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ECN vs. STP: Which Trading Model Offers Better Execution?

Introduction

Choosing the right trading model is crucial for traders looking to maximise their profits and reduce their risk. Two of the most popular trading models are ECN (Electronic Communication Network) and STP (Straight-Through Processing), which have distinct benefits and disadvantages based on the trader’s goals and preferences. This article will give an overview of ECN trading models and STP and STP, comparing the major aspects of the two, and then discuss the pros of both. We will also offer guidelines for choosing the right option and give suggestions for efficient trading with ECN and STP brokers.

ECN and STP trading models enable traders to deal directly with liquidity providers and access interbank markets. Both types of models provide advantages over the traditional market maker model, such as lower spreads, speedier execution, and more transparency. There are a few notable differences between these models, which traders should consider before picking one.

ECN Trading

Understanding ECN and STP

  • Definition of ECN
    ECN is a method of trading that connects traders to liquidity providers like hedge funds and banks. The ECN model works as a hub, matching buy and sell orders between various market participants. This ensures that traders receive the most competitive possible price for their trades. ECN brokers pay a commission for each trade, which is usually calculated as a percentage of the trade’s value.
  • Definition of STP
    STP is a different trading model that allows traders to trade directly with liquidity providers, without the need for dealing desks. STP brokers are intermediaries that function as a link between liquidity providers and traders. They efficiently process orders and limit broker involvement. STP brokers offer fixed or variable spreads, based on the liquid providers they negotiate with.

Key Differences between ECN and STP

The approach ECN and STP function is the reason they are different. ECN brokers work as a hub for matching buy and sell orders made by different market participants, while STP brokers take orders directly through liquidity providers. ECN brokers cost a commission for every trade, whereas STP brokers might charge a markup on the spread or a fee. ECN brokers offer less spreads and are faster in execution. They also provide better transparency. STP brokers provide seamless order processing, lower prices for trading, and higher transparency.

Pros and Cons of ECN Trading

ECN trading has many advantages over traditional market maker models, such as lower spreads, faster execution, more liquidity, and transparency of prices. There are a few disadvantages of ECN trading that traders need to be aware of.

Advantages of ECN Trading

  • Lower spreads and reduced expenses for trading ECN brokers have fewer spreads than market makers that are traditional. This can help traders save cash for each trade. ECN brokers typically have a charge for each trade. It is typically per cent, but it may be cheaper than an exchange markup.
  • Better liquidity and quicker execution: ECN brokers offer faster execution of trades along with improved liquidity, meaning that traders can move in and out of trades swiftly and at the lowest price.
  • Improved price transparency: ECN brokers offer greater transparency of prices than traditional makers. Traders are able to look at the bid and asking prices of various liquidity providers and select the best available price for their trades.
  • Direct interaction with liquidity providers One of the biggest benefits of ECN trading is the direct communication with several liquidity providers, such as banks, institutions, and other traders. This direct access could provide better pricing and possibly better execution.
  • No Conflict of Interest ECN brokers don’t trade with their clients to ensure that there are no conflicts of interest. This reduces the risk that your broker could influence prices to their advantage while promoting a fair trade environment.
  • Variable Spreads: Unlike fixed spreads provided by other brokers, ECN brokers typically offer different spreads that match the actual market conditions. This means that during periods that are characterised by high volatility in the market, spreads may widen, but during periods of calmer markets, the spreads can be extremely tight.
  • Depth of Market Information: ECN trading can provide traders with information on the market’s depth, including the available order options and their sizes at various prices. This information helps traders make better decisions.
  • Anonymous Trading: ECN trading allows for anonymity, where traders’ identities are not made public to the liquidity providers. This is beneficial to traders who do not want their trading strategies exploited.
  • ECN brokers provide access to the exchange rates between banks. These are the rates banks and other major institutions use to trade currencies. This can lead to more efficient pricing and execution, particularly for larger trades.
  • ECN Trading is ideal for scalpers and traders with high frequency who require speedy execution as well as low latency. Direct market access and rapid execution speed make it an excellent option for these trading strategies.
  • ECN brokers allow traders to trade less than traditional brokers. This is particularly beneficial to traders with limited capital or who wish to reduce risk more precisely.
  • The ability to place Stop Orders and Limits in the Spread: ECN brokers generally permit traders to place limit and stop orders within the spread. This is advantageous for traders who wish to enter the market at specific prices but not be affected by fluctuations in spreads.
  • There aren’t any requests due to the nature of ECN trading. That means that orders are executed according to the prices shown and without the broker either rejecting or modifying the order due to price fluctuations.

