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XM was first started back in 2009 in London and now they have an offering of more than 400 different instruments.
This includes over 350 CFDs, as well as 57 currency pairs and 5 cryptocurrency CFDs. XM is regulated by the FCA in the United Kingdom and they have European passports with the MiFID, as well as being regulated by the CySEC in Cyprus, as well as being regulated in Australia as an ASIC entity.
They offer more than 30 language options for their users and they cater for any and all levels of trader. One of the recent awards they have received is being named as the best FX broker in Europe in 2020 by the World Finance Magazine.
- Over 30 supported languages
- Numerous esteemed awards
- Regulated by well-respected authorities
XM offer three different types of account for their users. The Micro account is best suited to beginners, with the standard account being ideal for flexible traders. The XM Zero account generally is best suited for regular traders or those who place significant trades.
Depending on the specific instrument, for each of the account types you will be dealing with leverage ranging from 1:1 up to 30:1. While there are seven base currency options available with micro and standard accounts, you can only deal with USD and EUR when you have a XM Zero account.
You have two accounts which are free from commissions – Standard and Micro accounts, while the XM Zero account is based on commission. Looking at the XM Zero account, the average spread for EUR/USD is 0.1 pips excluding the commission. For the same pair on the other two accounts, the average spread for this currency pair is 1.7 pips.
The commission is $5 per side, so you are looking at competitive pricing as a whole.
XM always have a range of promotions they are running at any given time. They have a 100% deposit bonus up to $5,000, they have free VPS services and there are no fees on both deposits and withdrawals.
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- Wide ranging promotions
- Commission free account options
- 3 different account types
In total, there are 356 different CFDs offered by XM, with five of these being cryptocurrency CFDs. There are 57 currency pairs on offer and they don’t offer any ETF products.
- 356 CFD options
- No ETF products
- 57 currency pairs
Having been around since 2009, XM are regulated by a number of trusted authorities. They are authorised in the European Union, as well as being regulated by the FCA in the United Kingdom. They have the necessary approval from the CySEC in Cyprus as well as being a ASIC regulated entity in Australia.
The only platform that is offered by XM is MetaTrader, which is an industry standard trading platform. They offer both MetaTrader 4 and MetaTrader 5 and they have tweaked them slightly to suit the specific needs of their users.
You have access to virtual trading, but those using mac desktop computers will not be able to run this trading platform optimally. There are 51 different trading indicators available to you and there are 31 charting tools you can utilise.
- MetaTrader is the only trading platform available
- 51 trading indicators
As a result of being a MetaTrader only platform, you will able to utilise the platforms on iOS and Android devices, whether it is through the MT4 or Mt5 apps which can be downloaded straight away from either the App Store or the Android Play store.
There are 30 trading charting indicators available on the mobile apps and you have the full range of trading instruments to choose from with these apps.
With XM the amount of fees and commission that you have to pay will be dependent on what sort of account you have with them. There are three different account types in total. You have two accounts which are free from commissions – Standard and Micro accounts, while the XM Zero account is based on commission.
Looking at the XM Zero account, the average spread for EUR/USD is 0.1 pips excluding the commission. For the same pair on the other two accounts, the average spread for this currency pair is 1.7 pips.
The commission is $5 per side, so you are looking at competitive pricing as a whole.
Lower overall spreads can be achieved by XM as they are the sole dealer in every single trade.
- Competitive spreads thanks to XM being the sole dealer
- Varying commissions and fee levels depending on account type
Deposits & Withdrawals
With the micro and standard account types, you are not subject to a minimum deposit, but usually you will have to deposit at least $5 due to system requirements. There is a minimum required deposit of $100 for the XM Zero account type.
All of the usual forms of deposit and withdrawal are available with XM, such as Neteller Moneybookers, debit and credit cards and Skrill. Most of the deposit options will allow you to have your deposit processed instantly. Bank transfers will take between 2 and 5 business days to process though.
When it comes to withdrawing from XM, most options will have your withdrawal processed within 24 hours without having a minimum required withdrawal. If you are withdrawing via a bank transfer, then you will have to wait between 2 and 5 business days for it to be processed and there is a minimum withdrawal of $200 in place.
- Variety of banking options
- Quick processing times
More than 14 languages are catered for through the customer support service at XM. You can reach them no matter what time of day it may be through their live chat feature.
You can also give them a call or send them an email, with the team working on weekdays only.
- 14 languages catered for
- 24/5 customer support
Research & Education
There is a library of free educational materials for XM users including the likes of week interactive webinars and video tutorials. They always have the latest news from the world of forex as well as providing regular market analysis from the team of experts at the platform. They also have a range of tools and calculators that provide everything a trader needs when making certain calculations.
