THE REVIEW OF THE BEST ECN BROKERS

 BRKV - When a question about “the standards that are used to identify the best forex brokers” are given to many traders, including me, no one could give out a perfect standard lists. Because the best broker to each person is not the same, it based on the country you are living on and trading tactics. An example would be people said that the American (US) and British (UK) brokers are the most reliable in the world, but brokers in Cyprus provide better trading conditions such as lower spread and commission, or better trading platforms. In the end, we all agreed that there is some general standard could be shared in the case new traders would like to find out the best ECN brokers in their countries that are suitable to their trading plans. Here are some criteria that are discussed in today article. For more brokers’ review information, please click this link:

●    Reliability

●    Desirable trading conditions

●    Delighted local customer services

Moreover, I will also analyze the most favorite ECN brokers, which are:

Now, go into details of how reliable a best ECN broker is?

 The very first thing to consider here is the licenses or certificates

The licenses or certificates will be issued by some trusted organizations or agencies. They have the rules and some standards to check before they issue one licenses. These rules and standards are:

Licenses still have dark sides

A broker has more licenses then they have to pay more for the fee, the cost of insurances or adding more money into the fund. That leads to the situation that they have low income and have to cost more money for clients. And they have to ask for high commission or spread rate. Also, they can offer high leverage, too. For example, US/UK brokers have a lot licenses and they even do not protect traders from Asia and Africa so they have to pay more be saved from risks.

From all the facts that I mentioned above, I think that one most trusted license is enough to prove one broker’s reputation. Although more licenses can seem more trustworthy but more licenses also mean more charges to be paid. For instance, Exness, FxPro or XM just have one or two reliable certificates like CySEC, FCA

Click here to know about Exness’ licenses

Reliable ECN brokers have huge trading volumes

A great deal of money that is traded every month or year can prove that this broker is trusted and save to trade with. The number can reach billions each month for the big brokers, such as Exness trading 400 billion $ per month, the numbers for XM and FxPro are 300 billions $ and 100 billion $ per month. The numbers show that these brokers have a lot of clients and totally have the big fund.

The history and scams can prove brokers’ reputation

Exness or other big ECN brokers have worked for about ten years and their transparency and security are proved along the way because there are no reports of scams or tricks against these brokers. Although, sometimes there is an accident that traders can hit the stop loss because they are starters and do not know the rules of Bid and Ask price

The best ECN brokers have better trading conditions

Low spread and commission

When trading with US/UK broker’s clients have to pay 1.7-2 pip for spread in comparison with Exness who just costs 0.0xx pip for spread, even when the market is stable, spread could be zero. The commission fee is low too, when trading with Exness, traders have to pay just 5$ while they have to pay 6-7 $ with ICMarket or XM

Click here to review Exness ’spread and commission

Top ECN brokers have better payment system.

There is a fact that traders from Asia or Africa can be served well when they work with US/UK because these brokers just have the good service for national clients. With foreign clients, they ask more for deposit. With my experience of trading I can be sure that Exness has the best payment method when they build in every target country a payment system and the cost is even free. This way helps the transferring process quicker. Besides, they tool the the payment machine that deals with the information just in seconds. And traders can reduce the transaction time and withdraw easily.

Check Exness Payment system here.

Top ECN brokers also have perfect service to support traders

Forex is a risky sector that can make some starters to be terrified of, so they need more advice, guidance from liable brokers. To make the supporting be easier, brokers need to serve the service that fits time, languages to make sure that they can help traders fell free to contact them. One of the most important difficulties is that the language they use to communicate with traders. Traders can be from everywhere, so if brokers can speak their language, there will be less misunderstanding and gain more trust. Exness, XM and ExPro have been so professional on this aspect. Exness’ staff can speak 13 languages; XM serves in 30 languages, XM with 19 languages. And these brokers even have working time is opened 24/7 in order to contact with traders from everywhere with various communicating way like live chat, phones, and local offices. That is totally amazing.

Top five ECN brokers have better quotes for traders

95 % of the traders think ECN accounts are better but there are 80 % of them working with MM or STP. The question is why is that? It is because ECN brokers have volatile quotes, higher slippages and more no-quote errors and gaps. And the cause is that ECN is quite broad and there are bad people try to trick others.

However, the best five ECN brokers above have a smarter way. They do not do the same with some other big brokers- liquidity providers. While these big providers give the quotes by their own, ECN brokers like Exness or ExPro collect the quotes from these liquidity providers and give it to client. With this way, they can reduce the unstable quotes because they can use various quotes to replace when needed. And that way makes their quotes are more stable, have lower slippages and less no-quote errors or gaps.

Hey there, this is Fanara Filippo. I'm the author of this article and i'm currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.