Introduction

Choosing the right trading model is crucial for traders looking to maximise their profit and minimise the risks. ECN (Electronic Communication Network) and STP (Straight Through Processing) are two popular trading strategies. Each has advantages and drawbacks according to a trader’s preferences and goals. In this article, we will review the ECN as well as STP trading models, and compare their key differences, and discuss the advantages and disadvantages of both models. We will also give guidelines to select the best method and give some tips to ensure profitable trading using ECN and STP brokers.

ECN and STP are two types of trading models that permit traders to use the interbank market and to execute trades directly through liquidity providers. Both models have advantages over the traditional market maker model. This includes less spreads and a faster execution. They also provide greater transparency. There are some significant differences between the two models, which traders should take into account prior to making a decision on which one to choose.

Understanding ECN and STP

• Definition of ECN
  ECN is a form of trading that connects traders with liquidity providers like hedge funds and banks. The ECN model acts as a hub that matches buy and sell orders of different market participants to ensure that traders receive the highest possible price for their trades. ECN brokers charge commissions on every trade. It is usually per cent.
• Definition of STP
  STP is a model of trading that allows traders to execute trades directly through liquidity providers, without the need for a deal desk. STP brokers function as intermediaries between traders and liquidity providers, completing orders quickly while minimising broker intervention. STP brokers offer variable or fixed spreads depending on which provider of liquidity they deal with.

Key Differences between ECN and STP

The approach of ECN and STP work is the main difference between them. ECN brokers serve as a hub to match buy and sell orders between different market participants. STP brokers, on their part, execute transactions directly with the liquidity provider. ECN brokers charge a commission on each trade, whereas STP brokers may charge a markup to the spread or charge a commission. ECN brokers offer lower spreads as well as faster execution. They also offer improved transparency. STP brokers provide seamless order processing, lower costs for trading and more transparency.

Pros and Cons of ECN Trading

ECN trading has many advantages over traditional models for market makers, for example lower spreads, faster execution, enhanced liquidity, and transparency of prices. Traders have been aware of a few disadvantages of ECN trading.

Advantages of ECN Trading

•  ECN brokers have lower spreads, and traders get a better deal for each trade. ECN brokers usually charge a fee per trade. This is usually not a fixed percentage, but could be less expensive than an exchange markup.
• ECN brokers can speed up the execution of trades, as well as better liquidity. This allows traders to enter and out of trades at a competitive cost.
• Improved price transparency: ECN brokers offer greater transparency of prices than traditional makers, as traders can look at the bid and asking prices of various liquidity providers and pick the best available price to trade.
• Direct contact with liquidity providers ECN trading gives traders the opportunity to interact directly with a variety of liquidity sources including institutions, banks, and other traders. This direct access could provide better pricing and potentially better trade execution.
• No Conflict of Interest: ECN brokers are not trading with their clients, which means that there is no conflict of interest. This eliminates the concern that your broker could influence prices in their favour, promoting an environment that is fair to trade in.
• Variable Spreads: Unlike fixed spreads provided by some other brokers, ECN brokers typically offer variable spreads that reflect the actual market conditions. This means that during times that are characterised by high volatility in the market spreads can widen, but in calmer times they could be quite tight.
• Depth of Market Information: ECN trading typically provides traders with data on the market’s depth which includes the order options available and their sizes at different prices. This information can assist traders in making better informed choices about their trades.
• ECN trading is anonymous, since the traders are not recognizable by liquidity providers. This is beneficial to traders who do not want their trading strategies to be exploited.
• Access to Interbank Rates: ECN brokers offer access to interbank rates, which are the rates that banks and big institutions trade currencies with each other. This can lead to higher rates and better execution, particularly for larger trades.
• Scalping and High-Frequency Trading: ECN trading is well-suited for high-frequency traders and scalpers that require speedy execution and low latency. The direct market access and quick execution speed make it an ideal solution for these trading strategies.
• Large Lot Sizes Flexible: ECN brokers often allow traders to trade in smaller sizes of lots when compared with traditional brokers. This flexibility can be beneficial to traders with small funds or for those looking to manage their risk more specifically.
• ECN Brokers let traders put Stop and Limit orders within the Spread. ECN brokers allow traders to place stop and limit orders inside the spread. This is advantageous for traders who want to be able to enter the market without getting their entry price affected by fluctuations in spreads.
• Requotes are not allowed due to the nature of ECN trading. The orders are executed in accordance with their prices, without the broker refusing to accept the order or changing it due to changes in price.

