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How to choose a Forex broker | 5 Practical Steps

There are two most common ways of choosing a Forex broker:

1) Simplified or "lazy way" — which is to read broker reviews, and based on stars and feedback make a choice.
There will be no guarantee, however, that a 5 star rated broker will be the best choice for your trading needs, or that the reviews you've read were actually genuine (unfortunately, that's the reality of online reviews submission).

2) Professional way — which is to do your own research while making reading reviews a part of that research.
We're going to describe the steps of making a professional choice:


Broker discussion area


January 24, 2010

Hi BG,

....hehehe...this might take you aback after all the back-and-forth posts about various brokers!
But I am actually considering going Live with.....da-dah...Easy Forex as my first real Live account broker.

My assigned broker wrote this when I e-mailed her my intention:
"Thank you for your email.
With us, you should consider that our spreads are fixed, not changed during different market situations. Other forex brokers have the flexible spread condition and it could be a setback for you.
Also, we have Freeze Rate function that means you can get 1 pip discount for your trading when you time it right.
You also don’t pay for deposit or withdrawal while other brokers could charge you up to USD 50 for a withdrawal. Other brokers also might require you to leave some free balance in your account at all time, while with Easy Forex, you can leave your account empty and keep it with no cost.

You see, spread is NOT the only cost and consideration.

There are plenty of hidden costs that other brokers don’t want you to see and mask it with lower spreads. In the end you might pay more to them.
So, please consider the points I mentioned above". :Unquote.

So, as you are my most trusted person in this entire forex world, I would most welcome your opinion before I make that jump.

Thanks for all your help.




January 24, 2010

Hi BG,

You really got to consider opening a section for "Just chatting" as I don't know where to post this.

I was at Forex Peace Army and bumped into another of our guys in this forum referring a Newbie to check ouit your site in choosing a Broker. I, matter of course, chipped in to refer to 100ForexBrokers.com for information on Brokers and other stuffs.

Just thought you like to know!

Oh yah! There is a site called “Forex Signals / Fire pips” which gives free daily signals sent to your e-mail. I am registered with them and received their signals daily and someone over at FXopen forum is apparently using the signals to trade and is getting over 300pips profits.

Forex Signals does not ask for any payments but instead;
Quote: "How can I return the favor or How can I contribute?
Glad you asked. There are several ways of doing it:
a. If you are a webmaster with website / blog, consider linking back to us, eg. Forex Signals
b. If you are active on Twitter then you can Retweet my tweets.
c. By giving thumbs up on Digg and FreshPips. ( The little icon on the left of every post )
d. Donating some of your profits to any charity of your liking or Join my team on Kiva.org
e. If above mentioned things are little to much for you then you can simply help by participating in conversation on FaceBook, Twitter and Blog (via comments). This will not only help out other fellow trades but also keep me motivated”.

They also operate a web site dedicated to getting micro loan for the poor in third world countries.
So,hmmmmmmm, I will check up more on them later as I like their concept.




January 9, 2010

Hi Baha,

Please find my answers above


January 8, 2010

Hi Guru,
Since FOREX enabled the chance for retail traders to attend the big market with a little money it's really amazing cuz hearing guys who made huge amount of money even with a little money, awesome! So, me too interested in this type of industry especially currency exchange market in the forex. I have been trading a demo version of MT4 platforms from different brokers and now really wondering to be in LIVE to trade, while demo and live totally differs, i made some experience with demo. I read many articles about forex and the crucial step for me these days is the reliable broker without DD, offering ECN with low variable spreads on MT4 platform no matter the commission(but will be best if with low fixed commssions for one lot) and uder the regulation of appropriate authorities. So, I found one and really want to open account at FXOpen within a week but being sure i need some clarification. They claim that they offer ECN/STP account services with as minimum $1000 from 2009, and namely commissions they charge is a bit unreasonable, seems they are ok but there is one problem. it is the location, under the regulation of Financial Services Commission (FSC) of the Republic of Mauritius. Company No.: 084573 C1/GBL; Category 1 Global Business № C108006805 License. Here is what I want to ask from you is to give a piece of advise while you are much experienced on this matter.
Many thanks,


December 22, 2009

The Commission licenses, regulates and supervises non-bank financial institutions in Mauritius.
According to its mission and policies: http://www.gov.mu/
FSC does all necessary work to supervise and protect investors.


