The choice of a reliable broker is crucial to the success of any professional in the financial trading business. Because of their openness and the direct access they give traders, ECN brokers are becoming more popular. Here we have the two best ECN Forex brokers:
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Interactive Brokers
Interactive Brokers is an electronic communications network (ECN) broker that has been around since 1978 and is regulated by respected agencies all around the world. It has some of the lowest trading fees in the business and requires no initial deposit. Stocks, ETFs, options, futures, currencies, cryptocurrencies, US spot gold, bonds, mutual funds, and hedge funds are just some of the many financial products available for trading to clients.
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Forex.com specializes in foreign exchange but also offers trading in commodities and indices, among other things. Its GTX Direct product provides a full ECN trading environment with low costs and tight spreads. You can trade more than 90 currency pairings, including all the majors, minors, and exotics. Notably, the lowest initial deposit required to begin trading is just $50.
Trading Platforms Available on InstaForex
MetaTrader 4 Trading System
Indices, the InstaForex market, metals, and energy may all be traded on with MetaTrader 4. It’s a free download for all computers! The MT4 platform allows users to begin trading through a web browser. It gives you access to a vast network of servers, which speeds up your mobile platform’s internal communications. In addition, the normal lot is equal to 10,000 units, that’s significantly smaller than the 100,000 units available on some other trading platforms. One-click trading is available there as well.
MetaTrader 5
There are 21 time-frame options in MetaTrader5. The platform’s built-in Level II price details also provide a deep understanding of the market. In addition, InstaForex offers contract characteristics that are praised as superior in user evaluations. It makes use of a whole new programming language called MQL5 which is great for professionals and indicators. It stores the quotations and gives developers access to cutting-edge technical resources. The order window makes it simple to enter coverage information and view the due dates for pending orders. It’s a turnkey solution for all advisors, complete with its own e-commerce platform.
InstaTick Trader
InstaTick Trader’s 6-digit quotes give you a leg up on the competition because they reflect even the smallest changes in the bid price, whereas MT4’s quotations only go to the fifth digit. Large, easy-to-read charts and excellent online technical solutions tailored to tick transactions are at your disposal in InstaTick Trader. You can access the market from any computer with internet access without having to download and install any software.
Creating an InstaForex Account
InstaForex offers a completely paperless and straightforward account opening process, with trading accounts being activated the following business day. It’s quick and easy to open a Forex trading account. Your initial deposit into your FX account will be doubled as a welcome bonus after registration. This is how a new account is opened:
- Approve the Public Offer Agreement’s Terms and Conditions
- To register, please fill out this form.
- Client Cabinet requires a login (your forex trading account number) and a trader password.
- The PIN you use to reach InstaForex support via phone
- Withdrawal codes and your personal identification number
- Traders can begin trading immediately after installing a trading terminal onto a computer, tablet, or mobile phone.
- If your account hasn’t been validated, you can only use 60% of InstaForex’s features. Account verification is not required but is recommended if you want to use all of the features.
Advantages of ECN Forex Broker’s Narrow Spreads
The gap between the Ask and Bid prices in the foreign currency market is known as the spread. Each participant in the ECN Forex system strives to offer the optimum circumstances for the execution of orders. Throughout intense trading in the European and American trading sessions, the most favorable price is selected throughout the execution phase, and sometimes there is no spread at all. However, the goal of any trader is to turn a profit. Also, Forex brokers in ECN are in business to earn a profit, therefore they typically place a cap on the minimum spread size there, anywhere between 0.1 and 0.2 points. However, there is an issue that its commission prices may be larger than those of conventional brokers.