Despite their respective reputation among traders, both ECN and fixed spread have advantages and disadvantages. How to know which one is better for you?
ECN brokers and fixed spread brokers make money in different ways. Understanding how these brokers charge their clients is very important so you can maximize your profit in trading.
ECN brokers are a type of forex broker that displays bid/ask prices on their trading platform based on live price streams from liquidity providers, most certainly without any manipulation. As a result, many traders prefer ECN brokers, especially for those whose trading system requires high accuracy in pricing and order execution.
When choosing an ECN broker, the first thing you need to know is that true ECN brokers do not make a profit from spread, but rather charge commission fees on each traded lot. Spreads on ECN accounts will always float, depending on market condition and corresponding to prices provided by their liquidity providers. Instead of spread, the commission fee is more important when you choose an ECN broker.
Another important aspect to consider is regulation. A broker is worthy of being called the best if it is licensed by credible regulatory bodies, not offshore or even unregulated. In this case, choosing a CySEC-regulated ECN broker is perhaps a controversial decision. However, since CySEC Cyprus is a member of MiFID, it holds a license that is applicable across the European Union countries, thus it can be considered a decent option.
Next, you should also consider the features that a particular type of account offers. For example, a broker may offer instant execution in a standard account, but the option for market execution is made available only on the ECN account. When registering on a forex broker, make sure you have paid attention to this as the features offered vary among brokers.
Obviously, the ECN broker you choose also depends on how much funds you have and what money management strategy you want to apply. Hence, take a look at the minimum deposit and maximum leverage that fit your trading plan.
Lastly, check what trading platforms are provided by the broker. Some say that a truly great ECN broker must not offer the MT4 platform because this platform is prone to manipulation by the brokers, thus intervention can always occur. The reality is, however, the MT4 is still the favorite among traders. That's why the list below includes brokers that offer the MT4 as their primary offering and other types of platforms as alternatives that can be chosen for ECN trading.
Here we've compiled a list of the best ECN forex brokers.
Variable and Fixed
Trading by telephone
Islamic accounts available
Admiral Markets is a forex trading company offering worldwide service for clients around the world. In doing so, the company has branched into three main entities: Admiral Markets UK Ltd (registered in England and authorized by the Financial Conduct Authority), Admiral Markets Cyprus Ltd (authorized and regulated by the Cyprus Securities and Exchange Commission), and Admiral Markets Pty Ltd (holds an Australian Financial Services Licence to carry on financial services business in Australia).
Regulated under the three most popular jurisdictions in the forex trading industry, opening an account in Admiral Markets guarantees a safe trading environment. In addition, the broker has been operating for 18 years and counting.
Admiral Markets offers different accounts classified by the platform trading used (MetaTrader 4 or MetaTrader 5). Unlike many other well-regulated brokers, Admiral Markets is very thorough in providing trading specifications for clients. It is also generous in offering trading variations, as well as extra features like MetaTrader Supreme Edition Add-On, One-Click-Trading, Volatility Protection Settings, Market Depth (Level II Pricing), the ability to trade with Expert Advisors, and a handful of analytical features. Admiral Markets has partnered with Trading Central and Dow Jones Market News & Analysis to offer the best and most updated information for traders.
Trading in Admiral Markets allows clients to choose a range of instruments such as currencies, cryptocurrencies CFDs, spot metal CFDs, Spot Energy CFDs, index futures CFDs, cash index CFDs, stock CFDs, and bond CFDs. This broker accommodates a variety of base currencies for the trading account that includes EUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, and RON.
For deposits and withdrawals, clients are provided with at least three types of payment methods to choose; bank transfer, credit cards, and e-payments. The majority of deposit methods enable instant payment, while the withdrawal process does not take more than 3 business days.
Admiral Markets is notable for its resources, both for analytics and education purposes. In addition to the basic analytical features mentioned in the previous part, this company goes further by offering informational tools like Market Heat Map, Market Sentiment, and Cryptocurrency Bubble-O-Meter. Its initiative to equip its clients with well-prepared understanding is also shown in the way the education category is filled with in-depth articles, video tutorials, forex and CFD seminars, webinars, trader's glossary, zero to hero program, and forex 101 courses.
To conclude, Admiral Markets offers a complete package of education and live trading with advanced features. Its financial security is also guaranteed by its compliance with top regulators in the UK, Australia, and Cyprus.
Variable and Fixed
DFSA (Dubai), F004307
Trading by telephone
Islamic accounts available
Founded in 2004, Geneva-based Dukascopy Bank offers trading spots, including forex, metals, binary options, CFDs on bonds, commodities, indices, stocks, ETFs, and cryptocurrencies through the same platforms. After the development of the Swiss FX Marketplace, Dukascopy acquired a Swiss banking license in 2010 and launched Dukascopy Bank.
They try to provide trading services based on the following main principles: equal trading rights and a transparent pricing environment. Dukascopy is licensed in Switzerland through the Swiss Financial Market Supervisory Authority (FINMA) and in the EU through the Financial and Capital Market Commission of Latvia (FCMC).
