Financial Conduct Authority
FXCN tier 1
34 brokers
ECN brokers route orders straight to banks / liquidity pools, earning only commission (typically $3-7 per round-turn standard lot).
Pros: no conflict of interest + tighter spreads + transparent slippage.
Cons: commission, costly for small lots.
ECN describes execution; it is not a regulatory licence category or safety grade. Marketing claims require execution-policy, counterparty and cost evidence.
This is not an isolated definition. The data below comes from FXCN regulator records and active licence relationships and shows what requires verification.
34 brokers
29 brokers
29 brokers