Online Broker | Minimum Deposit | Forex Trading Platforms | About |
---|---|---|---|
Pepperstone | $200 Minimum Deposit | MT4, MT5, cTrader, TradingView Forex Trading Platforms | Pepperstone provides a wide range of Forex trading platforms, has accounts for automated traders and scalpers, provides TradingView (also with automated trading) and copy trading About |
Plus500 | $100 Minimum Deposit | Plus500 CFD Platform Forex Trading Platforms | Plus500 focuses on providing a user friendly platform from watch to desktop, however it also includes integrated tools to help the trader analyse markets About |
ThinkMarkets | None Minimum Deposit | MT4, MT5, ThinkTrader Forex Trading Platforms | ThinkMarkets offers accounts for automated traders as well as providing an account (with no minimum deposit) for those who exectue their own traders, offering user friendly ThinkTrader and copy trading About |
Oanda | None Minimum Deposit | MT4, MT5 Forex Trading Platforms | Oanda Global provides Forex trading on MT4 and MT5, as well as the fxTrade app, with accounts for automated traders and for all types of traders (with no minimum deposit) as well as accounts for higher volume Forex traders About |
What Are Good Forex Brokers ?
One way of defining what are good Forex brokers is to look at some features which may be important to trading. Perhaps the most central is the trading platform. Next, account structure, such as minimum deposit and range of account types. And thirdly payment methods and deposits and withdrawals.
Some traders may choose a broker based on its brand, but others may choose based on the trading platform, typically third party platforms. MT4 (MetaTrader 4) is an example of a tried and tested platform which has been used to trade Forex by many traders and offers different ways to trade this market. MT4 is known for robots, which are computer programs trading on behalf of the trader, executing automated trading strategies.
However the trader may not want to use robots. Thus the trader may wish to use a platform which is well optimised for the human trader. This is something which brokers tend to cater to, even those known for automted trading. It should be noted that MT4 and its successor MT5 can certainly be used by non-automated traders, however there are other platforms which focus on a clear interface and functionality to aid the trader who plans and executes their own trades.
Traders may not wish to trade Forex 'alone' and copy and social trading platforms provide a way to utilise other traders. As these platforms are aimed at the human trader, they tend to be user friendly (however they may be part of more complex platforms).
There are potentially many different journeys a trader may make, and is could be the case that the trader might want to try different platforms and even brokers along the way. This site aims to assist in this process, by offering ways to find brokers which fit different trading journeys. The following image shows one possible, relatively detailed journey a Forex trader might make, but this path could also be applicable to different markets.
Account structure can be related to the platform offering. For example, brokers which focus on automated trading may offer accounts with low spreads, plus a commission charge. Brokers which focus more on non-automated trading may provide accounts with a large number of markets to trade. This said the number of markets offered by brokers known for automated trading has been increasing.
Typically brokers offer a core group of ways to make deposits. These normally inclde Bank transfer, Credit/Debit Cards and e-Wallets. Which e-Wallets are available varies from broker to broker and may vary from region to region (as can country specific payment methods), however Skrill and Neteller are common, and some brokers offer PayPal deposits. Many brokers charge neither deposit nor withdrawal fees, however some do and it is worth checking their respective websites for details about this (normally under a heading on the home page related to deposits or funding).
So what is a good broker is at least somewhat context dependent and may alter depending on changing expectations of the trader. However underlying any expectation of 'good' are certain features such as reliability, which is related to how long the broker has been in operation. Thus brokers have been chosen for the table above, which are long standing and well known. However even reliable brokers may not necessarily be good brokers for a trader if they focus on types of trading not currently utilised by the trader.