ECN, short for Electronic Communication Network, is a forex trading tool that connects major forex brokers and individual traders so that they can trade directly between themselves without having to go through a middleman.
How does ECN work?
To trade with the forex trading tool-ECN, forex trader must open an account with a reliable forex broker that provides direct access trading. Traders can place orders into the ECN via a custom computer terminal or network protocols. The ECN will then match contra-side orders (a sell-order and a buy-order with the same price and share amount) for execution. The ECN will post unmatched orders on the system for other traders to view.
What the advantages of Electronic Communication Network?
To trade with ECN, forex traders should open accounts with a reliable forex broker that provides direct access trading with ECN. Today I will take Ikon ECN for example in order to give you a rough idea of what advantages of the great forex trading tool-ECN possesses.
The following is the advantages of trading with Ikon ECN:
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