Disadvantages of ECN Trading

• Trading costs are higher due to commissions. ECN brokers charge commissions for each trade. This could lead to huge trading expenses. These costs should be considered by traders when selecting an ECN broker.
• ECN trading requires advanced strategies and skills in trading. The traders must be able to analyse market conditions, carry out trades efficiently and swiftly.
• Slippage is a possibility Even though ECN trading strives to provide an efficient and speedy order processing However, slippage may still happen especially during periods with high volatility. This means that the price at which you execute may differ from the rate you had planned to trade at.
• There is a limited availability of Exotic Pairs Some ECN brokers might offer limited options for currency pairs, which focuses mainly on major and minor pairs. Trading exotic currency pairs might be more limited than with traditional brokers.
• Minimum Deposit Requirements ECN brokers may have higher minimum deposit requirements over other brokers. This can create a barrier for traders with limited amounts of capital.
• ECN brokers often have fee structures which include spreads and commissions. Some traders might find it difficult to calculate the impact of these charges on trading expenses and be aware of them.
• The learning curve that is initially incorporated into ECN trading is steeper than other models of trading. It is due to its sophisticated nature. It takes a lot of energy and time to understand how to use the ECN environment.
• ECN trading is more concentrated on technical analysis. Chart patterns and technical analysis can be the key to efficient ECN trading. For traders who prefer fundamental analysis, they may have difficulty adapting to the more technically driven aspects of ECN trading.
• ECN trading relies on a solid internet connection. The traders must ensure that they have the necessary infrastructure to maintain a reliable connection during trading hours, to be able to avoid disruptions.
• Market Depth may not always be available: Although ECN brokers can provide more detailed market depth information, it is possible that market depth data won’t always be fully visible because of unexpected market fluctuations or times that are low in liquidity.
• The costs for financing overnight can be incurred if you hold positions in the ECN Model over the course of a day. This depends on the interest rates differentials between currencies.
• Inexperienced traders could be overwhelmed by the frantic nature and amount of information available in real-time. It could take some time for beginners to adapt to the pressure to make fast decisions.

Pros and Cons of STP Trading

STP trading offers a blend of features that are common to ECN as well as market maker models, including seamless order processing and less costs for trading. However, there are also certain disadvantages that traders must be aware of before selecting an STP broker.

Advantages of STP Trading

• STP Brokers combine features of ECN and Market Maker models. They provide seamless order processing, less prices for trading and the same features as ECN brokers.
• STP brokers offer lower trading costs when compared with traditional market makers. They can process orders directly through liquidity providers and do not mark up the spread.
• Transparent Pricing STP brokers often provide transparent pricing through aggregating quotes from several liquidity providers. It allows traders to monitor real-time demand and bid prices.
• A lower risk of price manipulation In the event that STP brokers don’t act as counterparties for your trades, there is less risk of price manipulation. This can result in greater confidence and trust in the reliability of trading.
• No Dealing Desk (NDD) Execution: STP brokers typically offer No Dealing Desk (NDD) execution which means that orders are handled immediately without any broker intervention. This could result in speedier execution and less rejections.
• Access to Liquidity of Institutions: STP brokers often have access to liquidity at the institutional level, which allows traders to take advantage of more competitive spreads and better execution quality.
• Diverse Assets: STP brokers offer a range of trading instruments, including indexes, commodities, and forex. This allows traders to diversify their portfolios while exploring different market opportunities
• It is suitable for different trading styles: STP trading accommodates various trading styles, from day trading to swing trading and even longer-term strategies. STP allows traders to utilise their preferred trading strategies.
• The environment is a good one for scalping: STP brokers are often accommodating to scalpers due to the direct route of orders and efficient execution process. Speedy order processing is beneficial for traders who engage in rapid trades.
• STP Trading strives to eliminate conflict of interest, similar to ECN trading models. The success of the broker is aligned with the performance of the traders.
• STP Brokers allow flexible trade sizes. STP brokers allow traders to make trades of various sizes, such as micro-lots or standard lot sizes, in accordance with their risk management strategy.
• Market-Neutral Execution: STP trading can provide market-neutral execution since trades are made directly to the market, without involvement by brokers. This lets traders avoid biases due to broker intervention.

