ECN brokers list | ECN/STP Forex brokers

ECN Forex Brokers (No Dealing Desk + STP + DMA + ECN)

*To be able to compare commission rates, we list them all as “Commission per round turn (100K)”.

There are different ways of listing commission rates:

Example: $6.00 per round turn lot (100k) = $3.00 per side (100k) or $3.00 per 100K USD traded = $30.00 per million USD traded or $60.00 per million USD traded round turn = 0.006% of the trade.

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Broker Type Regulation Minimum deposit Spreads EUR/USD
24option ECN/STP, DMA/STP, STP CYSEC, IFSC $1 1.2 pips - Mini account
0.8 pips - Standard account
4XNetworks ECN/STP $1 2 pips - Mini account
2 pips - Standard account
AAATrade ECN/STP, STP, Market Maker CYSEC $500 1.8 pips - Mini account
1.8 pips - Standard account
0.2 pips - ECN account
Adamant Finance ECN/STP $1 2 pips - Mini account
0.5 pips - Standard account
ADS Prime ECN/STP, STP FCA 0.7 pips - Mini account
0.7 pips - Standard account
Advanced Markets ECN/STP, DMA/STP ASIC $500000
AITS FX ECN/STP $500 1.6 pips - Mini account
1.6 pips - Standard account
1.6 pips - ECN account
ArgusFX ECN/STP, STP CYSEC $1 0.7 pips - Mini account
0.7 pips - Standard account
AssetsFX ECN/STP, DMA/STP $200
ATC Brokers ECN/STP, STP NFA, CFTC, FCA $5000 0.1 pips - Mini account
0.1 pips - Standard account
ATIORA ECN/STP, DMA/STP, STP $50 1.2 pips - Mini account
1.2 pips - Standard account
0.15 pips - ECN account
Atom8 ECN/STP, DMA/STP, STP FCA 0.6 pips - Mini account
0.6 pips - Standard account
Axiory Europe ECN/STP, DMA/STP CYSEC $1000 0.9 pips - Mini account
0.9 pips - Standard account
0.1 pips - ECN account
AxiTrader ECN/STP, DMA/STP ASIC, FCA $1 0.6 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
Bacera ECN/STP ASIC $300 1.7 pips - Mini account
1.7 pips - Standard account
1.7 pips - ECN account
Back Bay Markets ECN/STP, STP, Market Maker $250 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
BancoFX ECN/STP $1 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
BANX Trading ECN/STP, STP, Market Maker $1 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account
BAXTER-FX ECN/STP ASIC $50000 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
BCapitalsFX ECN/STP, STP FSA $10 0.6 pips - Mini account
0.1 pips - Standard account
0.4 pips - ECN account
BelforFX ECN/STP, STP $100 3 pips - Mini account
3 pips - Standard account
0.4 pips - ECN account
BILLION CAPITALS ECN/STP $50 2.5 pips - Mini account
1.6 pips - Standard account
0.6 pips - ECN account
BlackBull Markets ECN/STP FSPR, FSC $200 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
Blitzbrokers ECN/STP, DMA/STP FCA $100 1 pips - Mini account
1 pips - Standard account
Bulbrokers ECN/STP, STP, Market Maker FSC, CNVM Romania $100 2 pips - Mini account
0.8 pips - Standard account
CAPPROFX ECN/STP, STP $10 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
CFH Clearing ECN/STP, STP FCA $50000
CIM Bank ECN/STP, STP SBA, FINMA, is a licensed bank 0.7 pips - Mini account
0.7 pips - Standard account
Circle Markets ECN/STP, STP FSPR, FSC $100
Core Liquidity Markets ECN/STP, DMA/STP ASIC $250 0.3 pips - Mini account
0.3 pips - Standard account
CornerTrader ECN/STP, STP FINMA $1 4 pips - Mini account
3 pips - Standard account
0.2 pips - ECN account
Divisa Capital ECN/STP, DMA/STP FSPR, FSC, FCA, Central Bank of Armenia $5000 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Dukascopy Bank SA ECN/STP FINMA, ARIF, SCF Revision SA, is a licensed bank $100 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
ECM Trader ECN/STP FSC $100 20 pips - Mini account
20 pips - Standard account
15 pips - ECN account
EightCap ECN/STP, STP, Market Maker ASIC $100 0.9 pips - Mini account
0.9 pips - Standard account
EVFOREX ECN/STP FCA $500 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
EXNESS ECN/STP, Market Maker CYSEC, FCA $1 0.3 pips - Mini account
0.1 pips - Standard account
FCI Markets ECN/STP, DMA/STP, STP FCA $250 0.8 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Fidelis (Belize) ECN/STP, DMA/STP FSC $5 0.8 pips - Mini account
0.8 pips - Standard account
Fidelis Capital Markets (Cyprus) ECN/STP CYSEC $5 2.1 pips - Mini account
1.7 pips - Standard account
0.2 pips - ECN account ECN/STP, STP Ministry of Economic Affairs in Estonia $50 0.5 pips - Mini account
0.5 pips - Standard account
Formax Prime Capital ECN/STP, STP FCA $1000 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account
Fort Financial Services ECN/STP, STP FSC $5 2 pips - Mini account
1.3 pips - Standard account
0.1 pips - ECN account
FreshForex ECN/STP, STP, Market Maker $1 2 pips - Mini account
1.3 pips - Standard account
Fullerton Markets ECN/STP, STP FSPR $100 2 pips - Mini account
2 pips - Standard account
0.6 pips - ECN account
FW Markets ECN/STP, DMA/STP $100 2.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
FX Choice ECN/STP, Market Maker FSC $100 0.5 pips - Mini account
0.5 pips - Standard account
FX-EDGE ECN/STP $200 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
FXBM STP, ECN/STP $50 1.6 pips - Mini account
1.6 pips - Standard account
0.6 pips - ECN account
FXCC ECN/STP, STP CYSEC $100 0.4 pips - Mini account
0.4 pips - Standard account
0.4 pips - ECN account
FXDD Malta ECN/STP, Market Maker FSA $1 1.5 pips - Mini account
1.5 pips - Standard account
0.1 pips - ECN account
FXFair ECN/STP, DMA/STP $25 2 pips - Mini account
2 pips - Standard account
FxFlame ECN/STP $50 1.2 pips - Mini account
1.2 pips - Standard account
0.5 pips - ECN account
FXGlobe ECN/STP, STP CYSEC $250 1.7 pips - Mini account
1.7 pips - Standard account
FxNet Market Maker, ECN/STP, STP CYSEC $50 2.3 pips - Mini account
2.3 pips - Standard account
FxOnUs ECN/STP $50 0.7 pips - Mini account
0.7 pips - Standard account
0.7 pips - ECN account
FXOpen ECN/STP, Market Maker ASIC, FCA $1
FXORO ECN/STP, STP, Market Maker CYSEC $250 2 pips - Mini account
1.2 pips - Standard account
FXPRIMUS ECN/STP, STP CYSEC $100 2 pips - Mini account
0.8 pips - Standard account
GAIN Capital Group ECN/STP, Market Maker NFA, CFTC, FCA, FSA, FSC, ASIC, FINRA $100000 0.2 pips - Mini account
0.2 pips - Standard account
GAINSY Market Maker, ECN/STP, STP $10 0.1 pips - Mini account
0.1 pips - Standard account
GCM Forex ECN/STP, Market Maker SPK $100 2 pips - Mini account
2 pips - Standard account
1.7 pips - ECN account
GDA Fincorp ECN/STP, STP $50 2.5 pips - Mini account
1.7 pips - Standard account
0.8 pips - ECN account
GDMFX ECN/STP, STP $100 2 pips - Mini account
2 pips - Standard account
0.4 pips - ECN account
GO Markets ECN/STP, STP ASIC $200 1.2 pips - Mini account
1.2 pips - Standard account
0.8 pips - ECN account
Grand Capital ECN/STP, STP $10 2.1 pips - Mini account
2.1 pips - Standard account
1.4 pips - ECN account
Hantec Markets ECN/STP, STP FCA, ASIC $1000 1.8 pips - Mini account
1.8 pips - Standard account
0.2 pips - ECN account
HiWayFX ECN/STP, STP $20 0.8 pips - Mini account
0.8 pips - Standard account
House of Borse ECN/STP FCA $50000
Hydra Markets ECN/STP, STP $100 1.2 pips - Mini account
1.2 pips - Standard account
0.4 pips - ECN account
IC Markets ECN/STP, STP ASIC $200 1 pips - Mini account
1 pips - Standard account
IC Markets Forex Rebates ECN/STP, STP $200 1 pips - Mini account
1 pips - Standard account
ICM Capital ECN/STP, Market Maker FCA $200 1.6 pips - Mini account
1.6 pips - Standard account
Interactive Brokers ECN/STP NFA, CFTC, FCA, IIROC, NYSE, FINRA, SIPC $3000
InterTrader Direct ECN/STP FSC
INTFX ECN/STP, STP $25 2 pips - Mini account
2 pips - Standard account
0.1 pips - ECN account
Investorseurope ECN/STP, DMA/STP FSC $250 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
IronFX ECN/STP, STP, Market Maker FCA, ASIC, CYSEC $100 1.1 pips - Mini account
ITI FX ECN/STP, DMA/STP $50 1.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
IV Brokers ECN/STP, STP FSC $100 1.4 pips - Mini account
1.4 pips - Standard account
JustForex ECN/STP, STP, Market Maker FSC $1 2 pips - Mini account
Key To Markets ECN/STP, STP FSPR, FSC, FCA $100 1 pips - Mini account
1 pips - Standard account
0.2 pips - ECN account
KVB Kunlun ECN/STP, STP ASIC, SFC of Hong Kong, FMA New Zealand, FSPR $1 1.3 pips - Mini account
1.3 pips - Standard account
1.3 pips - ECN account
Land-FX ECN/STP, STP FCA, FSPR $300 0.3 pips - Mini account
0.3 pips - Standard account
Larson and Holz ECN/STP $250 0.01 pips - Mini account
0.01 pips - Standard account
0.01 pips - ECN account
LCG (London Capital Group) ECN/STP, STP, Market Maker FCA $1 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account ECN/STP, DMA/STP, STP CySEC, FSCA, FSB $100 2 pips - Mini account
2 pips - Standard account
MaxFX ECN/STP, STP CYSEC $200 0.9 pips - Mini account
0.9 pips - Standard account
0.1 pips - ECN account
MB Trading ECN/STP NFA, CFTC, FINRA, SIPC $400 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
MBA ECN/STP, Market Maker $10 2.5 pips - Mini account
1.5 pips - Standard account
0.2 pips - ECN account
MEX EXCHANGE ECN/STP, STP, Market Maker ASIC $200 0.5 pips - Mini account
0.5 pips - Standard account
MEX Group ECN/STP, STP FCA, ASIC, FSC, UAE RAK $200 2 pips - Mini account
1.4 pips - Standard account
0.2 pips - ECN account
MFX Broker ECN/STP, Market Maker FSC $1 2 pips - Mini account
2 pips - Standard account
Mocaz Financial Markets ECN/STP, STP $10 2.1 pips - Mini account
1.2 pips - Standard account
0.2 pips - ECN account
MTI Markets ECN/STP, STP $100
MTrading ECN/STP, STP FSC $100 2 pips - Mini account
2 pips - Standard account
NAS Broker DMA/STP, ECN/STP $300 0.7 pips - Mini account
0.7 pips - Standard account
Nexsus Financial Markets ECN/STP, Market Maker FCA $250 2 pips - Mini account
1.8 pips - Standard account
0.6 pips - ECN account
NordFX ECN/STP, STP CySEC $5 3 pips - Mini account
1 pips - Standard account
NSD Markets ECN/STP, STP, Market Maker $50 0.3 pips - Mini account
2.5 pips - Standard account
0.3 pips - ECN account
NSFX ECN/STP, STP FSA $300 3 pips - Mini account
3 pips - Standard account
0.9 pips - ECN account
One Financial Markets ECN/STP, Market Maker FCA, FSB $250 0.7 pips - Mini account
0.7 pips - Standard account
0.4 pips - ECN account
Orbex ECN/STP, Market Maker CYSEC $500 1.9 pips - Mini account
1.5 pips - Standard account
0.6 pips - ECN account
Pacific Financial Derivatives (PFD-NZ) ECN/STP, STP FMA New Zealand, FSPR, FDR $1 0.4 pips - Mini account
0.4 pips - Standard account
Pearl Capital Markets ECN/STP FSA $200
Pepperstone ECN/STP, DMA/STP FCA, ASIC $200 1 pips - Mini account
1 pips - Standard account
PhillipCapital ECN/STP ASIC $200 1 pips - Mini account
1 pips - Standard account
0.6 pips - ECN account
Price Markets ECN/STP, Market Maker FCA $500
Profx Market ECN/STP, DMA/STP $10 1 pips - Mini account
1 pips - Standard account
0.5 pips - ECN account
Progrex ECN/STP, STP $5 3 pips - Mini account
3 pips - Standard account
Rakuten Securities Australia ECN/STP, STP ASIC $50 0.7 pips - Mini account
0.3 pips - Standard account
RBS - Royal Bank of Scotland ECN/STP, Market Maker FCA, is a licensed bank 1 pips - Mini account
1 pips - Standard account
Real-Forex ECN/STP, STP $2000 1.6 pips - Mini account
1.6 pips - Standard account
1.2 pips - ECN account
Renesource Capital ECN/STP, STP FKTK in Latvia $10 0.6 pips - Mini account
0.6 pips - Standard account
RoboForex ECN/STP, STP, Market Maker CYSEC, FSC $1 0.4 pips - Mini account
0.4 pips - Standard account
Royal Forex Trading (RFXT) ECN/STP, Market Maker Central Bank of Lebanon, CMA Lebanon, ASIC $1 0.6 pips - Mini account
0.6 pips - Standard account
0.1 pips - ECN account
Rubix FX ECN/STP ASIC $500 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
SaudiQuote ECN/STP, STP $10000 1.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
Seven Star FX ECN/STP, STP FSC $200 1 pips - Mini account
1 pips - Standard account
Solforex ECN/STP, STP FSPR $200 1.5 pips - Mini account
1.5 pips - Standard account
0.1 pips - ECN account
Sterling Gent Trading (SGT) ECN/STP, DMA/STP FSC $50 1.6 pips - Mini account
0.9 pips - Standard account
STO - SuperTradingOnline ECN/STP, DMA/STP, Market Maker CYSEC, FCA, CONSOB $20 1.8 pips - Mini account
1.8 pips - Standard account
0.3 pips - ECN account
Sucden Financial ECN/STP, STP FCA 3 pips - Mini account
3 pips - Standard account
Sunbird ECN/STP, DMA/STP $1000 1.2 pips - Mini account
1.2 pips - Standard account
0.7 pips - ECN account
Synergy FX ECN/STP ASIC $100 1.2 pips - Mini account
1.2 pips - Standard account
0.2 pips - ECN account
tegasFX ECN/STP FSC $200 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
TempleFX ECN/STP FCA $50 1.6 pips - Mini account
1.1 pips - Standard account
Thinkmarkets ECN/STP, DMA/STP FCA, ASIC $250 0.8 pips - Mini account
0.8 pips - Standard account
Tickmill ECN/STP, STP FSA, FCA $25 1.6 pips - Mini account
1.6 pips - Standard account
Tifia ECN/STP FSPR $100 0.8 pips - Mini account
0.8 pips - Standard account
Titan FX ECN/STP, STP FSPR $200 1 pips - Mini account
1 pips - Standard account
0.1 pips - ECN account
TMS Europe ECN/STP, Market Maker FSA 1.2 pips - Mini account
1.2 pips - Standard account
1.2 pips - ECN account
TopFX ECN/STP CYSEC $1 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account ECN/STP, DMA/STP, STP CYSEC $250 2.2 pips - Mini account
2.2 pips - Standard account
TradeFxP ECN/STP, STP, Market Maker $25 2.1 pips - Mini account
2.3 pips - Standard account
0.5 pips - ECN account
TraderNovo ECN/STP, STP $100 0.8 pips - Mini account
0.8 pips - Standard account
0.8 pips - ECN account
Traders Way ECN/STP, DMA/STP, Market Maker $1 2 pips - Mini account
0.7 pips - Standard account
TradersTFX ECN/STP $100
TradeV ECN/STP, STP $500 2.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
Tradeview Forex ECN/STP, DMA/STP CIMA $100 0.7 pips - Mini account
0.7 pips - Standard account
0.1 pips - ECN account
TradeWiseFX ECN/STP, STP $25 1.6 pips - Mini account
1.6 pips - Standard account ECN/STP CYSEC $1000 0.5 pips - Standard account
TrioMarkets ECN/STP, STP CYSEC $500 1.4 pips - Mini account
1.4 pips - Standard account
0.1 pips - ECN account
Turnkey Forex ECN/STP, STP $5 0.3 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
USGFX ECN/STP, Market Maker ASIC, FSPR $100 2.8 pips - Mini account
2.2 pips - Standard account
1.3 pips - ECN account
Valutrades ECN/STP FCA $100 1 pips - Mini account
1 pips - Standard account
Vantage FX ECN/STP, STP ASIC $100 1 pips - Mini account
1 pips - Standard account
VARIANSE ECN/STP, DMA/STP FCA $500 1 pips - Mini account
1 pips - Standard account
Vipro Markets ECN/STP, STP CYSEC $25 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Wenn Markets ECN/STP $100 3 pips - Mini account
3 pips - Standard account
0.1 pips - ECN account
XtreamForex ECN/STP, STP $5 1 pips - Mini account
1 pips - Standard account
Yadix ECN/STP, DMA/STP FSC $100 1.5 pips - Mini account
1.5 pips - Standard account

Do you know another NDD/STP/ECN Forex broker? Please suggest by adding a comment below.

