Hey, Are you looking for best ecn broker uk or top uk ecn brokers in 2023 ?
Then you come one of the best article available in the market.
In this article, we will discuss the best ECN brokers in the UK and what sets them apart from other brokers. All the key components such as spreads, commission, trading platforms, leverage and more will be taken into account to determine the best ECN Broker in the UK.
Whether you are a new or experienced trader, this article will help you to take smart decisions on choosing the right ECN Broker for your trading journey.
What is an ECN Broker ?
An ECN broker is a forex broker that uses an Electronic Communication Network (ECN) to execute trades. It is a computerised trading system. With an ECN broker, you can directly trade in the forex market without a middleman. ECN Broker does not follow the rule of the Market Maker or Dealing Desk. An ECN Broker only matches trades between other market participants. Brokers don’t trade against clients. Therefore, ECN Brokers have lower spreads and faster execution.
ECN Broker Pros
- Faster Execution: Timing is everything in forex trading. You can’t wait for a long time. With ECN Broker, you can trade quickly and smoothly. Because the ECM mechanism first matched the right bid or ask price available in the market.
- Lower Spreads: An ECN Broker easily finds different participants in the market. So they can find low spreads, ask or bid prices for the participants. Also, the Bid or Ask price determines by the interbank market, not by the broker.
- Time Flexibility: With ECN Broker, you can trade 24*7. There is no fixed time of trading with ECN Broker. You can trade any time. ECN Broker also allows you to trade during News Events or other events which gives you a chance to earn extra money from the forex market.
- Lower Trading Cost: ECN brokers charge a commission per trade. They don’t make money from spreads. As compared to spreads, the commission is lower for an active trader.
ECN Broker Cons
- Market Volatility: ECN Broker provides direct access to the forex market. In the forex market, the prices fluctuate very quickly. So minor slippage can affect high cause at the time of trading.
- Technical issue: ECN Brokers depend on Electronic Communication Networks to provide trading services. If there is a technical issue such as a system failure, power outage, or internet problem, then it leads to losses.
How to pick or identify the true ECN Broker
- Agreement: Most traders did not read the broker agreement. In the broker agreement, they will tell you whether they are a true ECN Broker or a dealing desk broker. All the regulated broker is mandatory to tell such kind of information to their clients.
- Tight Spreads: A true ECN Broker always gives you tight spreads at the time of Ask or Bid price.
- Commission: A ECN Broker always charges you a commission for each trade. They don’t generate revenue from spreads.
- Chart: The forex broker chart and your order chart will be the same as the true ECN Broker. If there is a difference, then this is not a true ECN Broker.
- Price Gap: A true ECN Broker imposes no limits on the gap between stop loss and take profit. If there is a restriction, then this is not a true ECN Broker.
ECN Broker VS Market Maker Broker
| ECN Broker | Market Maker Broker |
|---|---|
| ECN Broker charge fixed commission. | Market Maker Broker earn money from spreads. |
| ECN Broker operates in zero or very low spreads. | Market Maker Broker operates in high spreads. |
| An ECN Broker connect traders directly with other traders on the network. | Market Maker Brokers trade opposite of their own traders. |
| In ECN Broker you can get real trading quotes from other traders. | Market Maker Broker creates artificial quotes. |
| ECN Broker Broker can’t manipulates prices. | Market Maker Broker can manipulates prices. |
These are the best ECN Broker UK
- Axi – Best ECN Broker for low capital traders in the UK.
- Fp markets – Over all Best ECN Broker in the UK.
- FXTM – Best ECN Broker for Active traders in the UK.
- Tickmill – Best ECN Broker for beginners in the UK.
- Ic Market – Best ECN Broker for cTrader in the UK.
- Pepperstone – Best ECN Broker for MT4 trders in the UK.
- FxPro – Best ECN Broker for forex trading in the UK.
- SAXO Bank – Best ECN Broker for professional traders in the UK.
Axi ECN Broker
Axi establishes in 2007. You can trade Forex and CFDs on this ECN Broker. Axi also provides educational videos and demo accounts to new traders. It is a regulated ECN booker. Axi regulates by FCA, ASIC, DFSA and FSCA. Axi has three types of accounts. They are Standard, Pro, and Elite Accounts. You can get better ECN broker service on a Pro account. Because the Elite version is not available for all clients.
