Tight Pricing
0.0pips Spreads From
Deep Liquidity
1ms Execution From
Transparent Trade receipts
Performance ECN | STP | NDD
The best solution for execution and cost sensitive active traders is here with the Global Prime ECN Account.

The Global Prime ECN offers cutting edge and high performance technology while leveraging our ten years of trading relationships to give you direct and anonymous access to a truly unique and diversified mix of liquidity.

Oh yeah, and we provide detailed trade receipts for all of your trades. For the first time ever you’ll have access to the same level of transparency as institutional traders, including; which bank filled your trade, the slippage, speed, order book and tick charts showing market impact.

Automated trade receipts
Completely anonymous trading
Fast fills and low slippage
Institutional grade liquidity

Global Prime ECN Features

The Global Prime ECN account is for traders who demand absolute performance from their broker.

What does ECN mean?

Electronic Communications Networks or ‘ECNs’ are off-exchange execution venues which allow market participants to trade with a range of counterparties anonymously. They are the main trading venues for OTC markets such as Foreign Exchange and Metals.

This basically means ECNs provide the technology and venue for price makers aka ‘liquidity providers’ to distribute their liquidity. Price takers (traders) can see these prices and execute trades against them. The ECN is therefore responsible for prices/quotes and the execution of orders.

Institutional ECNs can be accessed through a prime broker while retail ECNs can be accessed through a retail forex broker. There are different characteristics to each, however, they both provide access to the interbank foreign exchange market. If you’re not getting direct (STP) access to interbank liquidity then you’re not trading via an ECN.

Characteristics of institutional and retail ECNs

For Institutional Traders

  • Central limit order book (CLOB) allowing trading as price maker or price taker.
  • Basically an OTC version of an exchange that uses external liquidity from banks andother market makers for a diverse and competitive liquidity mix.
  • Trades are executed anonymously
  • The ECN is responsible for matching trades done between participants.
  • Institutional ECN examples: HotSpot FX, FXALL, EBS, FastMatch and TraderTools.

For Retail Brokers and Traders

  • Quote driven order book where traders can trade as (price) taker only.
  • Multiple bank and non-bank liquidity providers ‘aggregated’ into a best bid/bestoffer, and streamed to traders for them to execute against (as taker).
  • Trades are executed anonymously.
  • Orders are executed with liquidity providers and not B-booked.
  • The broker does not run a B-book or make money from traders' losses.

Institutional + Retail

Global Prime entered a strategic joint venture with Institutional ECN provider ‘TraderTools’ in 2020 and now offers this as a standalone product to its institutional clients.
  • This partnership makes Global Prime one of the world’s only institutional and retail broker ECNs.
  • Global Prime can provide direct ECN access to any of these institutional ECNs via FIX API or GUI - for institutional clients only. Minimum requirements apply.

Is Global Prime really an ECN broker?

  • Global Prime aggregates liquidity from tier-1 banks, non-bank market makers and (institutional) ECNs.
  • All Global Prime trades that exceed our prime broker minimum are executed with a liquidity provider. See Best Execution page for more information.
  • Since we back-to-back hedge all trades and don’t internalise any risk (excluding small tickets which are batch hedged), plus we provide trade receipts to prove exactly how every order was executed and with whom, we’re confident we’re doing the right thing by our clients and delivering a genuine ‘retail broker ECN’.
  • Please contact us if you feel differently on the topic.

Trade receipts showing ‘True’ ECN execution

Global Prime provides automated trade receipts for all of your trades so you can see which bank executed your trade, fill speed, slippage, the full order book and even a tick chart for market impact.

Trade receipts are a tool to empower our traders to make better trading decisions using the same information institutional traders rely on. This is just another way we’re leveling the playing field for the betterment of all retail traders.

Global Prime ECN vs Market Maker or ‘ECN pricing’

We trade with, and not against you. But what does this even mean?

  Global Prime ECN Market maker or ‘ECN Pricing’
No conflict of interest between you making money and broker profitability?
Wants clients to trade profitably?
Does not make money from your losses?
Does not make hedge execution decisions based on client trading behaviour or account profitability?
Does not benefit from wider spreads causing stop out of retail traders.
Does not benefit from interbank stop hunting.

ECN FAQs

How can you tell if your broker is truly an ECN broker?

Lots of brokers claim to be ‘ECN’ but really they’re just running B-books and trading against theirclients. Here are some easy ways to spot a fake:

  • They use the term ‘ECN pricing’ to pass themselves off as an ‘ECN’ broker. In reality they’re just giving traders an ECN price feed and using it to run a B-book.
  • They don’t provide trade receipts which show the bank who filled your trade. They provide limited information when you query them about a trade as its not in their interest to show that you were B-booked and providing false information is too spicy.
  • A ‘True’ ECN broker should have direct bank relationships and therefore be able to show the bank who filled the trade plus the liquidity providers who made up the order book. Fake ECN brokers won't be able to show the liquidity providers who make up their order book.
What does STP or straight through processing mean?
  • A broker who is ‘STP’ is a back-to-back broker, i.e. orders are hedged with trading counterparties on a back-to-back and 1:1 basis.
  • ‘Straight Through Process’ refers to the round trip process through which an order is executed between taker (trader) and maker (liquidity provider).
  • See the full trade flow process for an STP trade
What does NDD or no deal desk mean?
  • ‘No Deal Desk’ refers to there being no intervention, dealer or otherwise, in the transfer of risk from a trader to a maker (liquidity provider).
  • Our trading is fully automated, i.e. ‘No Deal Desk’. We have no human discretionary traders and we do not make hedge execution decisions based on client trading behaviour or account profitability.
  • This means trading is fully automated, no human discretionary traders are involved, and hedge execution decisions are not made or based on client trading behaviour or account profitability, i.e. all trades go down a single pipe, through a single order management system, to a single book.
  • See the full trade flow process for an NDD trade

If all you did was choose a broker that's on your side, wouldn't it be worth it?