ECN vs STP vs Market Makers vs DMA
As a trader, you have many choices when it comes to picking a broker. Do you want an ECN, STP, market maker, or DMA?
This can be a difficult decision, especially if you don’t know the difference between these four types of brokers.
Keynote:
ECN brokers are best suited for experienced traders who are looking for low spreads and fast execution.
STP brokers are ideal for beginners and intermediate traders who want to avoid dealing with requotes.
Market makers are ideal for those who want to trade with a large amount of leverage.
DMA brokers are best suited for advanced traders who want to have direct access to the market.
The 4 Types of brokers ECN vs STP vs Market Makers vs DMA and their Differences
Their key characteristics and also highlight the advantages and disadvantages of each type of broker.
We will compare the features of ECN, STP, Market Maker and DMA accounts, and discuss the advantages of trading with each account type.
Table Comparison of ECN vs STP vs Market Makers
A clearer look at how each broker type handles quotes, spreads, execution, and trader alignment.
| Comparison Item | ECN Brokers | STP Brokers | Market Makers |
|---|---|---|---|
| Order Processing | Orders enter a live ECN environment where they are matched anonymously with liquidity providers and other market participants. There is no dealing desk or manual intervention. | Orders are sent straight to the broker’s partnered liquidity providers, who decide whether to fill them. No dealing desk, but pricing depends on the LP network. | Orders are executed internally. The broker acts as the counterparty, filling trades from its own book rather than external liquidity. |
| Quote Source | Aggregated quotes from multiple banks, institutions, and ECN participants. This produces the tightest and most competitive pricing. | Pricing comes from a select group of liquidity providers chosen by the broker. Not as deep as ECN, but generally stable. | Quotes are generated by the broker. They mirror the market but may be adjusted to manage risk or maintain fixed spreads. |
| Spread Type | Floating spreads that can reach 0.0 pips during liquid hours. Spread compression is driven by market competition. | Floating spreads that are wider than ECN because brokers add a markup to compensate for no-commission structure. | Mostly fixed spreads. Often higher than ECN or STP to cover risk and internal execution costs. |
| Commission Structure | Raw spread plus a fixed per-lot commission. The model is transparent and predictable for active traders. | No separate commission. All fees are included in the spread markup. Simple but usually more expensive for high-volume trading. | Spread-only model. No extra commissions since the broker earns directly from internalized pricing. |
| Interest Alignment | Fully aligned with traders. ECN brokers earn from volume, not trader losses. Better performance from clients means more long-term trading activity. | Mostly aligned. STP brokers benefit when spreads are competitive and traders remain active, though LP selection may influence fill quality. | Often misaligned. The broker profits when clients lose, creating a structural conflict of interest despite risk-management controls. |
| Execution Quality | Fast, transparent, and often the best for scalping, news trading, and algorithmic strategies requiring low latency. | Reliable for most traders but may vary based on liquidity provider relationships and market conditions. | Execution is consistent but can be slower during volatility. Requotes and artificial slippage are more common. |
| Best Use Cases | High-frequency trading, algorithmic systems, scalping, arbitrage, and traders who need raw market conditions. | Everyday retail trading, swing trading, and traders who want a balance of cost, convenience, and fill stability. | Beginners, small accounts, and traders who want predictable fixed spreads and simple pricing. |
| Account Accessibility | Often requires higher minimum deposits and more technical infrastructure. | Moderate minimum deposits. Suitable for most retail traders. | Lowest barriers to entry. Designed to onboard new traders easily. |
The four most common types of brokerages are: ECN, STP, MM, and DMA.
