To help you find the best ECN brokers in 2022, we went ahead and did the research for you. First, we looked at the 100 quality online brokers BrokerChooser has reviewed so far, then we checked and compared fees, currency pairs, charting tools and educational materials.
If you are not familiar with ECN order routing, start by reading about what ECN means and what makes a good ECN broker.
Now, let's see the winners!
Our top 5 picks for the best ECN brokers in 2022:
- Fusion Markets is the winner, the best ECN broker in 2022.
- Axi takes second place.
- TMGM rounds out the top three.
- Tickmill ranked fourth.
- IC Markets just made it on the list, taking the number five spot.
| Broker | Fee score | ||
|---|---|---|---|
| #1 | Fusion Markets | 4.7 stars |
Visit broker
74-89% of retail CFD accounts lose money |
| #2 | Axi | 4.2 stars |
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74.6% of retail CFD accounts lose money |
| #3 | TMGM | 4.6 stars |
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74-89% of retail CFD accounts lose money |
| #4 | Tickmill | 4.5 stars |
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70% of retail CFD accounts lose money |
| #5 | IC Markets | 4.5 stars |
Visit broker
73.59% of retail CFD accounts lose money |
What makes a good ECN broker? First of all, the broker should provide non-dealing desk routing with fair forex fees. An extensive currency pair offer is really important as well. We also rewarded in our scoring if the broker provides other high-quality services, like great customer service, advanced research tools, or easy account opening.
These features may sound obvious, but they're hard to figure out. We test brokers based on close to 500 criteria, using real accounts and real money, so we have experience.
If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start by reading our educational articles on forex trading.
And now, let's see the best ECN brokers in 2022 one by one, starting with the winner, Fusion Markets.
#1 Best ECN brokers
Fusion Markets
Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#1 Fusion Markets
Fees
Fusion Markets has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $5.9 | $5.1 | $5.8 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $4.4 | $4.1 | $5.1 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.6 | $5.2 | $6.2 |
| EURCHF benchmark fee | $3.6 | $5.6 | $3.6 | $4.2 | $4.0 |
| EURGBP benchmark fee | $5.7 | $10.8 | $6.6 | $6.6 | $7.3 |
All spreads, commissions and financing rates for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 Fusion Markets
Markets and products
Fusion Markets gives access to 89 currency pairs.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 57 | 64 | 61 |
#2 Best ECN brokers
Axi
Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The new "Axi" brand was launched in 2020.
Axi is regulated by multiple financial authorities worldwide, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). Being regulated by several top-tier authorities is a good sign for Axi's safety.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#2 Axi
Fees
Axi has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $5.9 | $5.1 | $5.8 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $4.4 | $4.1 | $5.1 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.6 | $5.2 | $6.2 |
| EURCHF benchmark fee | $3.6 | $5.6 | $3.6 | $4.2 | $4.0 |
| EURGBP benchmark fee | $5.7 | $10.8 | $6.6 | $6.6 | $7.3 |
All spreads, commissions and financing rates for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 Axi
Markets and products
Axi gives access to 76 currency pairs.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 57 | 64 | 61 |
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#3 Best ECN brokers
TMGM
TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC).
TMGM is considered safe because it is regulated by the top-tier ASIC.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#3 TMGM
Fees
TMGM has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $5.9 | $5.1 | $5.8 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $4.4 | $4.1 | $5.1 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.6 | $5.2 | $6.2 |
| EURCHF benchmark fee | $3.6 | $5.6 | $3.6 | $4.2 | $4.0 |
| EURGBP benchmark fee | $5.7 | $10.8 | $6.6 | $6.6 | $7.3 |
All spreads, commissions and financing rates for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 TMGM
Markets and products
TMGM gives access to 57 currency pairs.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 57 | 64 | 61 |
#4 Best ECN brokers
Tickmill
Tickmill is a global forex and CFD broker, established in 2014. The company is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA) in the UK; and as such is considered a safe broker.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#4 Tickmill
Fees
Tickmill has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $5.9 | $5.1 | $5.8 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $4.4 | $4.1 | $5.1 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.6 | $5.2 | $6.2 |
| EURCHF benchmark fee | $3.6 | $5.6 | $3.6 | $4.2 | $4.0 |
| EURGBP benchmark fee | $5.7 | $10.8 | $6.6 | $6.6 | $7.3 |
All spreads, commissions and financing rates for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 Tickmill
Markets and products
Tickmill gives access to 64 currency pairs.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 57 | 64 | 61 |
#5 Best ECN brokers
IC Markets
IC Markets is an Australia-based global forex broker founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).
