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How to Find a Broker for Forex Trading
Finding a broker to trade Forex or any market is an important but not necessarily simple task. As this website sees it, a primary factor is finding a broker where the trader can trade how they trade or want to trade.This becomes more complicated for the beginner trader, as they do not necessarily (or probably) know how they will trade. However focusing on the Forex market simplifies things to some extent, as the nature of the Forex market can provide a guide in and of itself. Each comparison table on this site is followed by an article based on the theme of the page and provides information for example about Forex trading. Thus the trader can at least have some idea what they are getting into and why they might choose a broker on the page. Importantly they can gauge whether those kinds of brokers are suitable for how they will trade.To give an example, a Forex trader may not want to use robots to trade on their behalf and may rather trade using short (but not very short) to longer term strategies. In this case, they may want to use a platform which is user friendly for the human trader. In general these kinds of platforms do not support automated trading with robots (but may in some cases support what is termed auto-trading, that is copying the trades of other traders). So user friendly can go hand in hand with a type of trading which is focused on charting analysis and fundamental analysis. Some platform may be more user friendly than others and some may have different kinds of tools in addition to the core functionality of the chart, indicators, time frames and graphical objects.
This may be entirely sufficient and in and of itself narrows down a choice. However the trader may want to have the capacity to automate their trades. Thus they may want a platform which can run robots. Some brokers do actually provide a range of platforms which can include a user friendly platform and the capacity to run robots. So having worked out to they extent this is possible how they want to trade, choosing a broker then becomes a matter of deciding such factors as minimum deposit and account features such as minimum trade sizes and where they are regulated.
Choices based on types of trading tends to highlight features. To give another example those who are focused on short term or automated trading might tend to gravitate towards what are termed ECN brokers, as they can offer infrastructure to support this kind of trading such as rapid order processing, low spreads (plus a commission charge) and trading platforms with automated trading, though a broker does not need to be ECN to support automated trading.
In essence this website aims to a provide a comparative perspective from broker to trading. This is centered around online trading platforms, as these are the tools the trader will use to trade and thus the trading platform can be important in the type of trading the trader will or wants to do. The trader though can do more than compare brokers in terms of platforms and account features (for example in the following table or broker vs broker) they can also get a sense of different types of trading which may be supported to a greater or lesser extent at different brokers and discover more about trading and how they may want to trade.
| Online Broker | Trading Account Minimum Deposit | Online Trading Platforms | Crypto CFDs | ECN Trading | A Key Feature | Notable Platform, Account Or Broker Feature |
|---|---|---|---|---|---|---|
| City Index | None | MT4, Web Trader, Advantage Web, AT Pro | ✔ | ❌ | Wide Range And Number Of Markets | 4,500+ Global Shares CFDs To Trade |
| Pepperstone | $200 | MT4, MT5, cTrader | ✔ | ✔ | FCA & ASIC Regulated ECN Broker | Expert Advisors (EAs) & News Trading |
| Plus500 | $100 | Web Trader & Apps | ✔ | ❌ | User Friendly Trading Platform | 24/7 Cryptocurrency CFD Trading |
| FOREX.com | $50 | MT4, Web Trader, Advanced Platform | ✔ | ❌ | Advanced Platform: Integrated Strategies | MT4 EAs & User Friendly Web Trader |
| AvaTrade | $100 | MT4, MT5, AvaOptions | ✔ | ❌ | Wide Range of MT4 Markets To Trade | FX Options Trading |
| Trading 212 | $29 | Web Trader & Apps | ✔ | ❌ | Stocks To Own: No Commission Charge | Switch Between Demo & Live Account |
| eToro | $200 | Web Trader & Apps | ✔ | ❌ | Stocks And Cryptos To Own & CFDs | Trading With Social & Copy Trading Tools |
| Binary.com | None | Web Trader, MT5 | ✔ | ❌ | MT5 CFD Trading | 24/7 Trading |
| UFX | $100 | MT5, ParagonEx | ❌ | ❌ | Crowd Trading On ParagonEx | Crowd Trading Stocks CFDs |
| IronFX | $100 | MT4 | ✔ | ✔ | FCA Regulated Broker & 200+ CFDs | MT4 Stocks CFD Trading |
| XM | $5 | MT4, MT5 | ✔ | ✔ | MT4 & MT5 Forex Broker | MT5 Stocks CFD Trading |