As a whole XM is a trusted broker that has a solid and unspectacular offering for their users. They look after the needs of their clients through quality customer support and they have regular promotions such as a free VPS service.
As they are completely reliant on MetaTrader platforms, those familiar with the sector can easily utilize the broker as it is similar to a lot of other offerings out there.
Catering for 30 languages and having received numerous awards in recent years, including being named as the best FX broker in Europe in 2020 by the World Finance Magazine, they hold a reputable place in the sector.
- 30 languages catered for
- Free VPS service
- Best Broker in Europe 2020 – World Finance Magazine
XM is a broker that has been around since 2009 and now employs more than 300 people. They have a diverse offering of instruments, which caters for the needs of their users in an adequate manner.
As they are reliant on MetaTrader for the trading software, you are not going to be surprised by anything on this front. They have a decent welcome bonus, matching your first deposit 100% up to a max bonus of $5,000.
They have a wide ranging section for education, including free weekly webinars that are interactive. It is an ideal learning ground for beginner traders and with three different account types, they cater for all kinds of traders depending on what their specific needs may be.
If you are looking for a platform that is easy and straightforward to use and that looks after their users, XM could be the right option for you.
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Members area access
Use your MT4/MT5 real account number and password to log in to the Members Area.
New to XM?
Legal: This website is operated by XM Global Limited with registered address at No. 5 Cork Street, Belize City, Belize, CA.
Trading Point Holdings Ltd is the holding company of Trading Point of Financial Instruments Limited, XM Global Limited, Trading Point of Financial Instruments UK Limited, Trading Point of Financial Instruments Pty Ltd, and Trading Point MENA Limited.
Trading Point of Financial Instruments Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) (licence number 120/10).
XM Global Limited is authorised and regulated by the International Financial Services Commission (IFSC) (license number IFSC/60/354/TS/19).
Trading Point of Financial Instruments UK Limited is authorised and regulated by the Financial Conduct Authority (FRN: 705428).
Trading Point of Financial Instruments Pty Ltd is authorised and regulated by the Australian Securities and Investment Commission (AFSL 443670).
Trading Point MENA Limited is authorised and regulated by the Dubai Financial Services Authority (DFSA) (reference no. F003484).
Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.
Restricted Regions: XM Global Limited does not provide services for the residents of certain countries, such as the United States of America, Canada, Israel and the Islamic Republic of Iran.
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ECN Forex Brokers
What is ECN?
Forex brokerages utilize different execution models. Simply put, they have different ways to execute a trade in the market, and therefore can be divided into several categories: Market Makers, Straight Through Processing (STP) or ECN brokers.
ECN stands for “Electronic Communication Network” whereby computer systems electronically match up buy and sell orders, thus eliminating the role of a middleman in order execution. In simple words this means that when a trader signs up for ECN execution, they get direct access to the same price feed as other participants in the forex market – i.e. other individual traders, brokerages, hedge funds or banks. So, there shouldn’t be any conflict of interest, as the broker is no longer the opposite side in the transaction but simply a facilitator. So when traders lose, the broker doesn’t profit, as is the case with brokers operating as market makers).
And because all market participants are getting the same feed, each trader can compare the prices of order executions with historically quoted prices as well as with prices of other traders. Due to this price feed transparency, the options for price manipulation are very limited, which is another big advantage of ECN execution.
There are also a number of other benefits for traders who sign up for ECN accounts: the deep liquidity access, the lack of requotes, the improved, faster execution, and above all – the tight spreads. ECN brokers indeed offer lower spreads, as they consolidate price feeds from several market participants. And because of the high execution speed and low spreads, ECN trading is particularly suitable for scalpers and news traders.
ECN execution has also some downsides to it. The first one is that fact that traders need to pay a markup or a commission along with the brokers’ spreads (this is how brokers actually make money). The second con is that usually signing up for an ECN account requires higher initial investment. That said, it only makes sense to pay more for better services.
So, lets sum up the advantages and disadvantages of ECN execution:
|Tight spreads||Higher initial deposit|
|No conflict of interest||Commission fees|
|No price manipulation|
Who are the best ECN forex brokers?
The best ECN brokers are those who are reliable and well-regulated. This type of execution may have its advantages, but it doesn’t guarantee you the security of your funds. Traders’ funds, accounts and interests are properly protected only if the brokerage holds a legit forex license with a reputable financial regulator such as the Financial Conduct Authority in the UK (FCA), the National Futures Association (NFA) in the USA or the Australian Securities and Exchanges Commission (ASIC).
