There are many sorts of Forex brokers, sometimes it is a bit difficult to chose from. How to find the perfect one for you is the big question. Depending on the requirements, there may be different forex brokers suitable for different people. So let’s dive into it and find out what different brokers have to offer.
Most forex traders, trade only a handful of currency pairs. Over a certain period of time traders tend to stick to one or two pairs they are most comfortable with. Also each trader will have unique comfort zones with regard to minimum deposit, leverage, minimum lot size and spread amount.
The following data is from babypips.com
| Company Name | Broker Type | Minimum Deposit | Maximum Leverage | Spread Type | Currency Pairs | Minimum Lot Size |
|---|---|---|---|---|---|---|
| GFT | Dealing Desk | Mini: $250, Standard: $2500 | 400:1 | Fixed | 123 Pairs | 10k/100k/Base 10 |
| OANDA Corporation | Dealing Desk | USD $1 | 50:1 | Variable | 38 plus Gold & Silver | Flexible |
| FXCM | No Dealing Desk (Please note FXCM Micro in its discretion may or may not offset individual transactions unlike transactions in most FXCM Standard accounts.) | Micro: $25, Standard: $2000 | 100:1 | Fixed and Variable | 39 Pairs | 1k, 10k, 100k |
| CMC Markets | Dealing Desk | USD $2000 | 100:1 | Fixed | 74 pairs | minimum 10K |
| ODL Securities | Dealing Desk | USD $2000 | 100:1 | Fixed or Variable | 80 plus pairs | Flexible Lot Sizes |
| Marketiva | Dealing Desk | USD $1 | 100:1 | Fixed | 17 Pairs | Flexible |
| FXDD | Dealing Desk and Non-Dealing Desk | $250 | 200:1 | Variable | 20 pairs | minimum 1k units |
| MB Trading Futures Inc. | Non-Dealing Desk | $400 | 100:1 | Variable | 25 pairs | minimum 1 unit |
| GFX Group SA | Non-Dealing Desk | $2,000 | 200:1 | Fixed and Variable | 33 plus Gold, Silver | Minimum $10k |
| Interbank FX, LLC | Non-Dealing Desk | $250 | 200:1 | Variable | 19 pairs | 1 unit |
| Saxo Bank | Dealing Desk | US $2,000 | 100:1 | Fixed and Variable | 170 pairs | minimum 1 unit |
| ACM – Advanced Currency Markets | Non-Dealing Desk | Mini: $2000 | 100:1 | Fixed | 39 pairs plus Gold and Silver | 100k units |
| Forex.com | Dealing Desk | $250.00 | 100:1 | Fixed | 22 pairs | 10k units minumum |
| FXcast (Antigua) Ltd. | Non-Dealing Desk | US $10 | 400:1 | Fixed | 35 pairs plus Spot Gold | 1 unit minimum |
| Finotec Trading, Inc. | Dealing Desk | $200 | 200:1 | Fixed | 32 pairs | 1 unit minimum |
| AvaFX | Dealing Desk | US $100 | 200:1 | Fixed | 50 pairs | minimum 10k units |
| IG Markets | Dealing Desk, Non-Dealing Desk | No Minimum Deposit | 700:1 | Variable | 60 pairs | Minimum 1k units |
| CitiFX Pro | Dealing Desk | US $10K | 50:1 | Fixed | 138 pairs | 100k units |
| FXOpen Investments Inc. | Dealing Desk, ECN | $1 Micro, $25 Standard and $1000 ECN | 500:1 | 28 pairs | 1 unit | |
| FxPro (FxPro Financial Services Ltd) | Dealing Desk | USD 500 | 500:1 | Variable | over 80 pairs | minimum 10k units |
This is a comprehensive list of forex brokers. There is no such thing called the ‘best forex broker’. You may categorize them according to the customer service if you wish. But generally each and every forex broker is different in what exactly they offer. So overall, the best froex broker in my opinion are the ones that best suit your requirements.
If you are looking to trade forex from Sri Lanka, there are few things you must consider when you chose a broker. Among other things, you must give some thought on funding and withdrawal options they have to offer. Currently it is not possible to link to a local bank account directly, for funding purposes. You might want to browse through forex brokers who offer services from PayPal, Alertpay etc. Even with PayPal it may not be straightforward when you want to withdraw funds. Luckily there is a workaround for this. But that is a totally different topic for another day.
Hi,
The content of your post is very informative to provide support for the people who works with the Forex trade. i am also interested in this field but due to the lack of knowledge, i can not make any initial in this field.
Trading the money markets is harder than most people will have you believe, Good info on trading is always appreciated. Thanks
Pips are the monetary units used to describe price movement. When you enter the market and make a trade you either make money or lose money. It is measured in pips. Leverage is the ability to control large amounts of money by putting up small amounts of money..i.e..use $100 to control $10,000. Some brokers allow you to use your small account to control transaction amounts that are larger by a factor of 10 or 100. This means you can either win big or lose big. Forex trading requires study to understand the lingo but once you do it is not difficult to get started.
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