This ECN-Marketplace represents the advanced generation of liquidity aggregators in the industry. Dukascopy has a unique technology to hedge instantly any clients' trades directly with other liquidity providers. The company is currently connected to Bank of America, Commerzbank, Nomura, Barclays, Currenex, Deutsche Bank, JP Morgan, and other liquidity providers.
All trades are usually executed in milliseconds. Dukascopy offers the deepest source of liquidity in the industry resulting in tight spreads.
Opening an account in Dukascopy would allow you to trade in its proprietary platform called JForex, which can be accessed by desktop and mobile. In desktop experience, traders can get several features including hundreds of indicators, advanced charting, historical testing, real-time news, and embedded customer support.
On the other hand, customization is weak as there are no pop-out charts or built-in complex desktops and watchlists. The web version of the Java-based software triggers security warnings in Chrome and other browsers, while JForex mobile versions allow easy syncing between platforms.
Not only JForex, trading in Dukascopy also offers access to MetaTrader 4 platform that is appreciated by many traders around the world. It has main features such as expert advisors and customizable templates.
Furthermore, Dukascopy provides two types of accounts including Mobile Current Account (MCA) and Standard Current Account (SCA). For private use, traders can choose both account types. But for business use, SCA is more suitable. The minimum acceptable order size is 1,000 units of the primary currency.
Depending on Dukascopy services used by the clients, commissions may apply. Commissions and spreads are calculated through a declining tier system, with clients categorized by monthly trading volume and net deposit.
Dukascopy has won several awards including Best Forex Trading Apps 2019, Best Platform & Tools 2018, and Best Mobile Trading. Besides, the company also gets awarded as Best Forex Bank 2018 by China (Shenzhen) Forex Expo, Best Forex ECN/STP Broker 2018 by London Forex Show, and Best Provider of Liquidity 2017 by IAFT Awards.
Traders will get multiple ways of funding account, including credit and debit cards, wire transfers, and bank transfers. Each client is protected up to CHF100,000 against the insolvency risk of Dukascopy Bank. However, Dukascopy charges a $20 fee in addition to possible bank or credit card charges for withdrawals.
Dukascopy's clients have the opportunity to get more profit through bonus programs, including Equity Bonus, Discount Program, Experience Sharing, and Anniversary Bonus.
The minimal deposit size of the account with Dukascopy Europe is $100, while the minimum for Dukascopy Bank SA is $1,000. Deposits accepted in 23 currencies. Several additional features are available depending on the clients' profile and the type of account.
Dukascopy Bank provides a wide range of free financial information and other attractive resources through its website, Dukascopy TV online television, Freeserv products, and its active online Dukascopy community that hosts over 130,000 members. Based on the review of their clients, product sections and trading platforms point to limited "how-to" articles and videos about forex, CFD, indices, and cryptocurrency trading venues.
The members of Dukascopy may exchange in several languages on trading experiences, market views, trading strategies, may win prizes in various contests, and freely communicate through advanced and secure chat and video conference systems developed by Dukascopy.
The company provides a 24/6 support team through phone and live chat. Traders also can send questions via email. They maintain active social media portals as well as a dedicated support forum for JForex and automated trading.
Overall, Dukascopy is suitable for the highly experienced and high-volume traders. Higher than average trading costs could undermine beginner and retail accounts, who may have to look elsewhere for building skill levels due to weak educational resources.
Variable and Fixed
Islamic accounts available
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as an automatic fund withdrawal system. If a trader withdraws funds through the e-Payment facility provided by Exness, the processing time is instant and goes straight into the account. This means that when traders make a withdrawal, everything happens automatically without human intervention.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable for delays in processing deposits and withdrawals if such delays are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. When trading on Exness, transaction fees are not charged to traders. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
All information displayed on the Exness website is tested and proven. Their business is audited quarterly by Deloitte, which is an audit company for financial services.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, profit opportunities generated by traders also increase with VPS hosting services. This feature helps to maintain trading activities to progress smoothly and without interruption in the event of unexpected troubles such as lost internet connection or electricity problems that shut down traders' PCs unanticipatedly.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
Variable and Fixed
Trading by telephone
Islamic accounts available
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
Interest rate on funds
Trading by telephone
Requires sending documents via postal mail
FXCM (Forex Capital Markets) is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market. The broker was founded in 1999 and was originally headquartered in the United States. After a series of lawsuits from customers and case settlements by the US regulator (CFTC), FXCM moved from the US and became a UK-based broker, authorized and regulated by the Financial Conduct Authority (registration number 217689).
Trading with FXCM is supported by enhanced execution with the Liquidity providers' stream pricing through the FastMatch Electronic Communication Network.
FXCM works with several global banks, financial institutions, and other market makers as their Liquidity providers including Barclays Bank, Citadel Securities, Citibank, Deutsche Bank, FASTMATCH, XTX Markets Limited, UBS, Morgan Stanley, Commerzbank, and Jefferies Financial Services.