Here are some major forex brokers that offer ECN trading accounts, and are also well-regulated and reliable.
First Prudential Markets a.k.a. FP Markets is an award-winning broker with 15 years of experience that is specializing in Direct Market Access (DMA) trading. They are licensed by the Australian Securities and Investment Commission (ASIC), as well as by the Cyprus Securities and Exchange Commission (CySEC) in Europe.
Clients of FP Markets can trade on-the-go from their mobile devices across several powerful online platforms like MetaTrader 4, MetaTrader 5, WebTrader and IRESS. They may also benefit from highly competitive interbank forex spreads available from 0.0 pips and leverage up to 500:1.
Forex Time (FXTM) is a global and award-winning broker, regulated in several jurisdictions, including the European Union (Cyprus), the United Kingdom, and South Africa. All of that guarantees that FXTM provides its services in a transparent and fair manner, and ensures the safety of their clients’ funds.
Besides, the broker offers pretty attractive trading conditions. There are several ECN account types, and you may trade with low spreads, use leverage as high as 1:1000 (if not restricted in your country of residence), and choose between two great platforms – the MetaTarder4 and the MetaTrader5. On top of that, the broker’s product portfolio covers over 240 tradable instruments, including forex pairs, indices, commodities cryptocurrencies and stocks.
Forex Capital Markets (FXCM) is also an option for those seeking ECN trading environment. This award-winning global brokerage has more than 20 years of experience in the financial markets and offers high-quality trading services. FXCM was especially popular with traders in the USA, but currently operates in Australia, Europe and South Africa.
Clients of FXTM can choose between two great platforms – the legendary MetaTrader 4, and its proprietary Trading Station. They are also offered tight spreads, leverage as high as 1:400, and a variety of financial instruments to choose from.
Another ECN broker which you can trust is OctaFX. They are currently regulated by the Cyprus Securities and Exchange Commission (CySEC) – a license which gives them a passport to operate throughout the European Union.
The brokerage supports both MetaQuotes’ platforms, but the true ECN environment is available on cTrader. And you can open an ECN account by depositing just EUR 100, trade with low spreads and leverage as high as 1:500.
Established back in 2009, FBS is now a popular international broker which has won numerous awards. They hold licenses with CySEC and Belize’s IFSC, and support both the MT5 and MT4, offering clients a selection of account types to choose from, including an ECN one.
More specifically, you can open such an account be investing $1000, and use leverage of up to 1:500. Besides, FBS offers its clients a wide range of payment methods: credit cards (Visa, Visa Electron, Mastercard), bank wire, Skrill, Neteller, Perfect Money, BitWallet, SticPay and GlobePay.
What is the minimum deposit required from ECN brokers?
The minimum investment amount to open an ECN account depends on your broker. Typically, brokerages require a sum that is higher than that on their Standard accounts, but there are exceptions to that. For example, clients of FP Markets can sign up for either a Standard or ECN Raw account by investing $100. OctaFx also has the same minimum deposit requirement for its Mini and EXC Progressive Trader accounts – EUR 100.
As regards FXTM, the broker requires an initial investment of a minimum of $200 for its basic ECN account. Otherwise, you can open a Cent account with them by depositing just $5.
Meanwhile, FBS asks for $1000 from those wishing to trade in ECN environment, and FXCM – $25 000. That said, remember to always invest only an amount you can afford to lose, because online leveraged trading is a high-risk investment.
Which are the best ECN trading platforms?
The most popular forex trading platforms are the MetaTarder4, MetaTrader5 and cTrader, and the best ECN brokers support some of those, or all.
cTrader is a leading multi-asset Forex and CFD trading platform packed with a full range of features to cater to each and every investment preference imaginable. Developed by Spotware, this trading software had the technical ability to connect directly to an ECN back when it was launched in 2020, and this was quite revolutionary.
Fast order entry and execution speeds, direct order entry via charts and Level II pricing are just some of the reasons why many traders today choose cTrader as their go-to platform. Besides, cTrader also offers automated trading software – cAlgo, including market indicators and cBots – automated trading systems that can be used with cTrader Desktop. Those of you who’d like to trade on it may check out the offer of OctaFx.
We should also note that the take-profit and stop-loss options on cTrader can be adjusted directly on the chart using drag and drop boxes, visible when you hover your mouse over the opened position on the chart, as well as when placing a new order. Apart from the downloadable PC version, the platform has a mobile and a web one as well.