Regulated ECN Forex Brokers
 | 4.8/5 |
IC Markets: ASIC | MT4, MT5, cTrader, TradingView | Raw spreads | True ECN | Low-latency execution | |
Star Rating | 4.8/5 |
Fxview: CySEC | MT4, MT5 | Raw spreads | Dedicated Account Manager | Low-latency ECN routing | |
 | 4.7/5 |
Fusion Markets: ASIC | MT4, MT5, cTrader, TradingView | Raw spreads | Forex VPS | Sub-ms latency via VPS | |
 | 4.8/5 |
BlackBull Markets: FMA, FSA | MT4, MT5, cTrader, TradingView | Raw spreads | True ECN | Ultra-low latency | |
 | 4.8/5 |
TMGM: ASIC | MT4, MT5 | Raw spreads | Low-latency execution | True ECN Broker | Dedicated Acc. Manager | |
 | 4.9/5 |
Fpmarkets : ASIC, CySEC | MT4, MT5, TradingView | Raw spreads | Forex VPS | Sub-ms latency via VPS | |
 | 4.3/5 |
GO Markets : ASIC, CySEC, FSC, | MT4, MT5, TradingView, cTrader, | Raw Spreads | Forex VPS Hosting | Ultra-Low Latency | |
 | 4.7/5 |
Global Prime: ASIC | MT4, MT5 | Raw spreads | True ECN | Low-latency agency execution | |
 | 4.7/5 |
Blueberry Markets: ASIC | MT4, MT5, cTrader, TradingView | Raw spreads | Forex VPS | Low-latency | |
If You Don’t Understand Execution Models, You’re Trading Blind
The difference between ECN, STP, DMA, and market makers isn’t academic, it directly impacts your fills, slippage, and long-term profitability.
Many traders unknowingly operate in conflict-driven environments where the broker is the counterparty.
True ECN brokers like IC Markets remove that conflict by routing orders directly to liquidity providers, giving you transparent pricing and real market exposure. If your execution model is wrong, no strategy will fix it.
An ECN broker is a type of broker that uses an electronic communication network to connect traders to different liquidity providers. ECN brokers offer their clients tight spreads and the ability to trade in large volumes.
A STP broker is a type of broker that Straight Through Processing. STP brokers route all of their clients’ trades directly to the market, without taking the other side of the trade themselves. STP brokers offer their clients tight spreads and the ability to trade in large volumes.
A market maker broker is a type of broker that provides liquidity to the market by taking the other side of trades themselves. Market maker brokers typically offer their clients wider spreads than other types of brokers.
DMA is an acronym for Direct Market Access. DMA brokers route their clients’ orders directly to the market, without going through a dealing desk. DMA brokers typically offer their clients lower commissions than other types of brokers.
STP Brokers vs ECN Brokers
STP Brokers can route orders to any of their liquidity providers such as banks or interbank exchanges.
STP brokers can charge commissions and gain from the spreads.
ECN brokers only route orders to the interbank market.
ECN brokers always charge a commission on trades.
ECN vs STP vs Market Makers vs DMA
ECN vs STP vs DMA
As a trader, you should understand how different brokers affect your trading.
This article compares ECN, STP, Market Maker, and DMA brokers. We’ll define and compare brokers.
✧ ECN brokers provide traders direct market access.
ECNs provide tight spreads and fast execution but demand a commission every trade.
✧ STP brokers direct orders to liquidity providers.
STP brokers charge trade commissions and spread markups.
✧ Market makers provide liquidity.
Market makers usually charge a spread on trades but may offer refunds.
✧ DMA brokers offer direct market access.
DMA brokers have tight spreads and fast execution but charge a commission per trade.
Best ECN Forex Brokers
Fusion MarketsSince: 2017 | Offices:Australia, Vanuatu |
| |
| Minimum Deposit: | $1 |
| Account currency: | USD, EUR, GBP, AUD, JPY, SGD, THB, and CAD |
| Leverage: | Up to 1:500 |
| Accounts: | Zero, Classic, Demo, Swap Free [Islamic] |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | MT4, MT5, TradingView, cTrader, DupliTrade | Free VPS Hosting |
| Regulation: | ASIC, VFSC |
| Spreads | Raw Spreads + Tight spreads on other CFDs |
| Key Features | Extremely low trading costs, no dealing desk, great customer support, flexible leverage |
| Visit Broker | Broker Review |
FxviewSince: 2009 | Offices:EU, South Africa |
| |
| Minimum Deposit: | $50 |
| Account currency: | EUR, USD, GBP, CAD, ZAR & AUD |
| Leverage: | Up to 1:1000 |
| Accounts: | RAW ECN | Premium ECN | Swap free/ Islamic Account |
| Instruments Offered: | Forex, Indices, Metals, Energies, Shares , Cryptocurrencies |
| Trading Platform: | MT 4 (EU), MT 5 (Global), ZuluTrade and ActTrader | Free VPS hosting |
| Regulation: | CySEC, FSCA and FSC |
| Spreads: | From 0.0 pips |
| Key Features: | Ultra-tight Spreads | Fast Withdrawals | Dedicated Account Manager |
| Visit Broker | Broker Review |
IC MarketsSince: 2007 | Offices:Australia, Cyprus, Seychelles |
| |
| Minimum Deposit: | 200 US dollars |
| Account currency: | Multiple base currencies |
| Leverage: | From 1:1 to 1:500 |
| Accounts: | Demo, Raw Spread, cTrader, Standard, Islamic, PAMM |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Bonds Cryptocurrencies |
| Trading Platform: | cTrader, MT4, MT5, TradingView | Free VPS hosting |
| Regulation: | ASIC, CySEC, FSA |
| Spreads | Raw Spread 0.0 pips (cTrader, TradingView MT4/5) Standard 0.8 pips |
| Key Features | Ultra-fast Execution, TradingView , Copy trading, Dedicated Account Manager |
| Visit Broker | Broker Review |
ECN vs STP Brokers
ECN brokers offer unmatched transparency and real-market access, while STP brokers provide a simpler, slightly less direct route to liquidity providers — ideal for traders who want fast execution without raw ECN complexity.
