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ECNTrade Review - is it scam or safe?

ECNTrade Review - Is scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz ECNTrade


Trading Accounts & Conditions


Account type Minimum deposit Maximum leverage Minimum trade size Spread
Micro $1,000 1:400 0.01 Less than 1 pip*
Standard $2,000 1:400 0.10 Less than 1 pip*
Premier $200,000 1:400 0.10 Less than 1 pip*

*these are the broker’s claims, while our testing revealed a much worse environment.


ECN Trade is an Australian forex and CFD broker. As you can see from the table above, we have some issues with their presentation, but there also are a lot of positive things about this company. 


ECN Trade Advantages


Australian regulation

The main factor which gives brokers credibility is the legal environment in which they operate. ECN Trade follows the rules of the Australian Securities and Exchanges Commission (ASIC), one of the globally respected financial regulatory agencies.


>>A list of ASIC regulated brokers<<



A broker functioning in this way, does not directly benefit from its client’s losses. This is a commonly used model, which means the broker only profits form the volume you trade. The opposite will be a market maker (which takes the other side of client trades), although with the well-regulated ones you will not feel much difference in the service.


Industry-leading platform (MT4)

The trading software offered by ECN Trade is one of the best platforms for currency trading. It is also offered by a lot of other brokers and there are a lot of reasons for this. The charting is second to none, the platform is lightning fast and there is a programming environment which facilitates custom-made tools. Additionally a mobile and web-based iteration of the platform are available for those who are willing to trade on the go. With that in mind, here is the desktop version of the platform provided by this broker.



MT4, as offered by ECN Trade


>>MT4 forex brokers<<


1:400 in leverage

The maximum leverage offered by this broker is quite high. While it may actually be dangerously high for newcomers to the field, it allows veterans to open many substantial positions, when they deem necessary. Be sure to gain a lot of experience before you start taking big trades.


ECN Trade Disadvantages


Demo spreads don’t match the claims

Our first concern with ECN Trade is the fact they claim to offer spreads “under 1 pip” for the major pairs, but when testing the MT4 platform we got a fixed spread of 3 pips. We aren’t certain which conditions a real client will get, but there is a huge difference between the two.


>>Real-time forex spread comparison<<


High minimum deposits

With a $1000 requirement, the “micro” account at ECN Trade isn’t what some will consider small. Apparently this company doesn’t want to deal with smaller clients (who still require the same paperwork as the big ones), but luckily for those of you who can’t afford a big investment, there are a lot of brokerages accepting much lower sums. Keep in mind, you should always invest an amount you are willing to loose.


Conditions not presented in detail

Another thing which is slightly unusual (but not unheard of) for a well-regulated broker. There is no list of all the available assets, including the various conditions each one is traded with. This is especially important for the various CFDs, where the lot sizes aren’t standard (as is the case with FX pairs).


Mostly traditional payment methods

The ways one can deposit funds at ECN Trade include Bank Transfer, Credit Card and B Pay. That being said there is a slight discrepancy on their funding page, where one section states the minimum payment is $500, while the others state it is $1000. Maybe one highlights the initial deposit requirement, while the other is for refunds, but this also isn’t written in a concise way.




ECN Trade is an Australian ECN/STP broker. The minimum deposit requirement suggests they don't want to deal with small clients. One could call them a “boutique broker”, and in case the costs of trading are the one we saw on the demo account (as opposed to the claims on the website), these will aslo be “boutique spreads”. 


While our issues with the company come mostly form a presentational aspect, they are still an ASIC regulated broker, which guarantees you a high level of service. Your deposit with them will be kept in a segregated bank account, which offers a lot of security. This is a complicated mechanism, but in essence, your broker will not be able to steal your funds.


The only downside to Australian regulation is the lack of a Compensation Scheme (or bankruptcy protection). This is a common feature across the EU, with brokers overseen by United Kingdom’s Financial Conduct Authority guaranteeing your investment up to £50,000


>>Find UK FCA brokers here<<



The pros and cons of ECN Trade:


Pros Cons
Australian regulation Demo spreads don’t match the claims
STP/ECN Model High minimum deposits
Industry-leading platform (MT4) Conditions not presented in detail
1:400 in leverage Mostly traditional payment methods


Latest news about ECNTrade
No news about ECNTrade. Check back later.
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