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WHAT MAKES A BROKER TO BE THE BEST ECN ONE?

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When mentioning that top 5 best ECN broker in the world, we often have some confuses about this list. For example, US and UK brokers are more reliable in their country while brokers from Cyprus offer the best trading conditions such as: lower spread, lower margin, better trading platforms, and payment systems. So the traders must determine the best ECN brokers thanks to their country’s conditions and their trading plans. In this article, I will list down top 5 best ECN brokers in the world depending on the standards that I think it is the best.

 

No Broker names Rating
1 Exness.com 8/10
2 FxPro.com 7.5/10
3 XM.com 7.5/10
4 ICmarkets.com 7/10
5 FXTM.com 6.5/10

Below are the explanation about why these brokers are the best ECN ones.

  1. Credibility

What is broker’s credibility? The credibility is how much the traders believe in your trading system. So the regulation obtained by broker is the main factor to prove its credibility. Regulations are offered by non-profit or profit organizations to manage brokers. The brokers have the regulations, which means that brokers must follow below points:

  • Maximum Leverage
  •    Quotes quality
  •    Broker’s minimum operation fund.
  •    Bonus
  •    Segregated accounts to protect clients.
  •    Advertising messages to avoid misleading for traders…

To get these regulations, brokers must complete all above standards before getting considerations for receiving it. The more regulations are, the more trading cost traders must pay for. So it is much better to choose the broker with one regulation because one regulation is enough to prove that broker follow reliable financial standards and company has good financial health. Below table is the list of regulations possessed by top 5 best ECN forex brokers.

 

No Broker names Regulations
1 Exness.com CySEC, FCA (UK)
2 FPro.com CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).
3 XM.com CySEC, FCA, ASIC
4 ICmarkets.com ASIC (Australia)
5 FXTM.com IFSC
  1. Low trading costs

The best ECN brokers have the spreads lower 50% from that of US and UK brokers. For example, they charge around 0.0xx and from 5 to 7$ for each Lot. Exness charges the lowest spread. Sometimes their spread is zero. This is the best propose for traders to save trading cost and invest into their orders.

  1. The best payment system

The most important point when traders choose the best ECN broker overseas is the payment system. In some Asian countries, transferring to forex is illegal or if Asian traders want to deposit by Credit cards, the local banks will charge 1.7 – 4% of total fund. This rate is too high for traders to endure. Therefore some traders hesitate to trade with brokers abroad. With top 5 best ECN brokers, traders overseas don’t need to care about the payment since brokers provide you the best local payment systems with the fast transfer speed. Traders can directly deposit through local banks in milliseconds.

Check out the best payment systems in 2019.

  1. Customer service

Most brokers support online and in English and even other languages. Through live chat, phone and local offices, brokers support 24/7 for top most popular languages such as English, Chinese and Thai.

These best ECN brokers also create the support offices in some big countries such as 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.

 

 

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