ECN/STP 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.

ECN Forex brokerECN account nameMinimum
100K round turn
ECN PlatformRegulated
FXTM (ForexTime)ECN, FXTM ECN MT5 accounts$5000.1$4.00MT5 (ECN), MT4 (ECN)Yes
1BillionForexMT-ECN, Integral 0 Spread accounts$10000$5.00MT4 (ECN), Integral (NFX), CurrenexNon
4XNetworksForex ECN accounts$10$1.80MT4 (ECN)Non
Adamant FinanceMarketPro, MarketPrime accounts$2500$4.00 - 5.00MT4 (ECN)Non
Admiral MarketsAdmiral.Prime, Admiral.MT5 accounts$10000$6.00MT4 (ECN), MT5 (ECN)Yes
ADS PrimeECN accounts£50000£7.00MT4 (ECN)Yes
Advanced MarketsAll accounts$5000000$2.00MT4 (ECN) / UltiMT, Fortex Desktop/iOS/Android, Currenex/DMAflexYes
Alpariecn.mt4, pro.ecn.mt4, ecn.mt5 accounts$3000.1$3.2MT4 (ECN)Yes
AmendaECN accounts$5000$3.50MT4 (ECN)Yes
ArgusFXpro-STP/ECN accounts$2000$5.00 - 15.00MT4 (ECN)Yes
AssetsFXECN accounts$2000$5.90MT4 (ECN)Non
ATC BrokersECN accounts$50000$8.00MT4 (ECN)Yes
ATIORAECN NMS accounts$500.15$8.00MT4 (ECN)Non
Atom8Raw Spreads + Comm ECN accounts£50000£3.00 - 10.00MT4 (ECN)Yes
Axiory EuropeECN accounts$10000.1$10.00MT4 (ECN)Yes
AxiTraderMT4 Pro Account accounts$10.1$7.00MT4 (ECN)Yes
BaceraStandard, Pro accounts$3001.7$MT4 (ECN)Yes
Back Bay MarketsECN accounts$2500.1$5.00 - 7.00MT4 (ECN)Non
BancoFXECN accounts$10.2$MT4 (ECN), MT5 (ECN)Non
BANX TradingECN accounts$100000.2$2.00LCG TraderNon
BAXTER-FXAll accounts$500001$1.00 - 3.00Baxter-FX (Currenex, HotSpot, FXAll, LMAX, Integral, XCDE, FXCMPro, FastMatch, EBS, SolidFX, GainGTX)Yes
BCapitalsFXECN, Premium accounts$30000.4$5.00 - 8.00MT4 (ECN)Yes
BelforFXECN, Platinum accounts$10000.4$12.00MT4 (ECN)Non
BILLION CAPITALSECN-Gold Account accounts$10000.6$6.00MT4 (ECN)Non
BlackBull MarketsPrime, Institutional accounts$20000.1$6.00MT4 (ECN)Yes
BlitzbrokersMT4 Pro Account accounts$10000$7.00MT4 (ECN)Yes
BulbrokersECN/Interbank Premium accounts$1000$2.00 - 4.00MT4 (ECN)Yes
CFH ClearingECN accounts$500000$0.5MT4 (ECN), MT5, ClearPro/Web, Tradable, NetStation, Seamless FXYes
CIM BankECN accounts€250000€5.00 - 10.00Trader Workstation (TWS)Yes
Core Liquidity MarketsCore Pro accounts$100000$7.00MT4 (ECN)Yes
CornerTraderPro Trader accounts$1000000.2$10.00CornerTraderYes
Direct FXaccounts$5000.2$7.00Yes
Divisa CapitalECN accounts$50000.2$6.00MT4 (ECN), Currenex, ActTrader, cTraderYes
Dukascopy Bank SAAll accounts$1000.1$2.00 - 7.00MT4 (ECN) bridge, SWFX Trading Platform, JForexYes
EightCapRaw accounts$1000$7.00MT4 (ECN)Yes
EVFOREXECN accounts$5000.2$4.00MT4 (ECN)Yes
EXNESSECN accounts$3000$5.00MT4 (ECN)Yes
FastBrokersECN accounts$20000.4$5.80Pathfinder Trader (Currenex, LMAX, STONEX, Integral)Yes
FCI MarketsECN accounts$10000.2$3.00MT4 (ECN), NetStation, CurrenexYes
