique Trading Toolbox that consists of the following 12 innovative trading tools:

  • Trader Toolbox Connect newsfeed
  • Alarm Manager
  • Correlation Trader
  • Correlation Matrix
  • Excel RTD, for monitoring and analysis
  • Market Manager
  • Stealth Orders
  • Tick Chart
  • Session Map
  • Trade Terminal
  • Mini Terminal
  • Sentiment Trader

 

Pros and Cons 

✔️Pros Cons
Excellent customer services Website seems underdeveloped
Registration is quick and easy Additional costs on certain products
No penalty fees for inactivity Stock CFD fees are high
Flexible account options

 

Fees and Commissions

Features Prices
Minimum deposit $100 AUD
Average spread EUR/USD – active 0.61
Average spread EUR/USD – standard 1.14
VIP or active trader discounts Yes
Maximum leverage 1:500
Account currencies AUD, CAD, CHF, EUR, GBP, JPY, PLN. SGD, USD, IDR, VND, THB, MYR, USD, GBP, RMB (depending on payment method)
Instruments Forex, Shares, Metals, Commodities, Indices, Crypto

 

FXCM

FXCM

 

FXCM was established in 1999 as a CFD and Forex broker, and is regulated by the FCA, ASIC, and the FSCA.

Despite the seemingly limited product offering, FXCM provides flexible ways of trading, multi-platform compatibility and supports algorithmic trading.

Traders can choose from several popular trading platforms, including Trading Station, MetaTrader 4, NinjaTrader, ZuluTrade, TradingView and Capitalise AI.

FXCM offers in-depth research material that can be used with advanced tools, such as market scanners, trading signals, live Forex charts, heat maps and tools for tracking market volatility.

 

Pros and Cons

✔️Pros Cons
Great selection of technical research tools Bank withdrawal fees are high
Comprehensive educational resources Limited product offering
Rebate and Referral Program Penalty fee for one year of inactivity
Allows Copy Trading

 

Fees and Commissions

Features Prices
Minimum deposit £300
Average spread EUR/USD – active 0.70
Average spread EUR/USD – standard 1.30
VIP or active trader discounts Yes
Maximum leverage Up to 1:400
Account currencies USD, EUR, GBP, JPY
Instruments Forex, Shares, Indices, Commodities, Cryptocurrencies

 

FXTM

FXTM

 

FXTM is a globally regulated and licensed broker with more than 2 million international clients, 800 multilingual employees, and over 5,000 traders you can copy.

Free educational resources are provided and FXTM is fully compatible with MetaTrader 4 and 5.

New clients can benefit from the referral program, and experienced traders can become Strategy Managers and earn commissions on the profits of traders who copy them.

FXTM hosts competitions and contests on a regular basis and guarantees that your funds will be protected.

FXTM has received multiple awards since its inception and is involved with several projects to support athletes, such as the UN Patron of the Oceans and the FXTm Basejump Project.

Traders can choose from three flexible accounts with zero commission or very low commission, tight spreads and a variety of trading instruments.

 

Pros and Cons 

✔️Pros Cons
Low spreads offered US traders not accepted
Low minimum deposit Penalty fees for inactivity
Highly regulated Withdrawals are not free
Offers PAMM accounts, CopyTrading and Managed accounts

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 1.0
Average spread EUR/USD – standard 0.8
VIP or active trader discounts Yes
Maximum leverage 1:2000
Account currencies USD, GBP, EUR, NGN
Instruments Forex, Metals, Stocks, Commodities, Indices

 

GO Markets

GO Markets

 

GO Markets is regulated by the ASIC and AFSL, guaranteeing security with advanced SSL encryption.

Traders can use the MetaTrader platforms and Genesis tools, and have access to free VPS and a set of innovative trading tools, such as Autochartist, Myfxbook, and Trading Central.

GO Markets offers tight spreads with zero-commission trading, and no additional fees are incurred for deposits and withdrawals.

 

Pros and Cons 

✔️Pros Cons
Hedging and Scalping allowed Penalty fees for inactivity
Free VPS offered Newsfeed is not updated daily
Tight spreads Many countries cannot access the servers
Free educational resources

 

Fees and Commissions

Features Prices
Minimum deposit $200 AUD
Average spread EUR/USD – active 0.2
Average spread EUR/USD – standard 1.1
VIP or active trader discounts No, but 20% deposit bonus offered
Maximum leverage 1:500
Account currencies AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD
Instruments Forex, Shares, Indices, Commodities, Cryptocurrency

 

HotForex

HotForex

 

HotForex was founded in 2008 as an ECN and STP broker, and is regulated by FCA, FSA, FSCA, and DFSA.

