Forex Glossary
What Is ECN / STP / Market Maker?
Execution models: ECN/STP route orders to liquidity providers; a Market Maker is the counterparty. The model matters for spreads and conflict of interest.
In ECN/STP the broker routes orders to the market with little conflict of interest; in a Market Maker model the broker is the counterparty, so transparency matters more.
Risk warning. Leveraged forex trading carries high risk and, in Türkiye, is subject to SPK regulation (1:10 leverage cap, ~50,000 TRY margin). This content is not investment advice; user statements belong to their authors.