InformedTrades
Register as a Member
    Why join? See our testimonials.

Register Front Page See Today's Posts Site
Map
Free Trading
Courses
Shop
Front Page > InformedTrades Earn & Shop > Product Reviews

 
Thread Tools Search this Thread Display Modes
Old 04-07-2011, 10:50 AM   #1 (permalink)
 
InformedTrades's Avatar
 
Join Date: Nov 2007
Posts: 237,791

Thanks Stats
Thanks (Given): 0
Thanks (Received): 224

Forex Brokers Review


Use the matrix below to compare and review forex brokers. Leave your questions and comments in the section below, or by starting a thread in our discussion forum. Scroll down for a guide on how to use the table below.

Also, to better understand how to evaluate forex brokers and to interpret the table below, consider the links below to articles and videos we have on InformedTrades designed to help traders make an informed choice about their brokers.

Choosing a Forex Broker Part 1: Where the Confusion Lies
Choosing a Forex Broker Part 2: Regulation and Financial Stability
Choosing a Forex Broker Part III - How to Evaluate Transaction Costs
Choosing a Forex Broker Part IV - Trading Technology and Value Added Resources
Choosing a Forex Broker Part V: Evaluating Customer Service
Everything You Need to Know About Using Forex Demo Accounts
Forex Broker Discussion Archive

NOTE: All the brokers listed below offer free demo accounts. Click on the broker's name to set up a demo account to practice trading and to test out the broker's software and service.

Last Updated: October 18, 2014

NameInstruments EUR/USD Spreads (NDD/DD/AT) TechnologyLeverageSmallest Pip Value Per Lot1st Deposit Bonus Network EffectsOpen to US MembersTraded by IT Members With BadgesReview and Comments
FXCM56 currency pairs

2.6/1.6/0.8

MetaTrader, Ninajatrader, Tradency, FX Trading Station100x$.100

Order Flow, App Store, Mirror Trading, MetaTrader

XXClick Here
InstaForex107 currency pairs

36 CFD contracts on US-listed stocks

3/NAMetaTrader1000x$.0130% Mirror Trading, MetaTraderX 
Markets.com53 currency pairs

172 CFD contracts

2.2/NAMetaTrader, Sirix WebTrader, Market Mobile Trader50-200x$.10 Mirror Trading, MetaTraderXClick Here
eToro16 currency pairs

110 CFDs

3/NAeToro OpenBook, eToro WebTrader400x$1.00 Mirror TradingXClick Here
AvaTrade52 currency pairs

Bitcoin, Litecoin

165+ CFDs

38 Forex Options

3/1.8

MetaTrader, AvaTrader, AvaTrader Web, Tradency400x$0.10see schedule MetaTrader, Mirror TradingXClick Here
Oanda96 forex pairs 3/NAMetaTrader, FXTrade 50xFlexilot0Order Flow, Mirror TradingXX
Liquid Markets

71 Forex Pairs

132 CFD Contracts

0.9/NA MetaTrader, cTrader, Web Trader500x$0.500Mirror TradingX
InterbankFX23 Forex Pairs 1.98/NAMetaTrader, IBFX Connect, TradeStation, TradeStation IFX25x-100x$0.010Mirror TradingXX
MB Trading30 Forex Pairs 3.6/NAMetaTrader, MBT LightWave, NinjaTrader50x$0.100XX
CMC Markets334 Forex Pairs

5,207 CFD Contracts

NA/0.78NextGeneration500xFlexilot0Order FlowX
QuestradeFX

49 Forex Pairs

26 CFDs

3.1/NAMetaTrader, QuestTradeFX, QuestTradeFX Pro33x$0.100X


Aside: Futures and Options Brokers
If you're a US trader looking to trade futures and options as well, see the reviews of sponsoring brokers below:

Apex Futures and Forex (review)
ThinkOrSwim by TD Ameritrade (review)


How to Use this FX Brokers Guide

For all the discussions we've had on InformedTrades about currency dealers, see our forex broker discussion archive.

Name -- The name of the forex broker. :) Click on the broker's name to register for a demo account with them.

Instruments -- A list of what the broker offers customers to trade.