Main Highlights of Axi ECN Broker
| Region | Sydney, Australia |
| Regulated By | FCA, ASIC, DFSA and FSCA |
| Inactivity Fee | After a year of inactivity, $10 per month |
| Withdrawal fee | No |
| Minimum Deposit | Zero |
| Account Opening | Max 3 days |
| Currency pairs | 140+ |
| Trading Platform | MT4 |
| Trading Products | Forex and CFDs |
Types of Account provide by the Axi ECN Broker
| Standard Account | Pro Account | Elite Account | |
|---|---|---|---|
| Spreads | From 0.4 pips | From 0.0 pips | From 0.0 pips |
| Commission | None | $3.5 per lot | $1.75 per lot |
| Minimum deposit | 0 | 0 | $25,000 |
| Leverage | 30:1 | 30:1 | 400:1 |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Pros
- Axi provides best economic calendar.
- It is a regulated Broker.
- Axi trades have negative balance protection.
- They don’t charge for Deposit and withdrawal.
Cons
- There customer support is not 24*7.
- They didn’t give any trading Ideas.
- They have limited research tools.
Fp markets
Fp Markets establishes in 2005. You can trade Forex and CFDs on this ECN Broker. It is a regulated ECN booker. Fp Market regulates by ASIC and CySEC. Fp Markets have two types of pricing. ECN pricing and DMA Pricing. They also have three types of accounts. Forex Account, IRESS Account and Islamic Account.
Main Highlights of Fp Markets ECN Broker
| Region | Sydney, Australia |
| Regulated By | ASIC and CySEC |
| Inactivity Fee | No |
| Withdrawal fee | No |
| Minimum Deposit | $100 |
| Account Opening | Max 2 days |
| Currency pairs | 70+ |
| Trading Platform | MT4, MT5 AND cTrader |
| Trading Products | Forex and CFDs |
Types of Account provide by the Fp Markets ECN Broker
| Forex Standard Account | Forex Raw Account | Islamic Standard Account | Islamic Raw Account | Iress Account | |
|---|---|---|---|---|---|
| Spreads | From 1.0 pips | From 0.0 pips | From 1.0 pips | From 0.0 pips | – |
| Commission | Zero | $3 per lot | Zero | $3 per lot | $6 min, then 0.06% |
| Minimum deposit | $100 | $100 | $100 | $100 | $1000 |
| Minimum Trade Size | 0.01 Lot | 0.01 Lot | 0.01 Lot | 0.01 Lot | – |
| Leverage | 500:1 | 500:1 | 30:1 | 30:1 | – |
Pros
- Fp Markets is a regulated Broker.
- Fp Markets traders have negative balance protection.
- There is no inactivity fee.
- Fp Market customer service is good.
Cons
- Fp Markets didn’t give price alert option.
- All types of Deposits and withdrawals are not 100% free.
FXTM
FXTM establishes in 2011. You can trade Forex, CFDs, Commodities, Stock and Indices on this ECN Broker. FXTM also provides educational videos and demo accounts to new traders. It is a regulated ECN booker. FXTM regulates by FCA, CySEC and Mauritian FSC. FXTM have three types of accounts. They are Micro, Advantage and Advantage Plus. You can get ECN broker service on an Advantage account.
Main Highlights of FXTM ECN Broker
| Region | Cyprus |
| Regulated By | FCA, CySEC and Mauritian FSC |
| Inactivity Fee | After 6 months, $/€/£5 per month |
| Withdrawal fee | Minimum $/€/£3 (floating) |
| Minimum Deposit | $/€/£10 |
| Account Opening | Max 2 days |
| Currency pairs | 62+ |
| Trading Products | Forex, CFDs, Commodities, Stock |
| Trading Platforms | MT4 and MT5 |
Types of Account provide by the FXTM ECN Broker
| Micro Account | Advantage Account | Advantage Plus Account | |
|---|---|---|---|
| Spreads | From 1.5 pips | From 0.0 pips | From 1.5 pips |
| Commission | Zero | $0.4-2 per lot, based on volume | Zero |
| Minimum deposit | $/€/£ 10, ₦10,000 | $/€/£ 500, ₦80,000 | $/€/£ 500, ₦80,000 |
| Leverage | 1:3 to 1:1000 (fixed) | Up to 1:2000 (floating) | Up to 1:2000 (floating) |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Pros
- FXTM provides trading ideas on the basis of technical analysis.
