See DemoStart Free Trial
Home / Brokers / Best ECN MT5 Brokers

Best ECN MT5 Brokers (2026)

ECN and no-dealing-desk brokers route your orders to the market for tight raw spreads plus a commission. These MetaTrader 5 brokers offer that model, ranked by spread.

MSP Score /100:85+ Excellent70 to 84 Very good55 to 69 Fair<55 Caution
24 brokers, ranked
#1

Vantage (Vantage Markets)

Sydney, Australia · est. 2009 · MT4, MT5, TradingView, Vantage App (proprietary)
MT5✓ MSP-ready~ Mixed reviewsCFDInvest / real shares
EUR/USD0 pip
Min deposit$50
ExecutionECN/STP
Regulated byASIC, FCA
79
Grade B
Review Visit ↗
#2

Axi (formerly AxiTrader)

Sydney, Australia · est. 2007 · MT4, MT5, Axi Trading Platform (web/mobile, own), Axi Copy Trading app
MT5✓ MSP-ready✓ Trusted reviewsCFDSpread Betting
EUR/USD0 pip
Min deposit$0
ExecutionNo dealing desk (STP)
Regulated byFCA, ASIC
78
Grade B
Review Visit ↗
#3

IC Markets

Sydney, Australia · est. 2007 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready~ Mixed reviewsCFD
EUR/USD0.1 pip
Min deposit$200
ExecutionECN/STP
Regulated byASIC, CySEC
90
Grade A
Review Visit ↗
#4

Pepperstone

Melbourne, Australia · est. 2010 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFDSpread Betting
EUR/USD0.1 pip
Min deposit$200
ExecutionNo dealing desk
Regulated byFCA, ASIC
88
Grade A
Review Visit ↗
#5

GO Markets

Melbourne, Australia · est. 2006 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFD
EUR/USD0.1 pip
Min deposit$200
ExecutionECN/STP (GO Plus+ raw); Standard is market maker
Regulated byASIC, CySEC
86
Grade A
Review Visit ↗
#6

FP Markets

Sydney, Australia · est. 2005 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFDDMA
EUR/USD0.1 pip
Min deposit$100
ExecutionECN/STP
Regulated byASIC, CySEC
85
Grade A
Review Visit ↗
#7

Tickmill

London, United Kingdom · est. 2014 · MT4, MT5, TradingView, Tickmill Trader
MT5✓ MSP-ready~ Mixed reviewsCFDFutures
EUR/USD0.1 pip
Min deposit$100
ExecutionECN/STP
Regulated byFCA, CySEC
84
Grade B
Review Visit ↗
#8

ThinkMarkets

London, UK (co-HQ Melbourne, Australia) · est. 2010 · MT4, MT5, TradingView, ThinkTrader
MT5✓ MSP-ready~ Mixed reviewsCFDSpread Betting
EUR/USD0.1 pip
Min deposit$0
ExecutionNo dealing desk (STP/ECN)
Regulated byFCA, ASIC
83
Grade B
Review Visit ↗
#9

Fusion Markets

Melbourne, Australia · est. 2017 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready~ Mixed reviewsCFDDMA
EUR/USD0.1 pip
Min deposit$0
ExecutionECN/STP
Regulated byASIC, VFSC
81
Grade B
Review Visit ↗
#10

BlackBull Markets

Auckland, New Zealand · est. 2014 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready~ Mixed reviewsCFDDMA
EUR/USD0.1 pip
Min deposit$0
ExecutionECN/STP
Regulated byFMA, FSA
79
Grade B
Review Visit ↗
#11

Admirals (Admiral Markets)

Tallinn, Estonia · est. 2001 · MT4, MT5, TradingView, Admirals Platform
MT5✓ MSP-ready✓ Trusted reviewsCFDSpread Betting
EUR/USD0.1 pip
Min deposit$100
ExecutionNo dealing desk
Regulated byFCA, CySEC
78
Grade B
Review Visit ↗
#12

Eightcap

Melbourne, Australia · est. 2009 · MT4, MT5, TradingView, TradeLocker
MT5✓ MSP-ready✓ Trusted reviewsCFD
EUR/USD0.1 pip
Min deposit$100
ExecutionNo dealing desk (STP)
Regulated byASIC, FCA
78
Grade B
Review Visit ↗
#13

TMGM (TradeMax Global Markets)

Sydney, Australia · est. 2013 · MT4, MT5, IRESS
MT5✓ MSP-ready✓ Trusted reviewsCFDDMA
EUR/USD0.1 pip
Min deposit$100
ExecutionECN/STP (some offshore entities operate on a principal/market-maker basis)
Regulated byASIC, FMA
78
Grade B
Review Visit ↗
#14