Disadvantages of STP Trading

• Conflicts of interests between brokers and traders: STP brokers could have conflicts of interest as they get a financial incentive from companies that provide liquidity to make trades flow exactly in the same way.
• There is less transparency than the ECN model STP brokers might not provide as much transparency as ECN brokers, because traders are not aware of the bid or ask prices of various liquidity providers
• Possibility of Requotes: While STP execution is intended to be smooth yet there is the possibility of requotes occurring, especially in times of high market volatility. Requotes occur when the requested price cannot be found that could lead to delays in the execution of orders.
• Limited Control Over Spread: STP brokers could have variable spreads, which could be widened during market volatility. Traders may have limited control on the spread they pay which can impact costs for trading.
• Inconsistent or inconsistent Order Execution Speeds STP execution speeds can vary in accordance with market conditions as well as the broker’s technology infrastructure. Traders may experience delays during peak trading times impacting trade entry and exit.
• Risk of Slippage: Similar to ECN trading, slippage can be experienced in STP execution as well. Traders could experience slippage when the execution cost differs from the one they originally intended due to a rapid change in the market.
• Higher Minimum Deposit Requirements Certain STP brokers may require higher minimum deposit amounts in order to open an account. This can pose a problem to traders who have a small capital and wish to begin trading with less.
• STP brokers might not have the same amount of information as ECN brokers, which offer better understanding of the market in various price levels.
• Rejections of orders are possible. STP brokers may reject orders in a few instances particularly if situations in the market or issues with connectivity are not favourable. This can result in missed trading opportunities.
• The risk of overloading during high Risk of Overloading during Extreme Market Volatility, STP Brokers may experience technical issues and delays because of increased trading activity. This could impact the execution of trades.
• Limited features for advanced features: STP brokers may have fewer trading tools and advanced features as compared to ECN brokers. This is a concern for traders who are reliant on specific tools for implementing their strategies.
• Variable Execution Quality: The execution quality can differ between STP brokers. In order to ensure consistent and reliable execution, traders may have to do a lot of research before they pick a reputable STP brokerage.

Choosing Between ECN and STP

Making a decision between ECN and STP depends on several elements, such as trading style, volume, and trading goals. In deciding between ECN or STP, traders should be aware of the following aspects:

