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You’ve come to the right place if you’re in the market for an ECN account. FXTM offers traders a wide range of reports, including ECN Zero and ECN Pro. However, there are a few factors to consider when choosing an ECN account. For starters, you’ll want to ensure that the broker you’re using has the lowest fees.
The fees for an ECN account are determined by the type of account you choose and the underlying instruments you trade. Some brokers offer commissions as low as $2 per lot. Others charge as much as 1.5 pips, so comparing these rates is essential to ensure you’re getting the best value for your money.
While you can open an FXTM account with as little as $10, you’ll also be able to test the waters with a free demo account. You can also talk to a live agent through the website via Telegram, WhatsApp, and Viber. And you can even get a Visa card if you need one.
If you’re looking for low spreads and a comprehensive selection of assets, the FXTM ECN Zero Account might be a good fit. Its spaces are as low as 0.1 pips, and you can order as many as you like. But you’ll also have to make a minimum deposit of $500. That’s higher than the minimum deposit required for a regular FXTM ECN account.
Another factor to consider is leverage. You can have a maximum of 100 lots of a single trade, but a margin call of 80% is also possible. Also, while you can use the leverage on your account, you’ll need to make a margin deposit to protect your position.
Aside from the spreads, you’ll also need to decide whether or not you’re willing to deal with the fees associated with ECN accounts. Most forex brokers charge a round-turn fee of $7.00, but you can find brokers that charge as low as 0.05 pips. Choosing an ECN account can be expensive, especially for those who don’t have a lot of equity. In addition, you’ll need to make a deposit and go through the initial signup process.
Finally, it would be best if you also looked at the withdrawal and transfer methods that FXTM supports. While you’ll have access to various options, you can expect to pay a $50 fee to process a bank wire transfer. However, you can opt for the FXTM Virtual Mastercard, which provides faster withdrawals and no additional payments.
FXTM also supports an Islamic account. Unlike some other forex brokers, FXTM doesn’t require you to have a certain amount of capital before you can use a prepaid credit card. As a result, it can be a good option for novice traders who aren’t ready to invest a large sum of cash.
Lastly, you’ll need to choose how you’d like to deal with FXTM’s live chat. The company has offices in 150 countries worldwide, so you’ll likely have a problem if you’re looking for a representative who speaks English.