This, in turn, enables FXCM to present its clients with fast trade execution, competitive spreads, low negative slippage, no re-quotes, no stop/limit restrictions, and up to 89% of orders are executed at the requested price or better.
For the trading platform, FXCM is remarkably known for its proprietary product called Trading Station. The latest version of this platform's web display is claimed to be built in Mac Friendly HTML5. It features a range of trading appliances such as integrated news, economic calendar, FXCM's top trading tools, social trading functionalities through FXCM Cloud, customized trading analytics, automated strategies, and advanced charting for better analysis. For flexible traders who prefer trading on-the-go, FXCM has also provided Trading Station in mobile version, both for iOS and Android users.
However, the company's in-house platform is not the only option presented for clients. FXCM also gives the choice to use MetaTrader 4 for clients who are more familiar with MetaQuote's product. Also, ZuluTrade access is enabled for clients with keen interests in copy trading schemes that transcend across brokers.
Instead of classifying account types based on minimum deposits, FXCM chooses to offer trading accounts based on the instruments traded. For FX traders, this broker provides Active Trader and Institutional accounts.
Active Trader is the ultimate account type for retail traders with two-tier pricing. Tier 1 applies a minimum deposit of $25,000 with a $30 commission for 1 million volumes traded, while Tier 2 has no detail on deposit requirement but gives better fee conditions. Spreads in both tiers start from 0.2 pips.
Institutional account, also known as FXCM Pro, is marketed as a wholesale execution and liquidity solution for retail brokers, hedge funds, and emerging market banks. The account presents trading spreads from 0.1 pips and other competitive benefits like API solutions as well as prime brokerage services.
For non-FX traders, FXCM provides a CFD trading account with low spread costs from 0.37 pips (in XAU/USD) and a wide range of class assets from precious metals, soft commodities, and indices.
Last but not least, a collection of in-depth articles is provided to help traders' knowledge and insights on the forex market. Trading tools like FXCM Plus, Market Scanner, Trading Signals, and Technical Levels are also developed to support traders who open accounts in FXCM.
In conclusion, FXCM is an experienced retail broker with a lot of "ammunition" to help traders with its best version of execution, pricing, and tools. It is a well-regulated broker backed with a long history in the financial market, even though it has a dark history in the United States' brokerage industry.
Still, the relatively high standard on minimum deposit ($25,000) puts FXCM as a broker suitable for experienced traders with good money management. It is not recommended for new traders with limited capital.
Islamic accounts available
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
Trading by telephone
Islamic accounts available
HotForex is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HotForex has around 1,500,000 live accounts opened and 200 employees globally.
Based on its services, HotForex can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade in this broker. Also, there are various accounts types, trading softwares, and tools to facilitate individuals and institutional customers to trade forex and CFD online.
HotForex is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:
- HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
- HF Markets (Europe), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
- HF Markets SA (PTY), authorized and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa, under the licence number 46632.
- HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
- HF Markets (DIFC) Ltd, authorised and regulated by the Dubai Financial Services Authority (DFSA) under licence number F004885.
- HF Markets (UK) Ltd, authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.
If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risk. For that reason, this kind of clients are granted access to more favorable rates but afforded with lesser regulatory protections than of retail clients.
Trading with HotForex can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.
HotForex offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate in pricing and the best possible spreads.
HotForex receives numerous highly prestigious titles, including the huge honor of being selected to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.
After opening an account in HotForex, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade from desktop or prefer to trade on-the-go, they can use MetaTrader 4 in desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).
Clients’ funds are held in segregated accounts. Only major banks are used by HotForex because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.
Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HotForex ensures that traders make fast transactions 24/5 during the standard hours.
Traders can earn extra income by joining the affiliate program offered by HotForex. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HotForex can be obtained on their official website which is supported in 27 languages.
From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HotForex, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.
ASIC, ACN 123 289 109
Interest rate on funds
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
Banque de France, 73762
Trading by telephone
Islamic accounts available
Owned by Orbex Group Limited and is operated by Orbex Global Limited, Orbex provides foreign exchange and CFD online trading for traders worldwide. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with License Number 124/10. As it resides in the European Union jurisdiction, Orbex is also registered with other supervisory authorities based on the MiFID Directive; it included UK's FCA and German's BaFin.
Orbex thrives to serve clients with the most updated innovations in the forex industry. The company commits to deploy active promotions and other special offers to traders. Envisioning itself as a global brand, trading with Orbex is promoted to enhance the trading experience with the best customer service, one-hour response time for sales and support requests, speed, and reliability in trading, deep liquidity from Tier-1 banks, as well as swap-free accounts.
This broker presents excellent market trading conditions with various trading instruments such as 50 pairs of currencies and other assets like Precious Metals, Future Contracts (OTC), Equity Indices (OTC), CFDs, and Energy Contracts. Orbex generally offers maximum leverage of 1:30, as per ESMA's regulation to limit the condition. However, it allows higher leverage up to 1:500 only for professional traders.
