Compare Forex Brokers  

There are more than 100 online Forex brokers in the world. A first glance many newbies who are looking for a broker have the impression that are no big differences in Forex brokers. They will determine that there ECN brokers, STP brokers and market makers. The most brokers provide you a leverage of up to 1:500. Whether the broker has 4 or 5 digits after comma in his quotes doesn’t play a role for the most traders. A big role plays the platform which the brokers provide for trading. You should consider how much information about this platform you can find on the internet for learning about the possibilities of it. The most used and most popular trading platform is Meta Trader 4 from Metaquotes. About this platform you will find much information on the internet. On our website as well you will find a detailed manual for Meta Trader 4.

If you open an account with one of the following brokers you can earn additional money for your own trades and get up to 1.3 pips back from the spread.

Terms for chhoosing a broker

Minimum Deposit Size

The minimum Deposit size ist he minimum amount of money which has to be transferred to the account for trading. The accounts can be held mostly in USD or EUR but also in many other currencies.

Max. Leverage

The maximum Leverage is the maximum “multiplier” for trading Forex. So you can buy with only 200€ and a leverage of 1:200 any other currency pair amounting to 40,000€.

Min. Margin

The minimum margin is the reciprocal value of the leverage. The margind is the amount in per cent which has to stand by for the broker (in upper example 40,000€) with a certain leverage (example 1:200) for trading of this order. In our example 200€ are exactly 0.5% by an order size of 40,000.

Available currency pairs

The number of available currency pairs for trading can be very different with different brokers. Furthermore many Forex brokers do offer the possibility to trade with gold, silver and crude oil.

Minimum Lot Size

The minimum lot size shows smallest trade size with which you can enter the market. If you have for instance a leverage of 1:200 and a minimum order size of 10,000 you need at least 50 units of the account currency (for instance Euro or Dollar) to enter the market. Calculation: 1:200 leverage times 50 units is equal to 10,000 currency units.

Web-Trader

A Web Trader is a browser based trading platform offered additional by many brokers. With such a platform you can log in to your account for trading like with an online banking platform.

Software

Many brokers offer special trading software for trading. The most software is still offered for the operating system Windows but there many JAVA based software on the market. This software runs with Windows, Mac and Linux.

MT4

We recommend to all beginners to start to know the platform Meta Trader first. Meta Trader has a great image on the Forex market for several years since it is very professional and is gladly used by ambitious traders. Meta Trader can be used with a special programming language so that you can program your own chart analyzing tools (indicators, oscillators) or automated trading systems (trading robots).

More Forex Terms in our Forex Glossary