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Pepperstone ranks first among FCA-regulated ECN brokers in the UK, on raw spreads, execution speed and platform choice. ECN brokers route orders to a liquidity pool at raw market prices and charge commission instead of marking up the spread. FxPro and Axi follow, on cTrader and raw MT4 respectively, with a pure ECN specialist, ATC Brokers, now added to the field.
What is the best ECN forex broker in the UK?
Pepperstone is the best ECN forex broker in the UK on the balance of raw spread, commission and platform support. FxPro follows on cTrader, the platform built for direct execution, and Axi is close behind on a raw MT4 account. A raw account’s true cost is the spread plus the commission.
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Each pick below links to its full card and review. The order reflects the rating model, weighted on cost and execution, so it does not track score alone. The four ECN picks come first; the three accounts after them are listed for completeness and are not ECN.
- Pepperstone: raw spreads across MT4, MT5, cTrader and TradingView.
- FxPro: no-dealing-desk execution, the strongest cTrader setup here.
- Axi: a raw MT4 account aimed at EA-driven traders.
- ATC Brokers: purest ECN specialist, commission-based on MT4.
- IG Markets: direct execution, retail account is spread-only.
- Swissquote: bank-backed, priced through spread-only tiers.
- FXCM: NDD on the majors, markup not raw pricing.
ECN broker comparison table
Pepperstone and Axi spreads are indicative raw-account averages. FxPro, IG, Swissquote and ATC Brokers figures are advertised from each broker’s site or published account schedule, with the account type stated because not every account below runs a raw model. FXCM’s figure is the markup-based standard spread from our FXCM review. Only the accounts labelled NDD/raw or ECN run a genuinely raw model; the spread-only rows are included for cost comparison, not as ECN accounts. The cost figures here are a desk-based assessment of each broker’s advertised UK pricing rather than spreads captured on a live account. Scoring and the cost model behind these rankings are set out in how we test brokers.
| Broker | FCA entity (FRN) | Account | Execution model | Raw spread (EUR/USD) | Commission per side |
|---|---|---|---|---|---|
| Pepperstone | Pepperstone Limited (684312) | Razor | NDD / raw | 0.19 pips (indicative average) | £2.25 |
| FxPro | FxPro UK Limited (509956) | Raw+ | NDD | advertised from 0.0 pips | US$3.50 |
| Axi | Axi Financial Services (UK) Limited (466201) | Pro (raw) | NDD / raw | 0.43 pips (indicative average) | US$3.50 per side (advertised) |
| ATC Brokers | ATC Brokers Limited (591361) | ECN | ECN | raw interbank (indicative; confirm live quote) | commission-based (per-side fee not independently confirmed) |
| IG Markets | IG Markets Limited (195355) | Standard | dealer / spread-only | advertised from 0.6 pips | none (spread-only) |
| Swissquote | Swissquote Ltd (562170) | Premium | spread-only | advertised from 1.6 pips | none (spread-only) |
| FXCM | Stratos Markets Limited (217689) | Standard | markup | from 0.2 pips (markup) | none (markup pricing) |
Advertised figures were taken from each broker’s UK site or account schedule, accessed 10 July 2026. Indicative averages are our published raw-account figures rather than live captures. Commission currencies vary by account, so confirm the current GBP cost and re-verify every figure before relying on it.
1. Pepperstone: the UK ECN benchmark
EUR/USD spread
0.19 pips raw (indicative) plus £2.25 per side
Platforms
MT4, MT5, cTrader, TradingView
Best for
Raw pricing with GBP commission
Why it ranks first: a GBP-denominated commission with no dealing desk and all four major platforms, including cTrader, the clearest direct-execution signal.
Why we recommend Pepperstone
Pepperstone Limited (FRN 684312) is the reference point the rest of the list gets measured against: raw pricing with a GBP-denominated commission, no dealing desk, and all four major platforms including cTrader. Its indicative raw average of 0.19 pips plus £2.25 per side works out to about £4.50 round-turn in commission on one standard lot, before the spread. Our UK review scored it 90 out of 100.
The trade-off is the usual raw-account one: two cost lines to track instead of a single marked-up spread, which occasional traders do not need. Confirm the current pricing against Pepperstone's live UK costs page before relying on any figure.
Pros & cons
- GBP commission, so no conversion drag on the fee
- Four platforms on one account, including cTrader
- Tight indicative raw average
- Two cost lines to track rather than one
- No fixed-spread option
- Research thinner than IG
2. FxPro: cTrader-first NDD execution
EUR/USD spread
Advertised from 0.0 pips plus US$3.50 per side
Platforms
MT4, MT5, cTrader, TradingView
Best for
cTrader-first raw trading
Why it ranks second: no-dealing-desk execution paired with the strongest cTrader implementation on this page.
