ECN

An ECN (electronic communication network) broker passes your orders straight to a network of banks and liquidity providers, rather than taking the other side itself. You typically get very tight raw spreads plus a separate commission, and pricing reflects the real market.

This model suits scalpers and EA traders who want fast, neutral execution — see brokers like IC Markets and FP Markets. The opposite model is a market maker.

ECN execution can reduce conflicts of interest and requotes, though slippage still happens in fast markets.