December 21, 2009


FSC Republic of Mauritius.
How you think of this regulator? Seen they're not on the main page listing.

Thank You!


December 21, 2009

I use Dukascopy.

Trading with a bank is never a bad choice. Your funds are protected, withdrawals are guaranteed, you'll always get a good client support. The only thing to say negative about them - Forex spreads with banks are always higher.

Regarding C.I.M. Bank in particular - they are STPs with feeds from FXCM.
Not a bad choice, depending on the strategy you'll be using; if you plan to scalp or day-trade with many orders opened/closed per day, the spread cost would put a pressure on you, but if you plan to invest in long term strategies, you should be perfectly fine.


December 14, 2009


How you think about cimbanque.com? I can't find any comment in the internet. I wonder professional trader or Investment company, what type of broker they're using? It seen like lot of bad comment to retail broker in the internet.

Thank You!


November 19, 2009

Hi everybody,

I have now been researching the Forex Broker world market for several weeks and my first choice is:

www.dbfx.com (Deutsche Bank in London)

It is the largest player in the world, with a 21% market share of the worlds Forex market, they are simply the best in the world. Deutsche Bank FX has the best liquidity behind prices, what god is the price from an ECN broker if it only has 10.000 or 100.000 behind it? Deutsche Bank FX say it has a at least 2-5 million USD behind it's price, all the time. DBFX offer variable spreads around 1.5 to 2.0 on the EUR/USD and no commission, with an ECN broker I can get 1.0 to 2.0 including commission.

Safety of course, your DBFX account for FX trading are fully protected by the Deposit Protection Fund of the Association of German Banks. Protection is available up to a limit that is determined based on Deutsche Bank's capital, which is currently in excess of EUR 1 billion per depositor. Good enough for me, :-)

Deutsche Bank is not a zombie bank, it is profitable and has survived the financial crises without government support .

Other strong players are UBS (15% market share), Citifx (9% market share and FDIC insurance). Citifx also offers ECN with very tight spreads and commission (1.5 to 2.0 inkl commission) and they have MT4 platform, if you are not a US or Swiss resident, you need to open a Delaware (US) LLC corporation for $299 to trade with them.

It gives me an enormous peace of mind not having to worry about if my money if safe
with the Forex broker, if the broker can facilitate my trade or not, if there is enough liquidity to get in and out of the market, that there is 24 hours quality support available
if my Internet connection goes down or something else happens.

I chose Deutsche Bank.


October 23, 2009

Not exactly.
I've listed some of the largest well known regulatory bodies, but it is definitely not a complete list.
As an investor, you should visit a website of the regulatory body mentioned on brokers' site and review the competencies and level of supervision a Regulator have over its members.


October 22, 2009

Hi BG,

Choosing a regulated broker is important,
but is it only those regulatory institutions listed on the main page is the most reliable one?


October 13, 2009

Oh, well. That's a ton of information!
Thanks a lot!
I'll review it and update pages here and there.


October 13, 2009

Hi There,

few forex broker info to share with , cheers

We do no have a dealing desk.
We allow scalping.
We are regulated in two jurisdictions: Panama and Uruguay .
We do not charge any commissions for trading.
We do not request a minimum deposit. It is possible to start trading with as little as a few dollars.
Minimum lot size is 0.01 lot.
Minimum trading size is 500 USD for Forex.
Maximum leverage possible is 1:500.
We offer fixed spreads: https://forex-metal.com/home/contract_parameters

FX Spreads from 0.5 pips
No dealer interventions or requotes
No hedging restrictions
100% Straight Through Processing
Full, unrestricted use of Expert Advisors
Swap Free Accounts
Mini/Micro lots available
Leverage up to 300:1
No minimum account balance

