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Unlike stock exchanges, there is no central authority facilitating the trades. The prices we see on sophisticated charts are just representing transactions between two willing parties at any given point in time. As a result, different Forex brokers often show different levels of liquidity in their Level II window. In fact, sometimes you will find completely different price quotes at different brokers.
The divergence is often so large that savvy traders make a profit out of it by arbitrage. Before you endeavor to pick a Forex broker, you need to know and familiarise yourself with how this decentralized spot market works.
Because unless you are well-versed with the intricacies of the spot Forex market, you will not fully grasp the different business models brokerage firms employ to turn a profit. If you are new to the Forex market, you might wonder that what difference does it make to your trading if your broker has a different business model compared to another broker in the industry. As long as you get to buy and sell your desired currencies, who cares?
Once you realize how your broker executes your trades and who the actual counterpart to your transactions is, you will finally grasp the true extent of why it is so important. Let's take a look at some of the common types of brokerage businesses out there and how they operate trading facilities for their clients.
In a traditional sense, market makers were large banks or financial institutions that matched the orders from their clients to create ample liquidity. Without market makers, there would not be enough liquidity in the market and traders would experience large gaps and price swings. When it comes to Forex trading, market makers could be your own broker, who acts as the immediate counterpart to their clients. Since these brokers are actively trading against you, buying when you are selling and vice-versa, there might be some conflict of interest.
Market maker Forex brokers make their money by charging traders the spread gap between the buy and sell price. They are constantly buying and selling the same currency pairs, in both directions, to thousands of their clients.
So, if you get a recommendation to buy or sell a particular currency pair, there could be a possibility that your broker is trying to balance their books and that's when the conflict of interest arises. Hence, if you know that your broker does not pass your orders to third-party market makers, but acts as a source of in-house liquidity, make sure that you take any trading advice from their research department with a pinch of salt.
Unlike market makers, Electronic Communication Network ECN brokers pass on your orders to third-party buyers and sellers. So, an ECN broker will try to consolidate a large number of orders into a single order and pass it to its liquidity providers, the true market makers, and other market participants. Since ECN brokers consolidate orders, they usually trade with substantial volumes. Consequently, the economics of scale enable them to get preferential rates in the Interbank market.
As ECN brokers can pass on these savings to their clients, trading with an ECN broker usually means paying much lower fees and commissions compared to trading with a Forex broker that acts as a market maker. Therefore, if you have to choose between a market maker and an ECN broker, it is recommended that you prefer the ECN broker unless the market maker has offered a substantial discount on spreads to you as a private brokerage client.
As the name suggests, Straight Through Processing STP brokers pass their clients' orders directly to their pool of liquidity providers. Well, there is a big difference in how the orders are routed and the fee structure of these two types of Forex brokers.
ECN brokers act more like a hub and try to disseminate orders from the liquidity providers to its internal clients. ECN brokers also charge commissions for each trade their clients make as well as negligible spread. On the other hand, STP brokers pass their client orders directly to the interbank liquidity providers and, usually, they do not charge any commissions.
The key difference between ECN and STP brokers you need to understand is that the STP brokers connect each individual transaction with each liquidity provider they have in their pool. Also, keep in mind that STP brokers can often offer faster orders fails because they let their liquidity providers bid for the clients' pending orders. By doing so, STP brokers can quote Ask price from one liquidity provider and at the same time, quote Bid price from another liquidity provider.
Also, with variable spreads, traders usually get better quotes compared to brokers with different models. Bucket shops are basically scam operations and once you know how they scam Forex traders; you will forever want to stay away from them regardless of how much bonus they are offering for you to sign-up with them.
Basically, a bucket shop does not even have any liquidity provider in the backend. They never pass clients' orders to the interbank market! They try to match buy and sell orders in-house by accumulating in their balance sheet.
When you place a buy order with a bucket shop, the broker sells you the currency and it hopes that there will be enough sell orders from other clients to match so that it does not have a large exposure. Bucket shops are betting that your analysis would be wrong, and your trade will turn out to be a loser.
Since the majority of the newbie traders often lose, bucket shops have figured out a way to make a profit off these types of clients. However, if you are an experienced trader who is consistently being profitable and you are trading with a bucket shop, you will soon likely start to experience some difficulty trading. In fact, there have been cases that if you are making money from trading, most bucket shops will start to arbitrarily increase spreads or even manipulate price feeds to take out clients' stop orders!
Since any profit the client has made comes directly from the broker's own pocket, there is a direct conflict of interest and most Government regulators do not allow bucket shop models to operate under their jurisdiction. We said most because there are a lot of shady jurisdictions in smaller Island nations that really have no manpower to provide the level of checks-and-balances to catch a broker involved in scamming customers by being a bucket shop.
