ECN brokers are big ones in the world. To trade with them, traders must deposit the big number of funds so it is very important to choose the best ECN broker for themselves. There are still confused about list of the best ECN brokers because the standards are not enough to determine them. The list of best ECN brokers here are just based on the standards. If traders want to find the best one by themselves, they must consider more factors. This list is just for your reference.
Now I will explain standards to the best ECN broker.
- Regulations connect with broker’s credibility
What is regulation? Regulations are standards that non-profit or profit organizations order to manage brokers. Brokers would like to get the regulations, they must fulfill these below points:
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
Many people think that the more regulations, the better. But that is a wrong idea. The more regulations, the more trading cost traders must pay. So I think that one regulation is enough to shape the best ECN broker. Broker only has one reliable regulation to prove that they follow the financial standards and have good financial health. Below is the list of regulations of top 5 best ECN brokers:
|1||Exness.com||CySEC, FCA (UK)|
|2||FxPro.com||CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).|
|3||XM.com||CySEC, FCA, ASIC|
- The best payment system
The payment system is very important for traders when they start depositing and withdrawing money during their trading. Especially traders in Asia, Africa and Australia. These brokers have the connection with local banks in these areas. If traders make the transfer during their trading, the speed would be fast within milliseconds only.
- The low trading costs.
These best ECN brokers have the lowest spread and commission. They only charge from 0.0xx pip and from 5-7$ for commission. Exness has the lowest trading costs with 0.0xx pip spread and $5 commission per lot. Even sometimes its spread is zero.
- The best trading conditions
The best advantage of ECN account is low cost and transparency. However, there are still slippages and volatilities. However, trading with best ECN brokers, traders will find the best trading conditions with stable quotes and less slippages. This is more stable and safer for traders, especially beginners.
- The customer service
Best ECN brokers provide the best customer services to traders through live chat, phone and local offices. They support 24/7 for several popular languages such as English, Chinese, Thai. Through live chat and phone, traders all over the world receive all their needed information. Even traders can ask brokers to call them back if there is any urgent case.
Most of these forex brokers have office in China, Thailand, Indonesia, Malaysia and Dubai.
For the countries that they don’t have regional offices, they support by live chat and phone.
– Exness supports 13 languages and 24/7
– XM supports 30 languages and 24/7
– FxPro supports 19 languages
This is an article from Brokersguru.com. It is written by Mr. Bruce Kovner, an expert in forex trading and forex-related matters. Brokersguru is a review website based in Thailand. It is famous for providing traders with reliable and professional information about all forex brokers in the world. Check out the site at best forex brokers Brokersguru.