IC Markets is considered safe because it is regulated by the top-tier ASIC.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#5 IC Markets
Fees
IC Markets has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $5.9 | $5.1 | $5.8 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $4.4 | $4.1 | $5.1 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.6 | $5.2 | $6.2 |
| EURCHF benchmark fee | $3.6 | $5.6 | $3.6 | $4.2 | $4.0 |
| EURGBP benchmark fee | $5.7 | $10.8 | $6.6 | $6.6 | $7.3 |
All spreads, commissions and financing rates for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 IC Markets
Markets and products
IC Markets gives access to 61 currency pairs.
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 57 | 64 | 61 |
Best ECN brokers
What is an ECN and what makes a good ECN broker?
ECN stands for Electronic Communication Network. An ECN broker is electronically connected to the network of banks, hedge funds and investment corporations which are interconnected in a form of hub.
In forex trading, there are two big groups of order execution categories:
- No dealing desk: this means that your orders are routed directly to the liquidity providers/interbank market. The broker only passes your trades through, but doesn't intervene. Main examples of this order execution type are ECN (electronic communication network), STP (straight through processing), and their various hybrids.
- Dealing desk: this means that you interact directly with the broker/dealer and not the liquidity providers/interbank market. The broker can intervene, e.g. by requoting your orders. The main example of this order execution type is market maker.
When you trade forex using ECN, you buy and sell directly from the connected network of banks and financial institutions, and they provide you the liquidity. Many forex traders prefer ECN routing over another popular forex routing model, called market maker.
ECN and market maker structures differ in routing practices, pricing, the possibility for conflict of interest and re-quotes.
| ECN | Market maker | |
|---|---|---|
| Routing practice | Buy and sell orders are routed directly to the network of liquidity providers | You trade with the broker, your orders are executed at the broker |
| Commission | Fixed commission | No commission |
| Spreads | Tight and floating spreads, determined by the market | Fixed spreads, determined by the broker |
| Dealing desk | No dealing desk | Yes, there is a dealing desk |
| Conflict of interest | No potential conflict of interest as an ECN broker does not trade against its clients | Potential conflict of interest as the market maker might take the other side of your positions |
| Requotes* | There are no requotes | There could be requotes |
*A requote is when the broker is not able or willing to execute your order based on the price you entered. If there is a requote, you have the opportunity to either accept or decline the new offered price. Requotes usually happen in fast-moving environments. During requotes, there could be cases when the broker buys the instrument at a cheaper price from you, and sells it at a higher price on the interbank market.
At BrokerChooser, we test online brokers based on close to 500 criteria, using a real account and real money.
The most important factors to consider when selecting the top forex brokers are the fees of forex trading. Besides trading fees, you should also look at the number of available currency pairs. In addition, check if the broker provides great customer service, advanced research tools and easy account opening.
Best ECN brokers
Forex broker fees
It's not easy to compare forex broker fees, but we're here to help. Forex brokers can charge commissions, spreads and financing fees.
For commissions, there are two versions forex brokers use:
- All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't mean that the first method cannot be cheaper.
When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called financing cost. The financing costs change daily and can be an important cost element if you hold your positions for a longer period of time.
To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week then closed it. We used 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.
Best ECN brokers
Bottom line
You saw the details, now let's zoom out again. Here are the best ECN brokers in 2022:
| Fusion Markets | Axi | TMGM | Tickmill | IC Markets | |
|---|---|---|---|---|---|
| Fees score | 4.7 stars | 4.2 stars | 4.6 stars | 4.5 stars | 4.5 stars |
| Markets and products score | 2.2 stars | 2.0 stars | 2.2 stars | 1.7 stars | 2.3 stars |
| Research score | 4.0 stars | 3.1 stars | 4.0 stars | 4.0 stars | 4.0 stars |
|
Visit broker
74-89% of retail CFD accounts lose money |
Visit broker
74.6% of retail CFD accounts lose money |
Visit broker
74-89% of retail CFD accounts lose money |
Visit broker
70% of retail CFD accounts lose money |
Visit broker
73.59% of retail CFD accounts lose money |
Fusion Markets is our winner, the best ECN broker in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
All of the brokers we highlighted are great choices. But watch out, forex trading can be risky. If you think you know enough and are good to go, pick your favorite and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use our broker finder tool and find the best broker for you.