Factors to Consider

• Style of trading, frequency and volume: Traders who have a high trading volume and frequency can benefit from ECN trading, since it offers faster execution and better liquidity. STP trading is a viable alternative for traders with less volumes and frequencies. It comes with lower cost.
• What are your goals in trading? Long-term or short-term? Traders who have goals for the long term can benefit from ECN, which offers better liquidity and more transparency. STP trading is a great alternative for traders with short-term goals due to its faster execution and lower costs.
• Risk tolerance and preferred spreads: Investors who have high risk tolerance and a preference for a tighter spread may benefit from ECN trading since it is a lower-cost option for spreads. STP trading is an excellent option for traders with less risk-averse personality, and who prefer wider spreads.
• Market Volatility – Determine your confidence level when dealing with the volatility. If you are a fan of fast-moving markets and you can make quick decisions under pressure, ECN trading might align with your style. If you’re looking for a more reliable and stable trading experience, STP brokers may be the right choice.
• Time Commitment: Consider the time you have available for trading. Access to markets directly, speedier execution, and ECN trading are beneficial to active traders who track markets and make a lot of trades. The cost-efficiency of STP could be more appropriate for those with a limited time frame to trade, because it allows them to make small, but potentially profitable trades.
• Tools and Trading Platforms Take a look at the various platforms and tools provided by ECN brokers as well as STP brokers. Pick the one that aligns with your preferred trading interface and comes with the features that are required for efficient technical analysis, order execution, and management of risk.
• Sizes of Trades: Think about what size trades you’re planning to execute. ECN brokers are a great option for traders with a large volume. Their large liquidity allows the company to accept orders of any size, without having a significant effect on the marketplace. STP brokers are, however, a great option for traders who prefer smaller quantities of trades and who want the most cost-effective execution for every trade.
• Market Access: Decide the markets you can access and assets you’re planning to trade. ECN brokers offer a broad array of financial instruments, such as commodities and forex. They also offer access to commodities, indices and even crypto. An ECN broker can provide you with the large variety of financial instruments you’re searching for in order to trade different markets.
• Evaluation of Regulatory Compliance: when evaluating ECN and STP Brokers, pay attention to regulatory compliance. Verify that credible authorities have licensed the brokers within the trading industry. The oversight of regulatory authorities provides additional protection to traders, as it ensures the fairness of trading and protecting their investment.
• Customer Support: A good customer support service is vital to answer any concerns or questions you might have during your trading experience. ECN brokers and STP brokers must be evaluated for their speed of response and availability. A broker that provides effective customer support can offer valuable assistance when required.
• Available Order Types: Different trading strategies require different order types. Think about the various order types available from both ECN as well as STP brokers. If your strategy is based upon specific types of orders like stop orders, limit orders, or trailing stops, ensure that your chosen broker will support these types of orders.
• It is essential to learn, particularly when you are a new trader. Review the educational materials offered by each type of broker. These include webinars, analysis of markets, education material and tutorials.
• Broker Reputation: Check the reputation of both ECN and STP brokers in trading communities. To evaluate a broker’s reliability as well as transparency and trustworthiness, check out testimonials, reviews and comments from fellow traders. A broker that has an excellent reputation is likely to provide you with a pleasant trading experience.
• The choices for deposit and withdrawal should be compared for their convenience and security. Be sure to ensure that the broker is able to accept payment methods that are compatible with your preferences and they are able to make efficient transfers of funds.
• Demo Accounts: Make use of demo accounts from both ECN and STP brokers to try out their trading platforms. Demo accounts let you play with real-world trading conditions without risking real funds. This lets you analyse factors like platform usability and order execution speed.

Determining the Right Model for You

The elements mentioned above, along with the traders’ trading goals and preferences, can assist them in deciding which one is best for them. It is also recommended to research the various ECN and STP brokers and compare their features and prices before making a choice.

Hybrid Model: A Combination of ECN and STP

In its essence, the hybrid model represents a sophisticated fusion of the ECN and STP trading models. While both ECN and STP models have earned their stripes in the trading arena, the hybrid model blends the best of each and creates an integrated platform that is able to meet the diverse expectations and preferences of traders. Hybrid brokers offer traders a variety of account types including ECN and STP, which allows them to customise their trading strategy based on the needs of their clients.

Definition and Advantages

The hybrid model inherits direct market access, order matching and the efficiency of the ECN model. This lets traders directly communicate with liquidity providers in a transparent and efficient trading system. It also leverages the seamless process of processing orders and reduced trading costs that come with the STP model, supplying traders with competitive spreads and a smoother execution process.