- Yes we are a Non - Dealing Desk broker.
- Since we are registered in the British Virgin Islands, and there are no
currency futures regulators there - we are not regulated at the moment.
- Our commision is our spreads, details of which are available on our
website at http://www.forex4you.com/clients/conditions/
- There is no minimum deposit, you can start trading with as low as 2 USD.
- Minimum lot is 0.01 for normal accounts and 0.0001 for cent accounts.
- Maximum leverage is 1:500
- Our Spreads are fixed
- Different currency pairs have different spreads, details of which are
available on our website here http://www.forex4you.com/clients/conditions/

Yes, as long as it is not done taking advantage of technological/computer discrepencies. A
As forex is an over the counter market, we are not regulated by any one one country\'s regulatory authority, we have no complaints from our customer\'s in terms of anything illegitimate.
Initial deposit is $250 USD.
Minimum lot size is a micro lot of .01
Maximum leverage is 200:1
Our spreads are for the most part fixed but sometimes change to reflect changing market conditions.
The spreads are very low and can be seen in a demo available at

We are stp ndd broker
Scalping means deals less then 5minutes frequently.
we have no commissions and you can deposit for 100$.
min lot .1
max leverage 400
spreads are fixed 24hours

With FXSol,
a. Dealing Desk
b. Scalping –
c. Pip Spreads: please click on link to view the pip spreads
d. Initial Deposit
Micro account = $250 minimum
Mini account = $250
Standard = $2,000
e. Highest available leverage: 400:1
f. Spread type = Fixed

a. Non-Dealing Desk
b. Scalping
c. Pip Spreads: please click on link to view the pip spreads
d. Initial Deposit
Mini Account = $300 (not available for MT4)
Standard = $2000
e. Highest available leverage: 400:1 upon request; standard 200:1
f. Spread Type: Variable

Yes, we are non-dealing desk broker.
We allow scalping, absolutely.
If you mean specific Forex regulators - then no, but at the moment we
are applying for one.
Spreads only.
No initial deposits.
Minimum lot for normal accounts is 0.01, for cent accounts 0.0001.
Maximum leverage 1:500.
Most of our spreads are fixed. Only small portion of them may change
during the night to another fixed values.
Spreads start from 2. Full list is available here: http://www.eglobal-forex.com/clients/conditions/

We allow scalping.
No commissions.
2000 usd minimum deposit.
Minimum lot is 1 lot.
Leverage 500:1
Spread is fixed one pip.

We are a Non Dealing Desk
We allow scalping with no any time limit
We are regulated under Cyprus Stock Exchange (Cy Sec)
There are no any charges involved in any transaction with TadawulFX
The minimum lot size is 0.05 (5000 base units)-Minimum deposit is $500-Maximumm leverage is 1:500
The spreads are fixed 24 hours a day

We are a non dealing desk company – all automated execution.
We do allow scalping in Standard Account and Interbank Account http://www.activtrades.com/index.aspx?page=forex_accttype
We are regulated by the FSA
The commission is made up in our spreads
Initial deposit is 250 Euros or equivalent
Minimum lot size: Micro lot in Standard Account / Mini lot in Interbank Account
Minimum trading size is 1 Micro Lot
Maximum leverage 1:400
We offer both: Fixed Spreads in Standard Account / Variable Spreads in Interbank Account
Please look at this link for Standard Account Spreads: http://www.activtrades.com/index.aspx?page=forex_spreads
Interbank Spreads obviously vary – very tight though. At the moment EURUSD 1.6 pip Spread.

We allow scalping.
Yes! What you click is what you get! We guarantee all fills up to an opening position of US$ 5,000,000! There will be no slippage or requotes on execution.
We are regulated by the Swiss Banking Authority:- FINMA
NO COMMISSION CHARGES & NO FEES. All costs are within our spreads.
Min account size for scalping US$5000.
Minimum 1 x Standard 100,000 lot for scalping.
Leverage 1:100.
Dealing desk / Non Dealing desk - BOTH.
Fixed Spreads - Yes.

