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ECN forex brokers 2026

ECN broker ranking based on the ForexRev editorial rating. The list includes brokers whose company serving EU clients offers an ECN account — with raw interbank spreads and a commission per trade.

5 brokers rated by our editors · data checked 3 Nov 2026 · How we rate →

Highest editorial rating

Pepperstone

CySEC · EUR/USD cost 0.7 pips · Min. deposit 0 EUR
7.8/10
Safety
6.0
Costs
8.5
Offer
7.5
Payments
10.0
Read review
Best safety score

8.0/10

DukascopyLatvijas Banka · editorial rating 7.4

Top rated by users

8.8/10 · 40 reviews

IC MarketsCySEC · editorial rating 5.7

Best deposits & withdrawals score

10.0/10

PepperstoneCySEC · editorial rating 7.8

What the rating is made of
  • Safety30%
  • Costs35%
  • Offer20%
  • Deposits & withdrawals15%
How we rate →

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The share of retail investor accounts that lose money with each broker is shown next to its “Open account” button.

Full ranking

  1. No. 1 in our editorial ranking
    1

    Pepperstone

    Licence: CySECModel: STP / ECN

    Users: 6.5 · 1 review

    7.8out of 10
    Safety
    6.0
    Costs
    8.5
    Offer
    7.5
    Payments
    10.0
    Read review
    EUR/USD cost
    0.7 pips
    Min. deposit
    0 EUR
    Instruments
    1,400
    Platforms
    MT4/MT5, cTrader or TradingView, proprietary
    Details: company, licence, model
    Company
    Pepperstone EU Limited
    Regulator and licence
    CySEC
    Real stocks and ETFs (not CFDs)
    no
    Cryptocurrencies
    CFDs
    Data checked
    3 Nov 2026
    Order execution model
    STP / ECN — The company passes all trades back-to-back to Pepperstone Group in Australia, which aggregates external liquidity providers. Standard account: mark-up in the spread; Razor account: spreads from 0.0 plus commission.
  2. 2

    Dukascopy

    Licence: Latvijas BankaModel: ECN

    Users: 7.9 · 11 reviews

    7.4out of 10
    Safety
    8.0
    Costs
    6.3
    Offer
    9.0
    Payments
    7.0
    Read review
    EUR/USD cost
    from 0.9 pips
    Min. deposit
    100 USD
    Instruments
    1,500
    Platforms
    MT4/MT5, proprietary
    Details: company, licence, model
    Company
    Dukascopy Europe IBS AS
    Regulator and licence
    Latvijas Banka
    Real stocks and ETFs (not CFDs)
    yes
    Cryptocurrencies
    CFDs
    Data checked
    3 Nov 2026
    Order execution model
    ECN — The Latvian company acts as agent and passes orders to Dukascopy Bank (Switzerland) on the SWFX marketplace, which matches quotes from many participants; Dukascopy Bank is the counterparty.
  3. 3

    OneRoyal

    Licence: CySECModel: STP / ECN

    Users: 8.1 · 11 reviews

    6.8out of 10
    Safety
    6.0
    Costs
    7.0
    Offer
    5.5
    Payments
    9.5
    Open accountRead review71.61% of retail investor accounts lose money when trading CFDs with this provider.
    EUR/USD cost
    from 0.5 pips
    Min. deposit
    50 USD
    Instruments
    2,000
    Platforms
    MT4/MT5
    Details: company, licence, model
    Company
    Royal Financial Trading (Cy) Ltd
    Regulator and licence
    CySEC
    Real stocks and ETFs (not CFDs)
    no
    Cryptocurrencies
    CFDs
    Data checked
    3 Nov 2026
    Order execution model
    STP / ECN — Every trade is automatically mirrored back-to-back with a liquidity provider — the group’s Australian company. Classic and VIP accounts: spread without commission; Classic ECN and VIP ECN: spreads from 0.0 plus commission.
  4. 4

    FP Markets

    Licence: CySECModel: STP / ECN

    Users: 7.5 · 5 reviews

    6.4out of 10
    Safety
    5.0
    Costs
    7.5
    Offer
    6.0
    Payments
    7.0
    Open accountRead review74.51% of retail CFD accounts lose money.
    EUR/USD cost
    0.8 pips
    Min. deposit
    0 EUR
    Instruments
    800
    Platforms
    MT4/MT5, cTrader or TradingView
    Details: company, licence, model
    Company
    First Prudential Markets Ltd
    Regulator and licence
    CySEC
    Real stocks and ETFs (not CFDs)
    no
    Cryptocurrencies
    CFDs
    Data checked
    3 Nov 2026
    Order execution model
    STP / ECN — Standard account: mark-up in the spread (STP); Raw account (“Raw ECN”): spreads from 0.0 plus commission. Orders executed as agent with liquidity providers, mainly the group’s Australian company.
  5. 5

    IC Markets

    Licence: CySECModel: MM / STP / ECN

    Users: 8.8 · 40 reviews

    5.7out of 10
    Safety
    4.0
    Costs
    5.5
    Offer
    6.5
    Payments
    8.5
    Read review
    EUR/USD cost
    0.8 pips
    Min. deposit
    200 EUR
    Instruments
    2,189
    Platforms
    MT4/MT5, cTrader or TradingView
    Details: company, licence, model
    Company
    IC Markets (EU) Ltd
    Regulator and licence
    CySEC
    Real stocks and ETFs (not CFDs)
    no
    Cryptocurrencies
    CFDs
    Data checked
    3 Nov 2026
    Order execution model
    MM / STP / ECN — The company is the counterparty and may act as market maker or pass orders to liquidity providers; Raw accounts: prices aggregated from up to 25 providers, spreads from 0.0 plus commission.

The order is set only by the ForexRev editorial rating under our published methodology; the average of user reviews is shown alongside. Some “Open account” buttons are affiliate links — if you open an account through one, we may earn a commission, but it does not affect the rating or the order.

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How to choose a forex and CFD broker

ForexRev eBook 2026 — what to check before you open an account.

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What is an ECN broker?

An ECN (Electronic Communication Network) is an electronic network that matches client orders with quotes from many liquidity providers — banks and other institutions. An ECN broker does not set its own prices: it passes the order on and earns mainly a volume-based commission, while the spread comes from the best quotes in the network and can be close to zero.

How we classify brokers

We check the execution model in the documents of the company that serves clients in the European Union — its order execution policy, conflicts of interest policy and account descriptions — not in its advertising. What counts is the forex model: a broker that uses different models on different forex accounts appears in each relevant ranking. If it executes other instruments — e.g. share CFDs — under another model, we say so in the card details. The model does not affect the editorial rating: the order follows the same rating as the full broker ranking (how we rate).

Pros and cons of an ECN account

  • Pros: very tight spreads in liquid markets, no conflict of interest from being the counterparty, good conditions for short-term and automated strategies.
  • Cons: a commission on every trade, variable spreads that widen in low liquidity (overnight, around data releases), sometimes a higher minimum deposit.

What to check

Compare the total cost: spread plus round-turn commission — shown in the ranking as “EUR/USD cost”. Check the company’s regulator and client money protection. Brokers without a dealing desk also include STP brokers — together they form the NDD group.

Remember: CFDs are complex leveraged instruments and most retail investor accounts lose money on them. All CFD brokers in the EU — whatever their model — must apply leverage limits for retail clients and negative balance protection.

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