Monday, 12 November 2018
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AN ARTICLE YOU SHOULD NOT MISS – REVIEW OF TOP 5 BEST ECN BROKERS IN 2018

Written by Posted On Thursday, 08 November 2018 09:19

Following is the list of top 5 ECN forex brokers in the world.

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

To become such top forex brokers, they have to reach many standards including reliability, lower trading cost, better trading conditions and better customer support. Specifically:

  1. 1.They must be reliable brokers.

Reliability is a very important criterion for determining a good broker. To know which broker is reliable, we need to check their regulations. More details about regulations are presented as follow:

       Regulations are profit or non-profit organizations managing regulated brokers by their own rules.

       The more reliable the regulation is, the more reliable the broker is.

       Here is the list of top 5 best ECN brokers and their trusted regulations:

No

Broker names

Regulations

1

Exness.com

CySEC, FCA (UK)

2

FxPro.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. 2.They charge lowest trading cost.

       US brokers often charge the highest spread and commission.

Example: Forex.com and FXCM charge from 1.7-2 pips for trading EURUSD, but the brokers I listed down above charge very little spread, around 50% lower than US brokers.

For ECN accounts, they charge from 0.0xx pip spread and 5-7$ for each lot. Among the largest forex brokers, Exness charges the lowest spread which is from 0.0xx pip and sometimes zero if there isn’t big news. It only charges $5 commission per lot while ICMarket charges 6-7$, and XM charges $6.

       They offer better payment systems/ methods for Asia, Africa, and Australia.

Some US, UK brokers are very good in their countries, but in other places, especially in Asia and Africa, they are quite bad. Therefore, it’s not a good idea for me to trade in those US, UK brokers. Thus, choosing ECN brokers offering local payment systems is very significant.

  1. 3.They provide their customers with the best trading conditions.

       Their quotes are better:

As I investigated, 95% of 100 traders thought that ECN account had no competitor in trading. However, 80% of them are trading with Market Maker and STP accounts.

       So why don’t they act the way they think?

Simply, it is because trading with ECN account is risky for starters as its quotes are much more volatile than STP and MM accounts. Also, it has higher slippages, unstable quotes, and no-quote errors and gaps.

In ECN market, hundreds of thousands of traders are taking advantages and cheating each other, so they of course will choose to trade with brokers providing more stable quotes and less slippage.

  1. 4.They support their customers better.

Most brokers support in English, but these brokers can support over 20 languages in average. Not only supporting by live chat and phone, they also support by local offices. They support 24/7 for top most popular languages such as English, Chinese and Thai.

Usually, they work mainly in Asian and African countries like China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia, and Arabic, etc. With the countries that they have offices in such as China, Malaysia, Thailand, Indonesia and Dubai, they will support by local offices, and in other places they will support by live chat and phone.

-         Exness supports 24/7 with 13 languages.

-         XM supports 24/7 with 30 languages.

-         FxPro supports 19 languages.

To sum up, choosing the best ECN brokers is not very easy. However, with my experience of trading for a long time, I believe my article can definitely help you confidently step into ECN trading world.

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