Live ECN

Live ECN/STP trading accounts, unlike eWallet, is an account used directly when trading on the MT4 ECN platform. Having registered the eWallet with a broker, you are requested to open a trading account. Those who prefer fast order execution and access to interbank liquidity are more inclined to open an ECN/STP account. 

ECN/STP account has its own specifics. Unlike accounts of the Market-Maker model, they are specially tailored for high-volume trading and usage of different trading strategies without any restrictions.              

Like all trading accounts, the ECN account has its own login (account number), trader password and investor password, assigned after registration. There is no need to verify a trading account if your eWallet has been successfully approved by your broker. Thus, the trading account opening procedure is simplified and requires minimal effort. 

There should be drawn a dividing line in perceiving the concepts of ECN/STP and STP trading. The main difference lies in the spread being narrower for ECN/STP and wider for STP accounts.

In STP trading, the commission paid to the broker is included into the difference between the Best BID and the Best ASK prices thus, making the spread wider. As a result, clients may expect better order execution, which is a huge advantage especially when it comes to high-frequency trading.

In the ECN/STP environment, the spread is narrower as a result of commission paid by the traders. It is not the only distinction however. ECN traders are allowed to transact not only with LPs, as in STP system, but with each other as well. 

In both cases, orders are executed at the Best price however, this price may vary greatly from the contract price set initially.

To start Forex trading you need to download the MT4 ECN Trading Terminal and install the market depth monitoring application (for example, One Click Trading Level2 Plugin) to see the 5 best BID and ASK prices and the volumes available at each price.