What is ECN account?
The ECN account (Electronic Communications Network), is one of the forex account types commonly provided direct access to the market. ECN is an electronic system of order-matching execution by providing accessibility of orders being entered. ECN account is one of the most popular account types for forex traders due to the price transparency and ability to directly access the market. Typically, forex brokers provide this type of account as additional services to traditional accounts and charge a premium as commission fees per lot with a minimum deposit limit and lower leverage.Advantages of ECN Account
There are several advantages of ECN account that can highly benefit forex traders.- Lower spreads: In the forex trading the traders need to pay a spread which is the difference between the best available buy and sell prices. While the buyer needs to pay the best available sell price offered (Ask price), while the seller is required to take the best available buy price (Bid price). Since the ECN instantly matches orders from traders with the best available buy and sell prices, the ECN provide lower spreads.
- Execution speed: With ECN accounts execution can be relatively faster than other types of trades since all trades are carried out immediately without requotes. Liquidity providers are motivated to deliver the best prices and lowest possible rates beat the competition and attract traders.
- Fixed commission: It is highly beneficial for some of the trading strategies to execute trades with commission at lowest spread possible. Therefore, some of the traders prefers commission-based trades. In this case, it is important to choose the broker with the lowest commission per lot.
AximTrade ECN Forex Account
AximTrade provides one of the best ECN accounts in the forex market. The ECN account provides one of the lowest commissions per lot which is $3. The minimum deposit for ECN accounts by AximTrade is $50 and this is highly competitive as the majority of ECN requirements can be relatively very high for regular forex traders. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread on major pairs is as low as 0 pips. Traders can open up to 200 orders at a time. This account offers flexible leverage up to 1:1000.How to Open a Forex Account
Follow these steps to open an ECN forex Account with AximTrade- To open a forex account, log in to your member account from AximTrade login, and click on the “ + Open Extra Account” button on the top right.
- Select the ECN account and press “Open”.
- Name the Account and create both trading and investor passwords for your account. Note: the investor password should not be the same as the account password. Remember to use both uppercase and lowercase letters, use a combination of numbers and letters. Then click “Done”.
- Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.
Why Choose AximTrade?
AximTrade is the ideal choice for forex traders and investors who are seeking the best conditions to access the market and start trading with ECN accounts. Traders who prefer flexibility and fast process registration consider AximTrade one of the best choices, as it is allowing traders to start with lower capital. Additionally, the platform is continually expanding its capabilities to serve all types of traders by providing flexible leverage, low opening balance requirements, tight spreads, and effective payment methods. See why traders choose to trade with the leading best broker, AximTrade.AximTrade has been identified as a leading broker for its top-rated services and the diversity of trading options that suit individual trading needs. AximTrade successfully acquired regional and global recognition for its exceptional services, remarkable progress, and favorable trading conditions, including tight spreads and low minimum balances, reduced financial commitment, variety of account types, fast order execution, and highly responsive customer service, and a wide variety of payment solutions.