- FXTM have fast customer support.
- FXTM is a regulated Broker.
- FXTM traders have negative balance protection.
Cons
- FXTM have Inactivity and withdrawal fees.
- FXTM does not provide fundamental data.
Tickmill
Tickmill establishes in 2014. You can trade Forex, CFDs, Bonds, Crypto and Futures on this ECN Broker. Tickmill also provides educational videos and demo accounts to new traders. It is a regulated ECN booker. Tickmill regulates by FCA, CySEC, FSA, Labuan FSA, and FSCA. Tickmill has four types of accounts. They are Pro, Classic, VIP and Futures Accounts. You can get better ECN broker service on a Pro account.
Main Highlights of Tickmill ECN Broker
| Region | Mahe, Seychelles |
| Regulated By | FCA, CySEC, FSA, Labuan FSA, and FSCA |
| Inactivity Fee | Zero |
| Withdrawal fee | Zero |
| Minimum Deposit | $100 |
| Account Opening | Max 2 days |
| Currency pairs | 62+ |
| Trading Products | Forex, CFDs, Bonds, Crypto and Futures |
| Trading Platforms | MT4, MT5 |
Types of Account provide by the Tickmill ECN Broker
| Pro Account | Classic Account | VIP Account | |
|---|---|---|---|
| Spreads | From 0.0 pips | From 1.6 pips | From 0.0 pips |
| Commission | $2 per lot | Zero | $1 per lot |
| Minimum deposit | $100 | $100 | $50,000 |
| Leverage | 1:500 | 1:500 | 1:500 |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Pros
- Tickmill experts provide great analysis of instruments.
- Tickmill provides best economic calendar.
- It is a regulated Broker.
- Tickmill traders have negative balance protection.
Cons
- Charting tools are not up to the mark.
- Price alerts option not available.
Ic Market
Ic Market establishes in 2007. You can trade Forex, CFDs and Crypto on this ECN Broker. It is an authorised and regulated ECN booker. Ic Market regulates by ASIC, CySEC, FSA and SCB. IC Market has three types of account. They are Raw Spread (cTrader), Raw Spread(Meta Trader) and Standard account. Ic Market doesn’t charge any fees for deposits and withdrawals. They also don’t charge any money for inactivity.
Main Highlights of Ic Market ECN Broker
| Region | Sydney, Australia |
| Regulated By | ASIC, CySEC, FSA and SCB |
| Inactivity Fee | Zero |
| Withdrawal fee | Zero |
| Minimum Deposit | $200 |
| Account Opening | Max 2 days |
| Currency pairs | 61 |
| Trading Products | Forex, CFDs and Crypto |
| Trading Platform | MT4, MT5 and cTrader |
Types of Account provide by the Ic Market ECN Broker
| cTrader Account | Raw Spread Account | Standard Account | |
|---|---|---|---|
| Spreads | From 0.0 pips | From 0.0 pips | From 0.6 pips |
| Commission | $3 per lot | $3.5 per lot | Zero |
| Minimum deposit | $200 | $200 | $200 |
| Leverage | 1:500 | 1:500 | 1:500 |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Pros
- IC Market was a regulated broker.
- No inactivity fees.
- Low deposit amount.
- User-friendly trading platform.
Cons
- Ic Market does not provide fundamental data.
- Customer service is very slow.
- The withdrawal process is also slow.
Pepperstone
Pepperstone establishes in 2010. You can trade Forex, and CFDs, on this ECN Broker. Pepperstone also provides educational videos and demo accounts to new traders. It is a regulated ECN booker. Pepperstone regulates by FCA, CySEC, DFSA and ASIC. Pepperstone has two types of accounts. They are Razor and Standard Accounts. You can get ECN broker service on a Razor account.
Main Highlights of Pepperstone ECN Broker
| Region | Melbourne, Australia |
| Regulated By | FCA, CySEC, DFSA and ASIC |
| Inactivity Fee | Zero |
| Withdrawal fee | Zero |
| Minimum Deposit | $200 |
| Account Opening | Max 2 days |
| Base Currency | 9 |
| Trading Products | Forex, and CFDs |
| Trading Platform | MT4, MT5, cTrader and TradingView |
Types of Account provide by the Pepperstone ECN Broker
| Standard Account | Razor Account | |
|---|---|---|
| Spreads | From 1.1 pips | From 0.0-0.3 pips |
| Commission | None | $3.5 per lot |
| Minimum deposit | $200 | $200 |
| Leverage | (Upto) 500:1 | (Upto) 500:1 |
| Minimum Trade Size | 0.01 lots | 0.01 lots |
Pros
- It is a regulated Broker.
