Forex brokers comparison tool for online trading

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HOW TO CHOOSE A FOREX BROKER?

Now that site is created you should ask me: How to use it?
Each part of the website will answer to the questions you MUST ask before openning an account with a broker.
Quality of the Institution
Unlike equity brokers, FOREX brokers are usually attached to large banks or lending institutions because of the large amounts of capital that are required. Brokers should be registered with a regulation authority like the Commodity Futures Trading Commission (CFTC).
BM: You can find the main regulation organisations websites in the menu Forex > Regulation. You can see in each company profile if the broker is regulated by one of these organisations.
Is the company member of a group ?

BM:If the company is a member of a big group you can add 1 point to the trust you can give him.
How long the company is on the Forex Market?
BM: More the company worked on the Forex Market more you can get experience from other traders.

Account type
There are 2 account types for individual investers:
* Mini accounts : choose a mini account if you are new to the forex market. Beware : the leverage is often higher than standard account. The contract size is often 10,000$
* Standard accounts : Standard accounts are for experienced investors. The deposit is higher than Mini accounts but the leverage is lower. Contract size is often 100,000$
Can you trade mini accounts? Can you adjust the standard lot size traded? What is the minimum account balance? Do you earn interest on the unused equity in your account?
BM: I suggest you to use the brokers comparison table to get a quick answer to these questions. I have a dream: All brokers allow us to earn interests on unused equity...

Commissions
Most of forex brokers offer commission free trading. Only few brokers invoice a commission. You should look if there are services associated to these fees (market news, market tips...).
BM: I suggest you to use the commissions comparison table to help you to find the best broker for your style of trading.

Spread
The spread could be important if you make very short term trades with few pips movements or if you make a lot of trades. The spread could be negociate with the forex broker.
The spread is generaly "fixed" but it may be variable so you need to take care of the spreads announced by the broker. During economics statistics the spread can vary even if the spread is announced as "fixed".
You should avoid to trade statistics with brokers who use variable spreads.
BM: I suggest you to use the Forex spreads comparison table to help you to find the best broker for your style of trading.

Slippage
How much slippage can be expected in normal and fast moving market conditions?
BM:It's difficult to answer to this question, you should read the users comments and try the demo account of the broker.

Leverage
You MUST respect a strict money management if you want to survive. You have to take few risks so in order to limit the risk the leverage should be lower than 10. All of the forex brokers offer more than 20:1 or 50:1 leverage. This is not a real advantage.
During a chat or a phone conversation you should run if the broker propose you a 200 leverage. This is "possible" but "irrealistic" to trade with these high leverages.
BM: I suggest you to use the brokers comparison table to help you to find the best broker for your style of trading.

Safety of Funds
Is the broker regulated?
Where are stored my funds?
If the broker is located in an exotic island you can consider to never see your funds again.
BM: You can read the company profiles to get the answers.

Word of Mouth
What have other traders experiences been like with the broker?
What is their customer service/dealing desk like?

How to choose a forex broker?
BM: I suggest you to view comments and rates to help you to find the best broker for your style of trading.

Margin
What is the margin requirement?
Is it fixed or variable?
Does it change for different currency pairs or days of the week?
BM: You can read the company profiles to get the answers.

Rollover Policy
Is there a minimum margin level in order to earn interest on overnight positions?
Are there any other requirements or conditions on earning rollover interest?
BM: You can read the company profiles to get the answers.

Execution of orders
How fast is the broker's order execution?
Do they offer automatic execution?
Will they place you on manual execution?
How much can you trade before having to request a quote?
Do they offset all clients orders?
Do they trade against their clients? (stop running, etc)
BM: You should try the demo account provided by the broker, read the users comments and read the company profiles to get the answer.

Trading Platform
The trading platform is very important. You will use this tool very often so you have to be confortable with it.
Is it reliable during fast moving markets and news announcements? (Will the platform freeze/crash, etc)
How many different currency pairs can you trade?
Do they offer an Application Programming Interface (API) for automated systems trading?
What other features does it offer? (One click trading from the chart, trailing stops, mobile trading etc.)
BM: You can read the company profiles to get the answers. You can compare the platforms with the platform compariton tool.

FOREX TRADING BROKERS
FOREX Trading FOREX Broker FOREX Software FOREX free demo account; Who are the best forex broker? You might ask. Choosing the best forex broker is important. The best currency trading broker provide you the services you're looking for and you are not charged for unnecessary services that you don't need. Here is the list where you'll find guides on choosing the best forex brokerage firm for yourself.