Are there any Real ECN Brokers in South Africa?

@Chris I share your concern, so many brokers claim to operate the ECN model but not all of them truly do.

One of the signs I look out for in a true ECN broker is that they either offer Direct Market Access (DMA) or they offer Active Trader Rebate programs.

Legitimate ECN brokers in South Africa with FSCA regulation include: IG Markets & FXCM.

When we say a broker is an ECN or STP broker, it doesn't mean they will not offer standard accounts where spread is the only trading fee. ECN/STP brokers offer both zero-spread accounts (where spread starts from 0.0 pips and you also pay a commission per trade) and standard accounts (where spread is higher but is the only trading fee you pay). When a broker is not an ECN/STP broker, their account types will be only standard accounts meaning spread-only accounts for example look at a broker like XM none of their accounts charge commission, so they are an example of a market maker.