Further details on Orbex's trading conditions are divided by the account types' specifications below:
- Minimum deposit: $200
- Spread: Variable, from 1.7 pips
- Commission: None
- Execution type: NDD
- Extras: Monthly webinar, Trading Central, Scalping allowed, regular training sessions, free signals, basic education, EAs allowed.
- Minimum deposit: $5,000
- Spread: From 0 pips
- Commission: $8
- Execution type: NDD
- Extras: Exclusive webinar and Live trading, Trading Central, Scalping allowed, 1 on 1 training sessions, premium signals, advanced education, VPS support, EAs allowed.
- Minimum deposit: $25,000
- Spread: From 0 pips
- Commission: $5
- Execution type: NDD
- Extras: Exclusive webinar and Live trading, Trading Central, Scalping allowed, 1 on 1 session, ultimate signals, advanced education, VPS support, EAs allowed.
Opening an account in Orbex accommodates the needs for flexible trading anywhere and anytime, as their MetaTrader 4 is supported in not only PC screen, but also Android and iOS systems. However, this broker does not provide any alternatives for trading platforms aside from MetaTrader 4.
Besides the conventional bank transfer, account fundings and withdrawals are enabled via direct debit/credit cards, Skrill, NETELLER, WebMoney, FasaPay, and other digital wallets. There are no fees and all deposits and withdrawal methods, but there is an exception for bank withdrawals as there may be commissions from the intermediary and/or beneficiary bank.
Finally, it can be concluded that Orbex is a competitive broker for all types of traders. It covers beginners' conditions in Fixed and Starter Accounts while ensuring experienced traders' needs in Premium and Ultimate Accounts at the same time.
However, it is also important to note that Orbex is an offshore-based company even though the operation is already authorized by CySEC. That's why new traders should maintain a minimum trading balance in their initial experience with Orbex.
Trading by telephone
Islamic accounts available
Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.
Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.
They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.
Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:
- The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
- Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
- Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018
With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.
For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.
Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.
When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.
Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).
There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.
Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. The initial deposit starts at USD200 with a minimum lot of 0.01 (micro) and 1:500 leverage.
As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.
If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.
Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.
Variable and Fixed
IFSC (Belize), 000138/107
Interest rate on funds
Islamic accounts available
Well-known as one of the most committed brokers in trading technology advancements, RoboForex reaches out to a wide range of traders, from beginners to the more experienced ones who seek sophisticated trading environments with ECN-like spread and execution. The company is established in 2009 and holds a head office in Belize. Registered under the IFSC Belize, RoboForex manages to attract clients with fantastic leverage as high as 1:2000.
As for the service for European-based traders, RoboForex specifically operates a different brand called RoboMarkets that is still a member of the head company (Robo Holding Company) and has an office in Cyprus. The operation is licensed under Cyprus Securities and Exchange Commission (CySEC).
Following its commitment to be the forefront in terms of a high technology forex broker, RoboForex provides various trading platform choices including MetaTrader 4, MetaTrader 5, cTrader, Social Platform, and its proprietary platform.
Trading instruments range from Currencies to Metals, Indices, Energies, Stocks, ETFs, and Cryptocurrencies. Aside from basic service, trading in RoboForex also presents a collection of distinctive features such as the PAMM system and Social Trading network developed with their own brand of CopyFX, ETFs, and stocks that reaches up to thousands as the available trading assets, tight spreads, and payment method via Bitcoin and Ethereum.
RoboForex also accepts payment through a surprising online gateway besides wire transfer and credit card. The alternative methods are Skrill, Neteller, FasaPay, UnionPay, WebMoney, Perfect Money, Qiwi, and other similar online payments.
After opening an account, traders can start with a minimum deposit as low as $10 in Pro Accounts. To specify, here is a short description of each type of accounts that traders can choose from in RoboForex:
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.01
- Leverage: up to 1:2000
- Minimum Deposit: $10
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:300
- Minimum Deposit: $5,000
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:100
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.1
- Leverage: up to 1:2000
- Minimum Deposit: $100
- Spread: from $0.01
- Minimum order volume: 1 stock
- Leverage: up to 1:200 (during the trading session) and up to 1:4 (after the trading session)
The R Trader account signifies RoboForex's attempt to distinguish forex and stock trading condition. It appears that the platform used in that particular account is RoboForex's in-house product that is specifically designed for stock online trading.
The overall description above depicts RoboForex as a distinguished broker despite its status as an offshore-regulated entity. Not only successful in providing various trading technology, but RoboForex also focuses on stock trading for more conservative traders. However, it is also important to note that RoboForex is one of the few brokers that boldly offer an extremely high perimeter of leverage at 1:2000.