HotForex charges no account fees, and withdrawals and deposits are free of charge.

The web trading platform provides traders with 38 indicators that can be customized, a built-in economic calendar, access to trading history and 100 charts.

Traders can stay updated with advanced market insights and Forex news streams, and HotForex is also CopyTrader-friendly.

 

Pros and Cons 

✔️Pros Cons
5 account types offered Trading fees are high
Highly regulated Penalty fees for inactivity
18 trading tools provided
Negative Balance Protection

 

Fees and Commissions

Features Prices
Minimum deposit $5
Average spread EUR/USD – active 1.20
Average spread EUR/USD – standard 0.80
VIP or active trader discounts No
Maximum leverage 1:1000
Account currencies USD, ZAR, USD, NGN
Instruments Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, ETFs

 

IC Markets

IC-Markets

 

IC Markets offers accounts based on the type of trader you are and caters to day traders, scalpers, EA traders and retail traders.

IC Markets has been operational since 2007 and is the world’s most popular ECN broker.

IC Markets is regulated by the ASIC, CySEC, and FSA.

Traders can choose between using MetaTrader and cTrader, and have access to a set of innovative trading tools, including alarm managers, session maps and matrices, stealth orders, trading terminals, and a VPS server.

 

Pros and Cons  

✔️Pros Cons
Low spreads Live chat support is delayed
Hedging and Scalping allowed non-EU clients do not have investor protection
No penalty fees for inactivity Does not accept US clients
True ECN model

 

Fees and Commissions

Features Prices
Minimum deposit $200
Average spread EUR/USD – active 0.8
Average spread EUR/USD – standard 0.7
VIP or active trader discounts Yes
Maximum leverage 1:500
Account currencies CAD, USD, HKD, AUD, CHF, EUR, JPY, SGD, NZD
Instruments Forex, Indices, Commodities, Stocks, Bonds,Cryptocurrencies, Futures,

 

IG

IG Group

 

IG offers access to more than 17,000 markets for nearly 240,000 clients globally, and was founded in 1974.

IG offers specialised services to individuals and institutions respectively, and beginners can learn to trade using the comprehensive training academy provided.

Traders can stay updated using advanced trading tools and signals, and IG caters to more experienced traders who prefer to use APIs and Algorithmic trading.

Despite difficulty navigating the website for specific account information, all relevant documentation and company information is provided and accessible through the website.

 

Pros and Cons 

✔️Pros Cons
More than 17,000 markets to trade in GBP is the only account base currency
Supports weekend trading Difficult to find account information
Hedging allowed Stock CFD fees are high
Rebate program for high-volume traders

 

Fees and Commissions

Features Prices
Minimum deposit £250
Average spread EUR/USD – active 0.36
Average spread EUR/USD – standard 0.7
VIP or active trader discounts Yes
Maximum leverage 200:1
Account currencies GBP
Instruments Forex, Indices, Shares, Commodities, Cryptocurrencies, Bonds, ETFs, Options

 

INFINOX

INFINOX was founded in 2009 as a regulated STP and ECN broker that caters to more experienced traders.

INFINOX is compliant with the regulations of the FSC, FSCA, SCB, and FCA.

INFINOX is compatible with MetaTrader, which provides traders with advanced charting tools, technical analysis resources, EA functionality and customizable indicators.

Traders can choose between Individual, Joint, and Corporate accounts, as well as demo accounts, and Islamic traders can convert their accounts to swap-free accounts.

 

Pros and Cons 

✔️Pros Cons
Customer support in 15 languages Not listed on the Stock Exchange
Negative Balance Protection Penalty fees for inactivity
Trading fees are low Limited educational resources
Deposits and Withdrawals are free

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 1.1
Average spread EUR/USD – standard 1.1
VIP or active trader discounts No
Maximum leverage 1:500
Account currencies EUR, GBP, JPY, USD, AUD
Instruments Forex, Indices, Commodities, Equities, Futures

 

InstaForex

InstaForex

 

InstaForex was founded in 2007 and is regulated by CySEC, BVI and FSC, operating as part of Insta Global Ltd.

InstaForex has accumulated over 7 million clients since its inception and has received multiple awards.

Traders can choose from 2 main account types, namely the Single Live Trading account and the Investor’s account, as well as a demo account.

The European entity  offers ECN and Scalping accounts, and traders of Muslim faith are provided with an Islamic account.