EUR/USD Spreads (NDD/DD/AT) -- The spread the broker offers on EUR/USD, the most commonly traded forex pair. NDD is short for no dealing desk; DD is short for dealing desk; AT is short for active trader. Thus, if a table shows information like 4/3/2, this means that the spread is 4 pips if a customer is trading with no dealing desk; 3 pips if trading via a dealing desk; and 2 pips if trading under an active trading program. Not all brokers offer all of these options, and very publicly promote special offers for extremely active traders. Thus, the first number listed before a slash ("/") is the spread for trading with the broker without a dealing desk; the second number is the spread for trading with a dealing desk; and the third number is the spread for the company's active trader program (if they have publicly listed this information on their web site). If N/A is listed first, that means the broker does not offer a no-dealing desk option; if N/A is listed second, that means the broker does not offer a dealing desk option.

For more on the difference between dealing desks vs. non-dealing desks, please see our archive on the subject.

Technology. This columns refers to the trading platforms the broker offers. Various platforms offer different interfaces, different experiences across devices (i.e. laptops vs mobile), and various solutions for automated trading. A demo account is a way test out platforms to see which one you find suitable for your needs.

Leverage. This is the multiple of capital you can trade based on your deposit. So, if you have $1,000 in your account and your broker offers 20X leverage, you can trade a maximum of $20,000. However, leverage should be used with extreme caution. Please see our introduction on how to use leverage.

Smallest Pip Value Per Lot. This reflects the minimum amount of risk you can take, and thus offers an indication of how much capital you will need to trade in light of your risk management strategy. For instance, if the value in this field is $1.00, and you wish to place your stop loss 50 pips below your entry, you must be willing to risk $2,000. The smaller the number the more precise you can manage risk with a small balance. If you are still struggling with the concept of risk management as it applies to forex trading, please consider reviewing the material in the Risk Management section of our University.

Flexilot means the user can specify exactly how many units of currency he/she wishes to trade.

1st Deposit Bonus. This field simply denotes how much of a bonus, if any, a broker will provide based on an initial deposit. First deposit bonuses are typically not withdrawable, but do provide traders with additional capital to trade.

Network Effects. This category refers to any efforts the company takes to help connect customers in a way that creates value for all of its customers. There are four types of network effects focused on in this guide: mirror trading, order flow, app store, and MetaTrader. Mirror trading is the ability to automatically duplicate trades of an other trader in your account (as services like ZuluTrade enable); order flow is the ability to see how customers of a broker are positioned, and what percent of orders are long vs. short in a given instrument; app store is whether the company has its own app store that provides free or commercial trading applications that can be used to modify/extend the functionality of its own trading software; and MetaTrader is whether or not the broker enables trading via MetaTrader, a software known for enabling a wide degree of automation in one's trading (including using the fully automated trading strategies of others).

Open to US Members. This field specifies whether or not a broker accepts customers from the US who deposit via a US bank account.

Traded by IT Badge Members. This column indicates whether a broker is used by an IT Badge Member (i.e. a member who has received one of the InformedTrades community badges). For a full list of Badge Members, click here.

Reviews and Comments. Click the links in this column to go to discussion threads and reviews regarding the corresponding broker.

Featured Broker Threads

FXCM
Etoro
AvaFX
Suretrader

InformedTrades is offline   Reply With Quote
 
Thanks thanked for this post
Old 12-21-2011, 11:23 AM   #2 (permalink)
 
Elijah's Avatar
 
Join Date: Apr 2010
Location: Goochland Virginia
Posts: 260

Thanks Stats
Thanks (Given): 2
Thanks (Received): 6

anyone currently using instaforex?
Elijah is offline   Reply With Quote
 
Thanks thanked for this post
Old 12-21-2011, 07:32 PM   #3 (permalink)
InformedTrades Founder
 
Simit Patel's Avatar
 
Join Date: Mar 2008
Location: informedtrades
Posts: 5,912

Thanks Stats
Thanks (Given): 755
Thanks (Received): 602

yes, i have a small account with instaforex. spreads are a little higher, but other than that, no problems, i like them. i tested a small withdrawal and it worked fine. i don't feel comfortable putting a larger amount of money with them -- at least not yet -- although i don't really have anything negative to say about them. i think they are a good choice for those looking to trade with a very small amount, either as a novice just starting out or experienced traders who want some live accounts to experiment with or take very high risk with.

