Selecting a Forex Broker

Forex Brokers & Trading AccountsForex brokers are financial companies that provide access to the Foreign exchange market by linking retail and institutional capital and the network of banks that offer liquidity.

 

How to Choose a Forex BrokerHow to Choose a Forex Broker?

These are the key issues to keep in mind when choosing Forex brokers:

ENSURING THE SAFETY OF FUNDS

  • Is the Forex broker regulated by a trustable authority such as FCA UK, ASIC, or even CySEC?
  • Is the Forex broker headquartered in a safe country?
  • Does the Forex broker operate for more than 3 years in the market?

ECN/STP Fx Brokers

Comparing ECN/STP Forex brokers and their basic trading conditions..The Foreign Exchange market is a global decentralized market for the trading of global currencies. Forex brokers provide access to the Foreign exchange market by linking retail and institutional capital to the liquidity of the ECN network of banks.

 

Understanding the Categories of Forex Brokers

There are two general categories of financial firms offering access to the Foreign Exchange market:

  • No-Dealing-Desk Firms (ECN/STP Brokers)

These types of financial brokers are electronically connected to the ECN network of banks or else the Electronic Communications Network. That means they offer fast trading with low slippage and very tight trading spreads.

□ ECN brokers give their clients direct access to the ECN market, and usually, these are very large firms.

□ STP brokers route their client orders electronically to a liquidity provider. 

□ Neither ECN nor STP brokers involve human intervention as they pass their clients' orders directly into the global currency market. This is why they are called NDD brokers (No-Dealing-Desk).

Basics of a Forex Trading Account

Choosing Forex BrokersStart Trading in the Foreign Exchange Market

 

Choosing the right Forex broker is extremely important. There are five key factors that every trader should know before opening a Forex trading account:

 

(1) Suitability of a trading account

(2) Cost of Trading

(3) Margin Policy & Rollover Rates

(4) Execution Efficiency

(5) Safety of Trading Funds & Compensation in case of insolvency

In the following analysis, each of the above 5 factors is divided into several sub-factors.

IC Markets

IC MARKETS REVIEW

 

Based in Australia, IC Markets is a very large and regulated ECN Forex broker. IC Markets offers tight trading spreads, a free VPS, and fast order execution. That means the broker is ideal for scalping, automated trading, and day trading. IC Markets provides several platforms, including MT4, MT5, and cTrader, and a very wide asset index containing more than 55 Forex pairs, commodities, and 19 cryptocurrency pairs.

» Visit IC Markets

◙ IC MARKETS Full Review Analysis

This is the full IC Markets review analysis.

LQDFX Forex Broker

LQDFX.comLQDFX REVIEW

 

LQDFX offers MetaTrader-4 and a wide asset index containing 71 Forex pairs, 11 indices, commodities, and 13 cryptocurrencies. The broker provides automated trading and scalping and allows high trading leverage. There is 24/5 customer support, free education, and a 100% welcome bonus, of up to $20,000.

 

» Visit the LQDFX Website

◙ LQDFX Review Analysis

This is the LQDFX Review Summary.

FxOpen.com Review

FxOpenFXOPEN Review

FxOpen MT4FXOPEN is an ECN/STP broker based in Oceania and regulated by FCA UK and FSP New Zeeland. The broker offers ECN trading, MT5, PAMM accounts, automated trading, and a free VPS.

The broker offers a wide asset index containing more than 70 currency pairs and several CFD assets. The spreads are fair on ECN and STP account types but the overnight rates for keeping positions overnight are not equally competitive. Automated and scalping are fully allowed. As concerns about promotions, FXOpen offers free VPS hosting and a small welcome bonus for new customers.

» Visit the FxOpen website

Fxopen.com Review Analysis

This is the FxOpen.com full review analysis:

Subcategories

Review Fx Brokers and find information about their available accounts and trading terms.