Disadvantages of ECN Trading

  • Increased trading costs because of commissions: ECN brokers are charged a commission for each trade, which adds up to substantial costs for trading over time. The trader should consider these costs when choosing the ECN broker.
  • Requirement of advanced trading skills and strategies ECN trading demands advanced techniques and trading skills, because traders must be able to evaluate market conditions and execute trades swiftly and effectively.
  • Potential for Slippage: While ECN trading strives to provide quick and efficient order execution it is not without a possibility of slippage, particularly when markets are at their highest volatility. This means that the execution price may be different from the one you were planning to trade at.
  • Exotic Pairs are Limited A few ECN Brokers can only offer a limited range of currencies. They tend to focus predominantly on the most important and the minor currencies. Trading exotic currency pairs can be more restricted than traditional brokers.
  • Minimum Deposit Requirements: Some ECN brokers can have higher minimum deposit requirements compared to other brokers. This can be a barrier to traders who have limited starting capital.
  • Potentially Complex Fee Structures: ECN brokers usually offer fee structures that incorporate spreads and commissions. Certain traders might find it difficult to assess the impact of these charges on trading costs and know how to deal with them.
  • Higher Initial Learning Curve Due to the sophisticated nature of ECN trading, beginners may be faced with a more challenging learning curve when compared to other trading strategies. It could take a significant amount of time and effort to master how to work in the ECN environment.
  • More emphasis on technical analysis More emphasis on Technical Analysis: Successful ECN trading typically relies on technical analysis and chart patterns. ECN trading tends to be more technical-oriented and traders who are more inclined to fundamental analysis may struggle to make the transition.
  • Need for Robust Internet Connection: ECN trading requires a steady and reliable internet connection. Traders must make sure they have the necessary infrastructure to keep a steady connection during trading hours to ensure that there are no disruptions.
  • Market Depth may not always be available: While ECN brokers provide more detailed market depth information However, it’s likely that market depth data won’t always be visible due to sudden market movements or times of low liquidity.
  • The overnight financing costs can be incurred if you keep positions in the ECN Model overnight. This depends upon the differentials in interest rates between currencies.
  • Potential Overwhelm for Novice Traders: The fast-paced nature of ECN trading, and the large amount of information available in real-time can overwhelm traders who are not experienced. It may take time for novices to adjust to the pressure to make fast decisions.

Pros and Cons of STP Trading

STP trading provides a combination of functions from ECN as well as market maker models, such as smooth order processing and lower expenses for trading. There are a few disadvantages when selecting STP trading over an STP broker.

ECN forex

Advantages of STP Trading

  • Combining the characteristics of ECN and market maker models: STP brokers combine the traits of ECN brokers and market makers, offering smooth order processing, as well as reduced trading costs.
  • STP brokers offer lower prices for trading compared with traditional market-makers. They manage orders directly through liquidity providers and do not mark up spreads.
  • Transparent Pricing STP brokers often provide transparent pricing by aggregating quotes from multiple liquidity providers. It allows traders to monitor real-time demand and bid prices.
  • A lower risk of price manipulation In the event that STP brokers do not act as counterparties for your trades, there is a lowered risk of price manipulation. This could lead to more trust and confidence in the reliability of the trading process.
  • No Dealing Desk (NDD) Execution: STP brokers typically offer No Dealing Desk (NDD) execution, meaning that orders are processed immediately without broker intervention. This could result in quicker execution and fewer rejections.
  • Access to Institutional Liquidity: STP brokers typically have access to institutional liquidity, allowing traders to benefit from more competitive spreads and better execution quality.
  • Diverse Asset Availability: Many STP brokers offer a vast selection of trading instruments which include commodities, forex, indexes, as well as others. This lets traders diversify their portfolios while exploring numerous market opportunities
  • The best choice for all types of trading: STP trading accommodates various trading styles from day trading to swing trading as well as longer-term strategies. STP traders can apply their preferred strategies, while benefiting from the advantages of execution using STP.
  • Friendly Environment for Scalping: STP brokers are often open to scalpers thanks to their direct order routing and an efficient execution process. The speedy processing of orders can be beneficial for traders who engage in quick trades.
  • There is no conflict of interest: Similar to ECN models, STP trading aims to limit conflicts of interest between brokers and traders. The success of the broker is aligned with that of the traders.
  • STP Brokers allow flexible trade Sizes. According to their risk management strategy, STP brokers allow traders to conduct trades in various sizes, like standard or micro-lots.
  • Market-Neutral Execution: STP trading provides market-neutral execution as trades are delivered directly to the market without involvement by brokers. This allows traders to avoid any potential biases arising from brokers’ involvement.