And as regards the MT4 and MT5, these are both supported by FP Markets, FXTM, OctaFx, FBS, while FXCM only uses the MT4. Now, let’s give these trading terminals some praise.
Although launched some 15 years ago, the MT4 still hold the title “best forex trading platform”, and there is a reason for that. This trading terminal has a user-friendly interface and provides a number of useful trading tools, such as numerous technical analysis indicators, advanced charting, multiple types of orders, hedging, automated strategies (EAs) and third-party APIs.
And its successor, the MT5, has kept most of MT4’s functionality, but is even better than that – it has kept most of MT4’s functionality, and also allows users to deal in OTC products and exchange-traded instruments like futures, options, stocks and bonds from one and the same account.
Bear in mind that there are fraudulent brokers who would manipulate the trading platform so that you score big profits in the beginning, and then, when you wish to withdraw, they make the respective arrangements so that you lose all of it. For these brokers, it’s easier to do that on some unproven web-based platforms. That is why it’s crucial that you stick to trusted well-regulated brokers and use reliable trading platforms.
What are the ECN commission fees?
ECN brokers usually charge commission fees on clients’ trades, as they typically provide raw spreads, without mark-up. The amounts of these fees vary from broker to broker, but are usually within the range of $2 – $4 per standard lot (of 100 000 currency units) per side.
For example, FP Markets charges ECN Raw account holders with a commission of $3 per standard lot per side. And as the spread on this account type is averaging to 0.45 pips on EUR/USD, the trading costs of amount to a little over 1 pip, which is a competitive pricing.
On the other hand, some brokers have undertaken a tiered approach to the amount of their commission fees, based on the client’s trading volume. With FXTM for instance, the commission fees range from $2 for those who have traded less than 100 lots, to $1,5 for clients who have traded over 250 lots.
Similarly, FXCM charges Active Trader account holders with $3 per lot per side, but if their monthly trading volume is above 150 million.
For further information and comparison on trading costs, you may look up real-time spreads of 15 leading brokers here.
What leverage should you use on ECN accounts?
This depends on your strategy and on the levels your broker provides. Typically, brokerages provide lower leverage ratios on their ECN accounts than on their standard ones, but there are many exceptions. For example, FP Markets offers leverage of up to 1:500 on both standard and ECN accounts, if there aren’t any legal restrictions. Similarly, FXCM provides up to 1:400 on all account types, and FXTM is even more generous, offering up to 1:1000 in leverage to clients who aren’t EU residents.
Higher leverage may seem tempting, as it can multiply your profits, but you should remember that the same can happen with your losses. And because the use of higher leverage exposes traders to a greater risk of loss, many jurisdictions have capped the levels available to retail traders to levels well below 1:100. For example, the maximum leverage level allowed in the USA is 1:50, the one in the European Union and the EEA is 1:50, and as low as 1:20 in Singapore and Hong Kong.
Other things to consider when choosing an ECN broker
Many brokers advertise themselves as ECN ones, but in fact they’re not. They simply offer accounts called “ECN” with lower spreads and higher commission fees, while executing the orders internally via a dealing desk.
So, how to tell whether a broker is a true ECN or they’re just faking it? Here are some tips:
в—Џ A true ECN only quotes variable spreads. So if a broker offers fixed spreads, they’re obviously not using ECN execution model;
в—Џ If your broker is giving you only negative slippages, then it’s very probable that it’s not a true ECN broker either.
в—Џ If a broker doesn’t allow scalpers or day traders, this may also suggest that they are only faking ECN execution. The same thing applies for those who have placed some restrictions on stop loss or take profit orders or on the amount of lots you can trade.
в—Џ Check their Client Agreement or Terms and Conditions, as most regulated brokers state clearly there what is their execution model.