Compare ECN vs STP brokers — The key differences in execution, pricing, and transparency to choose the best forex broker for your trading strategy.
ECN (Electronic Communication Network)
- Connects traders directly to a pool of liquidity providers (banks, hedge funds, other traders).
- True market execution – trades are matched automatically with the best bid/ask prices available.
- Tight spreads, often near zero, with a small commission per trade.
- Provides market depth (DOM) and full transparency.
- No dealing desk or broker intervention.
STP (Straight Through Processing)
- Routes client orders directly to liquidity providers without a dealing desk, but not necessarily to an open ECN network.
- Can use a mix of liquidity sources, including internal liquidity or other brokers.
- May add a small markup to spreads instead of charging commissions.
- Execution speed is good, but not as transparent as ECN pricing.
Key Differences
| Feature | ECN Broker | STP Broker |
|---|---|---|
| Price Source | ECN network (multiple participants) | Selected liquidity providers |
| Pricing Model | Raw spreads + commission | Marked-up spreads |
| Transparency | High (visible market depth) | Medium |
| Execution Type | Market execution only | Market or hybrid |
| Ideal For | Professional traders, scalpers | Intermediate traders |
ECN vs Market Makers
ECN brokers provide true market access with no conflict of interest, while Market Makers operate their own pricing systems — easier for beginners but less transparent for advanced traders.
Comparing the key differences between ECN and Market Maker brokers — discover which model suits your forex trading style and how execution and transparency compare.
ECN (Electronic Communication Network)
- Connects traders to other market participants without a middleman.
- No conflict of interest – the broker earns only from commissions.
- Prices reflect real market supply and demand.
- Spreads can be very low, but commissions apply.
- Market depth and institutional-grade execution available.
Market Maker
- Creates its own market by taking the opposite side of clients’ trades.
- Often offers fixed spreads and instant execution.
- May profit from client losses, creating potential conflict of interest.
- Liquidity is internal, not external.
- Typically better suited for beginners due to simpler platforms and predictable pricing.
Key Differences
| Feature | ECN Broker | Market Maker |
|---|---|---|
| Order Execution | To real market participants | Broker’s internal system |
| Spreads | Variable, tight | Fixed |
| Broker Role | Neutral intermediary | Counterparty to client |
| Conflict of Interest | None | Possible |
| Transparency | High | Low |
| Best For | Experienced traders | Beginners |
ECN vs DMA Brokers
ECN brokers use pooled liquidity for faster, anonymous execution, while DMA brokers give direct order-book access for traders who want full control and visibility over their trades.
The difference between ECN and DMA brokers — find out which offers better control, transparency, and execution speed for professional forex traders.T
ECN (Electronic Communication Network)
- Aggregates quotes from multiple liquidity providers.
- Orders are matched automatically with the best available bid/ask in the network.
- Often uses anonymized order matching (you don’t see who’s behind each quote).
- Provides market depth and ultra-fast execution.
DMA (Direct Market Access)
- Sends orders directly to the order book of a specific liquidity provider or exchange.
- Traders can see real-time order books and place limit orders within the spread.
- Execution may be slightly slower than ECN due to routing to a single venue.
- Offers full control and visibility of the underlying market.
Key Differences
| Feature | ECN Broker | DMA Broker |
|---|---|---|
| Order Matching | Aggregated automatically | Direct to one market/exchange |
| Market Depth | Aggregated from multiple providers | Depth from single source |
| Order Visibility | Anonymous | Transparent (order book view) |
| Execution Speed | Ultra-fast | Slightly slower |
| Ideal For | Scalpers, algo traders | Institutional and professional traders |
More about An Electronic Communications Network
Electronic Communications Network” is ECN. A trading platform that electronically connects buy and sell orders between market participants. ECNs charge a minor transaction fee.