Disadvantages of STP Trading

  • Potential conflicts of interest between traders and brokers STP brokers could have an interest conflict with traders because they might receive incentives from liquidity providers to channel trades in a specific way.
  • STP brokers offer less transparency when compared to ECN brokers. This is due to the fact that traders are unable to look at the bid and asking rates of the various liquidity providers.
  • Possibility of Requotes. Although STP is designed to ensure flawless execution, there’s the possibility of Requotes. This is particularly the case during times of high fluctuations in the market. Requotes occur when the requested price is not in stock which could cause delays in order execution.
  • Limited Control over Spread: STP brokers may have variable spreads, which could increase during turbulent market conditions. The spread that traders receive might be limited and this can have an impact on the cost of trading.
  • Inconsistent Order Execution Speeds STP execution times can differ in accordance with market conditions as well as the technology infrastructure of the broker. Some traders may experience delays during the peak hours of trading, which may affect trade entry as well as exit.
  • Risk of Slippage: Similar to ECN trading, slippage can occur in STP execution too. Some traders might experience slippage when the actual execution price differs from the one they originally intended due to the rapid changes in market prices.
  • A higher minimum deposit requirement: Some STP brokers may require higher minimum deposit amounts in order to open an account. This could create a problem for traders with a small capital who wish to start trading with less money.
  • A lack of depth in market Information: In contrast to ECN brokers that provide detailed market information STP brokers might not be able to provide the same amount of insight into the liquidity that is available at various price levels.
  • The possibility of rejection of orders is there. STP brokers may reject orders in certain circumstances in particular if the marketplace conditions or connectivity issues do not favourably. This could lead to being unable to take advantage of trading opportunities.
  • Risk of Overloading During High Variability During Extreme Market Volatility, STP Brokers may experience technical problems and delays due to the increase in trading activity. This could have an impact on the way that trades are executed.
  • Limitation of advanced features: STP brokers may have fewer trading tools and advanced features than ECN brokers. This can be a problem for traders who are reliant on specific tools to execute their strategies.
  • Variable Execution Quality: The execution quality can differ between STP brokers. Traders may need to thoroughly research and choose a reputable STP broker to ensure consistency and efficient execution.

Choosing Between ECN and STP

Choosing between ECN and STP will depend on various elements, such as trading styles, volume, and trading goals. When choosing between ECN or STP traders should be aware of the following things:

