Compare Forex Brokers for Automated Trading

Compare ECN/STP Forex Brokers
A dedicated ECN/STP Forex account and competitive pricing are absolutely essential for the successful implementation of an automated trading strategy.

ECN and STP brokers are NDD (No-Dealing Desk) brokers meaning they don't use a Dealing Desk to fill their client's orders, instead, they pass all orders directly to the ECN market. NDD Forex brokers are the only choice for professional Forex traders as they are considered a more reliable and cost-effective solution for trading Forex that DD brokers.

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Table: Compare ECN/STP Forex Brokers
 

GENERAL INFO

TRADING INFO

ACCOUNT INFO
RATING REVIEWS
NEW ACCOUNTS
 

MULTIBANK FX

■ Founded: 2005
■ Regulation:
  • ASIC Australia (416279)
  • FSC BVI (SIBA/L/14/1068)

US Residents: No

■ Automated Trading: YES

Best EURUSD Spread:

  • 0.1 Pip plus $6.0 per round lot

■ Number of currency pairs: 45+

■ Cryptocurrencies: YES

 

Promotion: 20% Bonus and Free VPS

Min. Account: 

  • $50, and
  • $1000 for Pro account
 Leverage: 1/30
Rating: 

(N/A)
 
  • ECN processing via access to 20 Interbank liquidity providers

  • Tight trading spreads and Free VPS

  • PAMM, FIX/API

» MultibankFx Review

AXI Forex

 
 Founded: 2007
 Regulation:
  • ASIC Australia (AFSL-318232)
  • FCA UK (509746) 

US Residents: No

■ Automated Trading: YES

Best EURUSD Spread:

  • 0.0 Pip plus $7.0 per round lot

■ Number of currency pairs: 50+

■ Cryptocurrencies: YES

Promotion: Free VPS, Free Autochartist

Min. Account: 

  • $10, and
  • $1000 for Pro account
 Leverage: 1/30
 Rating:
84.55%
 
 
  • Tight trading spreads starting as low as 0.0 pips plus $7 commissions per full traded lot

  • Free VPS and Autichartist
  • PAMM, FIX/API

ECN/STP
 
Founded: 2011

Regulation: 

  • CySEC (185/12) and FCA UK (777911)
US Residents: No

■ Automated Trading: YES

Best EURUSD Spread:

  • 0.1 Pip plus $4.0 per lot

■ Number of currency pairs: 50+

Promotion: Free VPS

Min. Account: 

  • $5 for Micro Account
  • $500 for ECN account 
Leverage: 1/30
 Rating:
76.80%
 
  • Tight spreads
  • A wide Forex asset index

ECN/STP

Founded: 2005
Regulation:

  • FCA (License 579202)
  • FSP New Zeeland

US Residents: No

■ Automated Trading: MT4 and MT5

Best EURUSD Spread:

  • 1.4 Pip (no commissions)

■ Number of currency pairs: 70

Promotion:

Free VPS, a small Welcome Bonus

Min. Account: $10

 Leverage: 1/30

 Rating: 
77.61%
 
  • A wide variety of Forex pairs (70+)
  • Free VPS, PAMM Accounts

 

 
DD/CFD

Founded: 2009
Regulation:

  • FSCL New Zealand

US Residents: No

 
■ Automated Trading: YES
Best EURUSD Spread:
  • 1.3 pips (no commissions)
■ Number of currency pairs: 40+

Promotion: 

Free VPS, Margin Bonus (not recommended)

Min. Account: $10

■ Leverage: 1/30
Rating: 

(N/A) 
  • Fair spreads and fast execution
  • Fast withdrawals via wallets

 

ECN & STP Forex Brokers

■ ECN (Electronic Communication Network) Brokers

The ECN brokers are financial entities using the electronic communications network (ECN) of banks to provide its clients with direct access to the Foreign Exchange Market. ECN can be described as the software bridge linking financial brokers with its liquidity providers (banks, etc.).

■ STP (Straight Through Processing) Brokers

STP brokers provide access to the Foreign Exchange Market via its liquidity providers which are mainly commercial and investment banks but also other large financial institutions.

 

The Cost of Intraday Trading

Trading cost matters, especially if you plan to implement an intraday trading strategy, which involves opening/closing several positions on a daily basis. These are the most important sources of trading cost:

(1) Trading Spread & Trading Commissions

The trading spread and commissions are very important for intraday strategies, which involve the execution of a great number of daily trades. In general, ECN brokers offer tighter spreads and lower commissions than Dealing-Desk Firms.

(2) Slippage

Slippage refers to the deviation in pips between the actual execution price and the expected execution price. Again, ECN brokers offer lower slippage on order execution than Dealing-Desk Firms.

 

 
 
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