| Trade360 | $500 | MT5, ParagonEx | ❌ | ❌ | ParagonEx Crowd Trading & MT5 | Crowd Trading News Feed |
| FXPRIMUS | $100 | MT4 | ❌ | ✔ | STP Forex Broker | MT4 Trader Tools For All Clients |
| ThinkMarkets | None | MT4, MT5, Trade Interceptor | ✔ | ✔ | User Friendly Trade Interceptor & MetaTrader | 0 Pip Spread Forex Broker |
| RoboMarkets | $100 | MT4, MT5, R Trader | ✔ | ✔ | R Trader: Run Robots On The Cloud | 11,000+ Markets On R Trader |
| Dukascopy | $100 | MT4, JForex | ✔ | ✔ | Regulated ECN Broker With 500+ Markets | SWFX Marketplace ECN Via JForex & MT4 |
| Markets.com | $100 | MT4, MT5, Web Trader & Apps | ✔ | ❌ | CFD Broker With A Range Of Platforms | Fixed Spreads on MT4, MT5 & Web Trader |
| HYCM | $100 | MT4, MT5 | ✔ | ❌ | MT4 & MT5 Broker | EAs With $4 Round Trip Commission |
| FXTM | $10 | MT4, MT5 | ❌ | ✔ | Wide Range Of Accounts: Cent To ECN | MT4 Cent Plus MT4 & MT5 ECN Accounts |
| easyMarkets | $100 | MT4, Web Trader & Apps | ✔ | ❌ | Fixed Spread Forex Broker | Wide Range Of Forex Products |
| IQ Option | $10 | Trading Platform & Apps | ✔ | ❌ | 300+ Markets On Custom Trading Platform | Low Minimum Deposit Broker |
| FXCC | $100 | MT4 | ❌ | ✔ | Regulated MT4 ECN Broker | ECN Account With No Commission Charge |
| ETX Capital | $100 | MT4, ETX TraderPro | ✔ | ❌ | Web Trader & Automated Trading On MT4 | 5000+ Markets To Trade On ETX TraderPro |
| AAAFx | $300 | MT4, ZTP Web Trader | ✔ | ✔ | ECN Broker With MT4 & Web Trader | Trading with EAs and ZuluScripts |
| FXGiants | $100 | MT4 | ✔ | ✔ | FCA Regulated MT4 Broker | Micro, Premium & STP/ECN Accounts |
| ITRADER | $250 | MT4 | ✔ | ❌ | MT4 Broker & A Range Of Account Types | MT4 Trading With 20+ Crypto CFDs |
| NSFX | $300 | MT4, JForex | ✔ | ✔ | JForex & MT4 ECN Broker | Fixed Spread MT4 & ECN MT4 Accounts |
| 24Option | $100 | MT4, Web Trader & Apps | ✔ | ❌ | Regulated Broker With Web Trader & MT4 | Accessible Web Trader |
| Vantage FX | $200 | MT4, MT5 | ✔ | ✔ | Regulated MT4 & MT5 ECN Broker | ECN Spreads From 0 Plus Commission |
| RoboForex | $10 | MT4, MT5, cTrader, R Trader | ✔ | ✔ | Accounts From Cent To ECN | Wide Range Of Trading Platforms |
| IC Markets | $200 | MT4, MT5, cTrader | ✔ | ✔ | Regulated ECN Broker | 230+ Markets Including Crypto CFDs |
| USGFX | $100 | MT4, MT5 | ✔ | ✔ | ASIC Regulated STP/ECN Broker | MT4 & MT5 Trading |
| BlackBull | $200 | MT4 | ✔ | ✔ | MT4 ECN Broker | Crypto CFDs To Trade |
| Titan FX | $200 | MT4, MT5 | ❌ | ✔ | Regulated ECN MT4 & MT5 Broker | ECN Trading Infrastructure |
| Online Trading Platform | A Key Feature | Notable Platform or Account Feature |
|---|---|---|
| ZuluTrade | ZTP: Social & Copy Trading Platform | Connect 50+ Brokers To ZuluTrade |
Compare different online trading platforms and account features
Trading platforms can matter, as they are the interface traders use to trade and thus their scope is also the potential scope of the trader. Some platforms have the capacity for automated trading (e.g. MT4, MT5, JForex, R Trader and cTrader), others do not. Traders may not wish to use robots, and prefer to make their own trading decisions. Brokers may expressly cater to this, by offering user friendly, intuitive web trading platforms, which make the trading process as straightforward for the human trader as is possible, but all the platforms in the table can be used for non-automated trading. While some desktop platforms may not have a mobile app, brokers typically offer apps, perhaps based on a web trader or a mobile version of a platform such as MT4.Robots have different requirements from a human trader, though they may be executing rules a trader uses (also known as algorithms). For automated trading strategies which robots execute on behalf of the trader, factors such as dealing desk intervention and speed of execution may be important (i.e. can the robots execute strategies as efficiently as possible). ECN brokers can provide this kind of account infrastructure but market maker brokers may also support automated trading, as well as providing accounts and platforms for traders who make their own trading decisions.
Another kind of automation is copy trading and some brokers offer this capacity. Depending on the broker, social or crowd trading information might be included on the trading platform. The broker may offer a range of tools to assist with analysis or to provide additional functionality not included on the platform (e.g. robots or copy trading). There are third party platforms (like ZuluTrade) which can be connected to a broker allowing the trader to use the platform's social and copy trading functionality. Some brokers may allow the trader to connect third party platforms which support the use of robots.
