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Many years have passed since the inception of the Forex market and it is now very different from the initial markets and currencies mentioned. Every year trading technology evolves, brokers strive to provide them with the highest quality service in search of clients, and constantly improve the performance of the system. The ECN account has become one of the most important innovations in today’s digital markets. In this article, Who is ECN Trading? What is an ECN broker? You will learn the advantages that traders can get by choosing an ECN account. Let’s write down why trading with this tool is the best way to work in foreign markets and its pros and cons.
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To answer this question, what is ECN for, it may be useful to mention the acronym ECN – Electronic Communication Network.
An ECN is an electronic system for buying and selling exchange goods (currency, commodities, etc.) designed to eliminate intermediaries. The Forex ECN system is designed to connect individual traders with large brokers, allowing them to avoid third parties.
The main principle of the ECN system is that the client’s order (trade) goes directly to the market and its volume can influence the exchange rate.
An ECN network can also be called a large database of customer requests that can automatically execute similar (paid) orders without the involvement of a broker.
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Today, Many people wonder what is an ECN broker in Forex. I think you’ve seen this often with various online retailers. But it is a waste of time and money to start working on ECN Forex without knowing how it works. For this reason, traders should first learn the basics of this new system.
It is not enough to open a trading account with any Forex broker to get a trading opportunity using this technique. Some genuine electronic communications networks Forex brokers, known as ndd brokers, may provide access to a local network using trading desk (ndd) technology. It’s also worth noting that an ECN account is different from regular trading accounts. These brokers offer a unique two-way market opportunity without taking any sides in the trading process. But first things first.
An ECN broker is a financial market participant whose main task is to gather all orders and feedback from all trading partners in order to provide their clients with a feasible trading strategy.
Simply put, ECN brokers are intermediate market makers that allow you to access your program to the market or the entire trading system and have a better price for what you are doing.
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Electronic Communications Networks Barclays; JP Morgan; Merrill Lynch; Deutsche Bank A network that brings together the most famous people (liquidity providers) in the business world, such as Nasdaq etc. An ECN broker connects its clients with these service providers respectively. Limited coverage.
I think everyone understands that ECN trading is profitable. But how does it work in real life? What does ECN mean? Let’s think about it.
For example, A client wants to buy the EUR/USD pair at the current market price. 1.1607 in the system; There are three offers to sell at prices of 1.1608 and 1.1609. In this case, Orders are processed at the best price and your transaction is processed at 1.1607.
That’s it. Because the transaction takes place at the best price for the merchant; ECN trading is very profitable at this point.
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The global financial market is constantly developing, and advanced systems such as STP and ECN are replacing communication channels between clients and dealers.
Both of these systems lead the potential exchange trading market, and although they are very similar, there are important differences.
STP stands for Straight Through Processing. This method of processing means transferring your order directly to the liquidity provider connected to your broker. Such a partner can be a large bank or several banks at the same time. The more direct partners your broker has. The better the final price of your order.
ECN stands for Electronic Communications Network. It differs from STP as the client’s order is not directly displayed in the inter-bank market as all participants can see it and they decide to do it after comparing the amount.
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As you can see from the definitions, these systems are very similar. The differences between them are shown in the table below.
As a rule, limited lots are carefully managed, with 0.1 lots offered in most cases.
Market Depth shows not only the prices but also the volume of each order of all participants in the trade.
Yes, This is not the total difference between these account types, but I believe it is enough to appreciate the difference between the two best practices.
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In addition to STP and ECN systems, mm. There are other system types like dma and mtf.
In the article “Types of Forex Brokers. A-Book and B-Book” you can learn in detail all types of Forex brokers and the principles of their work.
I have already said that an ECN broker is one of the prudent decisions a trader makes before starting a foreign trade. To summarize what I said, We focus on the advantages that traders can get when working with such a broker.
The spread in the foreign exchange market is created as the difference between the Bid and Ask prices. In an ECN Forex system; All participants compete against each other to fulfill the rules trying to provide the best products. At the time of execution It often happens that the most efficient price is selected and there is no spread at all during active trading periods in Europe and the US. But every entrepreneur wants to make a profit. In addition, Forex brokers in ECN also want to make money and usually set a small spread in the amount of 0.1 – 0.2 points.
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ECN brokers work as an intermediary to find you the best program in the system and offer it to you and pay you a commission for it. Because of lack of access, the seller cannot influence sales and prices. Clients of such firms are guaranteed to receive accurate and real-time price information throughout their trading in the stock market and currency market.
The order type of Market Execution in electronic communication network system eliminates the delay. When I first worked with electronic brokers, The terminal takes a few seconds to process your order; Then the market price changes and the contract is reported to be unenforceable. In the system, This is not possible because the speed of events varies from 20 to 80 ms. For this reason, This is because it has become popular among algorithmic traders. Commodity trading in this sector is growing significantly, but the process of acquiring shares is more difficult than buying money.
Trading using predictive analytics is growing as many trading robots and algorithmic scripts are written on their basis. The ECN system allows placing pending orders very close to the market price. There are times when you can place a pending order between the Bid and Ask prices, which is impossible to imagine with other brokers. Hence traders are given unlimited trading opportunities.
In addition to the most popular trading sites; Some ECN forex exchanges offer their clients excellent products; It becomes deeply involved in the work process in a system that strives to provide programs and tools that provide benefits. for example, Stockbrokers create their own trading platform or database that allows clients to see their peers and receive statistics on the number of deep market trades. Fxall is considered a good example of popular trading platforms. Without this special arrangement, Concepts such as ECN trading or options on stocks are not possible.
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If ECN broker has any advantages then it should have the problems mentioned below. Let’s start with the big one.
Most market participants understand the importance of electronic communication networks more than previous systems, and unscrupulous businesses begin to present themselves as ECN brokers. There are many websites with fake profiles on the internet. Enter the search query “ECN Foreign Exchange List” and select the first company listed. As a rule, They have liars with them.
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