Forex brokers: ECN vs STP vs NDD vs DD

Dealing desk versus No dealing desk order processing

DD — Dealing Desk — Forex brokers that operate (route orders) through the Dealing Desk and quote fixed spreads. A dealing desk broker makes money via spreads and by trading against its clients. A Dealing Desk Forex broker is called a Market Maker – they literally “make the market” for traders: when traders want to sell, they buy from them, when traders want to buy, they sell to them, e.g. they will always take the opposite side of the trade and in this way “create the market”. A trader doesn’t see the real market quotes, which allows Dealing Desk brokers (Market Makers) manipulate with their quotes where they need to in order to fill clients orders.

NDD — No Dealing Desk — NDD Forex brokers provide access to the interbank market without passing orders trough the dealing desk. With true No Dealing Desk brokers there are no re-quotes on orders and no additional pausing during order confirmation. This, in particular, allows trading during news times with no restrictions on trading.
An NDD broker can either charge commission for trading or choose to increase the spread and make Forex trading commission free.
No Dealing Desk brokers are either STP or ECN+STP.
STP — Straight Through Processing — STP Forex brokers send orders directly from clients to the liquidity providers – banks or other brokers. Sometimes STP brokers have just one liquidity provider, other times several. The more there are liquidity providers and therefore liquidity in the system, the better the fills for the clients.
The fact that traders have access to the real-time market quotes and can execute trades immediately without dealer intervention is what makes the platform STP.
ECN — Electronic Communications Network — ECN Forex brokers additionally allow clients’ orders to interact with other clients’ orders. ECN Forex broker provides a marketplace where all its participants (banks, market makers and individual traders) trade against each other by sending competing bids and offers into the system. Participants interact inside the system and get the best offers for their trades available at that time. All trading orders are matched between counter parties in real time. A small trading fee – commission – is always applied.
Sometimes STP brokers are discussed as if they were ECN brokers. To be a true ECN, a broker must display the Depth of the Market (DOM) in a data window, let clients show their own order size in the system and allow other clients to hit those orders. With ECN broker traders can see where the liquidity is and execute trades.

Broker types and revenues: fixed vs variable spreads vs commission

ECN Forex brokers always have variable spreads. Only ECN brokers charge commission for trading Forex. Commission is the only revenue/profit an ECN broker receives. ECN brokers are not making money on bid/ask (spread) difference.

An STP Forex broker is compensated through the spread (spread markups – to be explained in details below).

STP brokers have a choice of offering variable or fixed spreads. STP brokers route all trading orders to the liquidity providers – banks. These brokers, as intermediaries between their clients and banks, receive prices (spreads) posted by the banks on the Interbank market. Most banks, in fact, offer fixed spreads and are market makers.
An STP broker therefore has 2 options:
1. Let spreads be fixed.
2. Leave the spread at 0 and let the system take the best bid and ask from the number of banks (the more the better) and in this way provide variable spreads.
How an STP broker earns its money? Since STP brokers (as well as ECN) don’t trade against their clients, they add own small markups to the spread quote. This is done by adding a pip (or half a pip, or any other amount) to the best bid and subtracting a pip at the best ask of its liquidity provider. All client orders are directly routed to the liquidity providers at original spread quoted by those providers while an STP broker earns its money from own markups.

Many STP brokers run a hybrid STP model: DD + NDD
Every STP broker signs a business contract with its liquidity providers (prime brokers), where the contract terms regulate the minimum transactions level which will be accepted by the liquidity provider. This means that all small orders placed by traders (usually those which are below 0.1 lot) cannot be sent to the liquidity providers, because they won’t be accepted; and therefore such orders should be handled by the STP broker, who in this case becomes a counter-party for your transaction (Dealing desk model). If you trade with “Cents account” or a “Mini account”, your STP broker is most likely always is a counter-party of your trades.
For all larger orders (as a rule, above 0.1 lot), the STP broker uses its real STP technology bridge & sends orders to its liquidity provides. With each transaction, the broker receives a portion of the spread.

Forex market maker – a broker with a dealing desk earns money on bid/ask difference as well as when a client loses a trade, since market makers are trading against their clients by hedging – entering in an opposite trade.


ECN brokers are the purest breed among all Forex dealers. They don’t profit on spread difference. Their only profit comes from commission. ECN brokers are interested in their clients to be winning, otherwise there will be no commission to earn.

STP brokers make money on spreads, thus even though they do not have a physical dealing desk to monitor and counter-trade client orders (unless its a hybrid STP model), they are still able to set their own price – the spread markup – for routing trading orders to liquidity providers and providing their clients with advanced trading services, lower account deposits, faster execution and anonymous trading environment with no dealing desk. STP brokers are also interested to see their clients trading profitable, so that a broker can continue earning on spreads.

Market makers make money on spreads and by hedging against their clients. However, if a client becomes “too” profitable, it can directly “upset” the broker. While this may be tolerated and professionally managed by a larger reputable market maker, with a smaller dealer such client will be soon asked to leave.

Benefits of trading with No Dealing Desk brokers

Among the main reason why traders look for NDD brokers is transparency, better and faster fills and anonymity.
Transparency means that a trader enters a true market instead of the market being artificially created for him.
Better fills are a result of the direct and competitive market bids and offers.

Anonymity means that there is no Dealing Desk watching who has come to the market and is asking for an order to be filled, instead client orders are executed automatically, immediately through the market network and totally anonymously.
On the opposite side is a Dealing Desk broker, who is able to profile their clients. In the worst case scenario, such broker can split clients into groups and put less successful ones on auto-execution and trade against them because on average they will lose, while clients that show signs of successful trading will be put on “slow-down” mode and can be provided with frequent re-quotes, slippage and/or slower execution especially during fast moving markets while a broker tries to offset own risks. The transparency of a Dealing Desk broker depends on the rules inside the company.
Forex Brokers aren’t bad on general, whether a Dealing or Non-Dealing Desk, they aren’t there to be against any particular trader. They look to make business, not just work for traders in terms of cooperation in the market environment. Many large Forex brokers who have lots of clients tend to try to help their clients become profitable as much as they can, but once a trading order is placed, its everyone for themselves.

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MT4 ECN Forex brokers
STP Forex brokers
DMA/STP Forex brokers
ECN vs DMA vs STP vs Market Maker

Broker discussion area

Add Comment


is fxcc stp or dma broker? g

AGEA is not ECN.
They offer STP accounts, but also have Dealing desk accounts, where they trade against their clients.

hello is AGEA ECN or they trade against their client

There are no ECN brokers in Canada.
ECN brokers from other countries might accept Canadian citizens (it’s not as strict as with US citizens). We don’t however have details about citizenship restrictions for each broker, I’m truly sorry.


Please advice me a trustful ECN forex broker who accepts Canadian citizens,

Thank you very much in advance,


[email protected]

ForexMart is STP and Market maker, they are not ECN.

ECN brokers accepting US clients:
ATC Brokers
Gain Capital
Interactive Brokers

Hello Guru,
Are there any ECN forex brokers that service US citizens? thank you, Mike

I haven’t found Forexmart in this list, suggest adding this broker

ThinkForex rebranded recently to ThinkMarkets.

Cyprus – offshore – easy to register, inexpensive too.

Why so many brokers are registered in Cyprus??

Thank you!
We’ll be gathering information about this broker to include in the listing.

FXONUS also has real STP/ECN


Never trade with trade12 brokers
I would like to know which broker is the best

What is the minimum amount pips to make a profit?


The key component here is “ECN”. The rest is just add-ons to what ECN already has: DMA – Direct market access, which is available with all ECNs; and STP – Straight Through Processing – which is again an attribute of all ECNs.

So, whether a broker says that they are ECN/DMA/STP or simply ECN, it’s the same thing, just different marketing approach.

What is ECN/DMA/STP?

How it differs from ECN?

Thank you!

Sorry, cannot provide opinions/broker suggestion, as we’re an unbiased resource. Can only provide facts:
for FxFair, you’re looking at 2 year old offshore company, not regulated. Yes, as per their description and conditions, they are ECN.

Dear broker guru, first of all thanks for ur valuable advices/suggestions, I want ask u about Fxfair, is it pure ECN broker to trusted.

FXCM is an STP broker only.
Ninja Trader is a trading platform, not a broker.

FXCM and Ninja trader not listed as broker, are not they ECN broker? Pl’ease reply

ECN is the best.
(ECN includes STP and NDD by the way.)

ECN or DD or stp or any. Which broker is best.

Please every body. Which broker is the best. Ecn or stp or dd or which one.

i dont know where to ask this question but i hopesomeone will answer

anyone know any broker provide base metal {zinc,lead,aluminium} t trade in mt4 or mt5?

how about Tickmill..???


If the commission for a lot is 7
Does the commission on 0.5 lot is 3.5 and 0.7 on 0.1 lot ?

Thank you!
It’s been listed. What is the commission on ECN Pro account (per 100K round turn)?

How to list our company in above said list ?

Does Anyone know how is Oanda?

with ECNs I always choose brokers who offer ONLY ecn accounts.
E.g. ECN/STP + Market Maker accounts = no
ECN/STP + STP = no
ECN only accounts = yes

as per our policy, we cannot divide brokers to “genuine” and “not genuine”. I’m truly sorry.
A common rule applies to all brokers: treat them as if you are choosing a bank to trust your money to. What would be your criteria? Experience, reputation, size of the company, level of support, your own convenience with terms and conditions being offered.

While among technical parameters, every ECN broker must have:
– no dealing desk
– variable spreads
– commission on top of spreads
– 5 digit price quotes
– Market execution of orders
If any of those are missing from the list, it’s not an ECN broker.

Hi BrokerGuru,

I live in Australia, and a beginner, just wondering if you can advise some of the best brokers that are genuine and offer (No Dealing Desk + STP + ECN) services.

Any broker that allows arbitrage.

Thank you Simon for your answer .

I tried their demo looks very fast and the spread are so tight.

Yes they are STP.

Hi there,
STP – yes.
PriorFx charges no commission for trading, hence they’re not ECN.
Ask them about DMA, they look like they might be DMA/STP (DMAs are better than simple STPs)

Dear traders,

Any one could give a suggest on Priorfx it is said they are STP broker?


Sunbird es una estafa.Abres cuenta en EUR y te la hacen en USD-nunca explican como hacen los cambios.Te prometen cosas-robot ,señales etc. para que ingreses mas dinero.Si quieres retirar desaparecen.Son lo peor

Forex Tamil is he scam fund manager?
Looks like he makes more money in ?
How it is possible? Let find out
The secret behind is Forex Tamil and Even Forex broker both are friends more over even forex broker marketing head and Mr.Forex Tamil both are from same place (India-TamilNadu) Even Forex is not regulated Forex broker so whatever Mr. Forex Tamil trade will tell to the Even Forex broker to manipulate it. At the end of the day i.e Saturday and Sunday clients can view his trade while looking at it even forex broker was manipulated according to profit system. Some trades you can see less losses and more profit
What is the befit for Mr. Forex Tamil?
Every time when he refers a client to even Forex broker he will get 20% of the deposit.
Is there any else?
Because of the profitable trade history will advertise or post it in social media such as Facebook to cover online training and some time will work as fund manager..
How much he cost for online training?
Around $2000!
In some case when the client requests a view/investor password he will provide to the client? In the mt4 manger he can identify whether any client view his account? When there is no viewer on the mt4 account, evenforex broker will manipulate into profit trades, that’s the secret. and both are scam and fraudulent people don’t waste money

ATTENTION PLEASE! All new “traders” please read what trader at 27 september wrote!You will do yourselves a BIG favor!There are many voices even at reputable “Forex” Forums who try to point out that “retail Forex on margin” is the BIGEST FRAUD in history!

ALL, and once again ,ALL “brokers” are running bucket shops trying to get to small amount of money from people who need it the most!

You may ask why authorities do not stop this?Because: first they can not stop a free financial Enterprise .and second there is NOT a centralized market and the broker plays by his own rules.And legally nobody cannot do a thing, unless some drastic measures are taken.The so called REGULATION means absolutelly nothing.The only thing these cheaters ,sorry, brokers need is to maintain the HYPE around “retail Forex on margin”.Like in a iantic pyramidal game!

Sorry to disapoint you guys but take your Money and run,dont look back,run faster,keep on running….

Hello BrokerGuru,

Please i wish to know if SNFinancials are true ECN brokers and can be trusted.

Thanks and regards

It would be interested to develop on what retail brokers are also able to do when a individual trader is making profit. I am surprised when I read that STP brokers “don’t trade against their clients” and “are also interested to see their clients trading profitable, so that a broker can continue earning on spreads.” because my experience shows quite the contrary.
I traded with a well known retail broker that is known for its variable but tight spreads.
Several months of learning FX, MetaTrader and MQL, and several months more of testing a complex automated system on a test account, until I opened a Live account and fired the stuff. Using a 2K margin, during the first 3 days I made 740 GBP of profit. From there, things started to change, with constant losses. Far less market data received, far less trades accepted right away, higher spreads than usual.
After analyzing the whole story (in particular comparing with the entire same system run in parallel on a test account, opening a live account with other brokers), I can only say that the vast majority of these brokers do marketing and not FX trading. They are more interested in finding new customers and making them use their whole margin in as many trades as possible, rather than helping them to stay and develop their trading skills.
I am now switching to ECN ones, that’s for sure!

Yes, ECN brokers can offer 0.01 lot trading.
IronFX’s ECN accounts start from $500 with 0.01 lot.

Ironfx offers ECN/STP account on micro lot (0.01 Lot), are they real ECN/STP broker?

Hello everyone, I am from sri lanka, I like to start forex trading and i opened an account with FXChoice, it is easy and you can start with $50 or $100, they are giving Deposit bonus plus withdrawel bonus, very good customer service, and only brokers we can trust, good luck.

Best classification I’ve ever found about forex brokers

Dear Imran,

Markets makers and DMA are not the same.
– Market makers run a dealing desk & are counterparties to their clients’ trades
– DMA don’t have a dealing desk & don’t trade against their clients

Same for ECN:
– ECN brokers don’t run dealing desks & thus don’t have conflict of interest with their clients

To further compare DMA vs ECN brokers, please check this page:

Dear Brokers guru,
i want to ask that market makers and DMA are same? or market makers and ECN are same? plz also email me
Best Regards
Imran siddiqui

Most of them state of being regulated somehow feeling rather protect by it , there fore they present them selves as perfect trader, Please do not fall for this, being regulated it means nothing ! They run scams any times they wish . How to prove you have been conned ?
Lets start that all those company do use one elaborate software and connected to one big computer center that they share. very similar to any betting office . You are made to believe that you are trading direct with Stock Market possible Wall street or else; well you are not, You are dealing with brokers who are all using the same software. They can with the speed of light analyze your tickets and within second change the direction of the market at their convenience. For them it means more profit from the banks and from you , they got your money !
You are better off going to any casino , you have more chance.
The more people buy the same markets the more the price will go down , until you are forced to close your position.
I have studied my 100 open position while dealing with a broker cit index what is disturbing is that 97 % of them going long, the market went the opposite, and on 100 tickets 96 % of them going short the market went up in price.
So it shows that you never are in a winning situation.

At the beginning they make you win a little , then when you are hocked they change the switch . And you are history !. your savings has gone and you are destitute .
You where made to believe that you could made a few quid , or even to become rich overnight .
Its a scam

Also the chart that they show you are not 100% the same as the one of Wall Street !

of course someone has to be a winner otherwise who would want to go to a casino to lose all the time .