Non-Dealing Desk broker?
- Yes , non dealing desk --- dealing desk will be up/running soon .
Do you allow scalping? By scalping I mean holding a position for less than 1 minute?
- yes is allowed .
Are you registered any regulating authorities?
Yes we are regulated company under CySec(Cyprus Security & Exchange commission ) http://www.cysec.gov.cy/licence_members_1_en.aspx
Commissions charge?
We do not work based on commission charges – UWC spread are 1.5 to 4 depends on trade at time .
Initial Deposit to trade?
Initial deposit is 25$ ( will get 25$ bonus , bonus can be withdrawal after completing some trades conditions)
Minimum lot trades??
Minimum is only applicable on BONUS (10 LOTS TRADES)
Minimum Trading Size Requirement?
Maximum Leverage ratio?
Do you offer fixed or non-fixed spreads?
We offer 4 digits spreads ---which are not freez
How wide are the spreads?
Depends on market price –sometimes could attend to zero and sometimes could attend to 15 to 20 points .

1. The commissions charged are $8.00 USD per standard lot, i.e. $0.80 per 0.1 lots.
2. The minimum deposit to open an account is $1,000.00.
3. The minimum contract size is 0.1 Standard lot. I.e. 10,000 base currency.
4. Our spread on all currencies starts from 0.1 pips, Our average on majors is 1 pip and our average on crosses is 2 - 3 pips. You can monitor these more closely on http://www.fxcbs.com/rates
5. The maximum leverage provided to our clients is 100:1.

There is no minimum deposit for any of our accounts we Recommend 250$ for the mini account and 2500$ for a standard. You can trade 0.01 lots to 50 lots per click.

You can visit this link to see all of our spreads http://www.ibfx.com/platform/contractsizes.aspx

The maximum leverage we currently offer is 400:1, but please be aware that come November 30th, 2009 there is a possibility that we will be forced by the NFA to lower all leverages it 100:1

we have both dealing and non dealing desk. most of the retail business is STP ,which is auto execution.
we do allow scalping. you can definitely hold the position for less than 1 min. we are registered with IFSC and also our USA entity is regulated with NFA.
we do not charge commissions on FX. initial deposit can be as low as 1000 usd. we do not have any restrictions on the lot trades as well as have no size requirements. leverage is 100:1
we offer fixed spreads. spreads are 3 pip wide.


August 29, 2009

To chose a broker, I think that the following criteria should be considered:
- Must not be a market maker
- MT 4 platform
- Regulation by a credited body of organization
- Offer at least a mini lot for trading
- The highest the leverage, the better. It should work on the trader benefit.


August 21, 2009

Hi Chris,

Both spread types would be fine. With fixed spreads, you will get same fixed rate for every trade you enter. It is a bit relaxing way to trade, since you don't have to monitor spreads you're entering at all the time. With variable spreads, you'll have a diffrent quote every time, but variable spreads tend to be lower than fixed (which is an advantage), although again it is not always the case once you start trading live - depends on a broker; and the only real way to know how spreads behave in reality is to at least demo trade for some time with a chosen broker.

For example, when you have fixed spread of 2 pips with broker A, you know the price you're going to pay.
When you go with a variable spread as low as 0.9 pips with broker B, you can expect to have a live quote from 0.9 to probably 2 pips anyway, depending on market liquidity. So, you'll be looking on average at 1.5 pips variable spread, but could also be 2.2 or 2.5 pips, since that's a variable rate. That's why demo trading is advised. It would also be good to ask a broker whether their demo trading uses real rates as in live trading.

Also, note that whatever spread it be: fixed or variable, during news announcements and other market-shaking economic and global events the spreads will widen, so it is your duty to check the spread you're entering with, otherwise you can be caught with 10, 20, 30 or even higher spread (during news like Non-Farm Payroll once a month) - at that moment it woudn't matter whether you trade with variable or fixed spread.