Why we recommend FxPro
FxPro UK Limited (FRN 509956) pairs no-dealing-desk execution with the strongest cTrader setup here. The Raw+ account advertises from 0.0 pips plus US$3.50 per side across MT4, MT5, cTrader and TradingView.
Two caveats hold: the from-rate is a floor rather than an average, so expect more in normal conditions, and the USD commission adds a conversion cost on GBP accounts. Price the all-in figure against a GBP-commission account before choosing it on cost.
Pros & cons
- Strong cTrader build
- NDD execution across the platform range
- Competitive advertised raw pricing
- USD commission adds conversion cost on GBP accounts
- The from-rate is a floor, not an average
- Spread figures advertised pending our live capture (disclosed)
3. Axi: raw MT4 specialist
EUR/USD spread
0.43 pips raw (indicative) plus US$3.50 per side
Platforms
MT4, MT5
Best for
EA-driven MT4 traders
Why it ranks third: a clean raw MT4 account with a straightforward per-lot commission, suited to automation.
Why we recommend Axi
Axi Financial Services (UK) Limited (FRN 466201) keeps the pitch narrow: a raw MT4 account with a straightforward per-lot commission. That focus suits EA-driven traders who want MT4 and little else.
Its indicative raw average of 0.43 pips runs wider than Pepperstone's, so the all-in figure trails the leaders. The commission is advertised at US$3.50 per side on the Pro account, billed in US dollars, so a GBP account carries a small conversion cost. Check the live schedule before relying on the figure.
Pros & cons
- Clean raw MT4 offer
- Suits EA and automation users
- Simple account lineup
- Wider raw average than the leaders
- Commission currency and figure need confirming
- Thin funding and fee documentation
4. ATC Brokers: commission-based ECN specialist
EUR/USD spread
Raw interbank plus per-side commission (confirm rate)
Platforms
MT4, MT Pro
Best for
Experienced commission-based traders
Why it ranks fourth: the purest ECN fit in our roster, running a commission-based, no-dealing-desk model on MT4 plus its MT Pro depth-of-market toolset.
Why we recommend ATC Brokers
ATC Brokers Limited (FRN 591361) is the only pure ECN specialist here. It routes orders on a commission-based model with raw interbank spreads, and its MT Pro add-on extends MT4 with depth-of-market and advanced order handling. The firm is London-domiciled and FCA-authorised with FSCS cover.
There is no beginner tier, and the minimum deposit sits above the entry-level names, so pricing, platform and support are built for experienced commission-based traders. That is exactly what an ECN page should surface. Confirm the current per-side commission and minimum deposit before funding.
Pros & cons
- Strict commission-based ECN routing
- MT Pro adds depth-of-market and advanced order handling
- London-domiciled FCA firm with FSCS cover
- Narrower market range than the multi-asset names
- No beginner tier
- Per-side commission and minimum deposit need confirming
The non-ECN tier: direct execution and markup accounts
The three accounts below appear in the comparison for completeness: each offers direct or markup execution rather than ECN pricing, and their own cards explain the difference.
IG Markets: direct execution, not ECN pricing
EUR/USD spread
Advertised from 0.6 pips, no commission
Platforms
IG platform, MT4, ProRealTime
Best for
Breadth on one account
Why it ranks fifth: execution quality and market range rather than raw pricing, on a spread-only retail account.
Why we recommend IG Markets
IG Markets Limited (FRN 195355) earns its place on execution quality and range rather than raw pricing. Its retail account is spread-only, so it is not an ECN account in the strict sense this page tests for.
Include it in your shortlist if you want one broker for everything, and exclude it if the raw-plus-commission model is the point. Price its spread-only cost against the raw accounts above before deciding.
Pros & cons
- Broadest market range here
- Strong execution infrastructure
- Long FCA record under a listed parent
- Spread-only retail pricing, not true ECN
- Wider EUR/USD cost than raw rivals
- No cTrader
Swissquote: bank-backed, priced above the field
EUR/USD spread
Advertised from 1.6 pips, no commission
Platforms
MT4, MT5, TradingView
Best for
Custody comfort over cost
Why it ranks sixth: a SIX-listed Swiss banking group behind an FCA entity, for traders who weight custody comfort over cost.
Why we recommend Swissquote
Swissquote Ltd (FRN 562170) is the safety-first pick: a SIX-listed Swiss banking group behind an FCA entity. Its UK pricing runs through spread-only tiers from 1.6 pips, the widest on this page, so it is here for traders who weight custody comfort over cost, not for ECN pricing.
The tier thresholds are not published, so confirm which tier your balance reaches before comparing it on cost. It stays on the list for account strength rather than raw execution.
Pros & cons
- Banking-group backing
- Multi-asset breadth
- Long regulatory record
- Widest pricing on this page
- Spread-only tiers, not raw ECN
- Advertised pricing pending our live capture (disclosed)
FXCM: markup pricing, read before assuming ECN
EUR/USD spread
From 0.2 pips (markup), no separate commission
Platforms
Trading Station, TradingView, MT4
Best for
Platform fans pricing the markup
Why it ranks seventh: the live example of the check this guide teaches, NDD execution on the majors but markup pricing rather than a raw spread plus a stated fee.
