Forex Brokers

There are lots of forex brokers listed on this page and you can of course open an account with whichever ones you choose. However before you open an account with a particular broker, you may want to take a look at the box below to see if the company in question offers cash rebates. If so, you can earn money on every single trade you make, regardless of whether you win or lose.

One of the hardest decisions you face when starting out as a forex trader is which forex broker to go with. If you do a search online you will find hundreds of different forex brokers to choose from. The trouble is that some are better than others, and furthermore there are some that you should avoid like the plague. 

So let me give you a list of things you should look out for when choosing a forex broker:

1. Regulation

This is arguably the most important factor because whichever broker you decide to go with, you must make sure that they are fully regulated with the relevant authority. So if they are based in the US, for example, then you should ensure that they are regulated by the NFA (National Futures Association) or the CFTC (Commodity Futures Trading Commission). Similarly if they are a UK-based company, then they should be regulated by the FSA (Financial Services Authority).

If you go with an offshore forex broker that is completely unregulated, for example, then you are taking a huge risk because you may never see your money again.

2. Spreads

If you are a relatively long-term trader and mainly use the 4 hour or daily charts, for instance, then the spreads offered by your chosen forex broker is not so much of an issue. However if you intend to trade the shorter time frames then your points gains per trade will obviously be a lot less, and therefore the spreads will start to eat into your profits. So as a general guide you ideally want to choose a broker that offers spreads of around 2 or 3 pips for the EUR/USD and GBP/USD pairs, and certainly no more than 4.

3. Leverage

The amount of leverage offered by different forex brokers varies greatly. Some may only offer 100:1 leverage while some may offer as much as 400:1. My own personal view is that 100:1 is more than enough, but if you are more of a risk taker then you may want to look for brokers that offer higher leverage.

4. Demo Accounts

If you are relatively inexperienced or if you want to test out a broker's trading platform before deciding whether or not you wish to open a live trading account, then you should choose a broker that provides a free demo account. Most reputable brokers offer demo accounts nowadays so I would always recommend you take advantage of this facility.

5. Account Types

Although all forex brokers cater for the well capitalized traders, not all of them cater for those traders who wish to trade smaller positions. Therefore if you yourself fall into this category, then you should look out for brokers that allow you to trade mini-lots (equivalent to around $1 per pip) or micro-lots ($0.1 per pip).

6. Minimum Deposit

If money is tight or you want to start off small (which is always a good idea), then you will want to choose a forex broker that requires a relatively low minimum deposit when opening a live trading account.

7. Charting Software

Nearly all forex brokers provide some kind of charting software free of charge when you open an account with them. It may be the highly popular Metatrader 4 platform or it may simply be a no-frills charting package. So therefore if you do want to use some of the more advanced charts, then I suggest you go with a broker that provides the Metatrader 4 or ProRealTime platform, for instance, otherwise you will have to fork out some money to access some decent charts elsewhere.

8. Additional Services

As well as charting software, you may also want your broker to provide a range of additional services such as daily commentaries, market analysis, educational materials and the option to deal through your mobile phone.

9. Customer Service

If you are just starting out as a forex trader you will probably have several questions and queries when you first open an account with a broker. So therefore you should try and join a broker that offers a high level of customer service. One way of testing this out is to contact the help desk of the brokers you are considering joining, ask them a particular question, and see how long they take to get back to you.

10. Customer Comments And Reviews

Finally your ultimate choice of forex broker will often be swayed by what other traders have to say about them. There are several websites which contain customer reviews of all of the leading brokers and you will find no shortage of opinions on all of the different forex forums.

However one thing I will say is that you will never come across brokers that have nothing but positive reviews, so don't waste too much time looking for the perfect broker because it simply doesn't exist. Just look for brokers that have a high number of positive comments and you should be fine.
 

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To help you narrow down your search, here's a list of some of the leading online forex brokers:

Alpari

Location: Russia / UK / US
Online Since: 1998
Account Types: Micro / Classic
Minimum Account Size: $200
Free Demo Account: Yes (unlimited)
Spreads: 1.8+
Charts / Trading Platform: MetaTrader 4

(Note: Alpari has three different websites (UK, US and Russia) so account features may vary).

