Compare Forex Brokers for Automated Trading

Forex Brokers
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 than DD brokers.

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Table: Compare ECN/STP Forex Brokers
 

COMPANY INFO

TRADING INFO

 ACCOUNT INFO
 NEW ACCOUNTS

■ Founded: 2007
■ Regulation:
  • ASIC Australia (335692)
US Residents: No
 
Client Bank Account Segregation: Yes
  

■ Scalping: YES

Best EURUSD Spread:

  • 0.1 Pip plus $7.0 per round lot

■ Number of currency pairs: 55+

■ Cryptocurrencies: YES

  

Promotions: Free VPS

Min. Account:

  • $200 for MT4
  • $1,000 for cTrader

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • PayPal, Neteller, Skrill
  • UnionPay, Bpay
  • Tight spreads and low commissions
  • Fast order execution and low slippage
  • A wide Forex asset index
  • Free VPS, PAMM Accounts

  

 
■ Founded: 2009

■ Regulation:

  • FSC 000138/437 (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: YES

Promotions: Free VPS, Bonus

Min. Account: $10

Funding Options:

  • Bank Wire
  • Credit and Debit Cards
  • Skrill and Neteller
  • Perfect Money
  • AstroPay, AdvCash
  • Tight spreads on zero-commissions account
  • Fair spreads and fast execution
  • Fast withdrawals via wallets
  • Free VPS

 

 

■ 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

  

Promotions: Free 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

Promotions: Free 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 on a daily basis. 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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