Eightcap, and IC Markets are major ECNs.
An Electronic Communication Network (ECN) Broker Defined
ECN brokers let traders trade directly with each other and against the broker’s in-house liquidity.
Thus, an ECN broker matches its clients’ orders with those of other market participants including forex traders, banks, and financial institutions.
How an ECN differs from other Broker types
STP brokers connect their clients’ orders with other market participants like ECNs. STP brokers charge a tiny commission per trade rather than providing liquidity.
Market maker brokers offer their clients liquidity. Trading with a market maker implies trading against the broker.
DMA brokers trade directly with other market players like ECN and STP brokers.
DMA brokers are less anonymous than ECN and STP brokers.
DMA brokers require trading accounts.
ECN accounts can make trading faster and cheaper.
If you’re looking for a more efficient and cost-effective way to trade, an ECN account may be right for you.
More about Straight Through Processing (STP)
STP stands for Straight Through Processing. STP brokers are similar to ECN brokers in that they also use an electronic communications network to connect their clients to other market participants. However, STP brokers usually have a dealing desk and may trade against their clients.
A Straight Through Processing (STP) Broker Defined
A STP broker is defined as a financial institution that provides wholesale forex services to institutional traders.
When a trade is made, the order is sent directly ‘through’ the broker to their liquidity providers. There is no human intervention in the process, hence the term ‘straight through processing’ or STP.
An STP broker makes their profit from the spreads they add to the bid and ask prices they receive from their liquidity providers. They may also charge a small commission on each trade.
Keynote:
STP brokers is beneficial for traders who want their orders to be executed quickly and without any interference.
More about Direct Market Access (DMA)
Direct Market Access (DMA). Direct trading allows traders to access the market without a third party.
Experienced traders who can execute complex orders and trade high volumes should use this method.
DMA trading works for forex, equities, commodities, and more. DMA trading reduces requotes and slippage.
A Direct Market Access (DMA) Broker Defined
DMA brokers give clients immediate market access. DMA brokers let you deal directly with the market, without an intermediary.
DMA brokers require more market expertise, thus experienced traders employ them. DMA brokers have cheaper spreads and commissions than other brokers.
DMA trading is riskier than broker trading. You are accountable for your trades and have no one to advise you.
Before trading, you must comprehend the market.
Keynote:
DMA accounts offer greater transparency than other types of accounts.
This is because all prices are displayed in the order book and all trades are executed at the same price. This means that there is no scope for price manipulation or dealing desk intervention.
More about Market Makers (MM)
Market Marker is MM. Market makers buy and sell securities to offer liquidity. They profit on the spread between bid and ask pricing. Market makers keep markets liquid and pricing constant.
Market makers can be risky. They may act against investors to make a profit on the spread. A market maker may set a low bid price to attract sellers, then sell the same securities at a higher price. Front-running hurts investors and raises costs.
Thus, market makers’ risks must be considered before doing business with them. Before trading with a market maker, examine their prices and spreads.
A Market Maker Broker Defined
A market maker broker creates a two-sided market for clients.
The market maker broker will purchase or sell assets at a specified price regardless of market conditions.
This broker usually charges a spread, the difference between the bid and ask price.
Market maker brokers ensure price fairness and liquidity in financial markets. Front-running and Wash trades are unfair behaviors.
Understanding broker types and how they work is crucial when picking a broker. ECN or STP brokers offer minimal fees and fast execution.
Keynote:
If you’re looking for more guidance and support, then a Market Maker broker may be a better option.