Fidelis (Belize)Commission accounts$10000$7.00MT4 (ECN)Yes
Fidelis Capital Markets (Cyprus)ECN Classic, ECN Pro, ECN Gold accounts$10000.2$15.00MT4 (ECN)Yes
Finpro TradingPure ECN accounts$2000$8.00MT4 (ECN), FinPro StationNon
Forex Broker IncECN Micro, ECN Standard accounts$1000$7.00MT4 (ECN), MT5 (ECN)Non
FOREX.comGAIN GTX Direct accounts$1000000$5.00GTX DirectYes
Forex.eeBasic ECN, Advanced, Premium accounts$2000$3.60 - 10.00MT4 (ECN)Yes
Formax Prime CapitalECN Raw + Commission accounts$50000.2$3.00MT4 (ECN)Yes
Fort Financial Servicesaccounts$5000.1$3.00 - 18.00MT4 (ECN), CQG Trader, NinjaTraderYes
FP MarketsFPM Raw/ECN accounts$10000.1$7.00MT4 (ECN)Yes
FreshForexECN accounts$10$6.00MT4 (ECN)Non
Fullerton MarketsECN accounts$2000.4$10.00MT4 (ECN)Yes
FW MarketsDiamond (Pro) accounts$100000.3$7.00MT4 (ECN)Non
FX ChoicePro accounts$1000$7.00MT4 (ECN), MT5 (ECN)Yes
FX-EDGEAll accounts$2000.2$8.00MT4 (ECN), Match-TraderNon
FXCCECN Standard, ECN Advanced accounts$1000.4$4.00 - 15.00MT4 (ECN)Yes
FXCLECN Interbank, ECN Plus accounts$10.8$4.00MT4 (ECN)Yes
FXDD MaltaECN accounts$20000.1$5.98 - 9.98MT4 (ECN), CurrenexYes
FXFairReal ECN, Prime accounts$250$3.20 - 4.00MT4 (ECN)Non
FXFINPRO CapitalECN accounts$500.1$7.00MT4 (ECN) Desktop/Mobile/iOS/Android, Protrader, Trader Workstation, JForexYes
FxFlameECN, ECN Pro accounts$2000.5$7.00MT4 (ECN)Non
FXGlobeECN accounts$250000.2$8.00MT4 (ECN)Yes
FxNetPlatinum accounts$50000$12.00MT4 (ECN)Yes
FxOnUsECN accounts$500.7$10.00MT4 (ECN)Non
FXOpenECN accounts$1000$3.00 - 10.00MT4 (ECN)Yes
FXOpen UKECN accounts$3000$3.00 - 10.00MT4 (ECN)Yes
FxPlayerAll accounts$200.4$7.00 - 12.00MT4 (ECN), Currenex, UniTrader, ActTrader, FxPlayer TraderNon
FXPRIMUSECN accounts$1000$8.00 - 10.00MT4 (ECN)Yes
FxProMT4 (ECN), MT5 (ECN) accounts$5000.6$9.00Yes
GAIN Capital GroupGTX ECN accounts$1000000$5.00GTXYes
GAINSYPremium ECN accounts$100000$4.00GAINSY Web, GAINSY MobileNon
GCM ForexECN accounts$1000001.7$8.00MT4 (ECN), cTrader Desktop/Mobile/WebYes
GDA FincorpECN accounts$10000.8$6.00MT4 (ECN)Non
GDMFXBlade, Blade Pro accounts$2000.4$7.00MT4 (ECN)Yes
Global Prime ForexAll accounts$5000.4$7.00MT4 (ECN)Yes
GMI - Global Market IndexECN accounts$20000$7.00MT4 (ECN), CurrenexYes
GO MarketsPro accounts$10000.8$7.00MT4 (ECN)Yes
Grand CapitalECN accounts$10000.8$10.00MT4 (ECN)Yes
Hantec MarketsCurrenex Classis, Currenex Viking accounts$50000.2$5.00 - 6.00CurrenexYes
HiWayFXECN NDD accounts$10000$8.00MT4 (ECN)Yes
House of BorseECN accounts$250000.2$3.50 - 4.50MT4 (ECN)Yes
Hydra MarketsECN accounts$1000.6$6.00MT4 (ECN)Non
IBAmarketsECN accounts$50000.3$7.0MT4 (ECN)Non
IC MarketsTrue ECN, cTrader ECN accounts$2000$7.00MT4 (ECN), cTraderYes
