Forex Brokers

Looking for a good broker? Here is a brief comparizon of some of the top currency brokers around.

Forex Broker Comparison

Firm		Minimum Deposit	Minimum Margin/ Maximum Leverage	Typical Spreads	Commission	Spread Size
EFX		$400	1% 100:1	0-3	$5 per $100k	10,000 units
Hotspot		$7500	2% 50:1	1-3	$3 per $100k	100,000 units
FXCM		$5000	Mini $50 Per Lot (approximately .5%) $50 Per Lot 100K $1,000 Per Lot (approximately 1%) $500 Per Lot			1000
GFT		mini $250/standard $2500				10
IBFX		mini $500 /standard $2500						$100 Mini / $1K Standard

information valid as of November 26, 2007 - please do your own due diligence with any broker you choose and only invest what you can reasonably afford to lose.

What to Pay Attention to When Picking a Broker - not all investment brokerages are the same

1) Really read the fine print as far as the fees that are charged. Some Forex brokers have been known to slip in all kinds of extra fees that can turn winning trades into losers.

2) ALWAYS test their demo account first before depositing money. Then open a small portfolio and practice trading.

3) Pay attention to the amount of downtime they have. Does the screen freeze up on you and how often?

4) Test their customer service. Ask questions and see how quickly they respond to problems. Do they seem to know what they are talking about or are they merely telemarketers.

5) Put in a request to withdraw your money and see how quickly this request is fulfilled. Do they make you jump through alot of hoops to get your money out?

6) If at all possible open several mini accounts with different brokers. Test them to see who has the fastest response time and who blows through your pips and stop losses.

7) If you use a particular trading system see what online brokers that they personally use. Email the trading system company to see if there is a particular reason that that broker was chosen. Your trading style and the tools that that broker offers must mesh or you could end up losing your investment.

8) This market is not regulated as thoroughly as the stock market. Be extra cautious when picking a broker. Not all brokers work for all trading styles and accounts. Always trade with a demo account first before investing a single penny of your own money. Never invest money you cannot afford to lose.

9) Read message boards for reviews but take each review with a grain of salt. Many traders allow their emotions to run them and then have to find someone to blame. This is a very fast moving market and although their is a great deal of money to be made, there is also a large amount of money, as in any market, that is lost daily.

* This is an information based site only. Do not take anything on this site as a recommendation. Do your own due diligence.