ECN Forex Brokers
|Cyprus, UK, Mauritius||CySec, FCA, FSC||MT4, MT5, Web||$10||Review Website|
|Cyprus, SVG||CySEC||MT5, Web,
|Australia, Cyprus||ASIC, CySEC||MT4, MT5, Iress||$100||Review Website|
|UK, Australia, South Africa||FCA, ASIC, FSCA||MT4, Trading
|Cyprus||CySEC||MT4, MT5, Web||$1||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK||FCA||MT4, Web, MT4
|Australia, Cyprus||ASIC, CySEC||MT4, MT5,
|UK, Australia||FCA, ASIC||MT4, MT5, Web,
|US, UK, Australia, Canada||NFA, CFTC, FCA, ASIC||Web, Trader
|Australia, UK||ASIC, FCA||MT4, MT5,
|UK, Australia||FCA, ASIC||MT4||$250||Review|
|UK, Cyprus||FCA, CySec||MT4, cTrader||$20||Review|
|UK||FCA, CySEC||MT4, cTrader||No||Review|
|UK, Cyprus, Australia||CySEC, FCA, ASIC||MT4, Web||$20||Review|
|Bulgaria||FSC, FCA, CNMV, BaFIN||MT4, MT5, Web,
|Cyprus, UK||CySEC, FCA||MT4, MT5||$1||Review|
|New Zealand||FMA||MT4, Kiwi
|Marshall Islands, Cyprus||CySEC||MT4, MT5||$10||Review|
|Belize||IFSC||MT4, MT5, Web,
|Bulgaria||FSC||MT4, Web, Delta
|UK||FCA, ASIC, FMA||MT4||$1000||Review|
|US, UK||CFTC/NFA, FCA||MT4||$5 000||Review|
|Australia||ASIC||MT4, MT5, Web||$100||Review|
|Cayman Islands||CIMA||MT4, cTrader,
|Australia, UK||ASIC, FCA, DFSA||MT4||$1||Review|
|UK,China, Hong Kong, UAE, Australia||FCA, ASIC||MT4, Pure ECN
|St. Vincent and the Grenadines||N/A||MT4||$100||Review|
|SVG, Hong Kong, Russia||Financial Commission||MT4, MT5, Web,
|Malta||MFSA||MT4, Web, NSFX
|Belize, SVG||IFSC||MT4, MT5, Web||$1||Review|
|Australia, Cyprus, Lebanon||ASIC, CySEC, CBL||MT4||$1||Review|
|Marshall Islands||N/A||MT4, Sirix Web
|Germany||CySEC||MT4, Sirix web||в‚¬100||Review|
|Cyprus||CySec||MT4, FIX API||$1000||Review|
|St. Vincent and the Grenadines||No||MT4||$1||Review|
|US||NFA / CFTC||MT4, Web,
|Cyprus, Belize||CySEC, IFSC||MT4, Sirix web||$5||Review|
|US||NFA, CFTC||MT4, PathFinder
|Cyprus||CySEC (license withdrawan)||MT4, Signal
|Cyprus||CySEC (withdrawn)||MT4, FXFIN
|BVI||BVI Financial Services Commission||MT4||$500||Review|
|UK||N/A||MT4, MT5, Web||$1000||Review|
|Marshall Islands||N/A||MT4, xStation||$20||Review|
|St. Vincent and the Grenadines||N/A||MT4,
|SVG||N/A||MT4, MT5, Web||$1||Review|
|Marshall Islands||None||MT4, Web,
|Marshall Islands||N/A||MT4, Currenex,
|UK, New Zealand||N/A||Web||$100||Review|
|Marshall Islands, UK||N/A||MT4||$200||Review|
|New Zealand||FMA||MT4, Sirix web||$200||Review|
|Marshall Islands||N/A||MT4, Web||$100||Review|
|Australia, Vanuatu||VFSC||MT4, Vertex,
|Cyprus, UK||CySEC||MT4, Sirix||N/A||Review|
|Seychelles||FinaCom||MT4, MT5, Web||$10||Review|
|St Vincent and the Grenadines||No||MT4, MT5||$25||Review|
|St Vincent and the Grenadines||No||MT4||$5||Review|
|SVG||N/A||MT4, SFX Web||$300||Review|
|United Arab Emirates||No||MT4||$100||Review|
|British Virgin Islands||N/A||MT4, Currenex,
|Marshall Islands||N/A||MT4, Web,
Grand Capital upgrades ECN accounts
Forex and binary options broker Grand Capital announced it has teamed up with fintech company AMTS Solutions to upgrade its ECN accounts. Starting from July 11, the broker’s ECN Prime accounts will offer better order execution, particularly in terms of speed. Read more
FXTM improves margins for Indices and Commodities CFDs on ECN accounts
Cypriot forex and CFD brokerage FXTM announced amendments to trading conditions of certain instruments previous week. The broker alters margin requirements for Indices and Commodities CFDs on its ECN server as of today, February 6. Read more
Gain CapitalвЂ™s GTX launches ECN FX matching engine in Japan
Major brokerage Gain Capital Holdings (NYSE: GCAP) said its institutional brand GTX will launch a new matching engine for its flagship ECN in Tokyo. Read more
FXCM launches raw-spread forex accounts in Japan
FXCM, the biggest US forex broker, is to offer ECN raw-spread accounts with fixed commissions to its Japanese clients. Raw-spreads for major currency pairs may be as low as zero since no markup is applied. Read more
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