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5 Best ECN brokers in the USA

Best ECN Broker USA review

 

The top 5 best ECN forex brokers in the USA are revealed. We tested and verified the best ECN forex brokers for traders in the USA. This is a complete guide to the best ECN forex brokers in the USA.

 

5 Best ECN Brokers in USA Revealed (2022):

  1. ☑️ Forex.com

 

 

In this in-depth guide you’ll learn:

 

  1. Who the best ECN forex brokers in the USA are and why traders in the USA should sign up with an ECN Forex broker?
  2. Who are the best ECN forex brokers for the USA in 2022?
  3. How to choose an ECN forex broker – Compare them side by side.

 

5 Best ECN brokers in the USA

 

In this article, we explore some of the best ECN brokers in the USA. These brokers are recommended at a number of online sites and are thought to be among the most trustworthy and efficient brokers operating in the USA.

 

Forex.com

 

Overview

 

Foreign exchange brokerage Forex.com specializes in a wide variety of financial instruments. Stocks, commodities, and indexes in the form of Contracts for Difference are included. Forex.com’s GTX Direct is an authentic electronic communication network (ECN) trading platform.

This means that you may anticipate costs, spreads, and commissions that are on par with or below the market average. There are more than 90 different currency pairings available for trading, including all of the majors, minors, and exotics. Uniquely, the platform requires only a $50 initial investment to get started.

 

Unique Features

🔍 Featuresℹ️ Information
⚖️ RegulationCFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MAS
🌐 Social Media PlatformsFacebook, Twitter, LinkedIn, Instagram
⚖️ CFTC Regulation?✔️ Yes
📊 Trading AccountsStandard Account, Commission Account, DMA Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit$50
📊 Trading AssetsForex, stocks, metals, commodities, fixed income assets, margin instruments, vanilla and exotic options, futures, CFDs, FWD, NDF, Spot FX
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
🇺🇸 Bonuses for US traders?❌ No
📈 Minimum spreadFrom 1.3 pips
⭐ Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes

 

Pros and Cons

✔️Pros❌Cons
Wide range of tradable productsAccount protection is not available to US clients
Well-regulated in the USGuaranteed stop losses are not available
Offers account protection
Great rebates for high-volume traders

 

Trust Score

 

Forex.com has a high trust score of 93%

 

FXTM

 

Overview

 

FXTM is an online broker authorized by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). CFDs will allow you to trade in a wide variety of financial markets, including foreign exchange, commodities, spot metals, and equities.

ECN accounts with FXTM need a minimum deposit of $500, but in exchange, you get no commissions and low spreads. It will also be possible to use the well-known and widely-used MT4 and MT5 platforms provided by MetaQuotes.

 

Unique Features

🔍 Featuresℹ️ Information
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius, ASIC
🌐 Social Media PlatformsFacebook , Twitter, LinkedIn, Instagram, YouTube, Telegram
⚖️ CFTC Regulation?❌ No
📊 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💰 Minimum Deposit$50
📊 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
🇺🇸 Bonuses for US traders?✔️ Yes
📈 Minimum spreadFrom 0.0 pips
⭐ Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes

 

Pros and Cons

✔️Pros❌Cons
FXTM is a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant
FXTM offers its clients quick deposit and withdrawal methods with short processing times
There are no deposit fees charged
There are several educational materials offered
FXTM offers dedicated, local support in multiple languages

 

Trust Score

 

FXTM has a trust score of 80%

 

Interactive Brokers

 

Overview

 

Foreign exchange (FX) traders in the United States are welcome to use Interactive Brokers’ trading platform, which gives them access to interbank market prices directly. You can trade 23 different currencies with spreads as little as 0.08 pips, but the MetaTrader platform is not supported.

However, Interactive Brokers has quite hefty account minimums. An account opening requirement of $10,000 may be prohibitive for some individual traders. However, U.S. traders have limited brokerage choices, and Interactive Brokers is among the best available.

 

Unique Features

🔍 Featuresℹ️ Information
⚖️ RegulationSEC, CFTC, FCA, SIPC
🌐 Social Media PlatformsFacebook , Twitter, LinkedIn, Instagram, YouTube, Telegram
⚖️ CFTC Regulation?✔️ Yes
📊 Trading AccountsIndividual, Joint, Trust, IRA, UGMA/UTMA
📊 Trading PlatformInteractive Brokers’ Client Portal , Desktop TWS, IBKR Mobile, IBot, IBKR WebTrader (Only for IBKR Pro Accounts), IBKR APIs (Only for IBKR Pro Accounts)
💰 Minimum Deposit$10000
📊 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
🇺🇸 Bonuses for US traders?❌ No
📈 Minimum spreadFrom 0.6 pips
⭐ Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes

 

Pros and Cons

✔️Pros❌Cons
Well-regulated in the USNo MetaTrader available
Wide range of products availableVery high minimum deposit
Advanced trading platform

 

Trust Score

 

Interactive Brokers has a high trust score of 95%

 

eToro

 

Overview

 

eToro is a prominent online currency and multi-asset broker with operations in Cyprus, Israel, the United Kingdom, the United States, and Australia. Since its inception in 2007, eToro has offered cutting-edge trading and investment tools that have attracted more than a million customers.

