How do I find a broker that is good at providing forex trading (i.e. foreign exchange / currency)?

Where should I look to learn about what brokers have in terms of brokerage, leverage, and software platforms?

  • 2
    I edited your question to make it a "how" question instead of a recommendation question. Recommendation questions don't age well and a recommendation today may not be valid in a year or even in a few months. For more detail, see our faq under questions not to ask: every answer is equally valid: “What’s your favorite ______?”
    – Alex B
    Mar 30 '11 at 19:37

I find this website to be a good start to understand what factors to look for. Other than that "good" is a very subjective. Here are some of the factors mentioned at that site:

  • Regulation
  • Data security
  • Dealing spreads
  • Commissions and fees
  • Order types
  • Currency pairs
  • Deposit required
  • Account types
  • Leverage
  • Margin requirements
  • Trading platforms
  • Mobile trading
  • Algorithmic trading
  • Market alerts
  • Support
  • Information resources
  • Dealing desk access

In general, how I choose a provider or product is:

  1. Make a short list of ones that seem popular or worth looking at.

  2. By looking at their web sites, make a spreadsheet or document listing features, range of products, response times, rates, fees and other costs, and any other factors on which you might want to choose between them. Think about which of these you actually care about: many providers offer features that just may not be relevant to you.

  3. Make some estimates of how I would use the service (eg how many trades, how much money) and multiply that out to get the cost to use each one. Ideally this would be based off a larger investment plan for why you are doing forex (or whatever) at all, which includes a statement about you putting x% of your income into it every n months, or holding it at about y% of your total assets.

  4. If possible create a free account on them and try out the software and user interface. I think this is better than relying on someone else's subjective report that it's easy or fast.

  5. Pick the one that seems to have the features I need at the lowest cost with a decent interface, and start using it.

Normally you can close out or transfer financial accounts without an enormous expense so there's no point over-optimising. If it's not actually good in practice you can go somewhere else.


Brokerage Review in one of my favorite sites for these kind of things.

It has very useful information about many online brokerage companies and it provides pros and cons for each of them. It sometime has links to offers or introduction packages.

The website suggests Zecco Forex as the best one for currency trading.


I would advise you to look at ECN brokers first. Then look for online reviews about these ECNs brokers. Best to see what existing traders think about such companies before opening an account. Read what they say about customer service, withdrawal time and fees (deposit is usually not a problem) and trading platform. Also, your broker must have Metatrader trading platform if you want a better trading experience or in case you want an expert advisor made to assist you in your trading.

  • I so wanted to upvote this recommendation to consider an ECN broker first over any sort of single dealing platform, however, I find the statement that you must have Metatrader off-putting. Some people want Metatrader, but some don't need the complexity of building models for their infrequent long-term FX trades. Others prefer a more fully featured API level integration (like you might get with IB as an example.)
    – davmp
    Aug 31 '16 at 23:04

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