An ECN account routes your order to a pool of liquidity providers rather than to the broker's own book, and the honest way to compare one is by its commission and its raw spread together — a zero-commission ECN claim usually means the cost moved into the spread.
Checked: the licence trail per published record, read from each regulator's own register on the date shown, plus the perk and desk-score rows from our research desk. The execution model, commission, spread and deposit values are written in per broker and labelled wherever they appear — placeholders for fields our research hub does not publish yet, not checked facts about those firms.
Trading CFDs carries a high risk of losing money. Nothing on this page is advice to open an account with any firm.
Broker records we publish
Ordered by the traderpublic desk score on each record. Records our desk has not scored are not ranked here.
This order is our published desk score across the whole broker, tie-broken by verified licences. It is NOT a ranking of execution quality: no execution or cost figure on this page has been measured by us.
Your capital is at risk. Licence facts only — not a recommendation.
Execution model
Made upMarket maker
Spread from
Made upfrom 0.8 pips (EUR/USD, standard account)
Commission
Made up$3.50 per lot per side
Minimum deposit
Made up$25
Raw / ECN account
Made upRaw / ECN account available
What the desk checked
✓Swap-free accountofferedOffered on request via the Back Office; fees may apply once positions on certain instruments stay open a set number of days.source · read on 16 Sept 2026
–Islamic accountnot checked
✓Negative balance protectionofferedStated in the Client Agreement; clients may never lose more than their total deposits.source · read on 16 Sept 2026
✓Segregated client fundsofferedHeld in separate bank accounts with named custodian banks.source · read on 16 Sept 2026
✓No deposit feeofferedThird-party or bank fees may still apply.source · read on 16 Sept 2026
✓No withdrawal feeofferedE-wallet withdrawals can carry a fee if no trading took place.source · read on 16 Sept 2026
–Cent accountnot checked
✕24/7 supportnot offeredFxPro publishes 24/5 weekday support hours, not 24/7.source · read on 16 Sept 2026
–Thai-language supportnot checked
Licences verified2 of 2 checked against the register
The broker is authorised by the Financial Conduct Authority, the UK regulator for financial services firms, under licence number 509956, listed as authorised.
The broker is authorised by CySEC, the Cyprus Securities and Exchange Commission for investment firms, under licence number 078/07, listed as authorised.
Use it to compare at a glance, then read the licence trail under each broker below — that is the part our desk checked against the regulator's register.
What decides an ECN account — and what we have not measured
The licence rows below are verified against the regulator's register. The execution rows are written-in examples of the column we will print once the hub sends the field.
Licences we verified against the register✓
Execution modelMade upexample shape: ECN / STP / market maker, per account type
Commission per lotMade upexample shape: $3.50 per lot per side, USD account
Liquidity providersnot published
Execution venuenot published
Licences we checked ourselves
This is the part of the page that rests on evidence: each licence number was read from the regulator's own public register on the date shown.
Not necessarily, and this page cannot tell you which is: the total cost is the spread plus the commission on the same account over the same window, and our hub publishes neither figure yet. The commission and spread values you see are written in and labelled as such.
Do you rank these brokers by execution speed?
No. The order is our published desk score for the whole broker. We do not measure fill speed, slippage or rejection rates, so ranking by them would be inventing a measurement.
What a spread is, and why a single number rarely means anything
The spread is the gap between the price you can sell at and the price you can buy at, quoted in pips. It is a cost you pay the moment you open a position, before the market moves at all.
An advertised figure like "from 0.0 pips" is close to meaningless without three things attached: which instrument, which account type, and how the figure was measured. A 0.0 pip quote on a major pair during the London session, on an account that charges commission separately, describes a different cost from the same number on an exotic pair at rollover.
Minimum spread
The tightest figure seen, usually on the most liquid pair at the busiest hour. This is the number marketing quotes.
Average spread
The mean across a stated window. More useful, and only comparable when two firms measured the same instrument over the same period.
Commission
A separate charge, normally per lot per side. A round turn costs twice the quoted figure, which is why a "raw" spread account is not automatically cheaper.
Swap
Charged or paid for holding a position past the daily rollover. Irrelevant to a day trader, decisive for anyone holding for weeks.
Slippage
The difference between the price you asked for and the price you got. Not part of the spread, and often larger than it when a market moves fast.
Which account types tend to quote the tightest spreads
Account naming is marketing, not a standard. Two firms can use the word "ECN" for arrangements that differ in how orders actually reach a market. What follows describes what the labels usually mean, so you can ask the right question rather than trust the name.
Raw or zero spread
Quotes passed through with little or no markup, with the firm's revenue coming from commission instead. Cheaper only if the commission is smaller than the markup it replaced.
ECN
Orders meet other participants' orders in a pool. Genuine implementations usually show depth of market, so ask to see it.
STP
Orders are routed to one or more liquidity providers. The spread may carry a markup, and the routing rules are rarely published.
Standard
Costs are inside the spread, with no separate commission. Simpler to compare and frequently the cheaper choice at small trade sizes.
Professional or VIP
Tighter pricing in exchange for volume or balance requirements. In several jurisdictions, accepting professional classification also means giving up retail protections, including the statutory leverage cap and access to some compensation schemes.
That last point is the one that costs people money quietly. Being reclassified as a professional client is a legal change in status, not a loyalty tier. Read exactly which protections you are giving up before agreeing to it.
How to compare two firms' costs honestly
The research hub publishes no spread or commission field, so this page cannot rank firms by cost and does not try to. These steps produce a comparison you can defend, using the same instrument and the same clock for both firms.
Pick one instrument and one account type on each side. A comparison across different pairs is not a comparison.
Record the spread at the same moment on both, then again at a quiet hour and again just after a scheduled data release.
Add the commission for a round turn, per side, at the lot size you actually trade.
Add the swap for the holding period you actually use, in both directions.
Place a market order of your normal size on a demo and compare the fill price to the price you clicked. This is where a tight advertised spread often stops being tight.
Check the withdrawal fee and any inactivity fee, which sit outside trading cost entirely and can dwarf it for a small account.
How this ranking is put together
The order on this page is the research desk's published score for the whole broker, tie-broken by the number of licences we verified against a regulator's own register. It is not a score for this category, because we have not measured this category.
Every licence is read on the regulator's own register, and the date we read it is printed beside it
A product term is only marked available or not offered when the desk checked it and cited a source
A term nobody has checked stays labelled as unchecked rather than being dropped from the page
Written-in values exist only where the research hub publishes no field, and each one is labelled where it appears
This page ranked brokers on the score the research desk publishes for the whole firm, and showed the licence trail behind each one. That much is checked: every licence number here was read on the regulator's own register, on the date printed beside it.
It did not establish who is best for ECN execution. No field on this site measures that yet, so the page marks the gap instead of filling it, and labels every value that was written in rather than checked. Treat the order as a starting point for your own checks, not as a recommendation.
Other broker pages on this site
Each one states its own criterion and its own gaps.
This page is compiled by the traderpublic research desk from the broker records published on this site. The desk reads regulator registers and brokers' own terms pages, and records the date of every reading.
On this page the desk verified the licence trail of every broker listed, and published a score only where it had one to publish.
We publish no individual byline for a compiled category page. The work is the desk's, and naming a single author would suggest a judgement one person made.