The broker offers two distinct account tiers, one for casual traders and the other for more serious investors. All asset classes are open to retail customers, and they even have safeguards against going into the red and closing their margin accounts early.

While retail consumers are limited to maximum leverage of 1:30, professional clients are given access to a 1:400 leverage ratio.

 

Unique Features

🔍 Featuresℹ️ Information
⚖️ RegulationCySEC, FCA, ASIC
🌐 Social Media PlatformsFacebook , Twitter, LinkedIn, Instagram, YouTube, Telegram
⚖️ CFTC Regulation?❌ No
📊 Trading AccountsProfessional Account, Retail Account
📊 Trading PlatformProprietary web and mobile platforms
💰 Minimum Deposit$200
📊 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
🇺🇸 Bonuses for US traders?❌ No
📈 Minimum spreadFrom 1 pip
⭐ Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes

 

Pros and Cons

✔️Pros❌Cons
Well-regulatedNot regulated in the US
Advanced proprietary trading platform
Excellent analytical tools

 

Trust Score

 

eToro has a trust score of 80%

 

Advanced Markets

 

Overview

 

In addition to being a member of the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), Advanced Markets was founded in 2006 as a Futures Commission Merchant (FCM) and Foreign Exchange Dealer (FDM).

As the nation’s second-largest financial hub, Charlotte, North Carolina is home to Advanced Markets LLC. The number of traders, managers of hedge funds, introducing brokers, white label partners, and financial institutions from around the world who use Advanced Markets is rapidly expanding.

This broker is swiftly rising to the top of the foreign exchange market thanks to its innovative DMA model, extensive bank connections, cutting-edge technology, and exceptional customer service.

 

Unique Features

🔍 Featuresℹ️ Information
⚖️ RegulationCFTC, NFA, FCM
🌐 Social Media PlatformsFacebook, Twitter, LinkedIn, Instagram, YouTube, Telegram
⚖️ CFTC Regulation?✔️ Yes
📊 Trading AccountsAdvanced, Advanced Plus, Raw Spread
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit$2500
📊 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
🇺🇸 Bonuses for US traders?❌ No
📈 Minimum spreadFrom 0.5 pips
⭐ Demo Account✔️ Yes
☪️ Islamic Account❌ No

 

Pros and Cons

✔️Pros❌Cons
Full MetaTrader suit availableHigh minimum deposit
Well-regulated in the USNo Islamic account is available
Raw spreads available
Excellent customer support

 

Trust Score

 

Advanced Markets has a trust score of 95%

 

What is an ECN Forex broker?

 

An electronic communications network (ECN) broker is a type of financial intermediary that connects buyers and sellers in the equity and currency markets using such platforms. Since an ECN broker compiles quotes from several dealers, its customers can often benefit from lower spreads between the buy and sell prices.

 

How to choose an ECN Forex Broker in the USA

 

USA traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Regulations and Licenses

 

This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as NFA, CFTC, SEC, FCA, ASIC, CySEC, FSCA, and others. USA must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

 

Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

 

USA traders must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

 

The range of markets offered refers to the number and range of tradable instruments that the broker offers. USA traders must consider what they wish to trade and what is available.

 

Customer Support

 

Customer Support is another crucial factor and USA traders must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

 

A trading platform is the USA trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

 

Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

  • eBooks
  • Trading guides
  • Trading knowledge on leveraged products
  • A risk warning on complex instruments
  • Educational videos

 

Research can include some of the following:

 

  • Trading tools
  • Commentary
  • Status of International Markets
  • Price movements
  • Market sentiments
  • Whether there is a volatile market
  • Exchange Rates
  • Expert opinions and several other resources can help experienced traders make informed trading decisions.

 

The Best Forex Brokers in the USA

 

In this article, we have listed the 5 best ECN Forex brokers in the US. Below, we have identified more  Forex Brokers in the US which offer additional products and services.

 

Best MetaTrader 4 / MT4 Forex Broker in the US

A review about Advanced Markets

 

Overall, Advanced Markets is the best MetaTrader 4 forex broker in the US. Advanced Markets provides excellent customer support alongside advanced trading tools and access to a wide range of markets.

 

Best MetaTrader 5 / MT5 Forex Broker in the US

Forex.com Broker Review

 

Overall, Forex.com is the best MetaTrader 5 / MT5 forex broker in the US. Forex.com provides great rebates for high-volume traders in the US and tight, raw spreads through its ECN model. Forex.com is a well-established broker that is regulated in the US.

 

Best Forex Broker for Beginners in the US

A review about FXTM

 

Overall, FXTM is the best forex broker for beginners in the US. FXTM provides round-the-clock customer support alongside a great educational offering and easy-to-use trading platforms for beginner traders.