What is amazing is that the way they can manipulate a trade in such way to ransack money from small investors.Of course they are all connected and they have behind support of mega money and banks .

Everyday people are getting scammed, its the biggest fraud of the century .and its protected by the banks and Gov.
keep well away from those firms they all using the same software and all connected to an head office , their head office.
A forex company has a few names to fool people, but its the same company .

No comms, fixed spreads (regardless of how tight they are) is the 1st red flag. Because true ECN broker do not offer big deposit bonus, commission free account ect, Because they do not get this type offer from bank.
From my experience, if you can ask them a report showing the counterparty of your trade then it will be tru ECN. Based on this, “Goldboro Borex broker” would be a TRUE ECN because they can provide you that report if you want it. Also i am trading with them last one years ….
I have an account with them, so that’s my story……

Hello Mates.
-I am aware that no one likes to propose which is the best ECN provider as (1) there are N number of real brokers and (2) they have to share their own experience.
-How about FxOpen and FXPro as ECN broker


have anybody worked with
if yes please give your review and they claim they are pure ecn broker. is Scammer !
I can not withdraw deposit and profit
All friends are carefull with “”

FP Markets now also offer a Pro account with 0.2 pips spread and $7.00 commission.
FXVV – yes, that’s rather DMA, thank you!
Both will be updated.

FP Markets is DMA with 1.0 Pip spread for their FX accounts
FXVV is DMA broker with 1.5 Pip spread for “Started FX” accounts ($1-$5000)
This is why they are charging $0 in commission.

Thanks for this service BrokerGuru

Thanks Neo!

Brokers who are listed as “ECN/STP & STP” – those are brokers who offer different types of accounts – some accounts are strictly STP, but other (more advanced and usually with higher deposit requirements) accounts are ECN. The technologies and order execution for each account type will differ within broker’s order execution system.
It’s also possible for a broker to offer all 3 account types at the same time – Dealing desk (usually micro accounts for novice traders), STP and ECN (for pros). Traders simply have to choose what works best for them.
Let me know in case I misinterpreted your question.

Hello Brokerguru

Great post, thanks.

You mention somewhere that some brokers run ECN and STP – could you explain how this works?

I understand the 4 types of ECN,STP, STP&DD, DD but the above is a bit unclear.

I am currently analyzing on my PhD thesis Retail FX brokers based on some proprietrary data I have access to and I would like exactly to classify the companies as best as possible.

Any support would be very much appreciated – if possible email me at [email protected]

Thank you!



Thank you for your suggestion!
Indeed, they have ECN accounts, we’ll list them here.
Though being an unregulated offshore broker doesn’t provide any advantage.

did you ever get a chance to look into PELLUCIDFX ? they are in the west indies and I have heard very good things about them. Please see what you can find out.

Pellucid fx

I have heard good things about PELLUCID FX. I would really like to know what you find out about them. Thanks wk Eidson

Dukascopy wont accept US residents, other than that you can inquire about account opening.

Click to sort the table columns for a quick list of brokers with $100 or less deposits (

The policy of our site doesn’t allow us to suggest brokers, I’m sorry. We strive to provide maximum facts and details about brokers, so that traders can compare them and make own choice.
Focus on broker regulation as another important factor.

Hello Guru,
Is a pleasure to see your good work. I av being reading alot of posting and your reply. kudos.
Pls i will like to know if Dukascopy is for Swiss and Europe Residents. Also i would like you to suggest to me the broker that operates ECN, with a minimal deposit of $100 and d likes.

Looking forward to hear from you soon.


ThinkForex – NDD.

what about THINKFOREX

TeleTrade offers fixed spreads – that’s not ECN.


Would you add this forex broker: to the list?


They have spread caps so they can not be an ecn broker. I have and account with IC Markets also and the pricing is much more pure. I think Armada also needs to work on their support I have issues with support staff that cant even answer basic emails.

I just moved from Armada markets to IC Markets and I am very happy. Armada was unreliable, servers crashed too much. IC Markets is very stable and reliable.

Is Roboforex a good broker or not. They claim to be ECN linked but they offer fixed spread on their other accounts. They admit that they have Dealing desk for smaller accounts and ECN for larger accounts. Is it possible for a broker to do such business and be reputable?

they don’t charge commissions for trading.

Hi BG. Is CM TRADING an ECN or a Stp broker?

Thanks a lot!
Will be updated.

FastBrokers round-turn commission is $5.8 :

Hi, many of the lowest round-turn commissions listed are actually single trade price. eg
Liquid Markets: $3 per trade:
Gainsy: $2 per trade:

a way from Alpari They will cheating you like what happened with me go away

no have ECN I sure all scammer believe or Not ,, fxpro and Alpari scammer I swear.


what about lmax?

@trader: It would be great if had an English page, without it we can’t confirm or list the broker, sorry.

@trader: HotForex micro account is STP, no dealing desk.

@trader: With HotForex you have not just STP, but DMA STP (more on DMA Forex brokers here). DMA brokers may or may not charge commission.

@trader: ATC Brokers still claim to have no dealing desk. Gain Capital does offer ECN trading, while their smaller branch is a dealing desk.

@trader: Forex FS, yes, they claim to accept US clients despite being an Australian broker. The list of brokers who accept US clients can be found with the help of our Forex Broker Comparison, where simply use the field: “US clients accepted” – Yes.

HI broker guru, thanks for your best info, this really help. keep it up good work. what about can you help me out with this, maybe you can add this, I like this broker ( was accept US clients ), may be you can add every brokers who is accept US clients.

Thanks so much
Seattle, WA

I have ATC Brokers for a Futures Account. Recently they wore bought by Gain Capital. I have noticed is held by Gain Capital. My research shows Gain Capital is a Market Maker. I have noticed differences in my broker platform. I was pulled into a trade from 3 ticks away from my limit order price in the S&P Emini Futures.


I am trading with HotForex and thay said that they are STP. I don’t know why they still charge commisson. The typical of EUR/USD in their system is 0.5 pip with commisson of $10 per round turn lot. Can you explain why a STP charge commisson? I thought only ECN charge commission.

Hi GB, Pls I want to know, hotforex micro account, is it a dealing desk, do they trade against client trading say lot size 0.01? please clarify.

Hi, is also a ecn-broker

GreenFX Traders – yes, thank you. Will be listed.

try greenfxtraders , they have ECN And STP

Varengold is STP and Market maker (depending on the Deposit/Account)

What about Varengold?

with the help of mT5 we can connect to Ecn’s

Sorry, have been doing lots of updates lately.

Below are the answers:

– QTrade-FX – they don’t seem to be interested in the international auditory, since the site doesn’t have an English version. Thus we can’t list them at this time.

– Goldboro is listed. Thank you!

– Market execution orders are known to have slippage (compared to Instant execution orders). However, Market orders with ECNs will have far less slippage “incidents” comparing to Market orders with non-ECN brokers.

– – new broker, registered and regulated in Belize (license # IFSC/60/214/TS/12), is a delaing desk broker. We haven’t heard about this broker, the new page for reviews has been created:

– Alpari FS and Alpari NZ – yes, they also have ECN accounts. We simply haven’t listed all branches for Alpari, same as we don’t list all branches for other brokers.

– FxOptimax offers STP and DMA/STP, but not ECN accounts.

– Forexoma is STP, but not ECN.

where is the Guru???

What about the forexoma broker Whether its a ECN/STP or not?

FXOptimax also have, could you check whether its true ECN/STP?

What about Alpari FS and Alpari NZ, They have ECN accounts

how about
what do you think bout this broker

thanks for the the clear explanation. this help a lot.

but why the ecn broker still have slippage ( 1 – 3 pips ), i observed, especially when i put marketorders ( and there are no news or high volatility ) ??


Found new broker company called Goldboro (
commission 6$ per round lot
min 0.01 with step 0.01
EA’s allowed
MAM(PAMM), Partner rebate.
Good experience for me.

There´s a new broker in Germany called QTrade-FX ( Commissions is 2,90 per side and they have deep liquidity from LCG. Maybe for your list.

@trader: don’t see nothing wrong with Alpari rules: this can be considered a promotion, but eventually with any ECN you need to pay commission.

@shankar: CitiFX Pro is primarily a market maker. They do offer ECN accounts called “Premium accounts”, but the minimum deposit there is $50,000

Hello Broker guru, this is shankar i just wanted to know about citifx pro,is it a market maker

Hello Brokerguru, thanks for all the help but on Alpari UK website, you can open an ECN account with $200 and they don’t charge commission till January 2013. can I be safe going on this development against the $20000 you said?
You can check it out on

@George: Like all websites, we feature broker Reviews, but we can’t comment on or recommend any particular broker. I’m very sorry.
Our goal is to remain fully unbiased.

@trader: X-Trade Brokers (XTB) is a market maker.

xtb broker is ECN or not

Hi BrokerGuru,

I had positive experience with broker company “Teletrade”. Unfortunatelly I did not find so much information about them, only just their website.
Do you have any information about them ?
Your efforts would be welcomed,

Best Regards


Updated. Thank you.

4runnerforex ECN accounts $2500 $6.00

Please update listing, it is $4.00 round trip


Please read reviews – the only possible way to find out if it’s good or not.

i want to know about Alpari UK ECN acnt is it good?

FXCC is a mandatory ECN/STP broker:
email me at: [email protected]

Thanks alot, ECN brokers for live.

I have got a few broker account with however I keep going back to my IC Markets True ECN account. I simply cant find a broker that has a better EUR/USD spread than IC Markets, their spread is often 0 pips and average 0.1 pip. Execution speeds average 130 m/s from my machine in Australia to their servers in New York NY4.

I dont trade much on any of my other broker accounts anymore, IC Markets is my Number 1 choice at the moment.

this is really helping me to as a new comer to forex

I don’t know where you heard IBFX is crooked but it isn’t true. You can’t alywas believe what people say about brokers. Most of the time traders get mad because they lose all their money and right away want to blame the broker. Other times it is a brokers competition that is posting bad reviews. I can tell you that IBFX is one of the best brokers around! They also don’t have high pip spreads. They are an ECN broker and among the best. FXCM is also great. There is another broker fund below that is great too and they offer pip spreads from 2 pips and open accounts worldwide. Everything is allowed with them too like scalping.

With $600 deposit you should certainly opt for a higher leverage, 400:1 or more.
This will ensure that you have sufficient funds to trade.

Yet, you should remember to start with 0.01 lot, because any higher lots (0.1 lot or 1 lot) can quickly put you out of trading should you start losing.
While trading with 0.01 lots, you can easily open 2-3 positions without worries.
As soon as your capital grows to at lest $1000, you can attempt trading with 0.1 lots, but you’ll quickly notice the difference in risks. Good Luck!

InstaForex had that ECN page for some years now, true, yet they don’t have accounts with ECN conditions:
– InstaForex offers only instant execution, while ECN requires Market execution of orders;
– InstaForex changes no commission on trading, while ECN brokers do.

Instaforex are also claiming that they are ECN brokers. check the link.

What leverage I should trade with amount of $600 , I have opened an ZuluTrading account .. so I am confused about the leverage with my initial deposit of $600 ?

Also , please let me know how much simultaneous trades I should open ?

4XP has ECN accounts as well as dealing desk accounts. Depending on which service/account you choose when signing up, you’ll have either ECN or DD (dealing desk).

Regarding ZuluTrade signals integration – there should be no difference whether you use ECN or DD accounts, yet it’s always best to double check with the broker.

The difference between ECN and STP is very well described here:

It’s not a problem at all if your broker is STP only, though in this case you must check if there is enough liquidity with your broker (e.g. how many liquidity providers it has), so that you don’t run into order execution troubles in the future.

We don’t rate brokers, and we’re not allowed to recommend any particular broker, I’m very sorry.
You’re welcome to read reviews about AAAFx, as well as check STP page listing for this broker:

What is the difference between ECN and STP brokers…are both STP and ECN same ?
I am planning to open account with AAAfx .. this is a STP broker does it matter if the broker is only STP ?

Which broker should we prefer STP or ECN ? also give some reviews about AAAfx …



Is 4XP a 100% ECN broker.. as I am planning to open an ECN based account with 4XP with initial margin as $500.. would I get the complete ECN services ..or it can sometimes be Dealing Desk based also ?

Apart from that I wish to open an Automated Trading Account ( ZuluTrade) with 4XP… would this ZuluTrading based account also be an ECN based account or this involves DD ?

Please , Reply..

Interactive Brokers – pure ECN/STP, no other accounts.

Is Interactive Brokers a DMA/STP? or just ECN? (meaning that Liquid Providers from Interactive Brokers can see the stop loss and target profit?

What abouot Interactive Brokers, are they NDD STP/ECN brokers?

Deutsche Bank FX doesn’t work with retail clients since May 13, 2011. All retail clients were transferred to Gain Capital.

GainScope is an introducing broker for FXDD, who is primarily a market maker. (FXDD has ECN accounts, which start from $25,000).

IG Markets UK offerx ECN accounts with minimum deposit of $50,000, and yes, scalping is allowed.
For the rest of accounts it’s a dealing desk.

is ig markets uk ecn? and do they welcome scalping?

whether classified GainScope ECN?

deutscheFX – 1.000 USD Commission 9 USD Spread 0.3 – 0.5

Yes, they offer ECN. Thank you!
Will be listed.

I’m trading with looks like a STP/ECN broker

Here you go: Forex brokers offering USD/INR
Among them there are several brokers who offer ECN accounts along with other accounts. For details on that please use our comparison search:
Forex brokers comparison

hi Broker guru,
Thanks for the information on your website. Iam looking for ECN/STP broker that deals with USDINR pair.

i closed my account with aka gain capital, after i read all this info thanks a lot

Hi Charly,

FXCM Micro ( is a division of FXCM.
Basically, if you want to trade with a Micro account ($50), FXCM will send you to FXCM Micro. That’s the only difference. Yes, FXCM & FXCM Micro is NDD.

ECN accounts with FXCM start from $25,000. Smaller accounts are not ECN, but rather NDD, STP only.

Dukascopy $100 account is ECN. All accounts at Dukascopy are ECN. On demo you may not see commissions, because commission rates will be calculated based on your actual trading volume when you start trading live.

Hi Broker Guru,
I am new to forex and had just register with FXCM micro. As per your list of 100 brokers, FXCM and FXCM microlot is not listed as ECN/STP. It make trying to search for ecn/stp. I am looking at Dukascopy (min deposit 100). Are they ECN brokers? Because when I use their demo, they do not charge commission. One more thing to clarify is FXCM micro, is now NO DEALING DESK. Is it true? Appreciate your reply.

Thank you


I see. Thanks for your review on HotForex. I opened account with them and will test them. I also didn’t find any red flags yet…. Will keep you guys posted.

HotForex took a very fast start in 2008. (In my sole opinion, their name choice was very successful & played its role: around that time HotSpotFX – a well known ECN broker stopped working with retail clients and switched to institutional). The broker doesn’t have any red flags, a competitive off-shore broker.

IC Markets – no bad reviews about them – a competitive Australian broker.

ECN brokers won’t have identical spreads. The quotes are derived from the large ECN liquidity pools, where action (bid/ask price matching between market participants) happens very fast (in a matter of milliseconds), bids and their volumes constantly change depending on the demand. There are also several largest liquidity pools to choose from, brokers can choose to work with several or just 1-2 pools:
HotSpot FXi
Solid FX

Dear Guru,

I would like to ask you why is it that the prices among various ecn brokers are different,in some cases more that 5-10 pips???
Since they are all ecn souldnt the prices be the same or at least very close…???

Thank you and congratulations for the excellent work you do!

Hi everyone,

Does any of you guys have had any experience with IC Markets? The reviews overall seem great…
Also I would like to know if they are true ecn…..??

Thanks for the help and congrats for the great work u all do
to keep everyone properly informed!

Hi guys, I want to get your opinion on hotforex.

Did anybody trade with them? After researching their website how does it look to you? Were there any redflags? I want to start with them but didn’t hear whole lot about them so don’t know whether to trust…

@trader: Does it apply to CitiFX Pro Premium accounts?
Client agreement should have information about the conflict of interests. If the conflict is present – then we’re talking about a dealing desk. Either way, a broker must clairfy any confusing/questionable points of the agreement – talk to a representative.

@Pratharp: you should consider a legal advice & appropriate actions.

Prathap, it’s up to you, but think of it as a bank: you placed there your money and the bank stopped providing you services. What would you normally do? Waiting won’t help, especially if you say that they avoid talking to you.

Hi there, I’m not quite sure citiprofx qualifies as ECN. In the Account opening document, it states clearly that when you buy, citi is the seller and when you sell, citi is the buyer. Seems to me, they are more of an Institutional Market Maker.