We simply endeavor to not list or review such brokers when we identify them! If you are picking out a new broker, pay attention to the following things to keep your hard-earned capital safe. Moreover, if you do your homework about the broker that you are about to invest your funds with, there is a good chance that you will compare its fee structure with other industry-leading brokers and come to a rational conclusion about your decision.
As we mentioned before, regulatory oversight is one of the most important factors in picking a broker. Here are some of the top authorities from around the world and their respective legislative jurisdiction that you should check before signing up with a broker that claims to be regulated by that country.
There are many more brokers operating in smaller economies like Malta and Seychelles. However, the regulatory oversight in those places may not be as strong. Some regulators make it mandatory for Forex brokers to keep their clients' funds in a separate account.
By not allowing client funds to be mixed with the company's operational funds, regulators protect clients from any financial trouble such as bankruptcy. If you are trading large sums of capital, try to stick to brokers who will keep your funds in a segregated account.
As we discussed earlier, how a broker collects and passes your orders to the interbank market makes a lot of difference. It goes without saying that you should always avoid a bucket shop regardless of how lucrative their fee structure is or how well-marketed the company appears. If you are a swing trader, spreads and commission fees are less important. However, if you are a short-term day trader and make ten trades a day, fees and transaction costs will soon add up.
Depending on what type of trader you are, pay close attention to the fee structure of the broker you are about to sign-up with. Nothing is more frustrating than sending a wire transfer to your Forex broker and seeing long delays in crediting your account. One of the key benefits of faster deposit and withdrawal is you do not need to keep large sums of money in your account.
But, without a prompt deposit facility, this strategy will not work, and you will need to keep a substantial amount in your account all times. After regulatory oversight, the trading platform is perhaps the second most important factor. The platform is where you conduct your daily business. Without the right charting tools and technical indicators, it would be nearly impossible to implement any sound strategy. So, test the software platform of the broker before investing with them.
How fast your broker fills your orders will make or break your success as a Forex broker. Especially, you should test the broker during major news releases to see how fast your orders are getting filled. Also, ask customer support about where their actual trading servers are located to see if Internet latency would be reasonable. A broker might offer the best features, but if their server is located on the other side of the world from you, life will be unnecessarily difficult when it comes to placing orders with that broker.
The customer support department of your broker is your point of contact. If anything goes wrong, and it will eventually if you stay in this business long enough, you need to know that you can depend on the broker's customer service to resolve the issue.
If you sent a large deposit and there is a delay, will someone talk to you on the phone and help you resolve the issue? What about if your Internet is gone and you need to close an important order, can you just call support to help you with such matter even if they do not offer order placement via phone?
It is wise to double-check on these things with smaller deposits before investing large amounts with any Forex broker. Leverage is one of the most attractive features offered by Forex brokers. Moreover, read the fine print of the broker to see what the margin requirement for the currency pairs you often trade.
The relatively higher margin requirement is usually a bad thing and can lead to unnecessary margin calls if you like to open multiple orders at the same time. If you are a new Forex trader, you would ideally want to invest a small sum to get your foot in the door.
Having a large initial deposit requirement will put too much stress on you as a trader from a psychological perspective. Try to look for Forex brokers that offer at least Mini accounts, if not Micro accounts. With Mini and Micro accounts, you can test the broker's platform and the trading environment without risking too much in the beginning. Hence, it gives you the option to open a Standard account or Pro Account later. If you trade only a handful of Major Forex pairs, then most brokers will suit your needs.
However, if you want to diversify your Forex trading portfolio and look for trading opportunities with a wide range of minor and exotic currency pairs then you should pay close attention to the offered assets. Also, you can trade a range of emerging asset classes like Cryptocurrencies with some Forex brokers. If diversification is one of your key goals, pick a broker that offers such assets for trading. The global currency market is a very competitive place. Having the right broker by your side to access it will help you become a successful trader in the long run.
We have spent a considerable amount of time and energy to review and rank some of the best Forex brokers from around the world. Signal platforms, as the name suggests, are set up to alert the user when certain market conditions are met. Within this type of software, you can dictate when you receive signals and how they are sent. Speed is crucial when using signals. Systems can also be configured to recognise certain patterns. Signals can add some discipline to trading, as, in theory, trades will only be placed when certain conditions are met — reducing any made on impulse.
This is a double-edged sword, though, because it still relies on your judgement to make the correct decision once the signal has been sent. Automated trading software takes forex signals to the next logical step. Not only will opportunities be identified based on your configuration but the trades will also be automatically placed as per your commands.