UPDATE June 12, 2014: InstaForex won't honor my withdrawal request. It is for a few hundred dollars, so fortunately it is an amount I can spare, though it is of course very telling about the broker. I will do a longer review and post it here shortly as well.
Simit Patel is online now   Reply With Quote
 
Thanks thanked for this post
Old 03-31-2012, 08:41 AM   #4 (permalink)
 
Elijah's Avatar
 
Join Date: Apr 2010
Location: Goochland Virginia
Posts: 260

Thanks Stats
Thanks (Given): 2
Thanks (Received): 6

Simit the above matrix listing for MB Trading is incorrect. Using mt4 their mini account is $1.00 per pip. BUT that is for a LOT SIZE of 1.0 WHICH means entering an order in the mb trading mt4 client as .1 (instead of the default 1.0) will result in a trade allowing the trader to play .10 or TEN CENTS a pip. So the minimum for an MB Trading mt4 account is really a micro lot right?
Elijah is offline   Reply With Quote
 
Thanks , Simit Patel thanked for this post
Old 03-31-2012, 09:09 AM   #5 (permalink)
 
Elijah's Avatar
 
Join Date: Apr 2010
Location: Goochland Virginia
Posts: 260

Thanks Stats
Thanks (Given): 2
Thanks (Received): 6

its is a 1K lot, I am sure, so the above matrix for MB is wrong
Elijah is offline   Reply With Quote
 
Thanks thanked for this post
Old 04-01-2012, 10:11 AM   #6 (permalink)
 
Join Date: Jan 2010
Location: Eastern Finland
Posts: 366

Thanks Stats
Thanks (Given): 106
Thanks (Received): 66

I decided to ask here before plunging into research of my own.

Has anyone compared which Forex broker offers best positive roll-over rates? The interest rate differentials are of course the same for all brokers, but the amount the broker chips off / adds in, must vary some.
TradingFinn is offline   Reply With Quote
 
Old 04-01-2012, 01:47 PM   #7 (permalink)
InformedTrades Founder
 
Simit Patel's Avatar
 
Join Date: Mar 2008
Location: informedtrades
Posts: 5,912

Thanks Stats
Thanks (Given): 755
Thanks (Received): 602

thank you for the correction, elijah -- i've updated the matrix accordingly

@tradingfinn, yes, i wanted to include something about rollover into the matrix, but couldn't find a good solution......i know the markup can vary a good bit......
Simit Patel is online now   Reply With Quote
 
Old 06-10-2014, 08:17 PM   #8 (permalink)
 
Join Date: Jun 2014
Posts: 5

Thanks Stats
Thanks (Given): 0
Thanks (Received): 0

Simit,
Can you please recommend the best broker for US clients with small/just starting accounts?
After my research, it seems FXCM or OANDA are the best options. Which is more preferable?
TradeDreamer is offline   Reply With Quote
 
Old 06-11-2014, 07:19 AM   #9 (permalink)
InformedTrades Founder
 
Simit Patel's Avatar
 
Join Date: Mar 2008
Location: informedtrades
Posts: 5,912

Thanks Stats
Thanks (Given): 755
Thanks (Received): 602

i think they are both great options. fxcm's dailyfx offerings for account holders can be a great learning tool, as well as signals. their spreads, in my experience, are also tighter than oanda's -- especially during news events. fxcm customer service is also better and more responsive, in my opinion.

oanda's big advantage is that they have flexilot trading, which is superior for risk management if you have a small balance. with fxcm you need to trade increments of 1000 currency units; with oanda, you can trade any increment, there is no fixed lot size.

i have accounts with both.
Simit Patel is online now   Reply With Quote
 
Old 06-11-2014, 08:18 PM   #10 (permalink)
 
Join Date: Jun 2014
Posts: 5

Thanks Stats
Thanks (Given): 0
Thanks (Received): 0

Thanks Simit.
I have practice accounts with both and prefer the OANDA UI, but after quickly looking at DailyFX, it appears to be a great resource.

Do you know which broker is more in favor with the general trading community, or if there have been more complaints for one versus the other?
TradeDreamer is offline   Reply With Quote
 
Reply
Reply
  




Tags
forex brokers

Help InformedTrades grow. Click +1 if you enjoyed this thread.

Register to Comment
Thread Tools Search this Thread
Search this Thread:

Advanced Site Search
Display Modes

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -5. The time now is 11:13 AM.


Creative Commons License

InformedTrades is dedicated to empowering traders with knowledge. Learn more about our mission statement, and our charity endeavors.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.2
vBulletin Optimisation by vB Optimise (Reduced on this page: MySQL 4.29%).
vBCommerce I v2.0.0 Gold ©2010, PixelFX Studios
vBCredits v1.4 Copyright ©2007 - 2008, PixelFX Studios