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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

AustraliaBelizeBritish Virgin Islands*British West IndiesBulgaria
CanadaCyprus*Czech RepublicDenmarkGermany
GreeceGuernseyHong KongIrelandKuwait
LebanonLuxembourg*Mauritius*MontenegroNetherlands
NevisNew ZealandPanama*PolandRussia
Saint Vincent and the Grenadines*Seychelles*SwitzerlandUkraineUnited 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:

ASICAMFBaFinFINMAFSA
FCANFAACPAFSLBanque de France
CBICFTCCNBCNMVCNV
CONSOBCySECFFMSFIFINRA
FMAFSCFSCLFSPHCMC
SIPCIFSCIIROCLSCMAS
MiFID*PFSARegulated bankSFCSIBA

*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 4MetaTrader 5ActTraderAutochartistMobile Trader
Web TraderMirror TraderMYFX CurrenexActive Trader
cTraderDealBook®IntegraliTraderJ-Trader
Kiwi TraderNovativa Streamster™PFD TraderPower TraderTrading Station
ZuluTrade TradeDesk

Brokers by Deposit/ withdraw options

Deposit/withdraw methods:

AlertPay (Payza)Prepaid MasterCardLiqPayMoneybookers (Skrill)Neteller
Perfect MoneyWebMoneyWestern UnionBank Wire
Account TransferACH transferAlgoChargeAllied WalletBPAY
Cash DepositCashUC-goldDebit/Credit CardeCheck
E-DinarGiropayOKPAYPecunixPaper Check
SolidTrustPayTechnocashUKashUnionPay
ClickandBuy EuroGoldCash Paynova

Brokers by Trading Instruments

 StocksCommoditiesEnergiesEquitiesETFs
FuturesIndexIndicesMutual FundsShares

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 digits5 digits4/5 digits
Others
Brokers with One-click executionBrokers with OCO ordersSwap-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
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OctaFX
OctaFX
- Minimum deposit is only 5 USD
- Floating spread from 0.2 pips
- No requotes
- ECN account
Open Account
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LiteForex
LiteForex logo
- Deposit from $1
- Regular contests with valuable prizes
- Unique deposit insurance service
- Auto-withdrawal service
Open Account
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NordFX
NordFX logo
- Minimum deposit is $5
- Leverage is up to 1:500
- Tight fixed and varied spreads
- STP and ECN accounts
Open Account
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xCFD
xCFD logo
- Ultra-tight spreads
- Zero commission, no hidden fees
- Accounts from $100 USD
- Brand new trading platform
Open Account
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