An ECN is a network that matches buy and sell orders from multiple participants — including banks, hedge funds, and retail traders — without a central dealing desk. ECN brokers offer direct market access with variable spreads that reflect real interbank liquidity. Traders typically pay a commission per trade in addition to the raw spread.
On an ECN account, you see EUR/USD quoted at 1.10500/1.10502 — a 0.2-pip raw spread. You pay a separate commission of $3.50 per lot per side. The total trading cost is the spread plus the commission.
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