ECN Brokers List
FP MarketsSince 2005 | Offices:Australia, Cyprus, South Africa |
| |
| Minimum Deposit: | 50 USD |
| Account currency: | USD, EUR, GBP |
| Leverage: | 1:500* |
| Accounts: | Raw, Standard, Pro, IRESS account |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, ETFs, Crypto, Bonds |
| Trading Platform: | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Superior VPS solutions |
| Regulation: | ASIC, CySEC, FSCA |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
IC MarketsSince: 2007 | Offices:Australia, Cyprus, Seychelles |
| |
| Minimum Deposit: | 200 US dollars |
| Account currency: | Multiple base currencies |
| Leverage: | From 1:1 to 1:500 |
| Accounts: | Demo, Raw Spread, cTrader, Standard, Islamic, PAMM |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Bonds Cryptocurrencies |
| Trading Platform: | cTrader, MT4, MT5, TradingView | Free VPS hosting |
| Regulation: | ASIC, CySEC, FSA |
| Spreads | Raw Spread 0.0 pips (cTrader, TradingView MT4/5) Standard 0.8 pips |
| Key Features | Ultra-fast Execution, TradingView , Copy trading, Dedicated Account Manager |
| Visit Broker | Broker Review |
Fusion MarketsSince: 2017 | Offices:Australia, Vanuatu |
| |
| Minimum Deposit: | $1 |
| Account currency: | USD, EUR, GBP, AUD, JPY, SGD, THB, and CAD |
| Leverage: | Up to 1:500 |
| Accounts: | Zero, Classic, Demo, Swap Free [Islamic] |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | MT4, MT5, TradingView, cTrader, DupliTrade | Free VPS Hosting |
| Regulation: | ASIC, VFSC |
| Spreads | Raw Spreads + Tight spreads on other CFDs |
| Key Features | Extremely low trading costs, no dealing desk, great customer support, flexible leverage |
| Visit Broker | Broker Review |
TMGMSince: 2013 | Offices:Australia, Vanuatu, Mauritius |
| |
| Minimum Deposit: | $100 |
| Account currency: | USD, AUD, EUR, GBP, NZD, CAD |
| Leverage: | Up to 1:1000 |
| Accounts: | Demo, Edge (Raw Spread), Classic (Low Spread), Swap Free (Islamic) |
| Instruments Offered: | Forex, Indices, Metals, Commodities, Energies, Shares, and Crypto |
| Trading Platform: | MT4,MT5, TMGM, Mobile App, | VPS hosting |
| Regulation: | ASIC (Australia), VFSC (Vanuatu), CMA (Capital Markets Authority), FSC (Mauritius) |
| Spreads: | Edge (from 0.0 pips), Classic (0.8 pips) |
| Key Features: | Low trading costs, Copy trading, Appointed Account Manager, Ultra-Fast True ECN |
| Visit Broker | Broker Review |
FxviewSince: 2009 | Offices:EU, South Africa |
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| Minimum Deposit: | $50 |
| Account currency: | EUR, USD, GBP, CAD, ZAR & AUD |
| Leverage: | Up to 1:1000 |
| Accounts: | RAW ECN | Premium ECN | Swap free/ Islamic Account |
| Instruments Offered: | Forex, Indices, Metals, Energies, Shares , Cryptocurrencies |
| Trading Platform: | MT 4 (EU), MT 5 (Global), ZuluTrade and ActTrader | Free VPS hosting |
| Regulation: | CySEC, FSCA and FSC |
| Spreads: | From 0.0 pips |
| Key Features: | Ultra-tight Spreads | Fast Withdrawals | Dedicated Account Manager |
| Visit Broker | Broker Review |
Global PrimeSince: 2010 | Offices:Australia, Vanuatu |
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| Minimum Deposit: | no minimum deposit |
| Account currency: | USD, AUD, GBP, EUR, CAD, JPY, SGD |
| Leverage: | Up to 1:500 |
| Accounts: | Raw ECN, Standard, Demo, Corporate, Joint |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Crypto CFDs, Shares & Bonds CFDs |
| Trading Platform: | MT4, MT5 | Sponsored VPS |
| Regulation: | ASIC (Australia) & VFSC (Vanuatu) |
| Spreads | Raw spreads from 0.0 pips |
| Key Features | True ECN execution, no dealing desk, deep liquidity, transparent pricing, Execution speed 10ms |
| Visit Broker | Broker Review |
BlackBull MarketsSince: 2014 | Offices:New Zealand, Seychelles |
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| Minimum Deposit: | $0 (Standard), $2,000 (Prime), $20,000 (Institutional) |