CMS Forex

Location: US
Online Since: 1999
Account Types: Universal (trade mini and standard lots from same account)
Minimum Account Size: $200
Free Demo Account: Yes
Spreads: 2 pips for EUR/USD and USD/JPY pairs
Charts / Trading Platform: VT Trader 2.0

dbFX

Location: Germany
Online Since: 2006
Account Types: Standard
Minimum Account Size: $5000
Free Demo Account: Yes
Spreads: 2-4 pips for major currency pairs
Charts / Trading Platform: dbFX Trading Platform

Dukascopy

Location: Switzerland
Online Since: 2004
Account Types: Live / Managed
Minimum Account Size: $50,000
Free Demo Account: Yes (14 days)
Spreads: 0-2 pips for major currency pairs
Charts / Trading Platform: Java / JForex / Web 

Forex.com (part of GAIN Capital)

Location: US
Online Since: 1998
Account Types: Mini / Standard
Minimum Account Size: $250
Free Demo Account: Yes (30 days)
Spreads: 1.1+ for major currency pairs
Charts / Trading Platform: MetaTrader 4

FXCM

Location: US
Online Since: 1999
Account Types: Mini / Standard
Minimum Account Size: $2000
Free Demo Account: Yes
Spreads: Typical spreads between 2 and 4 pips for major currency pairs
Charts / Trading Platform: MetaTrader 4

(Note: Separate Micro account also available).

FXDD

Location: US
Online Since: 2002
Account Types: Mini / Standard
Minimum Account Size: $250
Free Demo Account: Yes (90 days)
Spreads: 2 pips for EUR/USD pair
Charts / Trading Platform: MetaTrader 4 / MTXtreme / FXDD Trader / FXDD Auto / Power Trader

FXPro

Location: Cyprus
Online Since: 2008
Account Types: Standard / Premium
Minimum Account Size: $500
Free Demo Account: Yes (unlimited)
Spreads: 0.5+ for major currency pairs
Charts / Trading Platform: MetaTrader 4

GFT Forex

Location: US / Worldwide
Online Since: 2001
Account Types: Mini / Standard / Silver / Gold / Platinum
Minimum Account Size: $250
Free Demo Account: Yes
Spreads: 3-4 pips for major currency pairs
Charts / Trading Platform: DealBook 360

Interactive Brokers

Location: US
Online Since: 1998
Account Types: Universal
Minimum Account Size: $3000+ (depending on the type of account)
Free Demo Account: No
Spreads: 1 pip for EUR/USD pair
Charts / Trading Platform: Trader Workstation

Interbank FX

Location: US
Online Since: 2001
Account Types: Mini / Standard
Minimum Account Size: No minimum
Free Demo Account: Yes (30 days)
Spreads: 2 pips for EUR/USD pair
Charts / Trading Platform: MetaTrader 4

MB Trading

Location: US
Online Since: 2002
Account Types: Standard
Minimum Account Size: $400
Free Demo Account: Yes
Spreads: 0.1-1 pip for major currency pairs
Charts / Trading Platform: MetaTrader 4

MIG Bank

Location: Switzerland
Online Since: 2003
Account Types: Standard / Professional / Institutional
Minimum Account Size: $2000
Free Demo Account: Yes (90 days)
Spreads: 2-3 pips for major currency pairs
Charts / Trading Platform: MetaTrader 4

Oanda

Location: Canada
Online Since: 2001
Account Types: Standard
Minimum Account Size: No minimum
Free Demo Account: Yes (unlimited)
Spreads: 0.9 for EUR/USD pair
Charts / Trading Platform: FXTrade platform

ODL Securities

Location: UK
Online Since: 2004
Account Types: Standard (can trade from $1 per point upwards)
Minimum Account Size: $2000
Free Demo Account: Yes
Spreads: 2-3 pips for major currency pairs
Charts / Trading Platform: MetaTrader 4 (and other platforms for professional traders)

Saxo Bank

Location: Denmark
Online Since: 1999
Account Types: Saxo MiniTrader / Saxo Trader
Minimum Account Size: $2000
Free Demo Account: Yes (20 days)
Spreads: 2-3 pips for major currency pairs
Charts / Trading Platform: SaxoTrader

 

 

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38 Comments on Forex Brokers »

July 21, 2009

Abigail @ 9:02 pm:

When choosing a broker, keep this in mind: there will be No MT4 changes on Interbank FX. Get the FIFO facts:

Interbank FX has good news for customers! They've announced compliance with the new NFA FIFO rule, retaining all MT4 platform order functionality including expert advisors, allowing flexibility with your trading. Todd Crosland, Chairman and President of Interbank FX states, “Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant.” They've created a seamless solution, see the full story here: http://snurl.com/nnf7x

August 2, 2009

Mark Heron @ 9:34 pm:

I am trying to verify the status of stp at the above website.
They are based in North Carolina.
They host the metatrader4 platform and would hold your account.