One of the most significant benefits of this hybrid model is its capacity to reduce the costs of trading than traditional market makers. By efficiently routing trades to liquidity providers and eliminating the spread markup, traders will gain a lower cost for trading. The hybrid approach is usually faster, meeting the demands of traders who need to finish orders quickly.

The hybrid model allows cost savings, fast execution and increased transparency. It also increases liquidity. Investors are able to gain an understanding of the market’s depth which allows them to make informed decisions based upon a comprehensive view of available prices, both bid and ask. Transparency can create a more knowledgeable trading environment, which creates trust in traders and helps them make informed decisions.

Disadvantages of the hybrid model

The hybrid model could offer many advantages however it is crucial to realise that it could also be subject to certain limitations. Conflicts of interest between traders and brokers could be present in this model, just as they can occur in any trading framework. Hybrid brokers can transfer trades to liquidity providers. Traders should be cautious about selecting brokers who have ethical business practices to limit conflicts of interest.

Additionally, even though the hybrid model encourages transparency however, it can fall in comparison to the ECN model when it comes to divulging bid and request prices from multiple liquidity providers. The ECN model may be more appealing to traders who are searching for the most complete transparency.

Choosing the Right Hybrid Broker

The need for diligence is paramount as traders investigate the hybrid model. It is vital to research different hybrid brokers and understand the fees they charge, their account types and other features. When comparing the different options and aligning them with individual needs and desires traders can find the best hybrid broker for their trading journey.

The hybrid model is an outstanding example of continuous innovation in the world of trading. In combining the strengths and advantages of ECN and STP models, it endeavours to create a more streamlined trading experience that is suited to an array of traders. Through its combination of direct market access, seamless processing, reduced costs and better liquidity, the hybrid model stands as an example of the constantly evolving nature of the financial market and the constant commitment to offer traders the most efficient trading solutions.

ECN vs STP vs Market Maker

When it comes to selecting the right trading strategy, traders typically come across three major options: ECN (Electronic Communication Network), STP (Straight-Through Processing), and Market Maker. Each model has its unique advantages and drawbacks, and understanding the differences between them is essential to making a well-informed choice. Review the most important characteristics of each model.

ECN (Electronic Communication Network)

ECN is a type of trading that connects traders directly to liquidity providers, such as banks and financial institutions. The ECN model functions as a hub that matches buy and sell orders between various market participants. This makes sure that traders receive the best possible price for their transactions.

Here are some key points about ECN:

• Lower spreads: ECN brokers typically offer lower spreads than market makers, as they consolidate prices from a variety of liquidity providers.
• Speedier execution ECN brokers offer faster execution of trades, which allows traders to benefit from market opportunities without delays.
• Improved liquidity: ECN brokers offer improved liquidity by connecting traders to an enormous network of liquidity providers.
• Price transparency: ECN brokers provide greater price transparency, as traders are able to see prices of bid and ask from different liquidity suppliers.

STP (Straight-Through Processing)

STP is a trading model that lets traders execute transactions directly through liquidity providers, without the need for a deal desk. STP brokers are intermediaries who are able to act as a liaison between traders and liquidity providers. They manage orders efficiently and eliminate broker interference.

Here are some key points about STP:

• STP brokers process trades electronically and automatically without any human intervention.
• STP brokers offer lower fees for trading than market makers as they can transmit prices directly to liquidity providers.
• STP brokers provide a variety of functions. They are able to combine ECN and market maker attributes, allowing for a greater balance between trading costs and execution.

Market Maker

Market makers help in ensuring liquidity by providing prices for sale and buy financial instruments. Market makers provide a platform where traders can trade and gain from the difference between the prices of bid and ask. Here are some facts about market makers.

• Instant execution: Market makers provide instant execution of trades, as they are the counterparties of trades made by the trader.
• Conflicts of Interest: Market makers may profit from traders’ losses.
• Wider spreads: Market makers often offer wider spreads compared to ECN and STP brokers, as they add a markup to their prices.