Hope this helps.


August 20, 2009


Thanks for getting back to me, I'm definitly doing my home work, using you link to search and compare. I've got 2 forex brokers both are 400-1 in leverage, one is fixed the other is variable.
Both require a $250.00 min deposit, I not sure if it's better for a newbie to choose a variable or fixed rate.

Again, thank you for your advice, I look forward to your reply.



August 19, 2009

Hi Chris,

As you can see I'm avoiding to suggest a broker, since it is our website policy to keep from doing so.
Your search at this stage should include:
a) a broker who offers MT4 platform (learning how to use Metatrader will come in handy sooner or later, I'm sure, plus you've got a robot to test... :)
b) this broker must be regulated.
c) this broker must offer 0.01 lot size or less for you to start comfortably.
d) finally, you'll compare the spreads and then also read some feedback from traders over the Internet about the problems they had if any.

These two pages can help you to start the search:
MT4 brokers list - to find a broker with mini account fitting your limit
Mini account brokers list - to see if this broker offers 0.01 lot size
Then you need to visit broker website to find the information about regulations (this can be found as a rule at "About us" page, FAQ page, or you can send an email or ask support via live chat).
Later you can compare spreads at our Spreads comparison table, but better off make sure you double check the actual spreads when you download broker's demo platform.

Good luck!


August 18, 2009

Hello Again

Thanks for getting back to me,again I'm not sure what to do next in finding a proper forex broker
using the Meta 4 platform. Again I very new to this business and very GREEN, I just want to make the right decision, using your advice. Just to refresh I purchased the Forex Megadroid and I'm using Metatrader as my Demo account. You mentioned in your reply the good and the bad about
FXPro and OANDA, thanks again. I'm trading the us/euro currency and I'm going to start live trading in about 4 weeks with $400.00. Would you please offer me a proper Forex Broker for myself a
beginner that offers what I should be looking for, along with good spreads and little risk.

Again thank you for all your and advice and patience

Chris from Vancouver Canada


August 17, 2009

Hi Chris,

Here is the deal:
MetaTrader 4 platform is one of the leading platforms in the industry mostly due to its flexibility in adding custom tools: indicators and experts. Since you have already invested in EA (expert advisor), you should probably give it a try. MetaTrader from FXPro.com would be a good start, BUT, there is a very big factor: can you handle 0.1 lot trading? This is the smallest lot size that FXPro offers... By investing only $400 and risking $1 per each pip, if you put a stop at just 30 pips, you're risking to lose $30 at once. How many such stops can you survive?

OANDA has a proprietary platform, which doesn't support EA trading. FXTrade from OANDA is very basic, which is a disadvantage I believe, but it is still fine to trade with. The largest advantage with OANDA is ability to trade any lot size you desire, even 0.0001 lot if needed. This way you have a massive flexibility to control your risks while polishing your trading. Spreads are reasonably low too.

So, Chris I see basically 3 options:
- stick to $400 investment and find another MT4 broker - the best choice, since you don't want to risk a lot of money with your new EA.
- invest $4000 and go with FXPro - that's an expensive adventure for a beginner.
- forget about EA and go with OANDA or any other non-MT4 broker which offers 0.01 lot trading - in case you feel like trading manually.

Chris Assimes

August 17, 2009

I just purchased an expert and it was professionally installed for me, I'm currently using
Meta Trader as I'm using there Demo account for practice. I have about $400.00 US to spend once
I go live in about 4 weeks. My question to you is that I'm a newbie to the Forex industry, what advice, would you give on picking a Forex broker. I'm leaning more on FX Pro then OANDA, but
I'm not sure, which one is the better one, also I'm looking for a Brokers with lowest EURUSD spreads.

Do you recommend I switch to the Broker you advice and drop MetaTrader, just wondering if you
anything about these brokers.


Chris Assimes


July 23, 2009

Could you clarify it a bit further?