 

Best Minimum Deposit Forex Broker in the US

A review about Grand Capital

 

Overall, Grand Capital is the best minimum deposit forex broker in the US. Grand Capital has a low minimum deposit of $10 when opening an account. Grand Capital offers a great welcome bonus along with access to high leverage.

 

Best ECN Forex Broker in the US

Interactive Brokers Review

 

Overall, Interactive Brokers is the best ECN forex broker in the US. Interactive Brokers offers a wealth of advanced analytical tools as well as one of the most effective trading platforms in the business.

 

Best Islamic / Swap-Free Forex Broker in the US

Best USA Forex Brokers eToro

 

Overall, eToro is the best Islamic/Swap-Free Forex broker in the US. eToro offers tight spreads with a great DMA model as well as an advanced proprietary platform.

 

Best Forex Trading App in the US

Best USA Forex Brokers OANDA

 

Overall, Oanda has the best forex trading app in the US. Oanda is well-established as an innovative Forex trading platform and has won numerous awards for its excellent trading conditions.

 

Best USD Trading Account Forex Broker in the US

A review about IG Markets

 

Overall, IG Markets is the best USD trading account forex broker in the US. IG Markets has been in business for more than two decades and offers competitive account conditions. IG Markets high level of regulation ensures that US traders have great deposit security.

 

Best Lowest Spread Forex Broker in the US

A review about HF Markets

 

Overall, HF Markets is the best lowest spread forex broker in the US. HF Markets has spreads that start as low as 0.1 pip across its account selection. HF Markets provides an excellent selection of popular trading accounts, including cTrader.

 

Best Nasdaq 100 Forex Broker in the US

A review about EagleFX

 

Overall, EagleFX is the best Nasdaq 100 forex broker in the US. EagleFX provides access to a good variety of tradable assets with higher leverage than many other Forex brokers in the US.

 

Best Volatility 75 / VIX 75 Forex Broker in the US

Best USA Forex Brokers eToro

 

Overall, eToro is the best ODP Volatility 75/VIX 75 forex broker in the US. eToro is popular for its robust social trading capabilities and the large range of markets offered. e

 

Best NDD Forex Broker in the US

Forex.com Broker Review

 

Overall, Forex.com is the best NDD forex broker in the US. Forex.com is a large Forex broker that provides access to the markets for the best prices on trades. Forex.com is well-regulated and provides excellent customer support.

 

Best STP Forex Broker in the US

Best USA Forex Brokers OANDA

 

Overall, Oanda is the best STP forex broker in the US. Oanda provides comprehensive trading tools with no specific minimum deposit. Oanda also provides a wide range of flexible platforms. Oanda is well regulated and offers competitive spreads.

 

Best Sign-Up Bonus Forex Broker in the US

A review about Grand Capital

 

Overall, Grand Capital is the best sign-up bonus forex broker in the US. Grand Capital offers an excellent welcome bonus to new traders. Grand Capital also regularly features additional promotions for new and existing traders.

 

Understanding how ECN trading works

 

Electronic Communication Network (ECN) brokers serve as intermediate organizations that provide direct access to other participants in the currency markets for their clients. Because of the consolidation of quotations for a large number of players, this computerized process makes it possible to offer tighter spreads.

In order to complete transactions, buyers and sellers are therefore connected digitally with one another. The network is responsible for coordinating the matching of buy and sell orders that are currently reflected in the exchange.

The fact that electronic communications network (ECN) brokers and non-dealing desk (NDD) brokers do not communicate order flow to market makers differentiates them from conventional brokers. They establish a digital connection between the parties involved in a trade and transmit the orders to the liquidity providers.

 

Advantages of ECN Forex brokers in the US

 

  • Tighter spreads provided by direct market access
  • Higher bid prices with lower ask prices for greater profits
  • Access to high liquidity
  • Access to ultra-fast trade execution

 

Disadvantages of ECN Forex brokers in the US

 

  • Tend to charge higher fees and commissions on trades

 

Conclusion

 

Overall, customers of ECN forex brokers in the US can expect superior service and cutting-edge ECN technology. Even while electronic communication network (ECN) trading has the potential for financial loss, it is a safe, fast, and effective way to access financial markets.

 

You might also like: Best ECN brokers in the UK

 

Frequently asked questions

 

Are there true ECN Forex brokers?

Yes, there are true ECN Forex brokers which ensure that your trades are being equally matched with others on the markets.

 

What is an ECN account?

An ECN account is often used by professional traders who are seeking the best market conditions. An ECN account allows you to buy and sell directly on the markets without a middleman or dealing desk.

 

How much are ECN fees?

ECN fees will vary depending on the broker and are usually charged on a per-share basis. While they vary slightly from broker to broker, they are typically a fraction of a cent.

 

How can I reduce my ECN fees?

Depending on your broker, there are several ways to reduce your ECN fees, including changing your commission structure, and avoiding overtrading.

 

Which is better, ECN or market makers?

ECN brokers are preferred by traders who wish to have access to direct market pricing for more competitive trades, though this type of trading typically carries more risk of financial loss.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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