Factors to Consider

  • Style of trading, frequency and volume: Traders with significant trading volume and frequency could benefit from ECN trading since it allows for faster execution and improved liquidity. The traders who have a lower trading frequency and volume could benefit from STP trading as it has lower costs for trading.
  • The goal of trading: long-term or short-term? Traders looking for long-term goals may benefit from ECN, which provides better liquidity and transparency. Short-term traders might benefit from STP trading because it allows faster execution and lower trading costs.
  • Risk tolerance and preferential spreads: Traders with a high-risk tolerance and a preference for tighter spreads may benefit from ECN trading, as it offers lower spreads. STP trading is a viable alternative for those with a lower risk tolerance who prefer wider spreads.
  • Market Volatility: Examine your level of comfort with market volatility. If you thrive in fast-moving markets and you can make quick decisions under stress, ECN trading might align with your preferred style. Conversely, the smaller spreads offered by STP brokers could be appealing if you prefer more stability and predictability in your trading conditions.
  • Time Commitment: Determine the amount of time that you are able to devote to trading. Direct market access, faster execution, and ECN trading could be advantageous to active traders who monitor markets and execute many trades. The efficiency of STP’s costs could be more appropriate for those who are limited in time to trade because it allows them to make small, but potentially profitable trades.
  • Trading Platform and Tools Look closer at the trading platforms and tools offered by ECN and STP brokers. Select the one that is compatible with your preferred trading interface and includes the features you require for effective technical analysis, order execution, and management of risk.
  • Trade Sizes: Think about the typical trade sizes you’ll be executing. ECN brokers are typically suitable for traders with more volume since their large liquidity allows them to accommodate large orders without significant negative market effects. STP brokers, however, might be able to accommodate traders who prefer smaller trading sizes and prefer an efficient and cost-effective way to execute each trade.
  • Market Access: Determine which markets and securities are available to you. ECN brokers offer a vast selection of financial instruments like forex pairs and commodities. They also offer access to indices, commodities and even crypto. If you’re interested in trading diverse markets and currencies, an ECN broker may provide the breadth of assets you’re looking for.
  • Regulatory Compliance: When evaluating ECN and STP Brokers, make sure to give the top spot to regulatory compliance. Verify that the brokers’ regulation is overseen by well-respected authorities within the world of trading. Regulatory oversight provides traders with an additional layer of security and guarantees an ethical trading environment while safeguarding their investments.
  • Customer Support: A high-quality customer support is vital for addressing any queries or issues that may arise during your trading journey. Check the responsiveness and availability of customer support from both ECN and STP brokers. A broker that provides effective customer service can provide valuable assistance when needed
  • The types of orders available: Different trading strategies require various order types. Think about the various order types offered by both ECN and STP brokers. If your approach relies upon specific types of orders like limit orders, stop orders, or trailing stop check that your chosen broker has the capability to handle those types.
  • Education is crucial, particularly when you are a new trader. Find out the quality and quantity of educational resources provided by both types of brokers. These include webinars, market analysis, educational materials and tutorials.
  • Broker Reputation: Discover the reputations of ECN and STP brokers within the trading community. To assess a broker’s credibility, transparency and trustworthiness, read reviews, testimonials and comments from other traders. A broker with a favourable reputation is more likely to provide a satisfactory trading experience.
  • The brokers’ deposit and withdrawal options must be evaluated for their ease of use and security. Check that the broker you select accepts payment methods that are in line with your personal preferences and offers effective fund transfers.
  • Demo Accounts Demo Accounts: ECN and STP brokerages offer demo accounts allowing you to try out their trading platforms. Demo accounts allow you to test trading conditions in real time without the risk of real money. This experience can help you analyse factors such as platform usability, speed of execution and other features.

Determining the Right Model for You

The factors listed above, in addition to the traders’ objectives in trading and preferences, can assist them in deciding which one will work best for them. Before making a choice, traders need to compare the features and prices of various ECN and STP broker choices.

Hybrid Model: A Combination of ECN and STP

The hybrid model is an advanced integration of the ECN trading approach as well as the STP trading model. The ECN and STP trading models are both established on the market and are both widely used, but the hybrid model blends the best attributes of both to create a platform which can provide a range of needs and preferences of traders. Hybrid brokers offer traders an array of different account types, including ECN and STP, allowing them to modify their trading strategies according to their requirements.

Definition and Advantages

The hybrid model is based on direct market access along with order matching and the efficiency of the ECN model. This lets traders interact directly with liquidity providers within a transparent and efficient trading system. In addition, it makes use of the seamless order processing and lower trading costs inherent in the STP model, supplying traders with competitive spreads and an easier execution process.

The hybrid model is able to provide lower trading costs than traditional market makers. By efficiently routing trades to liquidity providers and eliminating spread markup, traders will profit from lower trading costs. The hybrid model can be quicker, which aligns with traders’ demands to complete orders fast.

The hybrid model can provide efficiency, cost reductions, quick execution and increased transparency. It also improves liquidity. It gives traders an understanding of the market’s depth, allowing them to make more informed decisions. Transparency can create a more knowledgeable trading environment, boosting traders’ confidence and enabling them to make informed decisions.

Disadvantages of the hybrid model

While the hybrid model provides an unbeatable mix of advantages, it’s important to understand that it’s not unaffected by limitations. Potential conflicts of interests between traders and brokers may occur within this model, similar to what occurs in any trading framework. Since hybrid brokers transfer trades through liquidity providers, traders must remain vigilant when selecting trustworthy brokers who adhere to ethical conduct to avoid such conflicts.

In addition, even though the hybrid model focuses on transparency, it can fall short of the ECN model in terms of providing bid and ask prices from multiple liquidity providers. The traders who seek absolute transparency might consider the ECN model more attractive in this regard.

Choosing the Right Hybrid Broker

As traders explore the hybrid model it is essential to conduct due diligence. It is vital to research different hybrid brokers and understand their fee structures, account types, and other services they provide. Making comparisons and comparing them to expectations and goals in trading can help traders find a hybrid broker that will complement their trading.