 

Pros and Cons 

✔️Pros Cons
Cent and Islamic accounts offered Only 2 base currencies to choose from
10 trading servers provided US clients not accepted
Negative Balance Protection
Great variety of research and trading tools

 

Fees and Commissions

Features Prices
Minimum deposit $1
Average spread EUR/USD – active 1.9
Average spread EUR/USD – standard 1.9
VIP or active trader discounts No, but a sign up bonus is offered
Maximum leverage Up to 1:1000
Account currencies EUR, USD
Instruments Forex, CFDs, Gold, Silver, Options

 

IronFX

IronFX was launched in 2010 and is an award-winning broker that caters to retail and corporate traders respectively. 

More than 1 million traders trust IronFX, and clients can choose from 4 different account types designed around either fixed and floating spreads, or STP and ECN trading.

The IronFX introduces new traders to the markets through a series of guides and trading tutorials, and more experienced traders have access to advanced tools and features.

The website is well-developed and easy to navigate, and IronFX is regulated by CySEC, the FCA, and ASIC.

 

Pros and Cons 

✔️Pros Cons
Low spreads, starting at 0.0 pips High-volume traders do not get discounts
More than 40 international rewards received Paypal deposits not accepted
Fixed spreads offered
Zero-commission trading on most accounts

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.1
VIP or active trader discounts No
Maximum leverage 1:1000
Account currencies USD, EUR, AUD, JPY, GBP, CHF, RUN, PLN, HUF
Instruments Forex, Crypto, Commodities, Indices, Stocks, Metals, Energies, CFDs

 

LiteForexLiteForex

 

LiteForex is an ECN broker that was founded in 2005 and has a good reputation and more than 500,000 clients, despite having offshore regulations.

The website can be viewed in 15 international languages, and traders can benefit from all the advanced tools and features offered by the MetaTrader platforms.

LiteForex offers 2 account types, namely the Standard account and the ECN account, and provides a comprehensive library of educational resources for beginners, as well as demo accounts.

LiteForex is popular for hosting contests and competitions on a regular basis, and clients are refunded their deposit fees through the LiteForex reimbursement system.

 

Pros and Cons

✔️Pros Cons
Accommodates for social traders Limited product offering
Expert analysis provided Not available to US citizens
Compatible with MT4 and MT5
Low minimum deposit

 

Fees and Commissions

Features Prices
Minimum deposit $50
Average spread EUR/USD – active 1.8
Average spread EUR/USD – standard 1.8
VIP or active trader discounts No, but deposit bonus offered
Maximum leverage 1:500
Account currencies USD, EUR, MBT
Instruments Forex, Metals, Oil, Stocks, CFDs, Cryptocurrency

 

OANDA

OANDA

 

OANDA is trusted by leading organisations such as airbnb, twitter, Expedia, TESLA and pwc.

Traders can open a demo account or they can open a live account and trade on MetaTrader 4 or OANDA API, which is OANDA’s proprietary platform.

OANDA offers advanced charting tools, technical analysis,Algo Lab for Algorithmic traders,along with updated feeds on industry news and economic events.

OANDA is partnered with Mutlicharts, MotiveWave, and Beeks VPS.

 

Pros and Cons 

✔️Pros Cons
Highly regulated with a good reputation Regulation differs from one jurisdiction to the next
High-volume traders can use the Active Trader account  Trading conditions depend on jurisdiction
No minimum deposit Customer support is not 24/7
Negative Balance protection

 

Fees and Commissions

Features Prices
Minimum deposit $0
Average spread EUR/USD – active 1.2
Average spread EUR/USD – standard 1.4
VIP or active trader discounts Yes
Maximum leverage EU clients: 1:30

US clients: 1:50

AUS clients: 1:400

Account currencies EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
Instruments Forex, CFDs, Indices, Commodities, Bonds, Metals, Futures

 

OctaFX

OctaFX

 

OcatFX offers 3 different accounts based on the platform chosen and traders can choose between MetaTrader4, MetaTrader 5 and cTrader accounts.

OctaFX offers tight spreads, starting at 0.6, along with flexible leverage options.

For traders of Muslim faith, the MetaTrader 4 account can be converted to a swap-free Islamic account.

Hedging and scalping is allowed and OctaFX facilitates trading with Expert Advisors.

OctaFX supports Copy Traders and all traders can benefit from regular promotions and the referral program. 

The OctaFX website is easy to navigate and there is a variety of educational resources for beginners, as well as a set of advanced trading tools such as Autochartists, for more experienced traders.

 

Pros and Cons 

✔️Pros Cons
Low minimum deposit Limited product offering
Tight spreads Only 2 base currencies accepted 
CopyTrader-friendly
Compatible with popular platforms

 

Fees and Commissions

Features Prices
Minimum deposit $5
Average spread EUR/USD – active 0.5
Average spread EUR/USD – standard 1.0
VIP or active trader discounts No, but a Referral program is offered
Maximum leverage Up to 1:500
Account currencies EUR, USD
Instruments Forex, CFDs, Stocks, Commodities, Cryptocurrencies

 

Pepperstone

Pepperstone

 

Pepperstone was founded in 2010 and offers low spreads with more than 700 tradable instruments.