Just wanted to check if anyone has heard about Yesscom. I joined this at Bangalore by paying Rs 50,000 in Jan and until now I have not received a proper document from them. The broker/manager seems to avoid taking my calls. Should I consider a legal recourse?


Thank you!
3TG FX – 1 pip commission per leg:
if we trade 100K EURUSD round turn with 0.7 pip “rough” spread, this equals to $14 in commission ($7 per leg x 2).

3TGFX has only 1PIP comission

Forex not public? why G.V.F still need to log in? can’t see company’s detail? scam?

Dear Habib,
We don’t provide reviews or recommendations for any broker. Our website policy requires that we remain fully unbiased. At the same time we strive to give you maximum facts, information about brokers and search tools, so that you can easily compare brokers, their trading conditions and make an educated choice. We also encourage that traders read broker reviews on our site as well as other review sites to make a better choice.

Dear Guru,

I am totally new in forex trading. But I have studied & practiced demo a lot. Now I am thinking about real trade. I am from Bangladesh. I want to trade with an ECN platform of a most reliable and honest broker with the depositing about 300-500$. The problem is I am confused to choose a broker.
So I need your kind help. Please suggest me.


very helpful article, thank you very much for your effort

Can anyone please recommend a good ECN FX broker that offers a DOM (order ladder) with auto bracket exit orders similar to Infinity Future’s software?
MT4 sucks for order entry & trade management, even with custom script add-ons.
Currently using Tradestation & MT4 for Forex charting; Tradestation has a decent Forex DOM, but htey are not an ECN & the exits are not auto brackets, but manual brackets.
Looking for stand-alone order DOM similar to Infinity’s.
Have tries Demo’s with MB trading, ATC, etc with no luck.


Good one..

Good article.

Traders Trust is STP.

What about Traderstrust

Armada Markets is an IB for LMAX. LMAX is a DMA/STP broker, but not ECN.
1pipfix is an STP broker, not ECN.

what about 1pipfix?

Why I can’t find my broker on this list? It has by far the best execution quality and lowest commissions/spreads I’ve seen anywhere.

@trader: Market makers can offer variable spreads too.

@Trader: E*Trade is a familiar company name. I think at some point they stopped offering Forex, so that we even removed their listing (but I might be very wrong). Thank you for the update!
(Just confirmed, yes, we had them listed back in 2009).

@trader: GFS Forex ( is out of business. Their site has been on maintenance for over a year now.

comment to trader: My understanding is that GFS is a market maker (BEWARE!!!)

E-trade has just opened up it’s forex trading platform E-trade FX. As far as I know, it’s orders are routed through FXCM which is a NDD ECN platform. Does anyone know anything else about them?

Hi, can you tell me just one thing:
Is it possible that market maker broker offers variable spreads?
Fore example You wrote Oanda si MM, but they have variable spreads?

So is it possible thay I think some broker is NDD just because they offer variable spreads, but instead they are DD broker?

I just saw that Universal FX released new ecn forex trading accounts and trading over Integrals FXInside!

They’r offer is really very good when i look at the average spreads at

Yes, NordFX offers ECN (for Integral and MT-ECN accounts).

MT-ECN accounts will use MetaTrader4 with ECN bridge.
Integral accounts will have a different platform – “Integral FX” (NFX Trades ), which is a high-end professional ECN platform.

If you have a choice & necessary skills, Integral platform would be the top choice.

Can you say whether Nord fx is a real ECN broker.Which account is better Integral or ECN ,both of them are mentioned as ECN? Are there any cases of Nord Fx taking away the profits or deleting the account after earning significantly high profits in ECN accounts

Small orders of 0.01 lots would have to be accumulated into 0.1 lot at least before being sent to the liquidity providers. If a broker can’t accumulate enough orders, they will need to countertrade it. That’s major guidelines, but each broker works according to own guidelines and strategies.

ECN brokers rarely offer 0.01 lots (though competition nowadays forces them to review their policies and start accepting 0.01 lots). Those ECNs that do that should be very confident in their order flow. It’s usually a bit more challenging for STPs to get the same volume of orders.

@trader: PaxForex added accounts called “VIP”, but there is no distinct attributes of ECN conditions being offered there, rather some extra VIP client services.

I think paxforex has ecn accounts

will ECN network accept clients with 0.01 lot genuinely on its network or how does broker with mini lot were able to take 0.01 orders from its clients to ECN network?

ADS Securities offers institutional ECN for professional traders and institutions.
Quote from press release: “..streaming prices from some of the world’s leading liquidity providers including tier 1 Banks and Financial Institutions, Hedge Funds, Electronic Communications Networks (ECN’s), FX and Commodity Exchanges.”

its helpful. i have checked everyone single one of the above. none are any good spreads imho

Hello, BG.

Is the broker ADS Securities ( an ECN or a STP ?

Thanks in advance,

Sorry, I don’t have such information.

which brokers having indian stock&commoditieslike nse&mcx

FxOpen offers ECN trading on accounts called “FXOpen Level II”, deposits starting from $1000.
Other than that – FXOpen is a Market maker.

To decide whether any broker is right for you, please read reviews on our and other sites or discussion forums:

Sorry, I can’t suggest brokers here. Our website mission is to remain 100% unbiased.

please is fxopen an ECN broker and how reliable do u think it is?

Hi BG,

I thought Dukascopy Bank SA All accounts minimum deposit is USD1,000?? It’s listed on your site as USD100.

Best regards


Can you help me? I am from Nigeria, I just read this article and wish to trade with a pure ECN broker, which would you recommend for me?

what about Iamfx is it a ECN/STP or MM?

“non Forex ECNs?”
– Do you mean ECN brokers that offer other trading products? On this site we list only Forex brokers.

IamFX is not MM or ECN. IamFX is a no-dealing desk broker – DMA/STP broker.

Is there a list of non Forex ECN’s?

Thanks a million, no wonder I lost my money despite all effort to Fxcast
I think you have saved me.

Sorry, I don’t know about brokers who offer mcx indian commodity.

Armada Markets (LMAX broker) – even though they’ve been operating since 2007 (according to their site information), I haven’t heard of this company before, and they somehow have 0 reviews on the net despite being 4 full years in business. Sorry, don’t have ay information to share, but going to create a Reviews page for them.

How about Armada Markets?

which broker give a mcx indian commodity

Thank you for the great feedback and broker questions summary! Well done!
I’ve also copied your post here:

(Regarding names, we let traders simply sign their posts below if they want to. Otherwise it comes as “trader”).

Beautiful website and beautiful mind of Mr Broker Guru, who started all this.

Please allow me one more.
Would like to insert my name by the way but i come up listed always as a “trader”. Thanks

The listed STP MT4 Broker section, perhaps should have one more option ?
NOt trying to change anything here, but still got few doubts in my mind.
Among those who are STP using Mt4, we should really come to knwo who is completely STP and who does not act as STP for example Using tricks when playing with Micro Lots .

As i ‘ve read that a STP could become a marker maker in certain conditions
But a DMA/STP should certainly behave like real DMA where all prices are sent to the liquidity providers. hmhm I think they behave like DMA with mini and normal lots 0.1 / 1.0, but , not with micro lots.
Some ECN /STP are certainly genuine when few main condition are met, but try to enquiry about Micro lot, and then the best question to ask will be : How many liquidity providers you have?
and also.. do you Have Different Micro price feed for Micro accounts ?

Take for example Fx Pro, they go to one extreme to another.
Even in the chat they will clearly tell you they they are ECN but dont have STP/DMA
so whether you take their ECN account or you are in the hands or the M.M./D.D.

But anyway Broker Guru has already kindly adviced us to check and do our homework, before opening an account.

Somehow now am not interested so much in asking them question about the Spread, the regulation, lot size traded, …or candle closing time on a daily chart. GMt / Est …

I have adjusted my main questions to :
(1) Not asking if they are regulated, but rather cheking myself how long they have been in business, and if they trade gold, silver and other metals, so it means they got a wide range of customers and its in their interest to be in business. “Reputation”.
(2) Our money is safe and kept in segregated account ? almost all follow this procedure, regulated or not.
(3) How many liquidity providers do you have? and do you Have Different Micro price feed for Micro accounts ?
(4) Downloading straight away the platform to see myself what they got, and asking them, for example why the open price must differ 3/4 pips from the current price ? if any , but some brokers have only 1 or 2 pips, so should be fine.
(5) Of course after reading all reviews and having selected those who come from newbies like myself, will check what was the good ones about and what were the bad ones about.
(6) If i decide to go fo it, i will start always with Micro lots, at least i can see the “LIVE” platform how it works. Demo dont tell the all story.
(7) If the Min Depo is $5 or $25 .. that only means you need deposit at least $250, or in some cases start with $150 deposit. lots 0.01
(8) Slippage and Re-quotes, will always be there, so i dont ask about it, cos they wont tell you.Need to check for myself
(9) Will check about Margin call %% only for personal info
(10) Will not care about the leverage, cos if its 1:100 / 1:300 or even / 1:500 i will not risk more than i have decided to lose. I f i decide to risk 30 pips for that day at 30 dollars, then will calculate accordingly.
(11) Wil certainly ask about the withdrawals procedure, how much to pay for a bank wire transfer to my bank, and whats the minimum i can withdraw. I will not ask how many days, cos that is to check for myself. But will read some eviews about it.
(12) Last but not least, will not take any broker who has Platform freezing issues, or makes you appear those funny messages “sorry wait” when you are trying to close a big position.
(13) I will make sure i can close the position by tel, if i cannot close my order, whitin 20 sec.
(14) Will not ask if the Spread widens during the news, cos they all widen anyway, need check myself. Will rather ask however, if the snapshot sample spread advertised on their website, was taken during asian session? usa uk session ? and do you see that low spread often during the day?
(15) For ECN and their low spreads, or added mark up to the spread i will only check if the commission per round turn/Lot is less than $9 or $8/$7.

I think looking for a good broker, we need to experience for ourselves. Some questions need to be asked.

But most important for me , i will trade with my main Platform and 3 others different ones, to check for any fake spikes,or prices differing lot from the main platform live account. and be ready to go on the chat if this happens, to show records and get my money back if that happens.

have i missed something here ?

HotForex – ECN & DMA/STP.

what about hotforex Where do they belong? STP, NDD, market maker

@trader: Sorry, we don’t provide reviews/opinions or recommendations about Forex brokers. We must remain 100% unbiased. Our goal is to provide comprehensive information about each broker, so that traders can make own choice.

@trader: Sorry, we don’t have information about Indian brokers.

dear sirs ,
i need indian mcx mt4 plat form brokers

hi there

i reed your art, and i had a look at the brokers list,
say im gona start an account with 50k

which is the best broker offer both STP + ECN in one account ?


This first time i got a very helpful knowledge about Forex broker.No words for Thanks.God bless you.

@trader: FXPRIMUS or any other broker – I can’t share thoughts about any brokers, I’m very sorry. Our policy is to be 100% unbiased, while any feedback is a bias. Please read reviews and talk to the broker to evaluate their level of professionalism and financial security.


@Jordan: all MT4/ECN brokers must be on ECN/STP list. Is anyone missing? I’m going to check now (…2 found and edited. The rest matches). MT4/ECN bridge is a solution to be able to offer ECN on Metatrader4 platform. It must be ECN, otherwise, why make a bridge for a perfectly fine MT4?

Yes, we have brokers who offer $100 min deposit on ECN. Competition among brokers makes this possible.

You should carefully read the description for each account. Many brokers will have only 1 type of account (as a rule with a higher deposit requirement) for ECN, while the rest can be STP or even a dealing desk. If not sure – always ask your broker direct questions. Call them if needed.

FBS was wrongly listed among MT4/ECN. They should be in the DMA category.

Currenex is not the only bridge technology nowadays. Brokers are know to build own proprietary bridges as well as use other commercial software solutions.

$5 for an ECN account? The question is how you are going to open a trade + pay commission + do anything else? It’s not doable, even $100 is too little for an ECN, yet seem to be working so far. Again, it’s often the case that only 1 type of accounts is ECN, the rest are MM or STP.

when talking about ECN, micro and mini lots have to be accumulated into at least 0.1 lot before being sent to liquidity providers. It’s done automatically, not manually.

MB trading account difference? I don’t know, sorry. Quite possible that one uses Currenex bridge technology, while another – some other software solution.

FxPro – 2 types of accounts, yes.

Any broker will gladly accept your $1,000-1,500 deposit, but it doesn’t mean you’ll receive the best conditions etc. The trick is not how much you invest, but who you invest with.

As practice shows, the time you spend researching pays off in the end.


@trader: MT4 platform is for STP or Dealing desk. In order to make it ECN compatible, a broker must use a bridge (software solution). MT4 bridged to ECN makes it MT4/ECN.

Besides MT4/ECN, there are many other ECN platforms, one of the well known ECN platforms is Currenex.
A broker can offer several account types, where each account will use a different trading platform, thus allowing a broker to be ECN/STP as well as Market maker for different accounts.


1lotstp broker belongs to the family of brokers owned by FX Systems Ltd (
It’s unfortunate, that they are not regulated. In the Forex business dealing with a non-regulated broker naturally increases risks.

Found out on the live chat that:
does not offer anymore the Standard account with min depo at 500 USD, now they raised it to 1,000.
This broker is not regulated, but it is only recognised by their local authorities. Can be a sign of something going on out there ?
Hate price changes and policy reviewing and re-viewing again.
A new company in the forex market as in any business will keep away customers, rather than attracting them if they keep on changing staff so often/

1LotStp Real ECN ?
can it be that a company does not have the depth of the m and still be level || ?

I have read your answer to trader’s question
Please would need some clarification about this …

If MT4 doesn’t have technical abilities to facilitate ECN trading
But many ECN brokers use own platforms, designed for ECN trading.
Those brokers who want to stay with MT4 are using ECN/STP bridge – a custom programmed solution/add-on to adapt MT4 to ECN requirements…

What about those brokers who are not MT4/ECN , but they are listed in the
“MT4 Brokers” and “ECN/STP Brokers” which category they fall in ?
How they can offer ECN account and still provide MT4 ?, or the opposite is also true, how can they Offer MT4 platform if no ECN bridge from their side Is possible ?
Sorry am I missing something here ?
Thank you

Broker Guru please shed some light on this .

Some Brokers are listed as MT4/ECN and I find them Under the “MT4 Brokers” Search list
However I cannot find them on the “ECN/STP Brokers” search List.
Does it mean that the same broker offering MT4/ECN Bridge, will not be acting as ECN, but only as STP.
or worse as a dealing desk with another type of account ?

When it says, ECN offered on all Accounts, and the the Broker offers accounts with min deposit $100
is it real ECN ?

Brokers offering accounts of: min.depo $200 0r $400 or $500 and separate ECN account $1,500 / $2,000 .
Will they play as a DD Market Mkr or a kind of STP, on the $100/200/400 ,,,,and the Account of $1,500/$2,000 as Real ECN ?

Some Broker Like “FBS” can offer MT4/ECN account, but when separating the MT4 bridge, they will
be able to offer at the most DMA/STP

Some Brokers Like “FIBO Group” are MT4/ECN, but can we assume is it Currenex ? Or we need to check it ?
they let you open an account for $300 can offer separate MT4 and ECN with different options.
And ECN is $1,000 .
My understading is that even if broker show itself as ECN, non stop hunter, market depth, currenex and so on..… he can still offer some lower accounts and behave as Market Maker DD ?

And how do we know that the Broker who says, “ECN available on ALL Account” is really doing so ?
I am talking about those ridiculous accounts Starting from $5. Asking question online to the operator its also not worth, coz many of them have got few links and ready made answers to send to teh asking clients.

As far as am aware micro lots and mini lots wont clear, wont ever reach the liquidity provider, please
correct me if am mistaken, just learning here, or they will need to be put togetehr with other small lots .
But of course it takes time to do it, unless the broker has quite few employees dedicated to this.
But big Lots of course will be send to the Bank immediately.

MB Trading offers Currenex MT4/ECN and Separate Stand alone MT4 with ECN account ?
whats is the difference please ? Better spread ? Really could not see on their website.

Fxpro is another Double Broker who is a Market Maker and Ecn with Market Depth – Level 2
pay $500 and he will not like it, therefore will act as a market Maker, however pay $1,000 and he gives you a nice ECN.

Really trying to understand here.. Where is the trick to get a nice Broker / is it to make at least Min Deposit
of 1,000 / $1,500 ?

After trading for 4 months, thanks to your website, am learning what are the right conditions for me to trade forex.
ECN / MT4-Ea / Regulated (possibly not port’s regulation) / Scalping Allowed / Min Acct open $500-1,000 / Spreads Variable 0.5-1.5 Eur/Usd / Some slippage -Re-quotes is acceptable / Leverage i dont mind / Withdrawals $15usd or Free.