| Account currency: | USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, ZAR |
| Leverage: | Up to 1:500 |
| Accounts: | ECN Standard, ECN Prime, ECN Institutional, Islamic, Demo |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Futures |
| Trading Platform: | MT4, MT5, cTrader, TradingView, WebTrader, VPS hosting |
| Regulation: | FMA (New Zealand), FSA (Seychelles) |
| Spreads: | From 0.0 pips (Institutional), 0.1 pips (Prime), 0.8 pips (Standard) |
| Visit Broker | Broker Review |
Vantage MarketsSince: 2009 | Offices:Australia, UK, SA, Seychelles |
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| Minimum Deposit: | $50 |
| Account currency: | AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD, PLN |
| Leverage: | Up to 1:1000 |
| Accounts: | Standard, Raw ECN, Pro ECN, Swap free Account |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | Vantage App, MT4, MT5, WebTrader, ZuluTrade, MyFXBook Autotrade, DupliTrade | VPS hosting |
| Regulation: | ASIC, FCA, CIMA, VFSC |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
FBSSince: 2009 | Offices:Australia, Belize, CySEC |
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| Minimum Deposit: | $1 , $100, $500, $1,000 |
| Account currency: | Multiple base currencies |
| Leverage: | Up to 1:3000, 1:500, CFDs up to 30:1 |
| Accounts: | Cent, Standard, Zero Spread, ECN |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares (550+ total) |
| Trading Platform: | MT4, MT5, FBS Trader |
| Regulation: | FSC (Belize), CySEC (Cyprus), and ASIC (Australia) |
| Spreads | Floating from 1 pip, 0.5 pip, 0 pip, -1 pip |
| Key Features | High leverage, low min. deposit, mobile app |
| Visit Broker | Broker Review |
FXGTSince: 2019 | Offices:Cyprus, SA, Seychelles, Vanuatu |
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| Minimum Deposit: | $10 |
| Account currency: | USD, EUR, JPY, USDT, BTC, ETH, XRP, ADA, THB |
| Leverage: | Up to 1:5000* based on equity |
| Accounts: | Optimus, Pro, ECN Zero, Standard, Mini, Demo |
| Instruments Offered: | Forex, Equity Indices, Metals, Energies, Stocks, Cryptos *, NFTs |
| Trading Platform: | MT4, MT5, Mobile FXGT App | VPS hosting *Eligibility |
| Regulation: | CySEC, FSA, FSCA, Vanuatu, |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
Blueberry MarketsSince: 2016 | Offices:Australia, Vanuatu, Mauritius |
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| Minimum Deposit: | $100 |
| Account currency: | USD, EUR, GBP, AUD, NZD, SGD, CAD |
| Leverage: | 1:500 |
| Accounts: | Standard, Direct (Raw) |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | Tradingview, MetaTrader 4, MetaTrader 5, WebTrader, Mobile App, DupliTrade |
| Regulation: | ASIC,VFSC, FSC |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
StarTraderSince: 2012 | Offices:UAE, Seychelles, Mauritius |
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| Minimum Deposit: | $50 (Standard & ECN) |
| Account currency: | USD, EUR, GBP, others (varies by account) |
| Leverage: | Up to 1:500 (varies by entity & region) |
| Accounts: | Standard, ECN, Islamic, Demo, Managed |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Shares, ETFs, Cryptocurrencies |
| Trading Platform: | MT4, MT5 |
| Regulation: | ASIC (AU), FSA (Seychelles), FSC (Mauritius), SCA (UAE entity) |
| Spreads | Standard: from ~1.3 pips ECN: from 0.0 pips + ~$7/lot |
| Visit Broker | Broker Review |
GO MarketsSince: 2006 | Offices:Australia, Cyprus, Mauritius, SVG |
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| Minimum Deposit: | Zero, $200 on certain account types. |
| Account currency: | USD, AUD, EUR, GBP |
| Leverage: | Up to 1:500 |
| Accounts: | Standard, Plus, PAMM, Copy Trading |
| Instruments Offered: | Forex, Metals, Commodities, Shares, Crypto, Bonds |
| Trading Platform: | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App | Free Forex VPS Hosting |
| Regulation: | ASIC, CySEC, FSC, Seychelles |
| Spreads | ECN: Raw Spreads |