Pepperstone is trusted by nearly 90,000 traders and is highly-regulated by FCA, CySEC, BAFIN, ASIC, CMA, DFSA and SCB.

The Active Trader program caters to professional traders and offers daily cash rebates for high-volume traders.

Pepperstone accommodates for a variety of trading styles, including Spread betting, Social trading and CFD traders.

 

Pros and Cons 

✔️Pros Cons
Compatible with MetaTrader and cTrader No Cryptocurrencies
Supports Social Trading Educational content is limited
Variety of trading guides and analysis tools
Negative Balance Protection

 

Fees and Commissions

Features Prices
Minimum deposit $200
Average spread EUR/USD – active 0.86
Average spread EUR/USD – standard 1.13
VIP or active trader discounts Yes
Maximum leverage 1:500
Account currencies EUR, AUD, USD, GBP, JPY, CHF, CAD, HKD, NZD, SGD
Instruments Forex, indices, Commodities, Shares, Currency Indices

 

Tickmill

Tickmill

 

Tickmill is an award-winning ECN and STP broker that is regulated by the FCA, FSCS, FSA, CYSEC, MiFID, and ESMA.

All traders have access to a variety of trading tools and features, including Autochartist, Myfxbook, VPS, economic calendars, advanced Forex calculators and Pelican trading features.

Beginners can learn to trade using the educational resources provided by Tickmill, and traders receive daily Forex news updates, Technical and Fundamental analyses, and market insights.

 

Pros and Cons 

✔️Pros Cons
Negative Balance Protection Not available to US clients
Access to Autochartist and FIX API Fixed spread accounts not available
Zero-commission trading No cryptocurrencies
Highly regulated
Flexible account options

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.32
Average spread EUR/USD – standard 0.53
VIP or active trader discounts No, but welcome bonus is offered
Maximum leverage 1:500
Account currencies EUR, GBP, USD
Instruments Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs, Forex, Commodities

 

VantageFXVantage-FX

 

VantageFX is an award-winning broker that is regulated by the FCA and has an excellent Trustpilot rating.

Traders can choose from 3 types of accounts, each with multiple base currencies to choose from and access to all trading instruments.

Clients are provided with free trading signals, advanced economic calendars, and access to the MetaTrader 5 platform.

VantageFX offers Direct market Access and low spreads, and accounts are designed based on trading volume and experience.  

 

Pros and Cons

✔️Pros Cons
Tight spreads, starting at 0.0 pips 2/3 account types charge commission 
Negative Balance Protection
50% welcome bonus offered
More than 300 tradable assets

 

Fees and Commissions

Features Prices
Minimum deposit $100
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.4
VIP or active trader discounts Yes
Maximum leverage 1:500
Account currencies AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD
Instruments

 

XM

XM Group

 

XM is an award-winning Forex broker that is highly regulated by the ASIC, CySEC, IFSC, and DFSA.

Traders can choose from over 1,000 trading instruments that can be traded on 16 popular platforms.

The demo account offers a virtual account balance of $100,000 and traders are given several incentives for trading with XM, such as a $30 trading bonus without a deposit, a deposit bonus of up to $500 and the XM Loyalty Program with seasonal bonuses.

XM also offers free VPS services, Expert Advisors are allowed and no fees are charged on deposits and withdrawals.

 

Pros and Cons of 

✔️Pros Cons
Great selection of trading instruments No Cryptocurrencies
Many base currencies supported PayPal is not a supported payment method
Commission-free trading
Islamic accounts offered

 

Fees and Commissions

Features Prices
Minimum deposit $5 
Average spread EUR/USD – active 0.8
Average spread EUR/USD – standard 1.6
VIP or active trader discounts No, but there is a referral program
Maximum leverage 1:888
Account currencies USD, EUR, GBP, JPY, CHF,‎

AUD, HUF, PLN, RUB, SGD, ZAR

Instruments Forex, Stock, Commodities, Indices, Precious Metals, Energies, Shares

 

Conclusion

Choosing the right broker requires careful consideration and comparisons, but ECN brokers are known for providing faster market execution speeds and they offer tighter, lower spreads. 

ECN Forex brokers give clients direct access to deep liquidity markets and traders with busy schedules will benefit from the unconventional, flexible trading hours of ECN brokers.

 

Good luck with your trading!