Was thinking of Mb trading or 1 Lot STP, however MB trading charges 30usd for a withdrawal inter. and 1lot stp, does not have experienced operators to answer the questions.The same operators have to deal with all enquiries from lot stp / 4runnerforex / divisa capital and / 2 pip fix …

Thanks a lot

Hi BrokerGuru,

What are your thoughts on FXPRIMUS? I have heard they have a very strong reputation and are expanding in emerging markets in Asia and Africa.

Hi Peter,
Trading Point – DMA/STP, NDD.

Kindly let me know whether Trading Point &Financial Instruments Ltd forex brokers are ECN, ECN/STP or just market makers. Thanks. Peter.

Hi everyone, hope you have great Holidays!

Now the answers:
Ava FX is a market maker.
eToro is STP.
Marketiva is a market maker.
World Pro Fx – is ECN/STP & Market Maker (depending on the account).
Dukascopy – $100 minimum:
FXGM is an STP broker. FXGM (Forex Global Market) and FXCM (Forex Capital Markets) are different brokers.

Please can you help me clarify FXGM methodology of operation what type of broker are they and when were they established when I search I mostly stagger on FXCM clarify to whether they FXGM and FCXM are different Please help me understand.

Dukascopy Bank minimum deposit, 100$, are you kidding?


how about marketiva is this a dealing desk ?

what is etoro? can somebody guide me?

Small orders of 0.01 lots would have to be accumulated into 0.1 lot at least before being sent to the liquidity providers. If a broker can’t accumulate enough orders, they will need to countertrade it. That’s major giudelines, but each broker works according to own guidelines and strategies.

ECN brokers rarely offer 0.01 lots (though competition nowadays forces them to review their policies and start accepting 0.01 lots). Those ECNs that do that should be very confident in their order flow. It’s usually a bit more challenging for STPs to get the same volume of orders.

All ECNs have very competitive spreads, about 10-15 ECNs allow minimum deposits below $500: you can quickly filter the table on this page by the “Min deposit”:

You will pay ECN commission as you trade, proportional to your trading order sizes.
$6 per 100K round turn is simply a standard way to compare commission costs for different brokers.

HI do STP Brokers counter trade their clients only when the client has a Mini Account, trading with Mini Lots 0.1 ,,,, ?
ECN would not do taht right ?
I am aware that you cannot give any advice or reccomend any of the 100 listed Brokers, but i would like just to ask if tehre are some ECN brokers with Low Spread and Min Account start between 250-500 Usd . And if so, does the Min account be kept always above the 250/500 Usd, or can also go below that amount ?
How does the Ecn commission work ? i read we pay $6 Usd per round turn lot (100k). Lets say taht i start trading with only one mini lot of 0,1 = 1 Pip – 1 Dollar.. will they charge me the commission when i reach the 100,00 total , or get their percentage ?
Thanks a lot for help

Yes, all 3 brokers are well known, reputable & properly regulated.

FX Solutions UK is a market maker.
CMC Markets UK is a market maker.
Varengold Bank FX is an STP.

@trader from Malaysia: I wouldn’t take the business of trading lightly. If you’re planning to become a serious investor, you should explore and learn about the market and its participants (brokers) as much as you can to be able to make firm decisions and know how to compare brokers instantly, and not just rely on someone’s advice.

@trader: – Market maker – ECN & Market maker – ECN & Market maker – ECN & DMA/STP

Dear BG can u please tell me trading of FX Sol Uk (City Index trading), CMC Markets UK and Varengold Bank Germany. What are their trading methodology and is it safe to trae with them?

Hello, I’m from Malaysia. I am looking for an ECN broker, and I just had a capital of 1500-2000usd. can anyone suggest me a good ECN broker. And please teach me how to open an account with an easy way …. I just found out the web. through a friend. and it is very nice. but I do not understand enough about the broker’s broker has listed.

hellow sir and and and this companies type send please to my e mail [email protected]

MT4 doesn’t have technical abilities to facilitate ECN trading.
Yes, many ECN brokers use own platforms, designed for ECN trading.
Those brokers who want to stay with MT4 are using ECN/STP bridge – a custom programmed solution/add-on to adapt MT4 to ECN requirements.

sir i have a question,,,did MT4 platform can direct access the order to STP/ECN(interbank)??,,many i saw ECN broker using their own terminal platform to direct clients into interbank instead using of MT4….what the difference???

how about interbankfx?? thank you…

InterbankFX is a DMA/STP + Market maker broker.

Do you mean a broker doesn’t have a separate commission at all, but instead adds 0.5 pips as commission?

At least FXPro does that on their ECN accounts. It’s a rather new approach, but as long as it works and all dealing conditions remain to be true ECN, I think I would be okay with that and call it “ECN with commissions included in spreads”.

An ECN broker has commissions. Would they qualify if they take, say, 0.5 pip per lot as their commission? Just wondering because there are some in your list that do.

Thank you!

While ECN Alpha support answered:

what’s the minimum deposit for a true ECN account?
Thank you!

ECN Alpha: 500 US dollars is the minimum deposit.


Just a quick note while I was going through brokers list: MB Trading and FxClearing do not accept Canadian clients
and ECN Alpha has a min deposit of $10,000, not $250 as in your list.

minimum required lot is usually 0.1 standard lot for this.

as we said that even STP can separate clients account,,and make there own market for whom the equity isnt enough to trade at standard level such as 0.01 sen,since theire equity not normally standard and a lot is not available at interbank level,,,so what the minimum lot did the broker place our standard lot size at true ECN or STP???thank you for your help…

OANDA is a dealing desk broker.

hi,,BrokerGuru,,how about OANDA,,,can u check it???

MasterForex is a Market maker and ECN.
MasterForex offers ECN on accounts from $500 – Currenex platform accounts. Other accounts are MM.

About Dukascopy question: sorry I can’t recommend/review any broker. The site policy requires to keep an unbiased position.

What are MasterForex? MM, STP or ECN?

I’m hesitant in deciding broker with ECN accounts min 1000 USD, I’m interested dukascopy nevertheless saw some bad reviews from: You can give me advice

“One DMA FX accounts” is the name of the account where traders are offered ECN conditions.
This also means that a broker also has other accounts (besides this one), which are not ECN (could be STP or DD).

what is meant by one DMA FX ACCOUNT could you please explain?

Hey BiGi, thanks for your reply. I guess I will open accounts with all of them accounts and give them all a try.

Not sure about Duka Latvia either? Guys, does anybody have experience here trading with Dukascopy Europe which is based in Latvia?


Hi all,

i just opened a demo account with Dukascopy – this is their response about commissions / spreads. they don charge spreads – only commissions.

“Dukascopy doesn’t charge on Spread, but commissions for position placed. For more information you may visit:

I will try to explain in a more easy way. The commission will be assign depending on the amount that you will open your account with, if you will open with 1000USD you will be assign a commission of 48USD per million, so if you will open a position for 10.000 USD you will be assigned pay 0,048USD.”

Anyway, this website is very useful, keep it up guys .. 🙂

Terry is a market maker.

FxPro has decided to remove commission, but the cost of commission has been added to the spreads. So, in the end there should be no profit loss for a broker. This customized ECN version by FxPro has the same features as any regular ECN, although it might present a few additional challenges when explaining it to customers.

Global Venture Financing (GVF)? (
No, never heard of it. While the site doesn’t allow to enter without a login.

has anyone of you heard of Global Venture Financing (GVF)??


I’d like to repeat question sent by Endre some time ago about FxPro. They claim to have their ECN account commission free. Is this real ECN then? If they do not charge commission how do they profit, on spread only or by hedging clients positions?

Thank you

this site is a waste of time.

is a ECN?

Hi to all ,has any one of you delt with ACFX ?

I’m not a broker, nor I represent any broker.

Thank you for your feedback!
We are working 24/7 to make this site informative and valuable.

Guru ji , 100 forex is the best site till now on the web and it is very helpfull , i noticed that you call your self broker Guru and if you are a broker which forex broker do you represent.

Thanks for the great information. I have been using interbankfx and have noticed vs other traders I am losing t rades when they win. Also they are winning more trades in a day and mine are not even placed. I have noticed also trying to backtest data I cannot get good clean data when back testing. I have downloaded fxdd data and get good results but test on interbank and come back with different results and poor quality.

could you give me some information about roboforex ? Are they ECN? and i would like to know about their reputation and reliability in the market .
Thankyou .

can any one tell me how reliable is roboforex .

Thankyou BROKER GURU , this is the best and the most helpful article i have read on the net , hope you can get a list of brokers who are genuine. till now your article is unbiased pls keep it up .
Best regards.

only reviews…
NDD brokers also scam clients. There is no safe bet, if you just avoid MMakers. Only reviews can help.

Dear Fellow Traders,
Want to go Live, have shortlisted some brokers. Would be grateful if anybody could show me the way on the following issues:
1. Don’t want to be deceived by MM broker, so looking for ECN or STP broker.
2. I would be starting with a very small i.e $300 account. Being a scalper by nature, i shall be placing several buy/sell orders each trading day. So, i am also concerned about the commissions.
Please suggest me an ECN or STP Broker with lowest commissions.
3. Is there any testified and reliable info about any such broker who has good track record of paying customers their profits and bonuses (wherever applies.)

@ trader: InstaForex – STP.

@ Endre: FXPro has recently decided to pull out the commission from trading, but they added this commission cost to the spreads – so it’s their customized approach (still ECN), and they aren’t going to lose any profits on this, but in my opinion, it’s going to be more difficult to explain to new clients about their unique “ECN without commission model”. Other than that – Ok.

@ Infinit: Warmest welcome! As always great to hear from old friends!
And of course, delighted to hear that you’re successfully pursuing your goals!

Please do share with us your experience with the broker. The facts about Oanda.. Unbelievable. From my personal experience being in the broker industry for many years, I’ve (sadly) heard & witnessed hundreds of stories about brokers fearlessly manipulating trades and openly deceiving clients, but most of the time it was about less trustworthy/unregulated etc. brokers… Your feedback has added a fresh wound..

Regarding the list of brokers, as you know, I can’t recommend brokers. From the last time we spoke, nothing changed in terms of policies, reliability etc. You should try the remaining options you named: 5, 6, 7, 8. The good old friend Dukascopy is a bank, that speaks for itself (whether it applies to the Latvian branch, honestly I don’t know).
Lastly, just a general fact – trading with a bank is more expensive and often less flexible, therefore not very popular among traders. But if you’re out of options and seek for deposit/withdrawal safety and professional etiquette in dealing, you might want to consider it.

Looking for more thoughts/feedback from traders!

Hello BiGi,

Infinit is here again if you remember me. 🙂 I have a tendency to re-visit you here once a year and read through everything that happened during a year.

I am doing fine, polished my strategy, have consistence results and ready for some crop harvesting after so many years of trials and errors. As you remember last time we chatted here on the same forum page which was a year ago I decided to go with Oanda as they had low deposit requirements and low lot sizes. I am ready to retire from them now and will write my review on them.

Just for the record, I am a trader with 7 years experience, trading daily and don’t fuss around some 10-20 slippage things as some novices might do. But I must say that Oanda is basically not an honest market maker. This past last 3 months I have been experiencing the following tendency: I would usually have a couple of active orders, all with profit of course, some long term, some short and it happens once a week usually that one of my the most profitable orders with highest amount of pips earning and highest volume would just disseaper from the system. You don’t see it anywhere nor in the active window, nor in activity log, nor in history, nowhere it could be found. When I call them or chat, they would pretend that they have no idea what I am talking about because obviously they don’t see it either. It happens with different currency pairs, as I said on a weekly basis, the most profitable order just disappears from my activity window…. Making me neither loss, nor profit, no stop hunting, nothing like that, they are make it smarter, they take the most profitable out of the bunch and delete it from the system, that way you cannot prove anything. Well, of course, you may do screen shots and send it to them, but I am not going to waste my time with them. Amounts are not very big in terms of dollar value. I basically used them for my strategy polishing anyways. So folks for your future reference just so you know don’t deal with Oanda. In my experience I would not recommend them at all…. I will post this review under them as well, so folks who are researching are aware of it.

Now, back to my original intention. I am on the lookout for my perfect broker match again and after reading a lot here I see that not much changed. Just exactly the same as I asked you 2 years ago, my options remain to be the same and I don’t see any other broker that earned much trust. I know your policy that you cannot recommend anything in particular, so, therefore, below, I will enlist my brokers of interest and you please provide your comments in regards to their reputation. Maybe since last time we talked, maybe something changed, maybe some got better, some got worse. You never know so decided to come back here to my old good reputable place to get some recommendations. Much appreciated BiGi.

My list:

1) MB Trading – off my list b/c doesn’t accept Canadians

2) Interactive Brokers – off my list b/c minimum deposit 10K is too high to try them out

3) PFGBest – off my list b/c doesn’t accept Canadians

4) Hotspot FX – off my list b/c only institutional accounts

5) Hotforex – will live with the fact that they are offshore

6) Pepperstone – will live with the fact that they are offshore

7) Alpari UK – will live with the fact that the owner is russian

8) And old good friend Dukascopy. I hate the timing and coincidence, as of Oct.15 they highered min deposit from 1K to 5K. And on Oct.16 I reached out to them for opening account. Don’t get me wrong, 5K sounds just about right for opening an account but since it goes oversees I am a bit hesitant to send 5K upfront. Also, they told me that in 2011 they opened their another branch for mini accounts – $100 min deposit which would be perfect because I could deposit some 2K-3K for the beginning to try it out but the main decision point is that their office is based in Latvia and if just opened so no reputation there and of course world of a difference between Switzerland and Latvia in terms of trust and reputability.

Will be looking forward for your comments. Other folks who are reading and have something to throw in feel free to chime in.

Hi! First, a big thank you for this site! Second, I would like to update that FxOpen (my current broker) charges only USD 1.8-2.5 per 100k on an ECN acc. ( Third, by your definition, how does e.g. FxPro make money on their ECN account with USD 0.00 being the commission fee? It’s not real ECN then?

Thank you, Endre from Hungary

what about instaforex?

@ Raj: we have many reviews for Pepperstone broker here:

@ trader: about Halifax AU – don’t know yet. Trying to find out. will update here if get any information.

I trade with them live and you can expect 10.0 ~ 30.0 pips slipperages with them. Their Demo account is fine but in live account your orders get 99% slipperages of the time!

Hi Just wondering about halifax australia they say they are a ecn can you confirm? Thx

Hi, would like to open ECN Razor account with Pepperstone for $5000. They have very low spreads on demo. Just wondering as to how reputable and honest they are. No reviews for this broker. I think they are about a year in business.

What are your views on them. Would appreciate your valued opinion before I go ahead with them.

Thanks and regards

Thank you!

Just a small contribution to already great informational site! 😉
FXopen commissions:
For the pairs where USD is the base currency, the commission is equal to $5. For pairs with base currency other than USD, the commission is 5 units of the base currency. As FXOpen ECN accounts are operated in USD, the commission will be converted into USD according to the current exchange rate automatically. For EUR-based pairs – approx. $7; for GBP-based pairs – approx. $8 (the exact commission value may vary depending on the current exchange rate).
so it’s like 5-8usd depending on the pair base currency!

Electronic Trading Platform = online platform.

Synergy FX is NDD, DMA/STP broker.

what about synergyfx? is it STP/ECN or DD?

what is electronic trading platform?

Thank you for the update about FxPro.

@trader: sorry, we can’t provide opinions/recommendations for any Forex broker. It’s against the website policy.

Hi, just to inform you that FxPro ECN has no commission anymore! They have removed it recently, but increased the spread (which i believe is worse than a commission).
Also, to say that this is very helpful site and quite informative! Keep up the good work!!!

Any opinion on Insta Forex?? Are they reliable brooker as they claimed? is scumer.

Very useful website. Thanks. I hadnt realised oanda was a DD broker!

I found out a thing about baxter I like to share or,
they would be one of the best in the world,
they are one of the top tier liquidity providers in the world,
in other words HUGE, but only for big time traders since the min deposit is 50000

Thank you!

There is an error on commissions for MB Trading. Their commission fee of @2.95 is EACH WAY, therefore, round turn = $5.90.

Please correct.

Not sure if you also plan to consider discounts offered, e.g. Limit Orders with MB Trading give you a $1.95 credit back each time executed.


Quote: “Practically, if I want a broker with No Dealing Desk, no price manipulation, reasonable pricing, liquidity and reliability, which one type of broker should I consider??”

