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We help you compare forex brokers by introducing you to the factors that you should consider when choosing a Forex Broker. To view a list of the popular Forex Brokers click here.

Does the Forex Broker offer a Demo Account?

A Demo Account can help you test trading strategies, test the user-inteface and usuability of the forex brokers platform and more.

Research and Education

You will want to make informed decisions when currency trading. Forex markets are always moving which means you need to research the market. Forex Brokers provide Educational Videos, Forex Webinars, Techinical Analysis, Trading Signals, Economic Calendars and more.

Should I open a Micro or Mini Account, intermediate account or VIP/Premium account?

Low Trading Fees

The fees charged by forex brokers vary between provider. Compare forex brokers fees before selecting a broker. Some Forex Brokers chage inactivity fees and/or may close the forex trading account if you do not trade frequently enough.

Can I fund the account with a debit/credit card?

Check with the Forex Broker the funding options. All with accept bank transfers but if you want to use a debit or credit card then you need to find out, for example, if the option of funding the account with a credit card is available or not.

Withdrawal time

Check with the Forex Broker the currency withdrawal time. Withdrawal times typically range from 1-2 days.

What trading platforms are available?

There are a number of trading platforms provided by Forex Brokers which are MT4 and MT5 platforms, an online trading platform using the brokers website and some also offer the CTrader platform. The easiest to use is the trading platform on the forex brokers website whereby you can log-in and trade from a desktop computer, tablet device or Smartphone.

Does the Forex Broker offer Copy Trading

Some forex accounts can be set-up to copy Top Traders trades. For example, etoro offers a service whereby you can copy Top Traders. There is no extra fees or ongoing charges for this service.

What currency pairs are tradable?

Before opening a forex broker account consider which currency pairs you are going to trade. Most traders will focus on Major Currencies such as US Dollar, Euro, British Pound, Swiss Franc and Japanese Yen.

What leverage is offered?

Leverage enables you to be exposed to a higher level that simply holding the currency. Not only does this mean you can make gains more quickly but losses can also be exposed to more quickly too. Leverage offered varies between fore brokers. Leverage makes transaction costs a very important consideration when choosing a broker (read more about what a pip is and transaction costs of high leverage and pips)

Is your Forex Broker regulated?

A very important factor is that you will need to make sure the Forex Broker is regulated. Being regulated by a financial authority means the Forex Broker will have to follow and comply with financial regluations that protect the traders/investors. Financial authorities include the UK's Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). The financial authorities in the USA are the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). You can trade forex licenced by a foreign country in most countries around the world. However, if you are a U.S. Resident you can only trade forex with a Forex Broker licensed to operate in the USA.

Introduction to Forex Trading

Read our Introduction to Forex Trading for an insight into what FX is and what instruments are available, leverage and what is a pip?