The trader trades on the platform though an account. To trade on a platform with a live trading account the trader can open an account with the broker. Accounts can come in different formats, for example a broker may offer ECN accounts (typically with a commission charge) or a broker may provide a Cent account which lets the trader use small trade sizes. To practice trading and to become familiar with an online trading platform, the trader can use a demo account. Some brokers offer live accounts with minimum deposits higher than the standard account. These may provide extra features or be tailored for higher volume traders, depending on the type of broker.
The markets to trade offered can vary from broker to broker. ECN brokers typically provide smaller or in some cases intermediate numbers of markets to trade (i.e. less than 100 up to several hundreds). Some brokers offer a larger number of markets to trade, in the thousands, the bulk of which will be Stocks (as there are many Stocks out there, compared with other markets). In general the brokers in the table are providing markets to trade not own (e.g. Stocks CFDs) only, however at some brokers it is also possible to find markets such as Stocks to own.
The trader may find it helpful to compare brokers by themes to match the kind of trader they are and the kind of trading they may wish to do.
Choosing A Broker From Beginner Trader To More Advanced
Choosing A Broker By Online Trading Platform
Best Way To Learn Forex Trading
Is there a best way to learn Forex trading ? There arguably is a better approach or way to doing so. To consider why, one can look at what the essentials are to learn Forex trading. The trader needs to choose a broker to trade with. This is what this site aims to help with. However as the site notes, the kind of broker which the trader may want depends to some extent on the way they will trade. So the beginner may want to choose a broker which has a user friendly platform to practice trading and start their trading from a demo account to work out how they want to trade. Thus the trader may wish to consider a platform which lets them switch from demo to live and back again. A number of brokers let the trader test out the platform as a demo before completing registration.A user friendly platform will tend to support trading where the trader makes their own trading decisions. For a beginner this can be a good idea, rather than using a robot to trade, which can be helpful when the trader understands trading and wants a robot to trade on their behalf. Otherwise the trader is using a robot as a kind of black box and may find it hard to understand what the results of the trade really mean. An alternative is to use a platform with social trading and let the views and actions of experienced traders be a guide. Some may wish to start by letting experienced traders trade on their behalf via copy trading.
However since the trader is looking for the best way to start trading, then really if they interested in learning how to trade could start by doing their own analysis and making their own trading decisions. This analysis can include social trading but should also include technical and fundamental analysis. This kind of analysis is what humans and robots are doing in the market, to provide a way to enter, manage and exit a trade. But since the trader may lack experience they can start on the demo and try and spend some time with it however much they may wish to try a live account.
Before, during and after opening an account the trader can learn trading via webinars, courses and reading books. For example books on technical analysis, candlestick analysis and technical indicators. Technical analysis is a core part of Forex analysis and is used extensively across the market. On the demo account the trader can pick a market to trade, choose a representation for the change in value on the chart (for example candlestick charts) then pick a technical indicator having worked out what its signals are and how to use it.
The trader can take a position in the market, noting that they may be trading on a live account with considerably less capital compared with the virtual funds in the demo account. This may matter as the account capital can determine the position size, or at least a comfortable range to trade with. On the live account the trader may wish to consider starting with very small trade sizes, for example trading on a Cent account. Smaller trade sizes can reduce the the value of each move of a Forex pair (in pips) taking a smaller amount of the account if the move goes against the traded position, which is to be expected as the Forex market moves normally in retracements intermixed with volatility and occasional strong directional moves (e.g. in a news trade).
The trader may wish to test out trend lines and other graphical tools and see how the market may and may not respect them (and indicator signals). The trader can note the way the market may retrace and part of learning to trade is to know when this retracement invalidates a trade and when to stick with it. Some traders bypass this by letting robots trade on their behalf, but the beginner trader may wish to work this out for themselves. Various methods can be used, including simply triggering a sensibly set stop-loss. Stop-losses are important as they can help manage risk and they can be set with a rationale based at least partly on the market (for example on past retracements), otherwise the trader may set them too far or too close resulting in the stop-loss being triggered by retracements which actually work out to allow a successful trade. The very fact that a market can recover and then do what the trader expected is a core part of trading as well as is the fact that the opposite can happen. Forex is a complex market and retracement can turn into reversals.
The trader may wish to analyse the market at various time frames, to get a sense of what is happening at time frames different from the one they they are trading on and why this might be affecting pattern formation at other time frames. Which time frame to trade on depends to some extent on the duration of the trade, but the trader may wish to consider entering on 1 or 5 minutes and managing it on a higher time frame depending on the time frame for the trade. The trader can filter trades with or simply trade on patterns and can take note of value levels and see how they may interact with pattern formation. Patterns can encompass trends and ranges, and can be part of these as well. A trend can evidence a pattern in and of itself as can range formation. Trends can and do have retracements as part of their beginning, middle and end, thus the trader may wish to examine and trade trends to see how this can happen. Thus arguably a sensible way to learn Forex trading is to gain theoretical knowledge, for example by reading books, then opening a trading account and practising ideas on a demo and then carefully scaling their trading on a live account.
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