Your first choice would be DMA or ECN.
The pros and cons of each side you can find at: DMA vs ECN

“1) is this possible a broker can be Ecn/stp and DD also on ecn account..?
(asking because there is very late execution on ecn/stp brkoer)”


“2) is a ecn broker.what about this broker..?”

Deltastock, as well as any other broker who offers ECN accounts with 0.01 lot size will guarantee ECN/STP execution only if your order is 0.1 lot or more (because no liquidity provider will accept orders below 0.1 lot). Thus, if you place a smaller order, it has to be accumulated with orders from other traders in order to be sent to an ECN pool. If a broker can’t accumulate enough small orders due to low liquidity, he will try to facilitate it inside his own desk.

“3).how to know real ecn/stp broker..?”

ECN brokers should always:
– charge commission besides spreads
– execute orders only through Market execution
– offer only variable spreads
– offer only 5 decimal pricing
– provide Market depth information

“4) any good ecn/stp on you scale..please..”

This is the only question I can’t help you with. We keep unbiased position towards all brokers and can’t recommend/promote any particular broker on the site. Sorry.
If you review our earlier comment pages here, you’ll find some earlier discussions about veteran ECN brokers in the industry.

hello broker guru

1) is this possible a broker can be Ecn/stp and DD also on ecn account..?
(asking because there is very late execution on ecn/stp brkoer)

2) is a ecn broker.what about this broker..?

3).how to know real ecn/stp broker..?

4) any good ecn/stp on you scale..please..


Broker Guru,

Im a bit lost in terms of DMA, STP and ECN.
Practically, if I want a broker with No Dealing Desk, no price manipulation, reasonable pricing, liquidity and reliability, which one type of broker should I consider??

Many thanks in advance for your help.

potete controllare questo broker ho intenzione di utilizzrlo e vorrei sapere un parere da voi


You can check this broker I intend to use it and let me know an opinion from you


Hi [email protected],

Dukascopy charges commission because Dukascopy is an ECN broker, and all ECN brokers will change commission besides spreads.

Mig Bank is a DMA/STP broker. More on that at:
CIM Bank (Banqueo trader) offers STP for accounts below $25000, and ECN for accounts above $25000.
Varengold Bank (Germany) is a STP broker.
FX Interbank is DMA/STP

HI Broker Guru,
I am [email protected]!dy, Your information is too much helping us, actually i am new on forex and i have no idea about forex terms like ECN, STP, DMA pease guide me.
I am doing demo trading with some of them brokers such as

Mig Bank
Dukascopy Bank
CIM Bank (Banqueo trader)
Varengold Bank (Germany)
FX Interbank

All of them only dukascopy bank charging commission
kindly guide me about these above listed brokers in which catagery they fall are they ECN,STP or DMA ??

Thanks for your time.

Thank you!
RoboForex ECN has been updated.

Some brokers say that their Demo accounts match conditions on Live accounts 100%, but on practice, brokers try to bring Demo conditions as close as possible to Live conditions, but it’s never going to be the same.
If you have any concerns, please don’t hesitate to ask FxPro for further clarification. After all it’s important that you know exactly how your accounts behave.

we have aexperienced a problem with FX Pro in that if you put in a demo account trade concurrently with live account trade, it does not match up. please advise.

Roboforex ecn deposit $500

Thank you So much for the info on NDD/DD,STP,ECN,Instant Execution and market execution.It has really enlightened me and would make me a great trader.I hope to give my financial support to you some day when I’ve started making money in FX.Thanks

With a dealings desk:
When you’ve lost in a trade, the profit goes to the broker, since the broker was a counterpartry to your trade, e.g. bought from you if you were Selling or Sold to you if you were Buying the currency.

With NDDs:
a broker doesn’t seek to be your counterparty, instead he sends your order to the global market and/or to his clearing partners, who will Buy from/Sell to you and be your final counterparties. In this system, your Forex broker doesn’t care if you lose or win a trade, because he is not going to benefit from it or lose anything. (A broker will earn profits from spread mark-ups and/or also from commissions/rebates received form the clearing brokers).

Dear BrokerGuru,

you have a really helpful website, thanks. Please, can you explain me more detailed the Dealing Desk model. On the above chart I don’t understand the following:

Losing trades – countertraded inside the system and become broker profits?

Winning trades – processed to the interbank market to offset broker risks?

Thanks for your effort.

LMAX is a DMA broker. They clear orders through own pool of liquidity providers.
Thank you, we’ll add them.


Is LMAX an ECN too?
They’ve just opened in 2010, so i guess that’s why they are not on the list.


GoldStein Brokers is an STP broker, not ECN.

FXTG looks more like an STP with FCStone Fx being a clearing broker, from whom FXTG receives rebates.
We’ll need to find more information, since the initial account information on the FXTG’s site is very limited.

FXTG have got an ECN account and thay charge commission see

Dear Brokerguru,

is Goldstein Brokers ECN broker?
Thanx for your help!


Have you tried the search: Forex brokers comparison

Broker type: ECN/STP
Country: Australia

Hi l am a newbie and at the moment l am trading with go market in australia, l would like to know if there are any ECN brokers in australia l could contact.

@Zsolt: ThinkForex is not a market maker.
On the MT4 Pro and Speedtrader accounts you’ll have no dealing desk and will be charged a commission – that’s ECN/STP.
On the Standard account you’ll also have no dealing desk, but there is no commission – that’s DMA/STP, but not ECN.
The difference between ECN and DMA can be found at:

@Abhinav: as per our website policy we can’t recommend/suggest any particular broker, I’m very sorry. We keep 100% neutral unbiased position towards all brokers. Our goal is to collect facts and data about brokers, so that traders can compare and make an educated choice.

I haven’t heard the latest about trading in India, where it is supervised by SEBI. Among the last advisories published by SEBI was, quote:

“The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets.

Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time.”


Broker Guru,
I am new to this Forex & want to open an ECN account which provides the best liquidity. Please provide me a couple of best of the lot ECN broker names to choose from.
Also I am from India so please let me know if there are any legal issues/restrictions in money transfer from Credit Card/NetBanking.

Thanks in advance.


Excellent explanation and very simple to understand. Thanks for sharing.

Hi Broker Guru,

could you help me out? Thinkforex say on their site that they have an ecn/stp execution on all their accounts including their standard account while your list reads that they have that only on their mt4 pro and speedtrader accounts.
Who should I believe?
If it’s true that they don’t have an ecn/stp execution on their standard account, then what do they have? stp only? Or are they a market maker there?

thanks in advance,


Each broker sets own limits for Margin calls and Stop outs.
There is more about it at:

But, regardless the limits you will always be stopped out in time when losing, so that you don’t owe anything to a broker. This [owing money to a broker] simply never happens in Forex business.

An initial deposit is the regular deposit – the sum you’ll be trading with on your live account. This is your money to trade with or to withdraw. (As a rule, if you made a deposit and never trade for whatever reason, you’ll be able to withdraw your money in full after 30 days). Also keep in mind bank wire fees or other commissions changed by the payment systems you choose to use when making a deposit/withdrawal – the difference will be seen in your live trading account.

Broker Guru,

All brokers have a margin limit. So say if a broker’s margin limit is 100%, the broker can close an open position(s) if the margin level goes below 100%. However the broker is not obliged to close. This really makes me wonder as to what’s the point of leverage. I say this because when trading with 2 ECN brokers(demo), my open positions were closed on both when the margin went below 100%. Whereas trading with a market marker(DEMO again), a stop out was done at 50 %, but i could still hold on even when my margin went below 100%. This kind of makes me wonder here as to who the real market marker is.

So, does that mean when trading with an ECN broker, margin calls and stop outs are the same at 100%. The broker is not obliged to close a margin call, but how can I be sure the broker won’t?

Also, I have only being trading on demos so far. And there’s one thing I wanted to know: What exactly is this initial deposit? Can this initial deposit be traded with? or is it that it has to remain untouched for some time and can be used/withdrawn after that time? or is it that it is a one shot payment to the broker and you will never get that money back?


Yes, they are STP. Trading Point offers variable spreads and only Market execution of orders. The orders are send using straight through processing (STP) to at least 6 liquidity providers.

Please help me clarify if Trading Point is really STP thanks

Thank you, will be included.

@Tajer: yes, Dukascopy is still ECN. The fact that they facilitate small orders is a common practice for all brokers and is a necessity to ensure all trades get filled. I’ve send an additional support request to them and will add updates later.

A reply from Dukascopy, quote:

“Concerning your questions, Dukascopy is an ECN.
We are not market makers.
Concerning the trades mentioned, this is for trades lower than 100’000, minimum size for the counterparts.
We do gather all the trades to reach this level. It can generally take a few milliseconds for it.
This is why we do warn the client of this possible and very short conflict of interest.
I remain at your disposal for any further inquiry.
Best regards.

Frédéric Charles
Senior Relationship Manager
Dukascopy Bank SA
Tel. +41 22 799 4857”

Greeting you.
What about Grand Capital? Please include in the list of brokers Grand Capital company.
They have ECN accounts and NDD. Minimum deposit is 1000$ and commission per round turn is 10$.
Thanks for attention.

Thank you, most helpful….

Hi Broker Guru , i received the following from Dukascopy legal deparment

” Technically and contractually, the ECN broker always must be the
counterparty to all trades (in opposite direction) matched on the
marketplace. Normally, each trade between a client and the broker is
instantly hedged with trade(s) in opposite direction between the broker
and other participants of the marketplace. As far as hedging is
concerned, things cannot be as simple as you expect. As a matter of
fact, it might be that certain clients’ orders may be not hedged
instantly, not hedged fully or not hedged at all. Is is in particular
the case when clients give orders which are too small to be hedged with
mail liquidity providers of the marketplace which usually are banks. To
insure liquidity for such small orders, ECN brokers have no option but
to execute those orders without instant hedge.” can you help me are they still ECN ?

best regards


Withdrawing money should never be a difficulty with any broker.

Regardless the type of the broker, you have the same requirement for your trading orders and account management:
once you’ve used all your available margin, you’re risking to receive a margin call (with all or partial position liquidation) should the losses on your open orders continue to accumulate.

There is no maximum life limits for open positions:
– speaking of time – you can hold your open positions as long as you like;
– speaking of required margins – you can hold your open positions for as long as you have enough required margin on your account.

You should be very well familiar with the subject of Margin requirements. This knowledge will keep you away from major money management mistakes.

Hi BrokerGuru,

Although I understand the differences between ECNs and non-ECNs, there is something I would want to know.

Market Markers generally close orders once your loss reaches a certain limit. Do ECN brokers also do the same or can you carry your losses such that your balance is -ve?

What is the maximum life of a trade execution with an ECN broker like say if I do a transaction today, for how long can I hold that transaction with an ECN broker?

Would withdrawing money from account be difficult? I mean what kind of difficulties would be involved if at all any??


Hi Tajer,

I saw it and at that time I didn’t have the answer for it.

If you read Dukascopy’s FAQ though:
“Do all the accounts have access to ECN Forex trading market?
Yes, all the accounts have direct access to the ECN Forex trading market via SWFX – Swiss FX Marketplace”

Dukascopy is a Bank, and as a bank they participate on the Interbank.
As we know, once your order is sent to the Interbank (ECN pool), there it’ll be filled by ECN participants, among them are banks who will act as counter parties to your trades.
So, technically, Dukascopy can keep some trades to themselves, especially small orders of 0.01 lot.

If I find any additional information about it, I’ll update it here.

Hi Broker Guru

i am client of Dukascopy and i would like to inform you that they added extra rule in the contract.

15. conflict of intres : “dukascopy is a counter party of each trade and counter trade”

“Dukascopy may have opposite positions againsts the clients”

how are they ECN and be a counter party

can you help please?


The commission rates are up to date.
When comparing commission rates, make sure to verify whether a broker named you commission rate “per round turn” OR “per one side”.

Please update commission of brokers..


I’d say, the safest broker is the one that processes your withdrawals 🙂

If you want to fidn out the type of the broker yourself, you:
read Client agreement and see if the broker is a counterparty to all your trades,
then chat/call a broker and ask about their dealing type.

Then you download Demo platform and look at spreads (fixed, variable) and type of order execution (instant, market).
Fixed spreads + instant execution = dealing desk, though some may argue..

So, what is the safe type of broker that we have to choose? and how to know the type of the broker? Thanks

@trader: “Is there an ecn broker that does not comingle client funds?”

Do you mean is there an ecn broker that offers segregated accounts?

@JT: TradeStation is a DMA/STP broker.

@trader: Kerford Investments is a dealing desk broker.

what about Kerford Investments (uk) Ltd in London ? they are under FSA. are they DD or NDD?

Does anyone know the status of Tradestation Forex? Is it an ECN? Does anyone have any experience with Tradestation and Forex? JT

Too Good, What a Lesson

Is there an ecn broker that does not comingle client funds?
Basicaly even if they offer FDIC your money will be used
to pay out thier depts if they declare bankruptcy and the FDOC
will do nothing.
Do all brokers comingle?

Is Divisa Capital trustworthy? Their commission rate quite reasonable.

HotForex is a DMA/STP broker, not ECN.

hotforex not on the list? why?


many thanks for the explanation. It is indeed very transparent. I would like to recommend to STP Brokers that we advertise on our site. They both have headquarters or branch office in Germany, the Varengold Bank and the WH Self Invest.

Visit our site to receive special trading conditions such as rebates on spreads and lower initial investment for opening accounts.

Our broker Search allows to find IBs:
Forex brokers comparison

In the field: “Additional information” choose option “Introducing broker”.

Can anyone help me, i’m trying to find a list of Introducing Brokers (IB’s)…does anybody know something?

very good man ! u understand to filter usefull information out and give them to community. i will save your site in my favorites. thumps up

Dukascopy is a true ECN. Never received/heard about any problems with withdrawals.

CitiFX Pro – Premium accounts ($50,000) are ECN. The rest are Dealing desk accounts (from $10,000 Mini and Standard accounts).
CitiFX Pro and SaxoBank are liquidity partners. While also recently CitiFX Pro took over US clients of SaxoBank.

Hi BrokerGuru , is Citifx pro an ECN or STP ? do you have any information about their brokerage ? some sites list them as market makers , some list them as stp or ecn , is there a way to find out for sure what kind of business they are running , i know they have their platforms connected to saxo bank and i have no idea why .. thanks

I would like to know about Dukascopy
Are they truly ECN?
do anybody here has a good withdrawal experience with them?


Sorry, on this site we don’t suggest brokers.
Depending on your trading strategy, you may choose to trade with ECN (variable spreads + commission, execution speed depends on market conditions) or with a market maker (fixed/constant spreads, no commission, instant execution, yet you have conflict of interests).

many thanks many thanks many thanks many thanks great great great!!!

I’m from iran and I want to open a 5000$ account.I wanted to go with windsor first
but when I found out that it’s a market maker, I got Apprehensive about trade manipulation.
now,I want to go with Dukascopy but I’m still doubtful.can you help me with that
and tell me your frank suggestion?

Thank you!

AFX Capital Markets Ltd:

AFX FAST ECN account. Min. deposit $10 000. Spreads from 0.8 pips. Min trade 10K. Commission $25.

please i am looking for a true ecn/stp broker i can trade news with. MBtrading has actually been my first choice but unfortunately they dont accept my country.

LiderForex – fixed spreads, no commission. That’s not ECN.

I am working with LiderForex right now and they always pay, very good ECN forex company

Its a very helpfull article for new comers

Hello to everybody, I’m looking for a broker that during news does not quote and requote with a big slippage, do you have any advices?

GO Markets is DMA/STP broker, not ECN/STP.

Alpari UK has Alpari Direct Pro accounts ($20K minimum deposit), which are ECN; the rest is dealing desk.

Mitsui FX has been listed. Thank you!

Go Markets ( are not STP/ECN?

what about alpari uk

Mitsuifx is the best Broker in this moment!

Yes, why not. A serious company will offer a serious business.

Can a broker who offers both fixed spread (market maker) and ECN trading options be trusted to provide a true ECN trading environment without any manipulation whatsoever?

Thank you!
Will be listed.

Sunbird FX claims they have no dealing desk.
They offer choice between ECN or STP.

@ trader: To find a broker that match your criteria, please use our Search: Forex brokers comparison
where select:

Broker type – ECN/STP
US clients accepted – yes
Leverage: 100:1 and up

You’ll get around 15-20 results to work with. The next step would be to further refine the search according to your own needs: e.g. minimum deposit, min lot, trading platform, broker regulation etc.

At 100 Forex brokers we provide facts, but we cannot recommend/promote/suggest any of the brokers. Please read reviews on our site as well as on other sites to make an educated choice.

