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 15 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)
USD 1 ASIC, FCA, EFSA, CySEC 📱 Platforms MT4, MT5, Admirals app ₿ Crypto Yes 💵 Account Currency USD, CHF, EUR, BGN, HRK, PLN, RON, CZK, HUF, GBP Yes 1:30 🛒 Instruments Forex, Commodities, Indices, Stocks, ETFs, Bonds 🏛️ Visit Broker
Minimum Deposit
Regulators
Islamic Account
Leverage
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 of Admirals:
| ✔️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 |
AvaTrade
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
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 of AvaTrade:
| ✔️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 |
BDSwiss
USD 200 CySec, FSC, FSA, BaFin, NFA 📱 Platforms MT4, MT5, BDSwiss app Yes 💵 Account Currency EUR, USD, GBP, PLN, CHF, SEK, DKK, NOK Yes 1:500 🛒 Instruments Forex, Commodities, Shares, Indices, CryptocurrenciesMinimum Deposit Regulators Islamic Account Leverage
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 of BDSwiss:
| ✔️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 |
City Index
Overall Rating £50 IIROC, JFSA, ASIC, FCA, CFTC MT4, City Index app ₿ Crypto No USD, CHF, EUR, GBP, HUF, AUD, JPY, PLN Yes 1:30 🛒 Instruments Indices, Shares, Forex, Metals Bonds, Options, Commodities 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators
Platform
Account Currency Islamic Account Leverage
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 of City Index:
| ✔️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 |
easyMarkets
Overall Rating USD 25 CySEC, ASIC, FSA 📱 Platforms MT4, TradingView, easyMarkets app ₿ Crypto Yes 💵 Account Currency EUR, CAD, CZK, JPY, NZD, USD, SGD, CHF, GBP, MXN, AUD, PLN, TRY, CNY, HKD, NOK, SEK, ZAR, BTC Yes 1:400 🛒 Instruments Forex, Shares, Crypto, Metals, Commodities, Indices 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
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 of easyMarkets:
| ✔️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 |
OvalX (ETX Capital)
Overall Rating USD 100 FCA, FSCA 📱 Platforms ETX TraderPro, MT4 ₿ Crypto Yes 💵 Account Currency GBP, USD, EUR No 1:30 🛒 Instruments Forex, Indices, Shares, Commodities, Crypto 🏛️ Visit Broker
3.4/5
Minimum Deposit Regulators Islamic Account Leverage
OvalX is a London-based CFD broker that was founded in 1965, offering more than 5,000 CFD products and 62 currency pairs.
OvalX 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 of OvalX:
| ✔️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 |
FP Markets
Overall Rating USD 100 ASIC, CySEC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF Yes 1:500 🛒 Instruments Forex, Shares, Metals, Indices, Commodities, crypto 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
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 of FP Markets:
| ✔️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 |
IC Markets
Overall Rating USD 200 FSA, CySEC, ASIC 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF Yes 1:500 🛒 Instruments Stocks, Commodities, Indices, Forex, Bonds, Crypto, Futures 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
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 of IC Markets:
| ✔️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 |
IG
Overall Rating USD 0 FCA, ASIC, CFTC, FINMA, MAS, JFSA, DIFC 📱 Platforms MT4, ProRealTime, L2 Dealer ₿ Crypto Yes 💵 Account Currency USD, GBP, AUD, EUR, SGD, HKD Yes 1:30 🛒 Instruments Crypto, Forex, Indices, Shares, Commodities 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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 of IG:
| ✔️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 |
INFINOX
Overall Rating USD 100 FSC, SCB 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, JPY, USD, AUD – 1:500 🛒 Instruments Forex, Indices, Commodities, Equities, Futures, Crypto 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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 of INFINOX:
| ✔️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 |
LiteFinance
Overall Rating USD 50 CySEC 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, EUR, MBT, USD, EUR, MBT Yes 1:1000 🛒 Instruments Forex, Metals, Oil, Stocks, NASDAQ CFDs, NYSE CFDs, Crypto 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
LiteFinance 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.
LiteFinance 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.
LiteFinance is popular for hosting contests and competitions on a regular basis, and clients are refunded their deposit fees through the LiteFinance reimbursement system.
Pros and Cons of LiteFinance:
| ✔️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 |
Pepperstone
Overall Rating USD 200 ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency USD, GBP Yes Low 🛒 Instruments Forex, Crypto, Shares, ETFs, Indices, Commodities 🏛️ Visit Broker
4.0/5
Minimum Deposit Regulators Islamic Account Leverage
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 a variety of trading styles, including Spread betting, Social trading and CFD traders.
Pros and Cons of Pepperstone:
| ✔️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 |
Tickmill
Overall Rating USD 100 FCA, FSCS, FSA, CYSEC, MiFID, ESMA 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD Yes 1:500 🛒 Instruments Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs, Forex, Commodities 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
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 of Tickmill:
| ✔️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 |
Vantage Markets
Overall Rating USD 200 ASIC, FCA, CIMA 📱 Platforms MT4, MT5, Vantage app, Protrader, Metaquotes apps, ZuluTrade, DupliTrade, MyFxBook ₿ Crypto No 💵 Account Currency AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD Yes 1:500 🛒 Instruments Forex, Indices, Energy, Soft commodities, Metals, CFDs 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
Vantage Markets 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.
Vantage Markets offers Direct Market Access and low spreads, and accounts are designed based on trading volume and experience.
Pros and Cons of Vantage Markets:
| ✔️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 |
XM
Overall Rating USD 5 ESMA, CySEC, ASIC, FCA, IFSC, DFSA 📱 Platforms Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto No 💵 Account Currency USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB Yes 1:1000 🛒 Instruments Commodities, Forex, Stocks, Crypto, Metals, Shares, Energies 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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 XM:
| ✔️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 |
Conclusion
Choosing the right broker requires careful consideration and comparisons, but these 15 Best ECN Forex Brokers in SA guarantee 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!
Disclaimer
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.
