About Forex Broker Comparison List
Forex Broker Comparisons1.0 is a free, unbiased, unpaid service that compares Forex Brokers' strengths and weaknesses and other details. At no time do we endorse any one Forex Broker or hold one up above another. Nor do we offer trading advice. The information in any of our articles or comparisons is subject to change at any moment, so please do your own research after using our site. That's what this site is made for, extra research, not money making If you need to compare Forex Brokers, this is the site for you! The information on this list is subject to change at any time, please contact us with any errors or omissions, we'll be happy to update the list.
Even though we base our comparison list on a few factors, there are many other factors you need to consider when choosing a Forex broker that will fit your specific needs and trading style. This list simply is a starting point for you to use, especially if you are new to Forex trading. You can always go discuss any Forex broker you have questions about at Forex Forums broker forum, no question is stupid, it can save you money!
Detailed Information To Know About This List When Comparing Forex Brokers:
Minimum Deposit
The minimum deposit field represents the absolute minimum the broker requires you to deposit in order to open an account. We calculate this on what it costs to create the lowest form account. If you compare Forex Brokers based on this detail, you should keep in mind a lower deposit reflects the broker is probably offering this with a mini or micro account.Commissions
What it costs you per trade. Usually this is calculated in the form of $X per 100,000 traded. FX brokers derive their commission from the difference between the Bid and Ask price on every executed trade. There are no additional fees charged to receive live data, nor are there exchange fees. The account holder therefore pays no additional commission or transaction fees, regardless of the outcome of the trade, which is obviously attractive from the user’s perspective. If you compare Forex Brokers according to this detail, keep in mind commission free Forex Brokers usually make money by increasing the spread you need to pay. Instead of paying 1-2 pips on EUR/USD, Forex.com for instance (a commission Free broker) makes your spread 3 pips.Max Leverage
This value for our list is calculated by finding the particular broker's maximum allowable leverage which may vary amongst account types offered by the same broker, please do a little checking on this, you may see 500:1 and get scared off, but the same broker could offer 50:1 with a different account. At 50:1, traders post $2000 margin for a $100,000 position, or 2%. Depending on the type of account, leveraging can be as much as 100:1, requiring only $1,000 margin. Generally speaking, the lower the initial deposit requirement, the higher the leverage offered. Brokers who offer 400:1 leverage appeal to traders willing to take greater risk. Those offering 50:1 have a tendency to appeal to conservative traders.ECN Forex Brokers?
An ECN Broker (Electronic Communications Network) does not operate a dealing desk, but instead provides a marketplace where multiple market makers, banks and traders can enter competing bids and offers into the platform either inside or outside the spread, allowing traders to trade on narrow spreads. ECN Brokers usually have a commission fee attached to each trade, but if you calculate it, most of the time it translates into less than a pip per trade.E-Gold Forex Brokers?
Does a Forex Broker accept deposits from and allow withdrawls to E-Gold? E-Gold is a very popular payment method online, and at the same time you are investing in gold and your balance rises and falls with the gold market. Experts say gold will generally keep going up in the future, so it's not a completely bad idea to invest in Gold in some way. If you can't afford buying real bullion, then try E-Gold. Forex Brokers that Accept E-Gold are usually not the big Forex institutions, be wary to deposit huge amounts of money.MT4 Forex Brokers?
MetaTrader4 is a trading platform created by MetaQuotes. Some traders find this important because MT4 allows for the importation of 1000's of third party indicators, expert advisors, and custom templates to help you trade. MetaTrader4 Compatable Forex Brokers are a rare find, there's only about 10 that I know of and they're mostly in that list above.