@C.Ashok: we’ve added a couple of new pages about STP vs ECN vs DMA brokers. I’m sure it’ll help you to understand the pros and cons of each broker type.
Straight Through Processing – STP brokers
Direct Market Access – DMA brokers

As a trader which option is to choose either STP or ECN ? which is benefit for us?
Please could you guide me.

C.Ashok Kumaar

If I want to have an ECN broker who would accept US residence to open an account and also provides higher leverage (more than 50:1), which reliable broker would you suggest?? is there anybody who has good experience with an ECN broker with those criteria??

@ trader: Thank you!
Grand Capital offers DMA for traders who choose Market execution order type, but it’s not ECN, since there is no commission for trading.

@ trader: Please consider brokers that allow all EAs: Forex brokers comparison
Search parameter: “All EAs allowed” – Yes.

At 100 Forex brokers we can’t recommend/promote any of the brokers, our goal is to collect facts & data about brokers, so that traders can have maximum information to make own educated choice.

If you’re planning to use some of the known commercial EAs, it’s better to ask each broker directly (phone, email) whether they will allow you to use that EA. But if it’s your own custom EA, you should generally have no problems with it with brokers who claim to accept all EAs.


I’m doing trade by using EA. Can anyone give me advice for the best forex broker (MT4) for EA?

Thks a lot

Thank you!
Will be updated.

The minimum deposit for Deltastock Level 2 accounts is 100$ not 1000$

Thank you for the update. Will be added.

Pepperstone out of Australia has recently come out with an MT4 ECN. It is called the Razor account and commission is only $3.50AUD/100K traded and claim to have low spreads

Thank you for your feedback!

Yes, brokers use API’s to connect to the price feed of their liquidity provider(s). For traders, API features allow to connect to Forex broker’s trading server in order to send quick direct trading commands without the need of using the regular client application interface.

We don’t have the list of brokers who use Trade Navigator, since it’s a very specific search parameter. You’re the first trader to ask about Trade Navigator brokers.

Thanks for the information.

Ms. R. Gafoor

I assume API’s are used to plug-in your 3rd party charting package for example.

Since nobody asked nor it is listed in the search criteria, anyone knows which ECN brokers accept Trade Navigator for executing automated trades? This ofcourse besides the one listed on Trade Navigator website as being “partners”.

Just want to say that after reading these long comments I am better informed than I was.
Keep up the good work.

AAAFX is a DMA broker – STP with Direct Market Access.
More information can be found here: DMA Forex brokers

This was the more useful Forex article i read in all my life, utra good. Congrats.

Can someone inform me about XTB and AAAFX ? Are them ECN or STP or Markets Makers ?

Thanks a lot

Hi Adrian,

dbfx is a dealing desk broker & a veteran of the Forex industry.

Consider MB Trading (ECN)

Hi BG,
Ani information about dbFX?

LIteforex is scam!!!!!!!!!!! no pay!!!

Plus500 is a dealing desk broker.
Traders’ feedback and reviews on forums and sites should help with reliability question. (We don’t provide such evaluation or rate brokers).

Any information about Plus 500? Are thei able to provide true ECN?
How is their reputation and reliability?

No, I haven’t heard about that.
Dukascopy – ECN broker, for example, has recently introduced XAU/USD for trading.

Hi BG,

Is it true that true ECN broker cannot offer commodities (Gold, Silver, etc) and Oil/Gas to their clients because there is no proper ECN market for them?

Thank you.

I’m IB from thinkforex
thinkforex use ECN no commission but tight spread
location at Currenex

register under me as IB and get offer [… Censored. Referral links are not posted…]

HY Markets is a market maker.
LiteForex was a market maker, but now STP.

Hi , I can’t find HY Market and LiteForex the ECN/STP list, are HY Market and LiteForex market marker?

ThinkForex does have commission:
See “Pricing Setup” and “Commission” lines here:

MT4 Pro and Speed Trader accounts should be ECN.

Hi Bg

thinkforex listed under ECN broker but they didn’t charge commission, can it be real ECN broker or STP?

Thank You!

“Kerford Investment Limited operates as a primary market maker and broker-dealer Firm.”
Reference link:

there is a company named Kerford which is not on list,
Is it a market maker? stp? ecn??

Broker CyberSearch will answer this and many other questions. Give it a try!

What about minimum money requirement in these brokers?
Which one is accepting less than 500$?

A quote from Trading-Point’s email: “…As per license it is yes; but due to the nature of the business we conduct
its in reality STP as all orders are bridged as were on market execution and not instant execution from default.”

We listed it the way the broker recommended us, and more so we apprecitate an honest sragith-forward clarification of the question. The rest is up to you.

(P.S. Could be similar to IBFX’s case, where under NFA requirements they must tell clients that their operate MM+STP model, while in fact clients trade under STP conditions).

In Trading Point’s “Terms and Conditions,” Item 10 states that they can act as a Market Maker, and to the detriment of the client.

Listed. Thank you!

This is a clear information. Thank you very much

Trading Point relied to us that the real execution type is STP as all orders are bridged as were on market execution and not instant execution from default.

Trading Point told me they are STP, but in their Terms they state they are market maker. Which is it?

Marketiva is a dealing desk broker.

plz how about

I’ m with MB Trading and very happy, they are a true ECN wth No Dealing Desk. Their spreads are tight, fills are fast and commissions are low. MB Trading is my preferred broker.

V3FX – I haven’t heard about them till today.
If you look at their account types, there is a column about execution: “Instant”. Instant execution is offered by Dealing desk brokers, while NDD brokers offer Market execution only.

By accounts:
MT4 Retail account: Instant execution;
MT4 Premium: also instant execution, although they say on other pages, it’s NDD. Mistake? I don’t know, since the site looks new, despite the fact that the domain name was registered in July 2010, and in fact this page ( at the bottom today still has the new site default texts: “Lorem ipsum dolor sit amet…”


I am simply very impress with your article. Can you help me to know about V3FX broker?
Is it trustable or not? ECN or STP.

Thank you.

I work with Great brocker!

Thank you!

@trader: Windsor Brokers – Market maker.

@trader: what are your options if a broker doesn’t return the money?
please see by latest reply on this page:

hi guru,thanks for all your help on forex and brokers so far, tru this website i found my kind of broker but lately i encounter a problem,i made money from a broker and they refuse to send me my money, what can i do to get my money from them


What about windsorbrokers..i dont see them on the list above..
are they STP/ECN or market makers??


Sorry, I’m not sure what “genuine” is supposed to mean.
Pepperstone is a registered and regulated company, see details:

is pepperstone a guinuine broker?

Pepperstone is an STP, not ECN.

is pepperstone an ECN or STP dealer
thank you

so far i’m happy with fxprimus, it’s an STP with fixed, variable, and ECN choices

A very helpful article. I have lost alot of money through the DD brokers and one thing I had noted was that whenever I place an order the opposite side starts to move and very fast sometimes till I now hedge which means whichever way I go there will be some money lost. Interesting.

@trader: There are negative reviews for every broker, and reading thought reviews might be frustrating.
Take a look at the Step #4 in the article How to choose a Forex broker?, which teaches how to approach/filter reviews.
I would highly suggest to ask ACM about their demo vs real account conditions, and ask to explain what differences might be there once you go live. I’m sure, if you put the right questions, the stuff will be able to give you accurate answers.
We can’t recommend brokers here, our goal is to collect facts, so that traders can make an educated choice.

4runnerforex cannot be compared to ACM – a veteran of the Forex business.

4runnerforex is a new off-shore company (British Virgin Islands), and has no regulations. They are new to this business (since 2010). They have few reviews, and the fact that all of the reviews are so far 5 stars is a bit disturbing if you ask me.
I’d like to be wrong. But so far, with all respect to 4runnerforex, the company needs a lot to prove before it can be trusted to the same level as ACM.

@subrata: Thank you!

@trader: A good set of questions here: 10 Questions to ask your broker
Plus some more:
– Is company regulated? Where I can check it?
– How well is it capitalized?
– How long has it been in business?
– Who manages the firm and how much experience does this person have?
– Who are your clearing brokers/banks, how many clearing partners do you have?
– How much volume does your company transact each month?
– Are my funds protected? What are the guarantees?
– Does the company run a dealing desk?
– How often will I get re-quotes, slippage during trading?

I was wondering what some really good questions would be to ask a Broker to see how credible and honest they are?


I am subrata from calcutta.
In my country “GURU” means ‘A person who knows everything’. He shows us the way to achieve our goal in different fields. He is a respectable person in our socity. We all respect our Guru.

Since last two years I am in forex trading field. I purchased many software,books,course etc . I practice demo ,try to find out different strategy. When I grew confidence I wanted to open a real account.
Now I faced the actual problem, Whenever I checked the broker review I was disappointed. I could not get any support from anywhere. Everyday I received No. of mail about forex trading but nobody send anything about “broker” or “broker scam”.I think the main part of any trading”Broker’,which should get the 1st priority. Otherwise all of your strategy,EA etc will not work.

I can not recall how I get this site. when I get it, I complete your 57 page 600+ comment/review . I finally got the way. Now my confidence as well as knowledge enhanced . I I can proceed now.
“GURU” you have a noble social work in forex community,showing them the right way.
“GURU” accept my regards.

Hi Broker Guru,
I just posted about the $70,000 account and trading Silver I found this Broker but I think they are new they seem to have good reviews but I wanted to know if you know anything about them.

4Runner Forex

I am just really worried about brokers manipulating your trade, also not being able to withdraw your money and them going out of business.

I really would appreciate your advice. Thanks

I was considering going with ACM but after reading many bad reviews and finding out the different type of accounts I think I am better suited for an ECN account.

I want to open up a $70,000 account but I want to trade Silver.

I have been reading for weeks on different Brokers and I am ready to pull my hair out. It seems everyone has a different opinion and all Brokers have bad reviews so I am just left frustrated beyond belief.

I am new to the forex trading but not new to Precious Metals this is why I want to trade Silver. I have an ACM demo account right now but after reading this thread and there reviews I just don’t think they are honest and right for me. Even thought I have been doing very well on there demo account I have read that a live account is nothing like the demo account.

So my question is what Broker would best fit my needs with a $70,000 and trading Silver. I would prefer a Broker out of the US but it is not mandatory. Also what Broker has a demo account that represent the live account accurately. I don’t want to practice on something that is nothing like the really thing it is a waste of time.

I really appreciate any help…..Thanks

I have been looking for this kind of information for a long time. Thank you s much it’s very helpful.

UWC is an STP, but might as well have a DD for the $10 micro accounts.

Many STP brokers run a hybrid STP model: DD + NDD
I’ve recently added more on that in the main article on the first page.

@trader: thank you for the feedback. You’ll find delays with every broker. Dukascopy is a quite competitive broker, in fact, a bank. It’s difficult to compare it to other brokers for one reason – the security and reputation of the Dukascopy will prevail.

Hi Broker Guru,

Thanks for an excellent site to help us find the right broker. I read alot of review and quite like Dukascopy. I have been using their demo for a month and like the Jforex platform. The only problem I found is that the ping delay is 700ms! Is that acceptable and will it affect live trading? Should I look for another broker? I am from Singapore and any advice is greatly appreciated. Thanks.

Can you please verify if UWC (United World Capital) runs a dealing desk

An excellent well written article. Thank you for the clear explanations on ECN / STP brokers and spreads.

US brokers have one of the strictest rules in the industry when it comes to account application, that’s because the regulation is US is also one of the strictest.
When the other day traders come with complaints against scam brokers, somehow we start to appreciate when the rules work…

I can’t recommend brokers, it against the website policy, I’m very sorry.
Can suggest using our Search tool, where select the following parameters:
Broker type: ECN
Country: check the “Show all” box
Regulation: regulated
Leverage: check the “Show all” box

From the list choose a few regulated brokers outside US with the suitable leverage.
Then do further research (trading conditions, deposit/withdrawal, reviews etc) on each company.
Hopefully you’ll find the best suitable broker.

BrokerGuru! can you please suggest some reall ECN brokers in europe or outside US, (no market maker please)
I don’t like the low leverage 50:1 all the US brokers have, and it’s a real bitch to sign up with one,
it seems they need to know the color of my underwear before they let me have an acount,
even though I have sent a scan of my passport and bank statement it is still not enough for them,
I give up!

@Smuggler – askobid has ecn option as well…….
I dont know how much they use it, but then again from my experiences most brokers that are ECN dont really cover accounts.
4xp on the other hand is being sued right now,……….i’m not sure how its not being covered more greatly.

Very good article, thank you.
I have read that Instaforex is an ECN broker.
What is also very good about them, is that they have low deposit requirements, low minimum trade requirements.

What I am not sure about, is that they are safe (very serious concerns about it are given
I wish somebody could advise me with this one, should I find another ECN with low trade requirements and (almost) free deposit/withdrawal?

It could be an STP for standard accounts above $500, while for mini and micro accounts HotForex will most likely be a counterparty to your trades.

Is Hot Forex a STP or Market Maker?

Alpari NZ will have the same trading conditions (execution, accounts, orders, platforms) as Alpari UK and US.
If there are some minor difference, they don’t stand out.

About Right Win Group FX: nothing so far… Looks to be a new company from Belize. Their website doesn’t look complete, too little information. Seems like the business is just starting.
No mentioning of STP dealing.

Here is a new broker claiming to be STP:

Anyone know anything about them?

Go Market is a true STP.
vantage FX is an IB of GO Markets.

Thank you for the news about Admiral markets. The announcement about new Admiral.Pro accounts has been made on 27.01.2011, so it’s a new service. It has all attributes of ECN dealing, you’ll be using MT4-ECN bridge.
Yes, we can now officially add these accounts from Admiral Markets to the ECN list.

pls, who is Alpari NZ? its not in your list

Hello everyone,

Thank you for your support and patience!
All questions have been answered. Please scroll back to the page where you left the comment. You’ll find my replies next to your question or 1-2 comments below it..

Hello. What do you think of Admiral Markets? They claim to have Admiral.Pro accounts working on ECN basis. Could you confirm this or they are just another mm?


I would like to ask, if GO Markets are true STP broker, as they claim to be?
And is Vantage FX, IB of Go Markets?
They are both from Australia, and offer similar trading conditions?

All Forex broker take the opposite side of your order! NDD or DD are the same…..The only way to trade currency in a regulated market is opening an account with a futures broker where you trade real currency contracts and your orders go directly to the “PIT” ,so you can meet real offers of buying or selling contracts….

Forex brokers are similar with those in Europe which allow you trading CFD’s (contracts for difference)….

The only problem is the amount of money you have to put in your account…..Forex allow you to play with no more than $400 ( eg: 1 EUR/USD mini contract 1.3600 with 50:1 leverage need $ 272 to open a position, for a regular contract $ 2720 ). But if you have in mind trading regular contracts than to avoid “headache” open an account with a commodity broker……. some let you start with $3000, some with $ 5000……

Hello everyone,
…too many questions lately. Sorry for the delay. I’ll answer them all one-by-one.

I have been trading for a while and never gave any thought stp AND ecn brokers. It explains my level of success and failure. Thank you very much for this great article, it is worth more than all the straw I bought.


Oanda – market maker.

Hi! Very good article and easy to understand.
Could you please, tell what kind og broker is Oanda?

ForInvest Group


LiteForex is not an NDD.

In MT4 trailing stops work only with positions that are in profit. If your position is still on a negative side, the trailing stop won’t be triggered. I don’t know if other platforms offer trailing stops which would work with negative pips.
For MT4 try looking for Trailing stop EAs, I think programmers should have solved this problem already.

Ratings won’t be available in search results, sorry.

Regarding the tax question, we haven’t touched it yet. This tax question is going to be different every time depending on the trader’s country of residence, location of the account, current tax policies etc etc. As a rule, the best way to find answers about current tax situation for your individual case is to send a request directly to your Forex broker.

Regarding the authentic status of the reviews, please see my latest reply here:

Level 2 trading is a synonym of ECN trading.
More reading here:

I am looking for NDD broker with “trailing stop” executed on the server
like plus500 but with higher leverage and better trading platform
and I want to search this “trailing stop” executed on the server
in here
meta trader 4 executes “trailing stop” on trading platform
and when I test mt4 “trailing stop” it is working only on positive position
is that right or I test mt4 downloaded from a different broker [GO Markets]
why I can not see any ratings in search result
in this search is not any margin like in
and you can add an option what column add in a first place
that I can see those columns what I search in a first place
and anywhere in your web pages there is nothing about
tax problems like I heard with example ATC Brokers
maybe in
you can add tax column

how the Authentic statute are confirm in here


is the liteforex ndd

Hello Ignatius,

I think what happened is when CMSFX sold their business they agreed to transfer all clients to by the contract. Only then started reviewing the database of clients they’ve got…
I don’t think, however, that CMSFX was right about not letting you transfer to FXCM instead, at least they should have confirmed that you’ll be able to trade with before convincing you to stay with this broker.

