How to Choose Forex
Broker
Nowadays,
hundreds of Online Forex Broker exist. But,
Do they good enough ? Do they safe enough to
hold your money? Do they suit enough for
Small Equity Trader ? Okay, We try to resume
what kind of aspect you should examine
before choosing a broker.
1. Check to see
if your broker of choice is registered with
the
National Futures Association (NFA) or
Commodity Futures Trading Commission (CFTC)
if they're based in the US. If the broker is
based in the United Kingdom, check with the
Financial Service Authority (FSA). If
the broker isn't registered with any of
these or any other recognized regulating
firm, then its okay if you only trade few
bucks, but if wanna trade huge money, think
twice!
2. Is the Broker whether Dealing Desk or
Non-Dealing Desk broker? Order execution
will be different, if you choose Dealing
Desk, your oder need to be approved first by
the Broker, but if you choose Non-Dealing
Desk, your order will be executed instantly.
3. Does the
broker offer fixed or non-fixed spreads? How
wide are the spreads? Its better for you
choose fixed spread broker, non-fixed
spreads will cause inconvenient spreads
during fundamental news. Choose the smallest
& fixed spread Broker.
4. How's the leverage of the Broker? Smaller
leverage will be more safe for traders.
5. Does the broker deducted Swap or
Overnight interest? Some brokers either do
both. This is important for Long Term Trader
(hold a position morethan a day)
6.How's the Deposit & Withdrawal Methods?
The more alternative they offered, traders
will be more comfortable. Paypal, Wired,
Checks and also E-Currency is the most
commonly used.
7. How's the
Customer Service / Support Perform ? This is
really important, to get you out from a
problem.
8. Try out the
Demo first, if you feel comfortable enough
with the server, execution, and the broker
system then you may choose them.
Forex Broker Comparison
|
Broker Name
|
Broker Type
|
Min. Deposit
|
Max. Leverage
|
Spread
|
Currency
|
Min. Lot Size |
|
ACM |
Non-Dealing Desk
|
$5000
|
100:1
|
Fixed
|
39
pairs
|
minimum 10K
|
|
CMC |
Dealing Desk
|
USD
$2000
|
100:1
|
Fixed
|
74
pairs
|
minimum 10K
|
|
EFX Group
|
Non-Dealing Desk
|
$400
|
100:1
|
Variable
|
28
Pairs
|
1-100K (Flexible lot sizes)
|
|
Finotech |
Dealing Desk
|
$200
|
200:1
|
Fixed
|
32
pairs
|
1
unit minimum
|
|
Forex.Com |
Dealing Desk
|
$250.00
|
200:1
|
Fixed
|
22
pairs
|
minimum 10K
|
|
FX Cast
|
Non-Dealing Desk
|
US
$10
|
400:1
|
Fixed
|
35
pairs
|
1
unit minimum
|
|
FXCM |
Dealing Desk, Non-Dealing Desk
|
Mini: US$300, Standard: US$2000
|
Mini: 200:1, Standard: 100:1
|
Fixed and Variable
|
24
Pairs
|
10k, 100k
|
|
FXDD |
Dealing Desk & Non-Dealing Desk
|
$250
|
200:1
|
Variable
|
20
pairs
|
minimum 1k units
|
|
GFT |
Dealing Desk
|
Mini: $250, Standard: $2500
|
400:1
|
Fixed
|
123
Pairs
|
10k/100k/Base 10
|
|
GFX |
Non-Dealing Desk
|
$2,000
|
200:1
|
Fixed and Variable
|
33
pairs
|
Minimum $10k
|
|
Interbank FX
|
Non-Dealing Desk
|
$250
|
200:1
|
Variable
|
19
pairs
|
1
unit
|
|
Marketiva |
Dealing Desk
|
USD
$1
|
100:1
|
Fixed
|
17
Pairs
|
Flexible
|
|
MB Trading
|
|
|
|
|
|
|
|
NorthFinance |
Dealing Desk
|
$100
|
500:1
|
Fixed
|
50
pairs
|
10k
units
|
|
OANDA |
Dealing Desk
|
USD
$1
|
50:1
|
Variable
|
38
pairs
|
Flexible
|
|
Saxo Bank
|
Dealing Desk
|
US
$2,000
|
100:1
|
Fixed and Variable
|
170
pairs
|
minimum 1 unit
|
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Recommended Broker
1.
Lite Forex
2.
Insta Forex
3.
FXOpen
4.
Master Forex
5.
FXCast
6.
FXD24
7.
eGlobal-Forex
