In the forex trading industry, finding the right broker for you is a game-changer and there are only a handful of trusted brokers that exist. Certain brokers can deceive you with their remarkable spreads, very low minimum deposits, and giveaways. What you don’t know is that these kinds of brokers are just luring you in their trap. What makes this sad is that you can’t do anything against them. You can’t sue them, they won’t be accountable, and there’s just nothing you can do about it. Being knowledgeable about brokers is how you can effectively reach a breakthrough in forex trading. In this article, we are going to talk about how to identify the most trusted ECN brokers out there.
(c) fxgrow.com. How ECN works
Be wary of fraud brokers
Looking for a broker that you can trust is the first step you need to do if you want to start trading. There are so many scams out there and this makes getting a broker with a reliable reputation extremely scarce. If you want to begin trading, you better look for a broker that offers ECN. Electronic Communications Network or ECN is a system where traders can automatically trade between themselves. It’s also a system where it matches your buy and sell orders and is connected to major brokerages. If you’re just starting up in the forex trading industry, keep in mind that there are also fraud brokers that offer ECN accounts. So, better be careful.
They are regulated
There are a lot of ways to identify the fraud from the legit, one of those being that you need to consider if the broker is regulated or not. Regulated ECN brokers are the ones that follow strict rules and guidelines. These kinds of brokers can’t be trusted- they can’t manipulate your trades and a regulated broker will not want you to get your account blown. There are a handful of regulated brokers that you can choose from. There are also regulated brokers that offer a minimum deposit of $10-$20 and have great spreads in currencies, metals, and indices- they also offer good amounts of leverages. Unfortunately, these types of brokers aren’t available in America. The United States has a lot of regulated brokers you can choose from. However, with the minimum deposit of $100 per account, this is much better than having an unregulated broker.
They are engaging with their clients
There are a lot of brokers that really don’t care about their clients. If your broker doesn’t care about you, doesn’t send you your monthly statements, then pack up your money and move to one that really cares. Regulated brokers send you your monthly statements. It states there the trades that you’ve done, your stop losses, your take profits, and even your deposits and withdrawals. If you’re a beginner, some brokers can teach you on what forex is. They can teach you the basics, from the importance of stop losses to support and resistance.
Do some research
Lastly, do some research. It wouldn’t hurt if you spent a few hours on Google just to be knowledgeable on a specific broker. Try to get the reviews and weigh it in, with your judgment as the final straw, whether it can be trusted or not. Be wary of the signs as well as it can be a fraud broker disguised as a legit one. If you’re a beginner, try asking first before making your first deposit. Ask some people that have legit experience in the forex trading industry and get their opinions about the broker that you want to enter. It’s better to be safe than sorry, especially when we’re talking about investments. This is a huge deal and it can be a big part of your future. This is precisely why finding a legit broker is on the top of the to-do list.
List of Most Trusted ECN Brokers
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
 | Min Deposit: $0 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, FCA, DFSA, The Financial Commission | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, CySEC, FSCA, FSA, FSC | Visit Broker | |
 | Min Deposit: $300 Spread: floating, from 0 pips Leverage: 500:1 Regulation: FCA UK reference number 579202 | Visit Broker | |
 | Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pip Leverage: 500:1 Regulation: FCA UK, FSA (Seychelles), CySEC | Visit Broker | |
 | Min Deposit: $250 Spread: as low as 0.1 pips Leverage: up to 400:1 Regulation: ASIC Australia and FCA UK | Visit Broker | |
 | Min Deposit: $1 Spread: Fixed Spread From 3 Pips Leverage: Up to 1:1000 Regulation: BVI FSC | 30% Forex Deposit bonus | Visit Broker |
In conclusion, I hope this article was able to shed a light on the most trusted ECN broker. Finding the right broker for your forex trading experience is the best thing you can do for yourself. ECN brokers are ultimately one of the brokers that genuinely care about you and you’re not crossing a dangerous line by choosing them as your broker.