TOP BEST ECN FOREX BROKERS REVIEWED 2018

The argument between traders about who are the best ECN forex brokers would never be ended and it have driven me crazy. While the American and the British brokers are the most reliable in the world, Cyprus brokers offer better trading conditions like lower spread and commission, lower margin, better trading platforms and payment systems, etc. Finally, we all come to an agreement that there is no absolute best ECN forex broker. We could only evaluate the best ones based on the country you are living in and your trading strategies. However, some personal standards to describe how the best ECN brokers be should, could be given to you so you can find out the best ECN brokers in your country which suits to your trading plan.

Here are some standards that top brokers should have:

• Local customer services

• Regulations

• Good payment systems

Moreover, I would like to introduce 5 biggest ECN brokers in the forex market who own top ranking:

1. Local customer services:

Not only new traders, but experienced traders sometimes feel the forex market is too tricky and tough. Therefore make sure that you choose a forex broker with satisfied support including services offer in multiple languages and around the clock support services. Different from most of the brokers’ supporting services, who only have online services in English, this top ranked brokers offer the support to the customers in averagely 20 languages, to be more specific:

• Exness supports 13 languages and 24/7

• XM supports 30 languages and 24/7

• Hot Forex supports 27 languages and 24/7

These brokers mainly work on Asian and African big markets including: China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia and Arabic. You could find their offices located in China, Thailand, Indonesia, Malaysia and Dubai easily. In the case your country doesn’t have regional offices, don’t refuse to contact them through the internet by either live chat or phones at any time, as the services are available 24/7 hours.

2. Regulations

Every claim needs to have evidences, when we claim that brokers are good brokers, we also need to provide you with reliable licenses as evidences. The majority of big and experienced ECN traders could pay hundreds or thousand dollars to reliable brokers. And the way the traders evaluate the reliability of a broker is based on their licenses, which are offered by profit or non-profit organisations. And obviously, many ECN traders accept to pay hundred or thousand dollars to good brokers because they have to achieve the standards from licensing organisations such as:

• Maximum Leverage

• Quotes quality

• Broker’s minimum operation fund.

• Bonus

• Segregated accounts to protect clients.

• Advertising messages to avoid misleading for traders.

Since it is not easy to get a regulation, so the more reliable that license is the more trustworthy that broker is. Even though it rewards the brokers with many advantages, there are also disadvantages that brokers need to experience. Licenses don’t allow the regulated brokers to set high leverage, leading to low trading volume and low income. Moreover, brokers must open a separated account for client-fund insurances’ payment, so it means that their income will reduce even lower as they have costs to pay. Hence, they have to charge higher spread or commission to their customers, and the more licenses they have, the more elimination those brokers are. However, I don’t think owning lots of licenses would identify that broker is good, since quality is better than quantity, so I prefer brokers that have one reliable license for customers to indicate they have no problem with financial issues and their standards. Here are some licenses that best forex brokers owned:

Some people say that the US and the UK brokers are the most reliable in the world, however, they are not allowed to protect foreign traders in case there is any problem. In my perspective, it is too risky for Asian and African traders to pay a large amount of money to the US and UK brokers for receiving no protection.

Trading Volume is also another way for traders to recognise good brokers.  The larger the trading volume a broker has, the more trustworthy that broker is. Below are trading volume of Exness, XM and FxPro:

•    Exness – the largest forex broker earns $400 billion per month.

•    XM  monthly Trading volume is $300 Billion

•    FxPro monthly income is $ 100 Billion.

Looking at scam report of a broker would also be helpful for traders before making a decision on which brokers to work with. The above brokers do not have any scam report and they have already been staying in the market for 10 years. There are some complaints on Exness trading platforms on the social network, but it because the misunderstanding of the trading system. To know more about the misunderstanding, please click here.

3. Best quote providers:

I have asked a question stated that: “what type of Forex account do you think it is the best forex account for trading?” to 100 traders and the result was 95% traders thought that ECN account if the best one. In contrast, in the reality, 80% of them chose to trade in Market Maker and STP accounts.

Why there is such a difference? ECN is well-known for its low cost and high transparency, but the weakness is volatility. In another words, it is very unsafe for beginners to trade ECN accounts because they are more volatile than STP and MM accounts. In addition, there are lots of no-quote errors and gaps in ECN accounts as slippages are higher and quotes are not stable.  Some people think that liquidity providers will provide you better quotes, but in the reality ii is different, liquidity providers are not persistent as they will contribute more quotes for themselves so there will be lots of no-quote problem, slippages and gaps. In contrast, it is much safer when you trade with the 5 brokers I have mentioned above, they get quotes from ten liquidity providers at one time, then they will select the best ones and distribute to retail clients. In case there one provider has a problem, there still be nine more providers to them, so there is more chance for customers to get the best quotes  which have less slippages, gaps or no-quote problems. Here are top 3 best ECN quote brokers:

To understand more about Exness liquidity providers please click here.

On the whole, I hope you would find some useful experiences I have just shared to find out the most suitable brokers to your plan and trading conditions.