Comparison of Trading Models

Here is a comparison of the key features and advantages/disadvantages of each trading model:

Trading Model	Key Features	Advantages	Disadvantages
ECN	– Lower spreads – Faster execution – Improved liquidity – Price transparency	-Reduction in trading costs -Access to several liquidity providers -Price transparency has been increased	-The cost of trading has increased because of commissions-The ability to trade is essential.
STP	– Complete order processing – Lower costs for trading – Blending features of ECN and market makers	-Reduction in trading costs – Improvement in execution -There are no conflicts of interest.	-Price transparency is lower than ECN
Market Maker	– Instant execution -Conflicts of Interest – Wider spreads	– Instant execution – Market availability – No commission charges	-Conflicts of Interest – Wider spreads – Less price transparency

Tips for Effective Trading with ECN and STP Brokers

There are a few best trading techniques that traders should follow regardless of their chosen trading method:

• Choose a reliable broker: Do your research to find a broker who is well-known as well as a licence and positive reviews from its clients.
• Implementing proper strategies to manage risk: Use risk management tools such as stop-loss orders as well as take-profit orders to control risk and protect capital.
• Utilising Limit Orders Wisely Use limit orders, especially with ECN brokers, to define the exact amount you’d like to make an entry or exit trade. This is especially useful in moments of high volatility when price fluctuations are expected to be rapid.
• Diversifying Liquidity Providers: With ECN trading, it is important to research brokers that offer access to a variety of liquidity providers. Diversifying sources of liquidity can enhance the quality of execution and lower the possibility of bottlenecks when markets are busy.
• Examine the Execution speed Check the speed of execution against other brokers. It’s crucial to check the speed of execution in different market conditions because both ECN and STP models stress the speedy process of orders.
• Adapting to News Releases: For both ECN and STP trading, news releases may trigger market volatility. Prepare for these events by adjusting risk exposures or considering larger stop-loss limits, or avoiding trading at crucial timings.
• Keeping Trade Records: Maintain a comprehensive journal of trading to record your trades, strategies, and the results. Analysing past trades will give an insight into your strengths and weaknesses.

Conclusion

Choosing the right trading model is essential for traders to realise their trading goals. ECN, STP, and Market Maker models each have their own advantages and disadvantages, and traders should consider the way they trade, their goals, and preferences when making a choice. Understanding the differences and key features of these models will help traders make better decisions and make the most of their trading experience. To ensure that trading is successful, select an accredited brokerage, follow correct risk management techniques and stay informed on market conditions.

FAQs

Q1: What makes choosing the right trading model so important?

The choice of the best trading method is a major factor in your trading experience. It can affect factors such as speeds of execution, costs and transparency. All of these can affect your success in the market.

Answer: Selecting the right trading strategy will determine the effectiveness of your trades as well as the expenses you incur, and the level of control you’ve over your trades. A good model can improve your strategy and performance regardless of whether you’re trading on a daily basis or are a long-term investor.

Q 2: How does ECN operate, and what’s its key feature? What sets ECN apart from other trading models, and how does it provide traders with a unique advantage?

Answer: ECN or Electronic Communication Network, operates as a platform that connects traders to liquidity providers. This allows for immediate ordering and execution. Its principal attribute is direct market access which allows traders to exchange information with multiple sources of liquidity. This can result in more transparency and possibly lower spreads.

Q 3: Can you explain the main differences between ECN and STP?

Answer:  While both ECN (STP) and ECN focus on efficiency and transparency, their business models are quite different. ECN concentrates on direct market access and order matching within a network. STP is focused on seamless order processing through the routing of trades to liquidity providers. The choice you make will depend on your goals for trading and the style you prefer.

Q 4: What advantages does the Hybrid Model offer?

