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 may only be offered by SPK-authorised intermediaries; leverage is capped at 1:10 (half of that may apply if the initial margin at account opening is below TRY 50,000). This content is not investment advice; user statements belong to their authors.