- Pepperstone traders have negative balance protection.
- Pepperstone provide daily market analysis.
- They also provides trading ideas.
Cons
- Pepperstone didn’t give fundamental data.
- Pepperstone customer service is not 24*7.
FxPro
Fxpro establishes in 2006. You can trade Forex and CFDs on this ECN Broker. Fxpro also provides educational videos and demo accounts for new traders. It is a regulated ECN booker. Fxpro regulates by FCA, CySEC, and FSCA. Fxpro has four types of accounts. They are Standard, Pro, Raw and Elite Accounts. You can get better ECN broker service on a Raw account.
Main Highlights of FxPro ECN Broker
| Region | Bahamas |
| Regulated By | FCA, CySEC, and FSCA |
| Inactivity Fee | After 6 months, $5 per month |
| Withdrawal fee | None |
| Minimum Deposit | $50 |
| Account Opening | Max 2 days |
| Currency pairs | 70+ |
| Trading Products | Forex and CFDs |
| Trading Platform | FxPro, MT4, MT5 and cTrader |
Types of Account provide by the FxPro ECN Broker
| Standard Account | Pro Account | Raw+ Account | Elite Account | |
|---|---|---|---|---|
| Spreads | From 1.2 pips | From 0.6 pips | From 0.0 pips | From 0.0 pips |
| Commission | None | Zero | $3.5 per side | $3.5 per side |
| Minimum deposit | $50 | $1000 | $100 | $30,000 in 2 months |
| Leverage | 1:500 | 1:500 | 1:500 | 1:500 |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.10 lots | 0.10 lots |
Pros
- It is a regulated Broker.
- FxPro traders have negative balance protection.
- FxPro ask for low minimum deposit.
Cons
- FxPro has inactivity fees.
- FxPro didn’t have 24*7 customer service.
SAXO Bank
SAXO Bank establishes in 1992. You can trade Forex, CFDs, Commodities, Stocks, Bonds, ETFs and Futures on this ECN Broker. SAXO Bank also provides educational videos and demo accounts to new traders. It is a regulated ECN booker. SAXO Bank regulates by FCA, MAS, FINMA, ACPR, and ASIC. SAXO Bank has three types of accounts. They are Classic, Platinum and VIP Accounts.
Main Highlights of SAXO Bank ECN Broker
| Region | Denmark |
| Regulated By | FCA, MAS, FINMA, ACPR, and ASIC |
| Inactivity Fee | £25 |
| Withdrawal fee | No |
| Minimum Deposit | £500 |
| Account Opening | Max 2 days |
| Base Currency | 26 |
| Trading Products | Forex, CFDs, Commodities, Stocks, Bonds, ETFs and Futures |
| Trading Platform | SaxoTraderGO, SaxoTraderPRO, and Third party platforms |
Types of Account provide by the SAXO Bank ECN Broker
| Classic Account | Platinum Account | VIP Account | |
|---|---|---|---|
| Spreads | From 1.2 pips | From 0.8 pips | From 0.7 pips |
| Commission | Not fixed | Not fixed | Not fixed |
| Minimum deposit | $2000 | $200,000 | $1,000,000 |
| Leverage | 30:1(floating) for retail traders and 100:1(floating) for professional traders | 30:1(floating) for retail traders and 100:1(floating) for professional traders | 30:1(floating) for retail traders and 100:1(floating) for professional traders |
| Minimum Trade Size | 0.05 lots | 0.05 lots | 0.05 lots |
Pros
- It is a regulated Broker.
- Saxo Bank traders have negative balance protection
- Saxo Bank provides Industry’s best research.
- Saxo Bank have more than 40 thousand instruments for trading
Cons
- Saxo Bank have high deposit amount.
- Popular trading platforms MT4 and MT5 are not available.
- There is a Inactivity fee.
Conclusion
In conclusion, choosing the right ECN Broker is crucial for a successful trading journey. Every ECN Broker for a range of services and features. They also have their own pros and cons. At the end of the day, the Best ECN Broker depends on your own trading style.
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