Hello Smuggler,

it’s a serious step and a large investment. Dukascopy is the best choice for all the reasons you’ve mentioned.
I would absolutely not look for any other alternatives in your case. Only this broker. Dukascopy supports MAM.

Hallo Broker Guru

You have no idea how your excellent and simple explanations have helped me today.
I “stumbled” on to this site in my search for an reliable, credible forex trading company. I live in South Africa and is very new to this “forex-game”. You know the saying that goes: “in the land of the blind, the one eyed is the king”…? Well that is currently me… I only have one eye but I am the “king” in a smallish investment company. This company wants to expand their products to include a “high risk” investment for clients who want it and I (with my big mouth) mentioned forex. I told them about my “awesome” profits on my demo account for the past six months and showed them my trading history printouts. Well.. now I have “the job” to setup and trade the forex market for them . I quickly discovered that to go “Live-trading” in South Africa means getting an offshore account and an offshore Forex-broker.
As my demo account has been with Askobid and 4xp I was considering using them, HOWEVER after reading your site I have discovered MM, NDD,STP and ECN traders.

Askobid is a MM as far as I can see (with my one eye . . .)
4xp though claims to have an ECN possibility. Could you confirm this ?

As my starting capital will be $100 000.00, growing to about $1 Million in the next 10 months, I will definitely not be using a MM – thanks to this Great info on this site.

I will be using an “intra-day” trading model to make money for the investors and pay out the “profits” on a 3 monthly basis.

I believe that STP or ECN is the way to go for this type of “business” I am going to do ? You agree?
What would you recommend ?

After reading ALL 642 comments . . . I think I like Dukascopy as an ECN broker as it seems to be a reputable and secure broker & bank. It is also in the same Time zone as South Africa.

As I am also looking at MAM (multi-account Manager). I looked at Thinkforex as they support this. From what I have read in your comments MT4 does not support ECN trading. right? Thinkforex however trades on the MT4 platform ???

Does Dukascopy also support MAM ?

Thanks for your time… you have really “saved” my a lot of tears and hardships.


I opened a live account with cmsfx with 1000k (500k x2) only to be told 2 months later that they are closing and transfering all retail account to I requested them to transfer my account to fxcm if that be the case instead of, but they told me that is good for me. then issued an account and password to me but when I complained that I couldn’t gain access to the live account with the paasword they issued to me, they told me that they don’t deal with cliants from my zone -Nigeria. The next thing was to send me a fund withrawal form for the repartration of my fund – and closure of my account with both cmsfx and Is it right for cmsfx to have acted in that manner\\\\\\\\\

Thank you!
Alpari RU is a russian site. We list only those sites that have English pages/translation for pages. It applies to all countries.

Hi Broker Guru, thanks for this site, helps a lot. 🙂
Q: Why you only list Alpari UK and US, but not Alpari Ru ? I think they have NDD and ECN account too.

@trader: Thank you for introducing the company! Unfortunately, I can’t find any confirmation about STP dealing on Equilor’s website. I’ve send them an email inviting to help us list their company. Hope to have a reply soon.

@trader: yes, you can do next:
– if spreads are fixed – that’s not an ECN. Thus it’s either a a dealing desk or an STP.
– if there is no commissions for trading, again, can’t be ECN.
– if a broker quotes 4 digit pricing, again, can’t be ECN.
– if a broker offers Currenex platform – that’s always ECN, with variable spreads, commission and 5 digit quotes.
– order execution: you need to download a trading platform and look at the order execution method (regardless the brand of the platform). ECN and STP brokers have Market execution. Dealing desk brokers have Instant execution. (More reading:STP vs DD execution
– MT4 brokers are often either market makers of STP, unless they offer a bridge to an ECN platform, which is in such case is an additional feature/advantage and is hardly ever left without mentioning & additional promotion on the site.
– download an read client agreement form: seek for words “market maker” (immediate conclusion), “counterparty” (depends on the context), “conflict of interests” (also depends on the context).
If nothing helps, then you ask a broker and hope to get an honest reply.

@trader: Monex Futures indeed charges commission for Forex trading: $15/lot/side ($30/lot settle), and it’s MT4 platform, which technically unable to support ECN, unless they use a bridge. I asked them, but got no answer. Can’t confirm, sorry.

@trader: Windsor is a market maker.

@trader: FBS offers both STP and dealing desk accounts. Micro & Standard accounts below $1000 are Dealing desk accounts, “Unlimited” account with min. deposit $1000 – STP.
YouTradeFX – fixed spreads, no commission. The company is compensated though the difference of bid/ask spreads.
They are most likely a dealing desk, since I haven’t found any mentioning of NDD dealing. (P.s. they do have an account type called “ECN”, but that appears to be rather just a name).

what about you Trade FX and FBS ?are they ECN or STP?

I have trading experience with windsor they are not stp ECN or NDD,They are Dealing Desk brokers and they are also not honest.

Hi all, Does anyone know Monex Futures (, are they ECN, STP or NDD, because using market prices for the SPREAD (not fixed spred) and they charge a commission fee ..??

Hi, Is there any way to know or track down brokers, whether they are ECN, STP, NDD without asking or reading their notices

Hi, one another STP broker offering MT4 is Equilor, a twenty years old company from Hungary. Spreads are not so tight but nice people, good support, reliable company. Check (hungarian) or

FXCBS (Fienex Group)
Persepolis Capital Management

I want to know the list of ECN brokers in the UAE, please. Thank you.

Thank you so much for the very simple and clear explanation of the various types of brokers. It is extremely useful to me now.

Yes, apparently missed Baxter-FX. It’s now listed. Thank you!

Windsor Brokers is a market maker, I’ve reviewed their conditions, agreement as well as asked representatives in the live chat:
Chat script:
“You are now chatting with ‘Sales’
Me: Hello, I’d like to confirm, does your company operate as a market maker? Thank you!
Sales: Yes.”

Baxter-FX is a great ecn broker but it is not in the list of ecn/stp brokers. I can’t believe it!!!!!!!!!

Windsor Brokers Ltd claims to be STP, no dealing desk. Put it in the list.

ECN offers advanced trading conditions and superior execution than STP.
However, with ECN you have to be ready to trade with larger amounts and pay commissions.

My Name is Vinoth
Plz Tell me Which One is the Best for trading STP or ECN..

Hi all.
Did any one use ThinkForex? Are they really ecn broker? How withdraw is? Do they pay with no problemsy?

IBFX AU is STP + market maker

Compare to IBFX US, is that IBFX Australia is far good?
Are they pure STP or STP + MarketMaker?

@ trader: Let the LP do their review, but be sure to inform them that there’s been no EA used. You should be fine. Keep us updated.

@trader2: Never heard about Hotforex before. I’ll check them out.
They look to be ECN, as they claim. What I wasn’t able to confirm is their regulatory status: I haven’t found the company [HF Markets Ltd] in the registry of FSC of Mauritius.
By the way, some information for those looking to use EAs with this broker:
“Please note that 4xGreed, Genius, Kaprit/Pacul, ForexShocker, Sniping Trading and all other arbitrage EA’s are strictly prohibited and will result in your account being banned, with no refunds. Aggressive EA’s that send tens/hundreds of orders per minute are also prohibited for violating the fair-use policy of our trading servers as well as aggressive pre-fundamental pending orders.”

@trader3: OTC means Over the Counter – the term applies to all Forex brokers. Forex has no centralised place where all trades would be made (like stocks, for example, which are traded on the centralised stock exchanges), instead all Forex orders are facilitated by Forex dealers/brokers, where you and your dealer agree on how every particular trade is settled.

@trader4: WSD direct NZ, as far as I know, is a market maker.

@trader5: has opened fairly recently – in September 2010. Too early to say anything.
(I haven’t heard anything about their business when they operated locally in Hong Kong). We have to wait and see how well they do in UK.

guru,what do you think about Hantec Markets?

What about WSD direct from New Zealand? Is it markermaker or STP.

these information help me a lot!.thanks you so much BrokerGuru!
i am still a beginner in fx trading,so there are things that i still don’t understand.Does OTC means dealing desk too?

how about Hotforex

“Liquidity provider has placed the login ID on hold whilst it reviews the activity on the account as they believe there is use of an aggressive EA. “- I do not use EA what this means why LP is not happy.

What is your exact suggestion?
What features do you miss on this site that you’re used to having on other sites?
Thank you for you feedback!

Trader Guru,

Please please change the layout of your website. It’s out-dated. It’s hard to navigate. It’s unintuntional.

The content is great, but the form is … not so great.


Hantec Markets:
MT4 account ($1000) – STP
Currenex account ($50 000) – ECN


how about FECH (forex-swiss)

What about Hantec Markets – ECN or market maker?

Thanks a lot For your information about Forex’ Brokers Types.

very good information about forex market,ECN and STP

GMI (Global Market Index) seems to be a new STP broker in the market. Their website is, can anyone comment about them ?

This is such a great as well as simple article to understand the all the types of Forex brokers. Thank you VERY MUCH for being that helpfull.
Kashif Bajwa

You have answered all my Qs
Thank you for that
Now I am clear about how system works.
I am so great-full for your explanation.

Every broker decides how many currency pairs to offer.
Dukascopy and MB Trading don’t offer hundreds of pairs like other brokers may do, it’s their choice to stay with the 23-28 pairs.

The size of the lot doesn’t affect the speed of the execution, at least not in the volume which retail Forex traders create. If there is, however, a limited volume available for trading, then there will be limited execution, but not the speed.

With the volume you’ve mentioned, you’ll be looking at VIP conditions with your broker, who will certainly make sure that your orders are sent directly to the best liquidity pool that a broker has access to. Again, from this point you need to contact a broker to discuss the details.

@trader2: I don’t have any experience with FinFx, sorry.

@trader3: the comment about APBG has been moved to the discussion area

@MrJinks: LMAX Broker is an ECN according to the information provided on their site (no dealer intervention, access to the order book, trading inside the spread, commission).

@StevenStp: is an introducing broker. They send traders to GAIN, FXCM and FXDD for which get paid. Since among those brokers we have STPs, the company requested to be listed as STP; although, as you’ve noticed it’s not an ideal match.

Hmm.. Maybe im wrong but offer rebates on your trades.

They say:
“Its pretty simple, forex dealing firms pay us to refer business to them and we pass a portion of our fee back to you just for saying that we referred you. You win, we win, and the dealing firm gets a client so they win too. ”

Why are they listed under “No Dealing Desk + STP” ?!

Cheers, SvenStp

Hi, BrokerGuru.

I’d like to know about LMAX Broker (

Are they STP or ECN ?

Thanks in advance,


What about FINFX?
Do you have any experience with them

Thanks in advance


I am a retail trader and I have had very good success both in FX and futures as an intra-day trader. I have a few questions, the Dukasopy and MB Trading have 23 listed currency pairs, but, I did not see other pairs like the GBP/NOK, GBP/CAD, GBP/SEK, GBP/NZD, yet you have the EUR/AUD, EUR/CAD, EUR/SEK..etc. Are they only limited to 23 currency pairs?

Does the size of the lot effect the speed of the execution of the ECN, or it doesn’t matter i.e. larger lot size, slower execution? How quick are your executions normally per trade?

Since liquidity in the FX market is upward to 3.5 trillion per day, when I execute an order, since an ECN routes an order straight through to the interbank where I am trading directly against institutions, hedge funds, corporations, banks, traders, capital pools..etc. Since I would prefer to trade 50,000,000 or 500 standard 100,000 lots in the future, in a 3.5 trillion dollar a day FX market, that order would not even cause the slightest ripple in the market, since you have banks, corporations and hedge funds buying and selling currencies unleveraged in the tens of millions of dollars when they place a trade intra-day.

Is an ECN routing my order into this 3.5 trillion per day liquidity pool, or a far less liquid pool size, if so, what would the size of the pool be on a daily basis? In other words, is my order being sent into the same liquidity pool as an order that is placed by a reserve bank, large corporation or major hedge fund?

This is a very important issue for me, so I would like for you to clarify this in detail when you respond. The reason for this is that I am in the process of setting up an offshore Business Acquisition and Investment Company, one facet will directly deal with capital investing in the FX and futures market. I intend in the future if permissible, to hopefully trade a maximum of USD10,000,000 in cash per trade for a particular currency pair or pairs, roughly 1,500 lots with a notional value of 1,000,000 units per lot on a intra-day basis, roughly a 1-2 % margin.

Thank you.

If it’s smooth in the beginning and then, when you show the signs of consistency & profitability the conditions worsen: e.g. delays, slips, re-quotes which weren’t there previously – it’s a very distinctive sign that you must have been put on a manual / dealing desk execution. There are no other reasons why your trading experience with the broker should worsen that noticeably.

We’ve discussed some of the ECN brokers, and I’m going to title either of them or any other broker as “the best broker”, it’s against all the rules we have here: unbiased, professional and so on.

FXPrimus is not on the list, only because we haven’t had a chance to add them yet. The broker will be added with time.

Regarding the earlier question about FXCBS, i don’t have any experience with them. Please read reviews on our and other sites and forums.

hi brokerguru,

im still waiting for your answers about those 3 questions above.Thanks in advance.


pretty good.
I’ve been googling for two days now about finding fact about brokers.

It appears that Deal Desk offer margin and leverage, such as or, but for ECN STP account I’m now looking for ones that will offer the same margin leverage model as Deal Desk broker.

hi brokerguru!

i am a news traders and has suffered much by market maker brokers is smooth at the beginning but when i make huge profit, everything will change after that.

then i’ve trade with FXprimus as stated in your page that they are STP and NDD.Everything so great for the first 2 months, but it seems that all my order now being delayed and not executed as what it always be.
my questions :

1)im pretty sure that my order has never get through the DD before, but is this a sign that they have put my orders to their secret dealing desk right now?
2)you have suggest some competative ECN broker before,could you short listed the best and truly stp and NDD brokers then?
3)i’ve tried to used your advanced search, but fxprimus not even in the choice section to compared to other brokers?why is that?

thanks for your million dollar info since the beginning brokerguru!

what about fxcbs?
do you have any experience with them?

This turned out to be a very helpful article. Thank you very much!

Now that the CFTC has enforced it’s new rules on leverage, what are some good ECN Forex brokers you know of that are based overseas and not in the USA, and also have Metatrader 4? So far I am looking at Tadawul, FXOpen and MID. I use EAs primarily. Thank you!


fxdd is dealing desk for small trader they swallow you

APBG will be listed. Thank you!

Global Clearing Group is not regulated. The company is registered under law Commonwealth of Dominica. The Company’s registration number is 15182.
Global Clearing Group LTD is Prime Clearing Member of EUEFEX Financial Exchange (European Union Electronic Derivatives Exchange), who are regulated by FSA in Moldova.

You would have to read reviews about this broker (not only on our site, but on other websites and forums as well) to make a decision. There has been many opinions about GCG, but I haven’t traded with them to provide a feedback.

hi, guru,
I would like to know about GCG broker (Global Clearing Group Ltd)
I prefer to open account with them.

APBG (Asia Pacific Bancorp Group) , , Has there own APBG Interbank trading Platform and MT4 trading platform, they have ECN/STP/DMA/NDD with over 25+ Liquidity providers. APBG developers Forum has got a there live Price feed there..

Your list is good. Really, you can choose any broker among those 4 and there should be absolutely no problems with running and EA, getting your money back/withdrawals, support etc. All 4 brokers are reputable, regulated and well known in the Forex industry for a good number of years.

Hi Guru, This has been the most informative thread ever!,
I live in South Africa, there arent any forex MM here so Im gona have to go offshore.
My list through research:
MB trading,
It is important that they accept payment via credit card as taking money offsure is a real mission from here.
Most Importantly, I must be able to get my money back, so i suppose customer support and reputability is a big one. I also want to run an EA on tha account.
Any thoughts, I would sincerely appreaciate any feedback

I’m sorry, I don’t know about that.
I don’t think, however, that you’ll be able to find a leverage above 100:1 for that though.
Sorry, can’t help, it’s a question to broker representatives, the VIP/institutional clients department.

Brokerguru, is there an ecn broker/bank that can fill up a single order of 10mil and up with a leverage of 1:100 and above?

I think it’s great.
TD Ameritrade offers Forex trading through thinkorswim. It’s a dealing desk trading, not ECN.

tdameritrade has forex now. What do you think about them?

Looking forward to the article BrokerGuru !


For dukascopy, is the price feed different if opening a new account with an introducing broker that give cash back ?