They are not on your list of fully regulated fx brokers. Are you able to verify that they are legitimate.

Best regards
Mark Heron

August 3, 2009

James Woolley @ 8:18 am:

Hi Mark,

There are lots of brokers who are fully regulated that are not included on this list.

However I have to admit I've never heard of the company you mention and can't find any mention of who their regulatory body is on their website, so this is not a good sign.

August 21, 2009

Lalsangliana Chhakchhuak @ 6:32 am:

I have been using Interbank Fx since Nov. 2008 and I have found it to be one of the most reliable brokers in the field of forex trading. I do not find problems till time.. Whenever I came across the situation where i was unclear about any subjects as regards to trading has been clarified in the live chat promptly and satisfactorily.

Daniel Shilina @ 1:47 pm:

I have been trading with IBFX that you have in the list of brokers. I have never had any problems with them at all. There spreads are great and customer service is polite and fast.

August 31, 2009

currency brokers @ 1:40 am:

This post is really informative!
This is really applicable to anyone who is involve into this kind of trading and to those who plans to join in this kind of business.It is really important to know about forex in order to get successful in this kind of trading business.

Thanks for this post!

September 16, 2009

twomanager @ 9:33 am:

this has really helped me a lot and thanks for this post

January 11, 2010

topforex @ 4:22 pm:

Your article is very useful for me. Choosing the right broker and profitable in forex trading is not easy. It's need more references to select one broker. Your article contains a review of some brokers are very good. Thank for your article.

January 21, 2010

forexforall @ 4:24 am:

Thanks for putting out this information. I have been searching for a broker for a while. I have tested few demo platforms so far. They are essentially the same with some differences. I am leaning towards interbank so far although I am not the one to judge one or the other. I also tried to find brokers that offer focused training along with simulation accounts like they have with futures brokers. Training, both online and in person, in forex is offered by third parties, not by brokers as I can find out so far. I will probably learn to trade by myself with more research and practice. Seeing the big picture in terms of all the elements like platforms and third party tools (like charting and analysis software provided by third parties) used widely, broker practices, forex trading principles in general etc. is critical I think. I also suggest to watch the NFA video for beginners in forex trading available online. I also found dedicated channels on youtube for trading in forex and they help me understand the forex and trading online in general. Thanks again all for sharing your thoughts/input here.

March 22, 2010

Toby Sheets @ 5:19 pm:

You have delivered quite a bit of useful information! Thanks for helping me get started in my search.

August 29, 2010

Joseph Thompson @ 12:43 am:

Fore mw I prefer to open account with non- USA broker even I live in USA. as the FIFO new rules make FX trading within USA just struggling story. I prefer Alpari UK. They are really one of the best and legitimate broker our there

November 30, 2010

Tony C. @ 11:14 pm:

When choosing an Forex Broker, be sure its a true ECN Forex Broker! Market Makers scam you!

I have found a nice list of all ECN Forex Brokers: http://www.ecn-broker.info

Have a nice day

December 23, 2010

NikeT @ 4:39 pm:

If you want the Forex Market at your finger tips.
Trade Forex, Gold, Oil, & Stock Indices, Algorithm Trading, Free demo account $ 100.000.http://www.afx-market.com

December 24, 2010

Miguel @ 8:09 am:

This is a good guide! Here is a similar guide from fxstreet as well:

http://www.fxstreet.com/education/learning-center/unit-1/chapter-2/doing-brokers-due-diligence/

February 8, 2011

Earn Forex Money @ 3:40 pm:

Nice article :) I think plus500 is nice too but their software really sucks

February 11, 2011

+Forex @ 6:04 pm:

Certainly Alpari. Is there a good ratio of quality and price … Good spreads, there is no need to start with a high deposit and no doubt a reliable company.

March 4, 2011

forex rebate @ 12:47 pm:

Interbank FX now has their Australia site up, if open an AU account, we do not need to comply with NFA rules such as 1:50 leverage and no hedge policies.Also I think you should mention MB Trading charging commissions so they have really low spread.