Trading by telephone
Islamic accounts available
As a multi-asset online brokerage, ThinkMarkets present a wide range of trading assets starting from Forex to Precious Metals, Commodities, Indices, Shares, and Cryptocurrencies. The Australian-based broker is established in 2010 and has since opened additional headquarters in London and throughout Asia-Pacific, Middle East, North Africa, Europe, and South America.
Average FX spreads for traders opening an account in ThinkMarkets start from 1.2 pips for the standard account, while ThinkZero provides the best trading experience with 0.1 pips spread. Still, traders may need to consider that ThinkZero applies commission from $3.5 per side for every 1000,000 trading volumes.
As a global online brokerage, ThinkMarkets operates under various financial regulatory institutions. For example, ThinkMarkets Australia is managed by TF Global Markets (Aust) Limited and is licensed by the Australian Financial Services as well as the Australian Securities and Investment Commission (ASIC) with ABN: 69158361561. On the other hand, ThinkMarkets UK is registered under the Financial Conduct Authority (FCA) by the company name of TF Global Markets (UK) Limited (number: 09042646).
ThinkMarkets consistently try to improve their trading environments with various advanced products. Automatic trading fans are provided with free VPS Hosting, while passionate traders who'd like to experience beyond MetaQuote platforms can try ThinkMarkets' proprietary platform called ThinkTrader.
The trading platform is available on 3 different interfaces specifically designed for Desktop, Tablet, and Mobile displays. Furthermore, customized tools such as 80+ drawing tools and indicators for technical analysis accessible even through Mobile screens would certainly provide a brand new trading on-the-go experience.
As far as market updates go, trading in ThinkMarkets would be accompanied with news from FX Wire Pro that is known for its strict policy toward upholding objective journalism and delivering critical, trusted information in real-time. Information segments covered by FX Wire Pro include Economic Commentary, Technical-level Reports, Currency and Commodities, Central Bank Bulletins, Energies and metals, together with Event-driven Flashes.
For payment methods, ThinkMarkets offer the gateway via bank transfer, credit card (Visa and MasterCard), Skrill, Neteller, POLi internet banking, BPay, and Bitcoin wallet.
All in all, it is safe to say that for a company that started business since 2010, ThinkMarkets is an accomplished broker in terms of legal standing and innovation in trading technology. As an additional safety assurance for traders, this broker underlines its commitment to provide a $1 million insurance protection program which is made possible by ThinkMarkets' insurance policy with Lloyd’s of London that protects clients' funds for up to $1 million in the unlikely event of insolvency.
Fixed Spread Brokers
A spread is the cost of trading charged by brokers, which is calculated from the difference between the bid and the ask price. The smaller the difference, the higher the profits. However, a spread tends to fluctuate, always changing depending on the price movement. In volatile markets, a spread can widen significantly.
This condition leads to the emergence of fixed spread. As the name implies, this type of spread promises a more stable spread cost, thus it is more reliable for traders to apply a consistent money management strategy. This is one advantage of trading with a fixed spread. What are the other advantages? And what are the drawbacks of fixed spread?
The Pros of Fixed Spread
- You can trade without having to worry about erratic spread fluctuation
- It is easier to implement money management. The potential profit and loss can be calculated more easily since you have a more definite estimation of how much spread you get for each trade.
- It gives you protection from extreme spread widening. As has been mentioned earlier, normal or floating spread can jump drastically during high volatility. In this case, a fixed spread can protect your position from a volatile market.
- A fixed-spread account can make trading with EA easier.
- It is suitable for beginners who are not ready yet to deal with spread fluctuation. The fixed spread can also help new traders learn about how to determine and implement money management more easily.
The Cons of Fixed Spread
- It is usually higher than the floating spread. For example, if the minimum floating spread for the EUR/USD starts from 1 pip, the fixed spread for the same currency pair can be as high as 3 pips. Still, considering that a floating spread is reactive to market fluctuation, you must prepare yourself for spreads that are multiple times higher than the standard value. On the other hand, the 3-pip value of fixed spread is generally stable.
- It doesn't match the market price. Brokers who are able to offer fixed spread determines the range of bid and ask price themselves. It is impossible to give fixed spread if they truly follow the market price.
- Fixed spread can still change when faced with highly extreme market conditions. This can happen either around the release of unexpected news that shock the market. That being said, this change rarely occurs and generally the difference is not too big. Brokers also would send notifications should there is a temporary change on a fixed spread.
- It is more susceptible to requote.
- Order execution can be delayed.
Since there are many forex brokers today and become more competitive, it won't be difficult to discover a broker that offers the most ideal fixed spread for you. Some forex brokers that we recommend below may be an option for you to consider.
FSA (St. Vincent & the Grenadines), IBC22945
Interest rate on funds
Islamic accounts available
InstaForex is an international broker that provides trading services to traders globally. Since it was founded in 2007, InstaForex has provided for clients from various countries as many as 7 million traders. Based in Kaliningrad, Russia, InstaForex always attempts to improve the quality of the company in order to captivate the hearts of their clients.