| Visit Broker | Broker Review |
InstaForexSince: 2007 | Offices:British Virgin Isles |
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| Minimum Deposit: | From $1 |
| Account currency: | EUR, USD |
| Leverage: | From 1:1 up to 1:1000 |
| Accounts: | Demo, Insta.Standard, Insta.Eurica, Cent.Standard, Cent.Eurica, PAMM |
| Instruments Offered: | Forex, Indices, Futures, Options, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | МТ4, МТ5, InstaTrader, WebTrader, Multiterminal, Mobile Trading, VPS hosting |
| Regulation: | BVI FSC |
| Spreads: | 0 pips: Insta.Eurica and Cent.Eurica; 3–7 pips: Insta.Standard and Cent.Standard |
| Visit Broker | Broker Review |
ValutradesSince: 2012 | Offices:United Kingdom, Seychelles |
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| Minimum Deposit: | $0 |
| Account currency: | USD, JPY, EUR, GBP, AUD |
| Leverage: | Up to 1:500 (FSA), up to 1:30 (FCA) |
| Accounts: | Standard, ECN, Islamic, PAMM, Demo |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares |
| Trading Platform: | MT4, MT5, Valutrades App, VPS hosting |
| Regulation: | FCA (UK), FSA (Seychelles) |
| Spreads: | From 0.0 pips (ECN), 0.2 pips (Standard) |
| Visit Broker | Broker Review |
Core Differences Brokers Have With Each Trading Account
Broker Types are
ECN: Electronic Communication Network
STP: Straight Through Processing
DMA: Direct Market Access
MM: Market Makers
Broker Structure Comparison
| Broker Type | ECN | STP | DMA | MM |
|---|---|---|---|---|
| Broker structure | ECN + DMA + STP + NDD | STP + NDD | DMA + STP + NDD | DD |
| Dealing model | No Dealing Desk | No Dealing Desk | No Dealing Desk | Dealing Desk |
| Execution | Market Execution | Instant & Market Execution | Market Execution | Instant Execution |
| Who are you trading against? | Orders sent to the ECN network | Orders sent to another broker | Orders sent to several other brokers/banks | Your broker |
| Conflict of interests | No | No | No | Yes |
Trading Conditions
| Condition | ECN | STP | DMA | MM |
|---|---|---|---|---|
| Speed of execution | fast | regular | fast | regular |
| Re-quotes | No | Yes | No | Yes |
| Scalping | Yes | Yes & No | Yes | Yes & No |
| News trading | Yes | No | Yes | No |
Pricing & Fees
| Condition | ECN | STP | DMA | MM |
|---|---|---|---|---|
| Spreads | Floating | Fixed & floating | Floating | Fixed |
| Pricing | 5 digits | 4 & 5 digits | 5 digits | 4 & 5 digits |
| Commission | Yes | No | Yes & No | No |
| Spread cost | very low | average | low | high |
| Slippage | Yes | Yes | Yes | Yes |
| Deposit requirements | high | low | average | low |
Conclusion
ECN brokers are best suited for experienced traders who are looking for low spreads and fast execution.
STP brokers are ideal for beginners and intermediate traders who want to avoid dealing with requotes.
Market makers are ideal for those who want to trade with a large amount of leverage.
DMA brokers are best suited for advanced traders who want to have direct access to the market.
ECN Brokers List
Choosing the correct broker for trading is critical to your trading journey, there are many factors you should take into consideration specifically for ECN trading before settling with the broker you may be trading with or when switching to a new choice broker which is best suited to your needs and factors which are important to you personally.
Broker | Regulators | Max. Leverage | Spreads | Trading Acc. | Instruments | Connect |
 | ASIC, CySEC | Up to 1:500* | From 0.0 pips | Broker Type: STP | ECN | DMA 2 Accounts | Forex, Indices, | |
 | ASIC, VFSC | Up to 1:500 | From 0.0 pips | Broker Type: ECN 4 Accounts | Forex, Indices, | |
 | AFSL, ASIC, CySEC, FSA | Up to 1:500 | From 0.0 pips | Broker Type: | Forex, Indices, Commodities, Metals, Energies, Shares, Crypto | |
 | ASIC, VFSC, CMA, FSC | Up to 1:1000 | From 0.0 pips | Broker Type: True ECN 2 Accounts | Forex, Indices, | |