Answer: The Hybrid Model combines the benefits of ECN and STP and provides traders with the ability to strike a balance between quick execution along with transparency and cost-effectiveness. The model offers low spreads and minimises potential conflicts of interest that might occur in other models.

Q 5: How do I decide between ECN and STP trading models?

I’m in a dilemma between ECN and STP. What should I take into consideration in order to make the best decision for my style of trading?

Answer: Consider trading goals and trading volume and risk tolerance, as well as preferred spreads. ECNs can be a great option for traders who are active and want speedy execution. STP is a better option when you’re a moderate trader who wants to enjoy competitive prices.

Q 6: What’s the significance of choosing a reputable broker for ECN and STP trading?

Answer: Reputable Brokers ensure that all trades you make are carried out fairly and in a transparent manner. They offer access to liquidity providers that are reliable and assist in avoiding conflicts of interest and provide instruments for managing risk. It is important to choose a broker with a good reputation in order to protect your investments and deliver profitable trading results.

References

https://learnbonds.com/forex-brokers/stp-brokers
https://admiralmarkets.com/education/articles/general-trading/types-of-brokers-ecn-stp
https://www.babypips.com/forexpedia/ecn
https://myfxlist.com/what-is-ecn-trading-and-what-are-its-advantages/
https://www.thinkmarkets.com/en/partnerships/white-label/
https://coesfx.com/stp-ecn-brokers/
https://www.asiaforexmentor.com/ecn-forex-broker/
https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_forex.html
https://timebusinessnews.com/ecn-vs-stp-the-differences-explained-in-simple-words/
https://www.investor.gov/introduction-investing/investing-basics/glossary/foreign-currency-exchange-forex
https://www.wikifx.com/en/newsdetail/202208108344874283.html
https://markets.businessinsider.com/news/stocks/forex-trading-platorm-fxwinning-and-its-principals-accused-of-engaging-in-fraud-and-deceptive-trade-practices-1032507176
https://www.wikifx.com/en/newsdetail/202301028194319900.html
https://www.icsi.edu/media/webmodules/publications/FTFM_Final.pdf
https://fiscaldata.treasury.gov/datasets/treasury-reporting-rates-exchange/treasury-reporting-rates-of-exchange
https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
https://www.moneycontrol.com/news/tags/forex.html
https://www.cbn.gov.ng/rates/exchratebycurrency.asp
https://www.babypips.com/learn/forex/stp-forex-brokers
https://forexsuggest.com/ecn-forex-brokers/
https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates
https://fxstadium.com/review/fxview/
https://www.xcritical.com/white-label-forex-solutions/
https://myfxlist.com/the-difference-between-an-stp-and-an-ecn-forex-broker-explained/
https://blogs.cornell.edu/learning/why-trade-in-forex-and-how-to-become-a-successful-forex-trader/
https://www.investopedia.com/terms/e/ecn.asp
https://tradersunion.com/interesting-articles/10-best-ecn-brokers/
https://finance.yahoo.com/news/ecn-trading-advantages-120611422.html
https://forexf1.com/ecn-brokers-meaning-and-advantages/
https://www.trade.gov/foreign-exchange-risk
https://online.nmims.edu/blog/top-10-things-every-forex-trader-should-know/
https://www.xcritical.com/blog/ecn-broker-definition-benefits-and-platform-reviews/
https://www.cbp.gov/trade/programs-administration/determining-duty-rates/foreign-currency-exchange-rates
https://www.exim.gov/solutions/loan-guarantee/foreign-currency-guarantee
https://www.investopedia.com/terms/e/ecn-broker.asp
https://digicoincenter.com/review/fxview/
https://www.quora.com/What-is-the-difference-between-an-STP-and-an-ECN-broker-in-laymans-term
https://fxstadium.com/best-ecn-forex-brokers/
https://www.occ.treas.gov/topics/supervision-and-examination/capital-markets/financial-markets/trading-volcker-rule/foreign-exchange.html
https://www.daytrading.com/market-makers