Put simply, the automated forex trading software systems — called robots or bots — will trade your money using a pre-determined set of entry and exit criteria that you decide in advance. There are apps that you can download to check the progress of your forex bots on the move, but fundamentally it is up to them to make the right trades. In comparison to signal platforms, the frequency of trades placed by automated forex platforms cannot be matched. The robot will follow the trading rules until the balance runs out, and that can all happen very quickly if things start going wrong.
Automated forex trading platforms are a domain for the experienced trader only. From charting to futures pricing or bespoke trading robots, forex brokers offer a range of tools to enhance the experience. Again, the availability of these as a deciding factor on opening account will be down to the individual.
Level 2 or Level II data is one such tool, where preference might be given to a brand delivering it. Some traders may rely on their forex broker to help them learn to trade. From guides to classes and webinars, educational resources vary from brand to brand. However, a broker is not always the best source for impartial advice. Consider checking other sources too — such as our Education page. There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another.
Such disparities mostly result from the internal procedures observed by different forex brokers. At one platform, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well. Otherwise, the payment process largely hinges on the accepted money transfer methods.
It would make sense for forex brokers to adopt as many such methods as possible, yet some still fall well short of the mark. This can act as an entry barrier to less experienced clients with less capital to invest. The majority of forex platforms tend to accept Skrill and Neteller too. Forex brokers with PayPal are much rarer. The same goes for forex brokers accepting bitcoin.
First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased. Secondly: not all of this feedback is factually correct. Even sites like TrustPilot are blighted with fake posts or scam messages. There is no quality control or verification of posts. That said, it is still relevant. To the trained eye, genuine trader reviews are relatively easy to spot.
The utter lack of community feedback is red flag as well. People always have something to say about forex brokers. Therefore, something is definitely amiss if there is no information available in this regard. Regulation should be an important consideration. Across the world, there are different regulatory bodies that govern the rules a forex broker must adhere to.
This includes the following regulators:. If a forex platform is regulated by one of the above, they are permitted to provide financial services throughout Europe. In Europe, forex leverage is capped at or x Outside of Europe, leverage can reach x Traders in Europe can apply for professional status with their forex broker.
This removes their regulatory protection and allowing them to trade with higher leverage. These are the most stringent global regulators. Forex brokers offering services in their jurisdictions must register with them to provide financial services legally. In other nations, the regulators are more laisse faire and regulation is not mandatory. Sadly, this is not a sign that should instil confidence in the forex broker. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protection.
Leverage can be a factor to consider when selecting forex platforms. However, regulation often takes the choice out of this. Leverage is capped at by the majority of forex brokers regulated in Europe. Assets such as gold, oil or stocks are capped separately.
Most forex brokers will follow regulations and segregate client and company funds into separate bank accounts. This protects traders in the case of broker liquidation. Data protection is usually legislated at a government level. This restricts what forex brokers can do with your personal data, offering that added level of protection.
Account security also differs among forex brokers. Some platforms may offer the additional layer of protection of 2FA two-factor authentication which will protect against hacker intrusion. Many forex brokers will allow you to open a simulation account. This trading training software uses imaginary money to see how you would have performed had you made the decisions that you did on the real forex market.
This can be good for new traders looking to test the waters and ease their nerves, and it can also be useful for more experienced traders looking to trial new strategies and ideas in a risk-free environment. See our list of the best forex demo accounts. A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers.
It will also likely blacklist them. You actually have to scour the archives of regulators to happen upon such relevant bits of information. From cashback, to a no deposit bonus, free trades or deposit matches, forex brokers used to offer loads of promotions. Regulatory pressure has changed all that.
Forex platforms offering bonuses are now few and far between. Our forex bonus page will list them where offered, but they should rarely be a deciding factor in your choice. Always check the terms and conditions and make sure they will not cause you to over-trade. Many forex brokers with welcome, low or no deposit bonuses have time limits or turnover requirements.
This is particularly crucial when assessing a forex broker offering a no deposit bonus. Often, bonuses that are given without the need to deposit are non-withdrawable. Forex brokers use a number of different methods to execute your trades. Exactly which method it uses for a particular trade will be reflected in the price you pay for it.
Some forex platforms only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution. ECNs are great for limit orders, as they match buy and sell orders automatically within the network. Order execution is extremely important when it comes to choosing forex brokers.
It also goes hand-in-hand with regulatory requirements. Regulators aim to make sure that traders get the best possible execution. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis. In this reporting, the prices paid by forex platforms are compared to those quoted to the public. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.
The differences can be access to 0 pip spreads, Level II data, settlement or different leverage and commission. Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets. So research what you need, and compare it to what you are getting at your current forex platforms. Sadly, there are some forex brokers that are just scams.