| | ASIC, VFSC | Up to 1:500 | From 0.0 pips | Broker Type: 2 Accounts | Forex, Indices, Commodities, Metals, Crypto, Shares & Bonds CFDs | |
 | CySEC, FSCA and FSC | Up to 1:1000 | From 0.0 pips | Broker Type: ECN | STP 3 Accounts | Forex, Indices, Commodities, Metals, Energies, Shares, Crypto | |
 | ASIC, FSC, FSCA, FSA | Up to 1:1000 | From 0 pips | Broker Type: ECN | STP 2 Accounts | Forex, Indices, Commodities, Metals, Energies, Shares, Crypto, ETFs | |
 | CIMA, ASIC, FCA | Up to 1:500* | From 0.4 pips | Broker Type: ECN | STP 4 Accounts | Forex, Indices, Metals, Energies, Shares, Crypto | |
| | FCA, SCA, ASIC,FSCA, FSC, FSA | Up to 1:1000* | From 0.0 pips | Broker Type: ECN | STP 5 Accounts | Forex, Indices, Metals, Energies, Shares, Crypto | |
 | HCMC / ESMA | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 2 Accounts | Forex, Indices, Commodities, Metals, Shares CFDs, Crypto | |
 | CySEC, FSC, FSCA, ASIC | Up to 1:3000 | From 1 pip | Broker Type: ECN | STP 6 Accounts | Forex, Indices, | |
 | FMA, FSA | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 6 Accounts | Forex, Indices, | |
 | ASIC, BaFin, CIMA, UAE VARA/SCA | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 3 Accounts | Forex, Indices, Commodities, Metals, Energies, Shares, Crypto | |
 | ASIC,VFSC, FSC | Up to 1:500 | From 0.0 pips | Broker Type: ECN | MM 2 Accounts | Forex, Indices, | |
 | ASIC, CySEC, FSC | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 2 Accounts | Forex, Metals, Commodities, Shares, Crypto, Bonds | |
 | CySEC, FSC, FSCA | Up to 1:2000 | From 0.0 pips | Broker Type: ECN | STP 4 Accounts | Forex, Indices, | |
 | CySEC, FCA, FSCA | Up to 1:1000 | From 0.0 pips | Broker Type: ECN | STP 5 Accounts | Forex, Indices, | |
 | AFSA, FSCA, MISA | Up to 1:1000 | From 0.0 pip | Broker Type: ECN | STP 4 Accounts | Forex, Metals, Indices, Commodities, Stocks, Crypto | |
 | FCA, FSA | Up to 1:500* | From 0.0 pips | Broker Type: ECN 2 Accounts | Forex, Indices, | |
 | ASIC, FSC, FSCA | Up to 1:1000 | From 0.0 pips | Broker Type: ECN | STP 3 Accounts | Forex, Metals, Indices, Commodities, Equities, Crypto | |
 | SVGFSA, FSC, FSA | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 3 Accounts | Forex, Indices, | |
 | FCA, ASIC, SCA, FMA, FSC, FSA | Up to 1:500 | From 0.0 pip | Broker Type: ECN | STP 2 Accounts | Forex, Indices, Commodities, Metals, Crypto | |
 | ASIC, FSA | Up to 1:500 | From 0.0 pip | Broker Type: ECN | STP 3 Accounts | Forex, Indices, Commodities, Metals, Crypto | |
 | FCA, ASIC, CySEC, FSA | Up to 1:500 | From 0.0 pips | Broker Type: ECN | STP 6 Accounts | Forex, Indices, | |
 | CySEC, MISA | Up to 1:1000 | From 0.0 pip | Broker Type: ECN | STP 1 Accounts | Forex, Metals, Commodities, Indices, Equities, Crypto | |
 | FSC | Up to 1:2000 | From 0.0 pips | Broker Type: ECN | STP | MM 5 Accounts | Forex, Indices, | |
 | BVI FSC | Up to 1:1000 | From 0.0 pips | Broker Type: MM | ECN 6 Accounts | Forex, Indices, Commodities, Metals, Shares CFDs | |
| | CySEC, FSA, FSCA, VFSC | Up to 1:2000 | From 0.0 pips | Broker Type: STP | ECN 6 Accounts | Forex, Indices, | |
 | FSC , FSRA | Up to 1:3000 | From 0.0 pip | Broker Type: ECN | STP 3 Accounts | Forex, Metals, Indices, Crypto, Stocks CFDs | |
 | ASIC, VFSC, CySEC, FCA | Up to 1:500 | From 0.0 pip | Broker Type: ECN | STP 2 Accounts | Forex, Indices, | |
 | FINMA | Up to 1:100 | From 0.1 pip | Broker Type: ECN | STP 7 Accounts | Forex, Indices, | |
Broker Types
ECN Forex Broker Regulators
Kevin George is an active trader of stocks, forex, commodities and crypto with over 15 years of market experience. He hold a master's degree in finance and mix microeconomic studies of company financials with a big-picture macroeconomic view.
Kevin earned a bachelor's degree from Robert Gordons University in Scotland. He returned later to earn his master's degree in finance.
Kevin has written for investopedia, Seekingalpha with his resume on Muckrack and LinkedIn