Advertisements

How to choose a Forex broker

How should you go about choosing your broker? Which company is the best fit for your trading style? There have lot of options to choose a broker. Hope you can find suitable brokers to invest your money in.

Forex Brokers Comparison table – The most complete list of online Forex brokers compared by minimum deposit, leverage, min. spread and more.

Forex brokers spread comparison table – Get Forex brokers spread in real-time and get the best deal!

Forex forum – stay online and keep the discussion going with other Forex traders and money makers around the world. Sharing is caring!

Brokers by Countries

Australia Belize British Virgin Islands* British West Indies Bulgaria
Canada Cyprus* Czech Republic Denmark Germany
Greece Guernsey Hong Kong Ireland Kuwait
Lebanon Luxembourg* Mauritius* Montenegro Netherlands
Nevis New Zealand Panama* Poland Russia
Saint Vincent and the Grenadines* Seychelles* Switzerland Ukraine United Kingdom
United States

* Tax haven countries

Brokers by Regulations

Each country has  its own national body for regulating its financial service industry to make sure that things don’t get out of hand. A Forex broker must be licensed in the country in which their operations are based, this is a very important regulation to look out for.

Being approved by Forex Regulatory Bodies mean that the broker maintained strict quality control standards and your business with the broker is safe.

Main Forex Regulatory Organizations:

list of Brokers by Forex Regulatory Bodies:

ASIC AMF BaFin FINMA FSA
FCA NFA ACP AFSL Banque de France
CBI CFTC CNB CNMV CNV
CONSOB CySEC FFMS FI FINRA
FMA FSC FSCL FSP HCMC
SIPC IFSC IIROC LSC MAS
MiFID* PFSA Regulated bank SFC SIBA

*MiFID (Markets in Financial Instruments Directive) is ‘Directive’, not Forex Regulatory Bodies. More about MiFID from wiki.

Brokers by Trading Platform

As Forex traders we need stable and user-friendly trading platform. It is important to make sure that the platform does not freeze at high trading time such as news or events.

The table listed most famous trading platform. Which one suit you best?

MetaTrader 4 MetaTrader 5 ActTrader Autochartist Mobile Trader
Web Trader Mirror Trader MYFX  Currenex Active Trader
cTrader DealBook® Integral iTrader J-Trader
Kiwi Trader Novativa Streamster™ PFD Trader Power Trader Trading Station
ZuluTrade  TradeDesk

Brokers by Deposit/ withdraw options

Deposit/withdraw methods:

AlertPay (Payza) Prepaid MasterCard LiqPay Moneybookers (Skrill) Neteller
Perfect Money WebMoney Western Union Bank Wire
Account Transfer ACH transfer AlgoCharge Allied Wallet BPAY
Cash Deposit CashU C-gold Debit/Credit Card eCheck
E-Dinar Giropay OKPAY Pecunix Paper Check
SolidTrustPay Technocash UKash UnionPay
ClickandBuy  EuroGoldCash  Paynova

Brokers by Trading Instruments

 Stocks Commodities Energies Equities ETFs
Futures Index Indices Mutual Funds Shares

Brokers by Broker Types

There are several different types of Forex broker.

 

Brokers by Type of Spread

Forex brokers make money from spread (market maker, DMA, STP) or charge fixed commission per turn round (true ECN). Spread is the different between bid and ask (buying and selling) price, it can be fixed or variable.

Which is the best choice? 

Fixed spread: You know exactly what you paid for when put on a trade, the spread will stay the same even in high trading activity such as news release time. List of brokers offer fixed spread.

Variable/ floating spread: Sometime spread can be as small as 1 pip or even smaller but the spread can widen up to 10 pips! List of Brokers offer floating spread.

Some broker offer both pricing model which give clients more choices. If you don’t satisfied with fixed spread you can move over to other. To Learn more about this please check account type and trading condition of brokers before opening account. List of Forex brokers offer both fixed and floating spread.

ECN Broker type charge smaller spread, the spread can be 0 pip sometime but you need to pay extra commission per turn round. Learn more about ECN Brokers.

Brokers by Precision pricing

4 digits 5 digits 4/5 digits
Others
Brokers with One-click execution Brokers with OCO orders Swap-free account Forex brokers
No Commission Trading Forex brokers  Brokers offer Interest on Margin
 Brokers with Managed account  Brokers with PAMM account
 Brokers for Hedging  Brokers with MAM account
 Brokers for Scalping  Brokers with segregated accounts
Advertisements
OctaFX
OctaFX
- Minimum deposit is only 5 USD
- Floating spread from 0.2 pips
- No requotes
- ECN account
Open Account
view profile »
Hirose Financial UK
hiroseuk logo 100_33a
- EURUSD 0.8 pips & USDJPY 0.7 pips
- High Performance Order execution
- 25 liquidity providers
- UK FCA regulated FX broker
Open Account
view profile »
LiteForex
LiteForex logo
- Deposit from $1
- Regular contests with valuable prizes
- Unique deposit insurance service
- Auto-withdrawal service
Open Account
view profile »
NordFX
NordFX logo
- Minimum deposit is $5
- Leverage is up to 1:500
- Tight fixed and varied spreads
- STP and ECN accounts
Open Account
view profile »