July 21, 2009

is is true that when an individual trade with broker and make profits, for example you deposit the sum of $1000 that you can trade and save your profit to certian amount like $20,000 without the tempering with your money thanks


July 9, 2009

Here is an additional advice - an in depth research on a Forex broker suggested by Selwyn Gishen at Investopedia article

Choosing a Forex Broker

As a trader, you should always consider the total package when deciding on a broker, in addition to the type of spreads the broker offers. For example, some brokers may offer excellent spreads but their platforms may not have all the bells and whistles that are offered by competitors. When choosing a brokerage firm, you should check out the following:

* How well capitalized is the firm?
* How long has it been in business?
* Who manages the firm and how much experience does this person have?
* Which and how many banks does the firm have relationships with?
* How much volume does it transact each month?
* What are its liquidity guarantees in terms of order size?
* What is its margin policy?
* What is its rollover policy in case you want to hold your positions overnight?
* Does the firm pass through the positive carry, if there is one?
* Does the firm add a spread to the rollover interest rates?
* What kind of platform does it offer?
* Does it have multiple order types, such as "order cancels order" or "order sends order"?
* Does it guarantee to execute your stop losses at the order price?
* Does the firm have a dealing desk?
* What do you do if your internet connection is lost and you have an open position?
* Does the firm provide all the back-end office functions, such as P&L, in real time?


April 7, 2009

Hi Joe,

Latitude Fx is an NDD (no dealing desk), STP(straight through processing) broker.
They are not an ECN, however. ECN always charge commission, while STP may or may not charge it.

There is more on Forex broker types here: NDD, STP, ECN brokers


March 31, 2009

Hi Guru,

I must say, this is a very informative site! I live in New Zealand and I'm wondering if you can tell me anything about LatitudeFx? They claim they are have STP, which I had assumed (before coming to this site) was equivalent to being an ECN. However, they don't claim to be NDD, and I can't find any mention of commissions on their website. Any information would be much appreciated.




March 26, 2009

Hi BrokerGuru,

Thanks a lot for your information. It helps a lot. In fact, I have gone previously through so many websites (brokers that not even in your lists here) and have come to no conclusion.



March 25, 2009

Hi David,

It is true, you will never find a broker which wouldn't been criticized sometime somewhere (unless it is a very new Forex broker). The thing is, you should be selective as to which traders' reviews to read and which to skip. For example, a review from a trader who claims that broker has "stolen" his money by bringing a margin call or taken out his stop during news hours would most likely be a review of a beginner, who hasn't learned the rules of trading yet, but he is already screaming and rating the broker as a scam.

Another example, a trader who is blaming broker for not accepting his application for a live account, or a broker who delayed the deposit, or a broker whose client support "sucks" (sorry).
An account application can be declined if a broker believes that a person (according to his financial status, job, average earnings, etc) might have not enough assets to trade Forex.
A deposit can be delayed when a trader has failed to provide sufficient data, required by the broker, or typed in an incorrect information, for example, a wrong account number.
The quality of a client support is a subjective factor, which in addition doesn't play a crucial part in one's trading. (If a broker hired some agents oversees, they will most likely be less competent...)
However, if any of the complaints (declines, deposits, client support) are being repeated over and over again, things are most likely serious with this broker, then I'd pay attention to it.

When you read a comment, most of the time you can tell whether a trader has any trading experience or not, then you can decide if the review has a value for you or should be ignored.

Reading brokers reviews you need to focus most of all on: trading platform speed, stability, overall order execution, slippage, re-quotes, spreads, performance during news hours and, of course, a quick trouble-free withdrawal procedure.

I can't suggest any particular broker, it is against this website policy. Besides, a research is something every trader should do on his own.


March 24, 2009

Hi All the respected and experienced players/borkers out there,

I have been searching for a broker to open an trading account. However, every company that is found in the internet had been critisized somewhere somehow. I really run out of idea and do not know who to trust.

My request is just to look for a broker company who are

1. Regulated
3. Low spread
4. Min deposit
5. Min lot (trade size)

Appreciate if the gurus can give me a good piece of advise.


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