What is a ECN broker and how to choose the best one?

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What is a ECN broker and how to choose the best one?

It is estimated that $5.3 trillion is traded every single day which gives an average of $220 billion per hour. And the number of transactions is not decreasing at all.

If you aspire to become a wealthy and savvy trader or have been trading for some time already and plan to stay on the trading market for the long-term, you should consider working with a reliable ECN Forex broker.

What is a ECN broker?

To put it briefly, ECN brokers are Forex experts using the Electronic Communication Network (ECN) in order to connect their customers with the other traders in the Forex market. It makes them intermediaries in transactions between individual customers and the interbank or market systems.

It is worth mentioning that ECN brokers’ profits are not related to the spread difference but are exclusively based on commissions. Therefore, truly professional ones work constantly in order to make sure their customer is winning.

Choosing a reliable ECN broker should not be a rapid and hasty decision. There are plenty of ECN brokers and your goal should be to choose the most reliable and trustworthy one.

You may find helpful ECN broker lists such as https://forexrev.com/ecn-brokers-list/ where you can find reviews and Forex broker ratings.

However, you should also be aware of what you should check before you choose an ECN broker.

How to choose the best ECN broker?

Check their credibility

Credibility is the core value that an ECN broker must have.

In order to verify the credibility of a specific broken you should check whether they have appropriate licenses. Licenses are essential – they allow ECN brokers to save their customers from scams and also make them more authentic. You can check whether they have CFTC, FCA UK, NFA, FSB or ASIC license.

To check the credibility you can also use old but gold Google research. You can verify whether a specific broker has a high trading volume as it proves they can be trusted.

Check transparency of payment system and trading platform

Since ECN brokers invest a significant amount of money, you should evaluate their payment system before you deposit any sum. You should also verify what is the minimum deposit and payment methods you can use.

Another important aspect of a reliable ECN broker is a fully transparent platform. The best Forex trading platform where traders, institutions and banks can compete against each other should be fully transparent. You can check the quality of trading platforms and other features of every ECN brokers on https://forexrev.com/.