March 22, 2011

JayT @ 1:30 pm:

so far my experiences are good with http://www.migbank.com http://ww.avafx.com and http://www.rtfx.com with ECN price but software a bit out of date

May 12, 2011

Steven Gold @ 4:45 pm:

Etoro is good broker as well and they offer 20% bonus on any amount of deposit from 1000 to 50,000.

Stewart @ 4:47 pm:

Guys any idea about forex cashback companies are they scam or good?

July 7, 2011

Ben Tach @ 9:46 am:

Great information on here, especially as it is so hard to find a good forex broker with up to date software. At the moment I have also been using http://www.migbank.com but have also found that www.etxcapital.co.uk are also good for all types of spread betting

Does anyone have an opinion on the best forex trading software out there?

July 13, 2011

Angel @ 9:56 am:

Hi there,

A remark for european brokers not included in the list:

There are several STP brokers based in Europe such as Varengold and WH Selfinvest. The reviews for both brokers are excellent wherever you look.

Plus WH Selfinvest offers a capped spread on 3 pips no matter the market conditions.

Varengold clients may start with a lower capital if they register through our site, this is surely advantageous for beginners.

No matter the broker you start with, it is always worth to register with an introducing broker.

August 11, 2011

Simon @ 11:54 am:

Hi I have been planning to trade and have heard positive reviews about ACM Gold. There withdrawals timing is efficient which is the major reason I plan to start with them.

Any feedback, tip or experiences with ACM gold which you would like to share it with me.

August 31, 2011

Maduekwe Ngwo @ 7:53 am:

Hi, why is Easy-Forex missing in the list of Forex trading brokers in UK? Is there any problems with it.

October 1, 2011

ChrissieP @ 2:32 pm:

Hi,

I have been told that some brokers in the US offer a faster feed than others, but I find that latency of a connection from the UK will negate the advantage. Is there a list of Fast Feed brokers located here in the UK, so I can enjoy a fast feed with low latency at the same time. I have tried using a US based Fast Feed, but it comes out at about the same as a Slow Feed located closer to me. Regards, ChrissieP.

October 15, 2011

ralph @ 1:56 pm:

wonderful information. its very helpful for one to consider detailed information before joining any forex broker

November 13, 2011

Wanwaihui @ 8:43 am:

Has been looking for the right forex broker to trade with our forex signals service, and i come across your website. This is a brilliant website, especially forex broker that you recommend is very easy understandable. Thank you!

December 10, 2011

Alizade @ 5:16 am:

Also, check out Forex-Metal.com. They have $20 no-deposit bonus promotion.

December 25, 2011

Collins @ 1:29 am:

I think a serious trader should not be after bonuses before making sure that the broker is real one and not just scam.

January 26, 2012

Rex Krzewinski @ 4:49 pm:

If you happen to intend on successfully profiting in today's foreign exchange market being an Affiliate/BI, you need to be accustomed to the suggestions your broker can offer you. I discovered the service and advice offered at Affiliateyard.com superb!

February 2, 2012

Srujal Shah @ 1:34 pm:

I have been trading with IBFX that you have in the list of brokers. I have never had any problems with them at all. There spreads are great and customer service is polite and fast.

March 4, 2012

Forex Rebates @ 9:03 pm:

Forex brokers are growing like mushrooms. Every week you can find a new broker. I'm currently trading with HotForex where I get 0.61pips rebate on every trade and InstaForex where I get 1.55pips rebate on every trade.
Amount of rebates became a very important measure when choosing a new broker

April 17, 2012

John Forrest @ 9:41 am:

There is a new platform over at https://mahifx.com offering very tight spreads, one click trading and instant executions. There is a demo account on the site and there is no minimum deposit.

May 10, 2012

forex rebates @ 2:02 pm:

It is always good to choose well regulated broker instead of going for the best conditions. For me the best forex platform by now is MT4 - easy to use, effective.

May 24, 2012

contract for differences @ 2:37 pm:

I would never go for a broker offering above 500:1 leverage, I know than cannot be

September 11, 2012

Sajid @ 10:52 am:

You can check TRADEFORT for currency trading
(http://www.tradefort.com)

such a nice broker from the start of there great services on this market.

Sajid

October 4, 2012

riza @ 8:33 pm:

what do you think bout off shore fx broker that dare to accept US client?

October 8, 2014

Monex Forex Trading Indonesia @ 5:23 am:

I have been trading with MIFX Monex Investindo Futures. I am not facing any kind of problem with them and completely satisfied with this forex trading company. There spreads are great and customer service is nice and fast.

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