Their hard work can be proven, one of which is by achieving a variety of awards, including Best Forex Cryptocurrency Trading Platform 2018 by UK Forex Awards, Best ECN Broker Asia 2018 by IBM, Forex Broker of the Year for Eastern Europe 2018 according to le Fonti Awards, Development, and Success award at Financial Olympus 2016-2017, etc.
There are 4 types of account offered by InstaForex representing a universal trading tool that help to work on international financial markets, such as Insta.Standard, Insta.Eurica, Cent.Standard, dan Cent.Eurica. Trading account types differ by the methods of accounting spreads and commissions, which are picked by the trader opening an account.
Insta.Standard account is relevant for standard trading terms on the Forex market and allows a trade to be settled with classical spread and with no fees. Traders will be charged a fixed spread every time they make a transaction. Spreads that are provided ranging from 3-7 pips. The main advantage of this type of accounts is its universality, as a trader can change the trading leverage and work with a deposit size convenient for traders.
Different from Insta.Standard accounts, Insta.Eurica accounts do not require payment of any spread on opening a deal. Therefore, this type of InstaForex account is suitable for beginner trader with a minimum transaction of 0.01 lots.
There are also other types of accounts InstaForex, namely Cent.Standard and Cent.Eurica which can be used for beginner traders because they can use the minimum transaction volume, which is 0.0001 lots (the cost per lot is USD0.1 cent). Deposit currencies that can be used by traders are EUR and USD (for all types of accounts).
Trading in InstaForex is quite a given as traders can choose to trade with leverage between 1:1 to 1:1,000. With a minimum initial deposit requirement of only USD1 (for all types of accounts), InstaForex clients have the opportunity to get a 30% to 100% deposit bonus.
Not only that, but beginner traders are also exempt from confusion in determining forex trading strategies. Because Instaforex provides ForexCopy services that allow traders to copy orders from professional traders in just a few minutes.
And then, there are around 300 trading instruments offered by InstaForex for traders. In addition to currency pairs, there are also futures, shares, gold, silver, CFDs, Bitcoin, and others.
Every InstaForex client is free to choose a trading platform that can be tailored to their needs. There are four types of trading platforms available, including InstaBinary, WebIFX, MetaTrader4, and MetaTrader5. Each platform has advantages and disadvantages. InstaForex also provides video tutorials on how to register on each platform. It aims to make it easy for beginner traders who want to join InstaForex.
If a trader still confused after seeing the video tutorials, traders can contact customer service available 24 hours connected to various social media, including email, Skype, Whatsapp, Telegram, Viber, Twitter, and Phone Call. On the InstaForex website, there are around 30 languages provided to facilitate traders from various countries.
The trader can also help themselves with trading calculators provided on the InstaForex website. Traders can accumulate currency pairs, Leverage, volume, and currency used.
The payment system in InstaForex is also diverse. Traders can pay deposits via Visa, Mastercard, Skrill, Neteller, PayCo, as well as Wire Transfer. All in all, InstaForex is a well-rounded broker for many types of traders.
One thing that makes this broker stands out is it offers various types of account with attractive spread concepts. On InstaForex, the Insta.Standard and Cent. Standard accounts have 3-pip fixed spreads for the EUR/USD. Nonetheless, the broker also explains that the fixed spread can go as high as 7 pips during certain market conditions.
If the range of fixed spread is 3-7 pips, is InstaForex still worthy of being called a true fixed spread provider? It must be noted that fixed spread can still change, so fixed spread disclosure indicates transparency from InstaForex.
Variable and Fixed
Islamic accounts available
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by IFSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
In all types of accounts, provided spreads start from 1 pip. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading tools: 28 currency pairs and 2 metals.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of depositing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
To increase the security of client funds, FBS also provides segregated account where 70% of funds can be deposited in the client bank. This broker also presents something unique; a guarantee 10% to 100% of the deposit fund. If a trader loses funds during a transaction but is insured, FBS will refund the trader's funds.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Dutch, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
FBS started their operation in 2009 and has since added fixed spread feature which starts from 3 pips. Unlike InstaForex that offers fixed spread on two types of accounts, FBS activates this feature only on their micro account. It is a recommended account for new traders, as the minimum deposit is only around $5, while the minimum trading size is micro-lot or 0.01 in standard lot. Furthermore, this broker gives other attractive features in the form of free education programs for traders and copy trading.