IC Markets Forex RebatesTrue ECN, cTrader ECN accounts$2000$7.00MT4 (ECN), cTraderNon
ICM CapitalICM Direct accounts$2000$13ICM DirectYes
IG MarketsForex direct accounts$500000$5.00ProRealTime, L2 dealerYes
Indigo DMAECN accounts$100$15.00MT4 (ECN)Non
Interactive BrokersOmega ECN accounts$100000$2.00Trader Workstation (TWS)Yes
InterTrader DirectAll accounts£5000£6.00MT4 (ECN)Yes
INTFXECN Premium accounts$10000.1$4.00MT4 (ECN)Non
InvestorseuropeCurrenex accounts$2501$5.00Currenex VikingNon
IronFXSTP/ECN Zero Spread accounts$5000$7.50MT4 (ECN)Yes
ITI FXDMA accounts$5000.2$6.00MT4Non
IV BrokersStandard Trader accounts$1000$10.00MT4 (ECN)Yes
JustForexECN accounts$20$5.00MT4 (ECN)Yes
Key To MarketsMT4 Pro accounts$1000$6.00 - 8.00MT4 (ECN), KTM TraderYes
KRC (KRCNZ and KRC Group)Standard, Pro accounts$20000$10.00MT4(ECN)Yes
KVB KunlunECN accounts$11.3$4.00Forexstar 4.0Yes
Land-FXECN accounts$20000$7.00MT4 (ECN)Yes
Larson and HolzNDD/ECN accounts$3000.01$2.00 - 12.00MT4 (ECN)Non
LCG (London Capital Group)LCG Trader accounts$100000.2$1.50 - 6.00LCG TraderYes
LQDFXECN accounts$5000.8$3.50MT4 (ECN), xStationNon
MaxFXECNMAX accounts$5000.1$6.00MT4 (ECN), cTraderYes
MB TradingAll accounts$4000.1$10.00MT4 (ECN), MBT NavigatorYes
MBASTP/ECN Account accounts$10000.5$10.00MT4 (ECN)Non
MEX EXCHANGEECN accounts$2000.3$7.00MT4 (ECN)Yes
MEX GroupECN accounts$100000.2$6.00MT4 (ECN)Yes
MFX BrokerECN accounts$10$3.60MT4 (ECN)Yes
Mocaz Financial MarketsECN accounts$10000.2$5.00MT4 (ECN), ClearProNon
MTI MarketsPro ECN accounts$50000$9.00 - 25.00MT4 (ECN)Yes
MTradingM.Pro accounts$5000$10.00MT4 (ECN)Yes
Nexsus Financial MarketsECN accounts$20000.6$6.00MT4 (ECN)Yes
NordFXMT-ECN accounts$10000$7.00 - 10.00MT4 (ECN)Non
NSD MarketsECN Pro Commission accounts$10000.3$8.00MT4 (ECN)Non
NSFXProfessional ECN accounts$30000.9$8.00MT4 (ECN), NSFX ProYes
One Financial MarketsONE | ECN FX accounts$50000.4$6.00MT4 (ECN)Yes
OrbexECN Standard, ECN Advanced accounts$5000.6$6.00 - 10.00MT4 (ECN)Yes
Pacific Financial Derivatives (PFD-NZ)PFD Pro (MT4) accounts$10000$2.00MT4 (ECN)Yes
PepperstoneRazor accounts$2000$7.00MT4 (ECN)Yes
PhillipCapitalAll accounts$50000.6$3.50MT4 (ECN), Phillip FX365Yes
Price MarketsAll accounts$5000$7.00MT4 (ECN), Currenex, Integral, HotSpot FX, Liquid-X, 360TYes
RBS - Royal Bank of ScotlandECN accounts£5000£?Currenex, FXAll, FX Connect, HotSpotFXi, IntegralYes
Real-ForexVIP, Institutional accounts$100001.2$6.00MT4 (ECN)Non
Renesource CapitalFOREX & Bullion FX Pro, True FX, ECN/STP Forex accounts$10000$5.00MT4 (ECN), MT4 Desktop/Mobile/iOS/Android, Currenex, IntegralYes
RoboForexECN-Pro NDD accounts$10$4.00MT5 (ECN), MT4 (ECN), cTrader Desktop/WebYes
