ECN brokers in the UK are well-known for their reliability and trustworthiness. They operate under the regulation of the Financial Conduct Authority (FCA) in the UK, providing optimal pricing and adhering to verified investor compensation plans. Some of them are even considered the best ECN brokers in the world.

Characteristics of the Best ECN Brokers

ECN brokers connect buy and sell orders through an Electronic Communication Network (ECN). They use advanced computerized trading systems to automatically match buy and sell orders in the currency trading market. Market maker brokers typically operate as counterparties to their clients' buy and sell orders; on the other hand, ECN brokers send orders to others and act as intermediaries in the market.

Since ECN brokers facilitate trades between market participants, they are prohibited from trading with their own clients. Therefore, the characteristics of ECN are as follows:

1. Low bid and ask spreads, as prices are true, unmarked market prices.
2. Transparent bid and ask prices, visible through available market depth (DoM).
3. Zero requotes, as orders are sent directly to the market without any dealing desk.
4. Relatively transparent fixed commission rates instead of opaque and fluctuating marked spreads.

Furthermore, the best ECN brokers have a special feature that sets them apart from regular ECNs—they should be regulated by reputable institutions.

There are hundreds of forex brokers operating globally. Many of them are not regulated by any financial regulatory authority but pretend to be ECN brokers. For UK traders, the only way to ensure that your forex broker provides legitimate ECN services is to trade with brokers regulated by the FCA.

1. Exness

Exness offers market execution for both zero spread and raw spread accounts. Both have a "zero start" spread policy, but with different fee structures. Zero spread accounts charge floating commission fees, starting at $0.05 per lot per side. Raw spread accounts charge a fixed commission of up to $3.50 per lot per side. Here's all you need to know about Exness ECN accounts:

• Trading platform: MT4 and MT5
• Commission: $0 per hand per side.05 (zero point difference), or up to $3 per hand per side.50 (original spread)
• Spread: Start at 0
• Minimum deposit: $200
• Maximum Leverage: 1: Unlimited
• Account currency: more than two dozen currencies including Australian dollar, Canadian dollar, Swiss franc, RMB, euro, British pound, Ghana cedi, Hong Kong dollar, Singapore dollar and US dollar
• Tools: Forex, Metals, Cryptocurrencies, Energy, Stocks and Indices
• Stop Loss Level: 0%

2. Pepperstone

Pepperstone offers two types of accounts: Razor and Standard accounts. If you're seeking ECN advantages, you should opt for the Razor account. Standard accounts have zero commission but much higher spreads. Here are the specifics of Pepperstone Razor accounts:

• Trading Platforms: MT4, MT5, cTrader and TradingView
• Commission: Forex only, from $3 per hand per side
• Spread: from 0 o'clock
• Minimum deposit: $0 (minimum deposit of $200 recommended)
• Maximum leverage: 1: 200 for retail customers and 1: 500 for professional customers
• Account Currency: US Dollar, Euro, British Pound Sterling, Australian Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, New Zealand Dollar, Singapore Dollar, Hong Kong Dollar
• Trading tools: Forex, Commodities, Indices, Cryptocurrencies, Stocks and ETFs
• Stop loss level: retail 50%, professional 20

3. ThinkMarkets

ThinkMarkets offers three account types: Mini, Standard, and ThinkZero accounts. You should opt for the latter to enjoy ECN advantages, especially lightning-fast execution speeds. Here are the specifics of ThinkZero accounts:

4. FXOpen

FXOpen offers one of the most affordable ECN accounts in the industry, requiring only a $100 minimum deposit and charging ultra-low commission fees. Additionally, non-UK traders can enjoy almost unlimited leverage through the TickTrader platform (UK traders must adhere to the FCA's 1:30 leverage limit). Here are the specifics of FXOpen's ECN accounts:

• Trading Platforms: MT4, MT5 and TickTrader
• Commission: 1 per hand per side.$5 (varies by volume)
• Spread: Starting at 0 pips
• Minimum deposit: $100
• Maximum leverage: up to 1: 1000 (1: 1000 leverage only for TickTrader)
• Account Currency: USD, AUD, CHF, EUR, GBP, JPY, SGD
• Tools: Forex, Commodities, Indices, Cryptocurrencies, Stocks
• Stop Loss Level: 50%

5. Tickmill

Tickmill has designed the Pro account for experienced traders seeking top-notch features and the best trading conditions. There's also a unique benefit: zero stop-loss and limit levels. This means Tickmill Pro account holders have an advantage over most ECN traders when setting stop-loss and limit orders because they can set them close to market prices.

The Tickmill Pro account isn't advertised as an ECN account, but it offers a similar excellent market execution model and comes with the following conditions:

• Trading Platforms: MT4, MT5, Tickmill Mobile Apps
• Commission: Starting at $2 (per lot, per side)
• Spread: starting price is 0 points
• Minimum deposit: $100
• Maximum leverage: 1: 500 (non-UK accounts)
• Account Currency: USD, EUR, GBP, South African Rand
• Instruments: Forex, Commodities, Indices, Bonds, Equity CFDs and Cryptocurrencies
• Stop Loss Level: 30%