FirewoodFX is a good contender in the retail forex trading industry since it offers competitive features such as fixed spread and swap-free accounts as defaults in all account types. However, choosing a FirewoodFX account can be quite dilemmatic if you take the minimum deposit and fixed spread into account. The micro and standard account offer a minimum deposit of $10 and a fixed spread that starts from 3 pips and 2 pips respectively. Meanwhile, the minimum deposit of the premium account is higher ($100) but the fixed spread starts from only 1 pip
Comparisons between InstaForex, FBS, and FirewoodFX in a side by side display can be found below:
rated by 154 users
rated by 172 users
rated by 1 users
|Office(s)||Russian Federation||China, Egypt, Indonesia, Korea (Republic of), Malaysia and Thailand||Saint Vincent and Grenadines|
|Regulation||FSA (St. Vincent & the Grenadines) IBC22945
FSC (BVI), SIBA/L/14/1082
IFSC (Belize), IFSC/60/230/TS/12
|Minimum Position||0.0001 lot||0.01 lot||0.01 lot|
|Payment||AliPay, Bitcoin, Credit/debit cards, Litecoin, Neteller, Skrill, SOFORT, Tether (USDT), UnionPay and Wire transfer||Credit/debit cards, FasaPay, Local bank transfer, Neteller, Perfect Money, Skrill, UnionPay and Wire transfer||Credit/debit cards, FasaPay, Neteller, Perfect Money, Skrill, Tether (USDT), UnionPay and Wire transfer|
|Official Website||Visit InstaForex||Visit FBS||Visit FirewoodFX|
|Forex Demo Account|
|US traders are welcome|
|Requires sending documents via postal mail|
|Overnight interest rates (swaps)|
|Trading by telephone|
|Interest rate on funds|
Trading Platforms and Complements
|Trading via API|
|One-Cancels-Other (OCO) orders|
|Gold & silver|
|Website Languages||Arabic, Azerbaijani, Bulgarian, Chinese, Czech, Dutch, English, Georgian, German, Indonesian, Italian, Japanese, Latvian/Lettish, Lithuanian, Malay, Polish, Portuguese, Russian, Slovak, Spanish, Turki||Arabic, Bengali/Bangla, Burmese, Chinese, English, French, German, Indonesian, Italian, Japanese, Korean, Laothian, Malay, Portuguese, Spanish, Thai, Turkish, Urdu, Vietnamese||Chinese, English, Indonesian|
|General Review||Read InstaForex Review||Read FBS Review||Read FirewoodFX Review|
JijiNov 13 2020
Like this broker. Recommend.
Beckley UkJul 22 2020
I can't close my sell order with take profit execution, while everything is normal for buy order... so weird
AfdalJul 22 2020
My $1000 deposit got delayed so bad
Marcus NyJul 22 2020
I failed to log in even though I'm already sure that I write in the right account no. and trader password.
Tony BrownJul 22 2020
I can access easy deposit by Visa, but unfortunately the withdrawal is complicated. For the asset options there are Forex, Commodities (even Soybean and Coffee futures), as well as US Stocks CFD
MxtradeJul 22 2020
I'm so turned off by this broker. My orders were forcefully closed in many cases. They should help their clients but they seem to trade against them. I canceled my plan to deposit in the real account.
I also research some information about them, and I'm so surprised by the many claims of them being a scam. Their license from a Russian association was also revoked.
Henry TaylorJul 22 2020
Accessing their features is getting more difficult each day..
Eric HendersonJul 22 2020
I requested callback for so many times but they never call me
WilsonJul 22 2020
I see a lot of traders join Instaforex and that their clients have reached 3 million. The customer support is helpful when I first register my account. I wish it can be a beautiful beginning
AryasaJul 22 2020
The WD form informs that the process will only take 24 hours. But it's not what really happens as I got nothing for more than 3 days. I think it has something to do with my account being a bonus account.
For your own sake, please improve yourself. You're my very first broker and I want to keep trading with you.
PriyJul 22 2020
I consider myself as one of their loyal clients. I have been with them for 5 years and I really trust their credibility. Yet, I currently have a problem with their withdrawal process. I have been requesting three times but they give no response to me. So irresponsible imho
Lewis AdamsJul 22 2020
I want to share my experience with InstaForex. I have been trading for 2 years with them and I also own a PAMM account as the trader. I'm still in college so I got a lot of time during the afternoon to trade.
I handle a lot of investors' accounts and I feel like it's very easy to make this PAMM module as my alternative side job to get an income with only my laptop and internet connection.
TraderYes94Jul 22 2020
I never face a problem with their deposit and withdrawal. But the strange thing is when my rebate bonus reached more than 3 million there are problems with my withdrawal
Yamasamu H.Jul 22 2020
I'm quite content with my trading in instaforex. They are reliable in their support. I have been helped so many times and they are always ready 24 hours. I started trading with only $1 and I could earn $300 9 months later. My favorite feature from them is their Forexcopy system.
ArmadaniJul 22 2020
I've been their client for 7 years. Their service is pretty good but the trading execution is troublesome at times. Hope they can fix it
Theo K DaviesJul 22 2020
I can't request deposit from the website, unlike any other brokers normally. The process is soo complicated I actually have to contact their IB. Also, there's no fix rate here.
While they got many trading instruments I can't trade with this broker seeing that the deposit process is so difficult.
Kevin RantJul 22 2020
You a**hole! I opened 20 lots of position during news release, 800% of margin, my SL and TP suddenly moved on their own. My SL was executed 30 minutes before the news release.
