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
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
Aside: Futures and Options Brokers
||EUR/USD Spreads (NDD/DD/AT) ||Technology||Leverage||Smallest Pip Value Per Lot||1st Deposit Bonus|| Network Effects||Open to US Members||Traded by IT Members With Badges||Review and Comments|
|FXCM||56 currency pairs|
|MetaTrader, Ninajatrader, Tradency, FX Trading Station||100x||$.10||0|
Order Flow, App Store, Mirror Trading, MetaTrader
|InstaForex||107 currency pairs
36 CFD contracts on US-listed stocks
||Mirror Trading, MetaTrader||X|| |
|Markets.com||53 currency pairs
172 CFD contracts
|2.2/NA||MetaTrader, Sirix WebTrader, Market Mobile Trader||50-200x||$.10||
||Mirror Trading, MetaTrader||X||Click Here|
|eToro||16 currency pairs
|3/NA||eToro OpenBook, eToro WebTrader||400x||$1.00|| ||Mirror Trading||X||Click Here|
|AvaTrade||52 currency pairs|
38 Forex Options
|MetaTrader, AvaTrader, AvaTrader Web, Tradency||400x||$0.10||see schedule
||MetaTrader, Mirror Trading||X||Click Here|
|Oanda||96 forex pairs
||3/NA||MetaTrader, FXTrade ||50x||Flexilot||0||Order Flow, Mirror Trading||X||X|
71 Forex Pairs
132 CFD Contracts
||MetaTrader, cTrader, Web Trader||500x||$0.50||0||Mirror Trading||X|
|InterbankFX||23 Forex Pairs
||1.98/NA||MetaTrader, IBFX Connect, TradeStation, TradeStation IFX||25x-100x||$0.01||0||Mirror Trading||X||X|
|MB Trading||30 Forex Pairs
||3.6/NA||MetaTrader, MBT LightWave, NinjaTrader||50x||$0.10||0||X||X|
|CMC Markets||334 Forex Pairs
5,207 CFD Contracts
49 Forex Pairs
|3.1/NA||MetaTrader, QuestTradeFX, QuestTradeFX Pro||33x||$0.10||0||X|
If you're a US trader looking to trade futures and options as well, see the reviews of sponsoring brokers below:How to Use this FX Brokers Guide
Apex Futures and Forex (review)
ThinkOrSwim by TD Ameritrade (review)
For all the discussions we've had on InformedTrades about currency dealers, see our forex broker discussion archive
-- The name of the forex broker. :) Click on the broker's name to register for a demo account with them.
-- 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
. 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.
. 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.
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