Compare Forex Brokers for Automated Trading

Compare ECN/STP Forex Brokers
A dedicated ECN/STP Forex account and competitive pricing are 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 than DD brokers.

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Table: Compare ECN/STP Forex Brokers
 

COMPANY INFO

TRADING INFO

ACCOUNT INFO
NEW ACCOUNTS

Founded: 2009

Regulation:

  • FSC 000138/7 (Belize)

US Residents: No

Client Bank Account Segregation: Yes

Automated Trading: YES
Best EURUSD Spread:
  • 1.3 pips (no commissions)
 Number of currency pairs: 35+
 
 Cryptocurrencies: No

Promotions: Welcome Bonus, Rebates, Free VPS

Min. Account: $10

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • Skrill and Neteller
  • Perfect Money
  • AstroPay
 
  • Tight spreads on zero-commission account
  • Fast order execution
  • Fast withdrawals via wallets
  • Free VPS

 

 Founded: 2002

 Regulation:

  • MFSA (Malta)
  • FSC (Mauritius)

US Residents: No

Client Bank Account Segregation: Yes

 Scalping: YES

Best EURUSD Spread:

  • 0.3 Pip plus $7.0 per round lot

 Number of currency pairs: 65

■ Futures: YES

 Cryptocurrencies: YES

Promotions: TradingCentral Analysis

Min. Account: $100

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • Neteller
  • UnionPay
 
  • ECN execution and tight spreads
  • 65 Forex pairs
  • TradingCentral

 

Founded: 2007
Regulation:
  • FSA (Seychelles)
US Residents: No
 
Client Bank Account Segregation: Yes
 

Scalping: YES

Best EURUSD Spread:

  • 0.0 Pip plus $7.0 per round lot

 Number of currency pairs: 60+

Futures: YES

 Cryptocurrencies: YES

 

PromotionsFree VPS

Min. Account:

  • $200 for MT4, MT5
  • $200 for cTrader

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • WebMoney, Neteller, and Skrill
  • CFD & Futures Trading
  • Tight spreads and low commissions
  • Fast order execution and low slippage
  • Free VPS

Note that European Traders are not allowed.

  

 

Founded: 2005
Regulation:

  • FCA (License 579202)
  • FSP New Zeeland

US Residents: No

Client Bank Account Segregation: Yes

Automated Trading: MT4 and MT5

Best EURUSD Spread:

  • 1.4 Pip (no commissions)

 Number of currency pairs: 70

 

PromotionsFree VPS, Bonus

Min. Account: $10

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • WebMoney
  • FasaPay, AdvCash
  • Cryptocurrencies
 
  • A wide variety of Forex pairs (70+)
  • Free VPS
  • PAMM Accounts

AXI Forex

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

US Residents: No

Client Bank Account Segregation: Yes

Automated Trading: YES

Best EURUSD Spread:

  • 0.0 Pip plus $7.0 per round lot

■ Number of currency pairs: 50+

■ Cryptocurrencies: YES

PromotionsFree VPS, Autochartist

Min. Account: 

  • $10, and
  • $1,000 for the Pro account

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • Skrill, Neteller
  • FasaPay
  • Cryptocurrencies
 
  • Free VPS and Autichartist
  • PAMM, FIX/API

 

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 their clients with direct access to the Foreign Exchange Market. ECN can be described as the software bridge linking financial brokers with their 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 daily. These are the most important sources of trading costs:

(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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