In conclusion, the hybrid model shows an ongoing trend of innovation in the trading industry. The hybrid model is designed to improve the experience of trading for a range of traders by combining the strengths of ECN models and STP. With its blend of direct market access, seamless order processing, lower cost and better liquidity, the hybrid model stands as an ode to the ever-changing nature of the financial market and their unwavering commitment to offering traders optimal trading solutions.

ECN vs STP vs Market Maker

In the process of choosing a trading model, the traders will often encounter three major options: ECN (Electronic Communication Network), STP (Straight-Through Processing), and Market Maker. Understanding the distinct features of each model is essential for making an educated decision. Each has its own benefits and drawbacks. Let’s study each trading model and look at their main features.

ECN (Electronic Communication Network)

ECN is a type of trading that connects traders directly to liquidity providers, like banks and financial institutions. The ECN model functions as a hub which matches the purchase and sale orders of different market participants, ensuring that traders receive the most competitive available price for their trades.

Market Makers

Here are some key points about ECN:

  • Lower spreads: ECN brokers typically offer lower spreads when compared to market makers because they aggregate prices from multiple liquidity providers.
  • Faster execution ECN brokers provide faster execution of trades, allowing traders to take advantage of market opportunities without delays.
  • ECN brokers increase liquidity by connecting traders to a large network of liquidity providers.
  • Price transparency: ECN brokers provide greater price transparency since traders can view the price of the bid and ask for different liquidity providers.

STP (Straight-Through Processing)

STP is a trading system that permits traders to conduct trades directly through liquidity providers without the requirement for a dealing desk. STP brokers act as intermediaries that work between traders and liquid providers. They efficiently process orders and reduce broker involvement.

Here are some key points about STP:

  • STP brokers manage trades automatically and electronically with no human involvement.
  • STP brokers offer lower prices for trading than market makers due to the fact that they can pass on prices directly from the liquidity providers.
  • STP brokers offer a blend of functions. They blend ECN and market maker characteristics. This allows for a better balance between the cost of trading and the execution.

Market Maker

Market makers provide liquidity by providing purchase and sale prices for financial instruments. Market makers create a marketplace where traders can trade and benefit from the difference between the bid and ask prices. Here are some key points regarding market makers:

  • Instant execution: Market makers give instant execution of trades, because they serve as counterparties to the trader’s trades.
  • Conflicts of interest: Market-makers could profit from losses suffered by traders.
  • Market makers offer wider spreads than ECN or STP brokers as they mark up their prices.

Comparison of Trading Models

Here is a comparison of the key features and advantages/disadvantages of each trading model:

Trading Model Key Features Advantages Disadvantages
ECN – Lower spreads

– Faster execution

– An increase in liquidity

– Price transparency

– Lower trading costs

– Access to multiple liquidity providers

– Increased price transparency

– Higher costs for trading because of commissions

– Skills in trading are essential

STP – Processing orders in a seamless manner

– Lower trading costs

– Blending the features of ECN and market makers

– Lower costs for trading

– Better execution

– No conflicts of interests

– Price transparency is not as transparent as ECN
Market Maker – Instant execution

– Conflicts of Interest

– Wider spreads

– Instant execution

– Market availability

– No commission charges

– Conflicts of Interest

– Wider spreads

– Less price transparency

Tips for Effective Trading with ECN and STP Brokers

There are some best trading methods that traders must apply regardless of their model of trading:

  • Choosing a Reputable Broker: Do your research thoroughly and select a broker with a solid reputation, good regulation, and favourable reviews from traders.
  • Implementing the best risk management strategies. Use risk management tools like stop-loss and take-profit order to manage and protect capital.
  • Utilising Limit Orders Carefully: Take advantage of limit orders, especially with ECN brokers, to specify the exact price you wish to trade or exit a trade. This is especially beneficial in times of high volatility when price fluctuations are expected to be rapid.
  • Diversifying the Liquidity Providers ECN trading, explore brokers offering access to diverse liquidity providers. Diversifying the liquidity providers can improve execution efficiency and minimise the chance of bottlenecks when markets are busy.
  • Test the Execution speeds You can compare the execution speed with other brokers. It is crucial to examine the execution speed under various market conditions since both ECN and STP models stress the speedy process of orders.
  • Adjusting to News Releases: For both ECN and STP trading, news announcements could cause market volatility. Be prepared for these situations by adjusting risk exposure, contemplating larger limits on stop-loss, or avoiding trading at important times.
  • Maintaining Trade Records: Maintain a comprehensive trading journal to record your strategies, trades, and results. Reviewing your previous trades can give you valuable insights into your strengths and weaknesses.