Blueberry Markets

Sydney, Australia · est. 2016 · MT4, MT5, cTrader, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFD
EUR/USD0.1 pip
Min deposit$100
ExecutionNo dealing desk / ECN-STP (institutional LPs)
Regulated byASIC, VFSC
78
Grade B
Review Visit ↗
#15

Exness

Limassol, Cyprus · est. 2008 · MT4, MT5, Exness Terminal (web), Exness Trade (app)
MT5✓ MSP-ready~ Mixed reviewsCFD
EUR/USD0.1 pip
Min deposit$10
ExecutionNo dealing desk
Regulated byFSA, FSCA
76
Grade B
Review Visit ↗
#16

Global Prime

Melbourne, Australia · est. 2010 · MT4, MT5
MT5✓ MSP-ready✓ Trusted reviewsCFDDMA
EUR/USD0.1 pip
Min deposit$0
ExecutionECN/STP
Regulated byASIC, VFSC
72
Grade B
Review Visit ↗
#17

RoboForex Ltd

Belize City, Belize · est. 2009 · MT4, MT5, R StocksTrader, R WebTrader
MT5✓ MSP-ready~ Mixed reviewsCFDInvest / real shares
EUR/USD0.1 pip
Min deposit$10
ExecutionECN/STP
Regulated byFSC
70
Grade B
Review Visit ↗
#19

FXTM (ForexTime)

Limassol, Cyprus / Mauritius (Exinity group) · est. 2011 · MT4, MT5, FXTM Trader, WebTrader
MT5✓ MSP-ready~ Mixed reviewsCFD
EUR/USD0.1 pip
Min deposit$200
ExecutionMarket execution (ECN on Advantage; market maker on others)
Regulated byFSC, FSCA
64
Grade C
Review Visit ↗
#20

Moneta Markets

Kingstown, St. Vincent & the Grenadines · est. 2019 · MT4, MT5, TradingView, ProTrader
MT5✓ MSP-ready~ Mixed reviewsCFD
EUR/USD0.1 pip
Min deposit$50
ExecutionECN/STP - No dealing desk
Regulated byFSCA, FSA
64
Grade C
Review Visit ↗
#21

FxPro

London, United Kingdom · est. 2006 · MT4, MT5, cTrader, FxPro Edge
MT5✓ MSP-ready✓ Trusted reviewsCFDSpread Betting
EUR/USD0.2 pip
Min deposit$100
ExecutionNo dealing desk
Regulated byFCA, CySEC
81
Grade B
Review Visit ↗
#22

Dukascopy Bank

Geneva, Switzerland · est. 2004 · JForex, MT4, MT5
MT5✓ MSP-ready~ Mixed reviewsCFDDMA
EUR/USD0.3 pip
Min deposit$100
ExecutionECN-STP
Regulated byFINMA, Bank of Latvia
87
Grade A
Review Visit ↗
#23

OANDA

New York, USA · est. 1996 · OANDA Trade (fxTrade), MT4, MT5, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFD
EUR/USD0.9 pip
Min deposit$0
ExecutionNo dealing desk
Regulated byNFA/CFTC, FCA
79
Grade B
Review Visit ↗
#24

Swissquote

Gland, Switzerland · est. 1996 · MT4, MT5, Advanced Trader, TradingView
MT5✓ MSP-ready✓ Trusted reviewsCFDInvest / real shares
EUR/USD1.3 pip
Min deposit$1000
ExecutionECN-STP
Regulated byFINMA, FCA
82
Grade B
Review Visit ↗
More broker lists
Lowest Spread MT5 Brokersfor Scalpingfor Beginnerswith a Low Minimum Depositfor Gold (XAUUSD)for Crypto Tradingfor Day TradingMetaTrader 4 (MT4) BrokerscTrader BrokersTradingView BrokersNinjaTrader Brokers

Frequently asked questions

What are the best ECN MT5 Brokers?

Our current top picks are Vantage (Vantage Markets), Axi (formerly AxiTrader), IC Markets. ECN and no-dealing-desk brokers route your orders to the market for tight raw spreads plus a commission. These MetaTrader 5 brokers offer that model, ranked by spread. Rankings are based on our scoring of regulation, costs, platform, execution, instruments and support.

How is this list ranked?

Every broker is scored out of 100 across regulation and safety, costs and spreads, platform fit, execution, instruments and funding, and support. Figures are typical and change, so always confirm current terms on the broker's own site.

Do these brokers work with Market Structure Pro?

Yes. Every broker on this page offers MetaTrader 5, and Market Structure Pro is an MT5 indicator, so it runs on any of their MT5 accounts.