Why we recommend FXCM
Stratos Markets Limited (FRN 217689) advertises variable spreads with zero commission, a markup model rather than a raw spread plus a stated fee. It stays on this page as the live example of the check this guide teaches: NDD execution on the majors, but not ECN pricing.
If you want FXCM's platforms, price it against the standard accounts, not the raw ones. Read the account schedule before treating any low from-rate as an ECN figure.
Pros & cons
- TradingView and Trading Station support
- NDD execution on the majors
- Low from-rate headline
- Markup model obscures the true cost
- No raw account for UK retail at the time of review
- Advertised pricing pending our live capture (disclosed)
How to choose an ECN broker in the UK
Two things separate a good ECN broker from a marketed one: the spread is genuinely raw, and the commission is transparent. A near-zero spread with a hidden markup is not ECN, whatever the page says. Check that the broker quotes a raw spread plus a clear per-lot commission, that the platform supports direct execution (cTrader is the clearest signal), and that the FCA entity is the one onboarding you. FXCM is the live example here: its UK site advertises variable spreads with zero commission (accessed 10 July 2026), a markup model rather than a raw spread plus a stated commission, so check the account schedule before treating any listed broker as true ECN.
Most large UK brokers run NDD or hybrid models rather than a strict ECN book. Smaller specialists such as ATC Brokers’ ECN account sit closer to the textbook definition, with commission-based pricing, raw spreads and direct routing without a dealing desk on MT4 for experienced UK traders. The trade-off is a narrower market range and fewer platform choices than the multi-asset names above.
ECN vs standard account
An ECN or raw account passes the market spread through and charges commission; a standard account marks up the spread and charges none. The cost comparison decides which fits.
- ECN suits frequent traders, because the commission is fixed while the tighter spread saves on every trade.
- Standard suits occasional traders, who prefer one number and no commission line.
- The deciding figure is the all-in cost: raw spread plus round-turn commission, against the standard spread on the same trade.
Worked in GBP, a raw EUR/USD trade at a 0.10 pip spread plus £4.00 round-turn commission costs about £4.79 all-in, where one pip is worth roughly £7.85 on a standard lot. A commission-free standard account at 0.6 pips costs about £4.71 on the same trade. Run the comparison on the pairs and frequency you trade; the pip value is indicative and should be confirmed against the live GBP rate. For the two halves of that all-in number, the lowest commission brokers and lowest spread brokers pages rank the FCA-regulated field on each.
Pros and cons of an ECN broker
The case for ECN is transparency and tight pricing; the case against is the commission line and a steeper learning curve. Direct execution shows you the raw market and a known fee, which frequent traders value. The trade-off is that you pay commission on every trade and the pricing takes more understanding than a single marked-up spread. For a beginner placing occasional trades, a standard account is often simpler and no more expensive. The raw pricing and direct execution that frequent traders value are the same reasons ECN accounts are the usual home for scalping strategies.
Compare brokers by the factor that decides it
Different traders rank on different things. Start from the factor that decides it for you.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
Your strategy decides it
Pick your trading software first, then compare the brokers that carry it.
Does ECN affect my leverage?
No. Leverage does not differ by execution model: every FCA-regulated retail account is capped at the same limits, whatever the broker advertises.
| Underlying | Maximum retail leverage |
|---|---|
| Major FX pairs | 30:1 |
| Non-major FX, gold, major equity indices | 20:1 |
| Commodities other than gold, non-major equity indices | 10:1 |
| Government bonds from the UK, eurozone, US, Japan, Canada or Switzerland | 30:1 |
| Individual equities and other reference values | 5:1 |
Any 1:500 figure you see attached to an “ECN” account is an offshore or professional-client number that a UK retail account cannot use. The FCA leverage caps above, from PS19/18, apply to every retail account on this list.
Does MT4 work with ECN?
Yes. MT4 supports raw-spread ECN accounts, and several brokers here offer it. cTrader is the platform most associated with direct execution, because it was built around the model, but MT4 and MT5 both run raw accounts at FCA-regulated brokers.
FAQs
Is Pepperstone the best ECN broker in the UK?
Is an ECN account good for beginners?
How do I know an account is true ECN?
What is the difference between ECN and STP?
Do ECN brokers charge commission on both sides of a trade?
Do ECN brokers allow scalping?
Related pages
About the author
Noam co-founded CompareForexBrokers in 2014 and has traded forex since the late 1990s. He leads the cost and execution testing behind the site: spreads, commissions and fill quality, worked as an all-in GBP total on the account a UK trader would really use. His bylines cover the spread, commission, ECN and execution pages he personally tests.