Royal Forex Trading (RFXT)accounts$10000.1$7.00MT4 (ECN)Yes
Rubix FXAll accounts$5000.2$7.00MT4 (ECN)Yes
SaudiQuoteECN accounts$500000.3$3.00GTXNon
Seven Star FXECN accounts$50000$10.00MT4 (ECN)Yes
SolforexVolt Standard, Volt Premium accounts$2000.1$8.50 - 11.50MT4 (ECN)Yes
Sterling Gent Trading (SGT)SGT MT4 Prime accounts$10000$7.00MT4 (ECN)Yes
STO - SuperTradingOnlineSTO Premium, PRO, AFX Fast accounts$20000.3$4.00 - 5.00MT4 (ECN), AFX FastYes
Sucden FinancialECN accounts£50000£6.00CurrenexYes
SunbirdPro, VIP accounts$50000.7$8.00 - 10.00MT4 (ECN)Non
Synergy FXPure ECN account accounts$1000.2$5.50MT4 (ECN)Yes
TallinexECN-PRO accounts$20000$6.00MT4 (ECN)Non
tegasFXMetaTrader 4 ECN/STP accounts$2000.2$8.00MT4 (ECN)Yes
TempleFXECN accounts$20000$8.00MT4 (ECN)Yes
TFX MarketsECN accounts$5000$8.00 - 10.00MT4 (ECN)Yes
ThinkMarketsPro accounts$20000$6.00MT4 (ECN)Yes
TickmillECN Pro accounts$250$4.00MT4 (ECN)Yes
TifiaECN Pro accounts$5000$8.00MT4 (ECN)Yes
Titan FXBLADE Zero accounts$2000.1$7.00MT4 (ECN)Yes
TMS EuropeECN (Polish accounts) accounts€11.2€4.00MT4 (ECN)Yes
TopFXAll accounts$5000.1$2.00MT4 (ECN), cTraderYes
TradeFxPECN accounts$5000.5$8.00MT4 (ECN)Non
TraderNovoNovo ECN, Novo ECN Pro, Novo ECN VIP accounts$1000.8$6.00 - 10.00MT4 (ECN)Non
Traders WayCT.ECN, MT4.ECN accounts$500$2.50 - 3.00MT4 (ECN), cTrader (non-US only)Non
TradersChoiceFX100000 accounts$1000000$5.00GTX DirectYes
TradeVECN accounts$50000.3$12.00MT4 (ECN), Sirix Desktop/WebNon
Tradeview ForexInstitutional accounts$250000.1$5.00MT4 (ECN), Currenex, cTraderYes
TradeWiseFXECN Pro accounts$250$4.00MT4 (ECN)Non
TradingForex.comAll accounts$10000$5.00MT4 (ECN)Yes
TradizePremium, Direct accounts$100000$3.00 - 12.00MT4 (ECN)Non
TrioMarketsDiamond accounts$500000.1$8.00 - 11.00MT4 (ECN)Yes
Turnkey ForexECN accounts$2000.1$2.00MT4 (ECN), TradeStationNon
Uniglobe MarketsECN Classic, Elite accounts$10000$7.00MT4 (ECN)Non
USGFXPro-ECN accounts$500001.3$10.00MT4 (ECN)Yes
ValutradesECN accounts$1000$6.00MT4 (ECN)Yes
Vantage FXRAW ECN accounts$10000$6.00MT4 (ECN)Yes
VARIANSELatentX ECNPro, LatentX Prime accounts$50000$7.00MT4 (ECN)Yes
Vipro MarketsECN PRO accounts$250.2$4.00MT4 (ECN)Yes
Wenn MarketsECN accounts$25000.1$10.00MT4 (ECN)Non
XtreamForexECN accounts$5000$10.00MT4 (ECN)Non
YouTradeFXAdvanced accounts$20000.8$4.00 - 8.00MT4 (ECN)Non

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

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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Note: We recommend not to use more than 5% of your equity in open trades at one time. Risk management is very important to minimize losses and maximize profits.
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