Broker Reviews New Feature!

Click on any Forex Broker name in our list to be taken to a basic review of that particular broker. These reviews generally do not try to sway you toward one broker or another, we'd rather leave that up to you with the comments and ratings you are allowed to give.  We're adding more broker reviews every day so check back as often as you like. Check out our Forex Broker Reviews and share your thoughts!

 

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.

 

Forex Broker 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.

Broker 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.