Conclusion

Selecting the best trading model is essential for traders to reach their goals in trading. ECN, STP and Market Maker all have advantages and disadvantages. Traders should think about their preferences and goals for trading before making a choice. In understanding the most important features and differences between these models, traders can make an informed decision and enhance their trading experience. If you want to make a profit from trading, choose a reputable brokerage, use appropriate risk management strategies, and be up-to-date regarding market conditions.

Market Maker

FAQs

Q1: What makes choosing the right trading model so important?

The correct trading method can have a significant influence on your trading experience. This model influences things like execution speed and costs. Also, it affects the success you have in the markets.

Answer: Selecting the appropriate trading model can determine the effectiveness of your trades, the charges you will incur, and the level of control over your trades. The best model can enhance your strategies and results if you’re a scalper day trader or investor.

Q 2: How does ECN operate, and what’s its key feature? What sets ECN apart from other trading models, and how does it benefit traders?

Answer: ECN is an electronic communication network that connects liquidity providers to traders to allow real-time matching between orders and execution. Direct market access is its primary attribute, which allows traders to contact liquidity providers directly, improving transparency and possibly decreasing spreads.

Q 3: Can you explain the main differences between ECN and STP?

Answer:  While both ECN (STP) and ECN focus on efficiency and transparency, their business models differ. ECN concentrates on direct access to markets and matching orders within a network. STP insists on seamless order processing by directing trades to liquidity providers. The choice you make will depend on your trading objectives and the style you prefer.

Q 4: What advantages does the Hybrid Model offer?

Answer: The Hybrid Model combines features of ECN and STP, providing traders with an equilibrium between fast execution transparency and cost-effectiveness. The model allows for competitive spreads while minimising potential conflicts of interest that can occur with other models.

Q 5: How do I decide between ECN and STP trading models?

What should I decide between ECN or STP? What factors should I look at to make the right choice to suit my trading style?

Answer: Consider trading goals, trading volume at risk, and your preferred spreads. ECNs can be an ideal choice for active traders who want swift execution. STP is a good choice in the case of a moderate trader that wants to enjoy competitive prices.

Q 6: What’s the significance of choosing a reputable broker for ECN and STP trading?

Answer: Reputable brokers will make sure the trades you make are done fairly and in a shady way. They give you access to reliable liquidity sources, can help you keep out conflicts of interest and provide appropriate risk management tools. A reliable broker is essential for protecting your investment and achieving a successful trading outcome.

References

https://www.dumblittleman.com/ecn-forex-broker/
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https://www.forex-central.net/ECN-NDD-STP-brokers.php
https://tradersunion.com/interesting-articles/10-best-ecn-brokers/
https://fxstadium.com/review/fxview/
https://www.businessinsider.com/personal-finance/what-is-forex
https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates
https://www.wikifx.com/en/newsdetail/202205168414247566.html
https://www.trade.gov/foreign-exchange-risk
https://investingoal.com/ecn-vs-stp-brokers/
https://en.wikipedia.org/wiki/Foreign_exchange_market
https://fcraonline.nic.in/home/index.aspx
https://myfxlist.com/the-difference-between-an-stp-and-an-ecn-forex-broker-explained/
https://www.accuwebhosting.com/discussion/forum/peer-support/forex-vps/35829-what-is-the-ecn-broker
https://www.forexfactory.com/thread/738166-tenkofx-crypto-ecn-forex-broker
https://cs230.stanford.edu/projects_fall_2020/reports/55813822.pdf
https://leverageedu.com/blog/forex-market/
https://www.justice.gov/usao-sdny/pr/ceo-cryptocurrency-and-forex-trading-platform-sentenced-nine-years-prison-240-million
https://55brokers.com/ecn-forex-brokers/
https://www.xcritical.com/white-label-forex-solutions/
https://www.brokerxplorer.com/article/which-brokers-are-true-ecn-3936
https://www.rba.gov.au/statistics/frequency/exchange-rates.html
https://money.usnews.com/investing/articles/what-is-an-ecn-broker
https://blogs.oregonstate.edu/piperde/2022/10/12/6-advantages-of-using-an-ecn-forex-broker/
https://fxstadium.com/best-ecn-forex-brokers/
https://www.cnbc.com/foreign-exchange/