I didn't use any trailing stop. It got so bad that my account got MC eventually. Don't believe any of their bonuses. They're so cruel with their clients
Joco AndreasJul 22 2020
Here's my two-cent on InstaForex:
It's good since the beginning and there are many bonuses from Welcome Bonus, No Deposit Bonus, to InstaForex Club Bonus. My account is verified quickly and their Customer Support is always ready to help me during the verification process.
Farrel MayzJul 21 2020
Uring the eight months I trade with InstaForex, I can prove that there are many benefits in this broker.
A few that I can mention include low minimum deposit (only USD1) and good analytics from the experts. Trading contests are also quite entertaining, and the prize can be used to trade so I don't have to add deposit if I want to increase my balance.
Irwan BachtJul 21 2020
After more than 1 year I finally knew the downside of this broker. My profit for GBP/USD was canceled because of rule violation. Below is their email:
We hereby inform you that Control and Security Department has performed a correction on your account with the following parameters:
235.56 || CANCEL ERROR ORDERS
On your account xxxxx were fixed orders contradicting with point 3.14.6. of the Public Offer Agreement:
3.14.6. The Customer agrees to undergo a supplementary expert examination of the trading account, if it has been revealed that the trading methods of the Customer include opening and closing/opening lock positions with a less than 5-minute interval between them. In accord to the results of the supplementary examination the Company reserves the right to correct the outcome of the Customer's trading by the sum total of such orders.
We apologize for the inconvenience, and feel free to contact us by email address email@example.com in case you have any questions.
This is so disappointing. I don't want to ruin their reputation so I can only warn for traders to be really careful if they intent to trade with Insta.
Raymon BildJul 21 2020
InstaForex's plus points are its fixed spread and cent account. Trading tools and extra features are quite many too
FranscescaJul 21 2020
Been trading for 6 months, got no problem at all. The support is pretty helpful and the payment transactions meet my needs.
Robert ZappaJul 21 2020
I can trade with only $1 for initial deposit. Trading can't get any easier than this
Zayd QJul 21 2020
When I just opened an account with InstaForex, I learned that everybody got a chance to experience with demo account so there are no worries of losing some money. They provide real good trading facilities and the epayment credit card is my favorite since I can use it to withdraw cash. They're also very helpful
Ego FrJul 21 2020
I just joined them. I pick InstaForex as my first broker, but I'm so disappointed already. Three days after creating an account, I can't get verified. I have uploaded many times with various sizes and resolutions of ID pictures, but none of them are successful. It frustrates me and so disheartening I may abandon my plan to trade with them. I'm afraid there'll be many problems with them later on.
Rachel DeanJul 21 2020
After 5 years of inactivity due to other business, I check my email and I'm surprised that InstaForex still sent me regular news. My balance is untouched and doesn't get reduced at all.
When I try to contact them via email and chat, they're very responsive and help me to send some verifications. They're also easy to communicate via phone calls and my account re-opening goes without any problem. Thanks InstaForex
Jim Tel54Jul 21 2020
My account is blocked after requesting withdrawal. I traded on Tuesday and closed it in Wednesday.. should be good for wd.
The support gave me some directions to email the antifraud. Where is the problem exactly? I have been their client for 4 years and this is the only time I got frustrated. If it's not getting any clearer I have to move to other brokers
Onlyone RonJul 21 2020
My rebate was held and I received a WARNING LEVEL 2... My Ib explained I might violate some rules regarding close and open positions.
Ray LaFelleJul 21 2020
I have 7 forexcopy accounts using martingale robot and are followed by 60 accounts. Everything goes well and the financial transaction is smooth too.
SamhJul 21 2020
Spread's too big, slow execution, fixed spread whtv
Matt EldryJul 21 2020
I'm still enjoying my trade in Insta. Both deposit and withdrawal are good, rebate bonus is reliable too. Hope the broker keeps getting better and better
OeeProJul 21 2020
In their CFD Trading, swap rates are still applied although I trade with a Swap Free account
Angus DelaneyJul 21 2020
Deposit bonus is just borrowing money. So we have to pay it back sometime in the future, more likely in the ways that we won't anticipate. Speaking from experience, bonus will be taken partly every time a withdrawal is processed.
Robert83Jul 21 2020
Insta makes it hard to verify an account, it's so discouraging
Wisetrader nationJul 21 2020
I see many cases on which traders' accounts are disabled abruptly without a clear explanation. This is so disappointing for InstaForex used to come as a highly recommended broker especially for novice traders. Complaining to their support is useless and I got the impression that they look for some mistakes to cancel clients' profit. Please be careful with this broker
SandersJul 21 2020
Instaforex seems like a market maker. They trade against us. My experience of scalping with their platform showed that I had a lot of difficulties realizing profit during news release, while at the same time it will be very easy to realize my loss.
Requote happened really often too, and my take profit couldn't be executed at times. They blamed the problem on my MT4... smh
Yann SchmJul 21 2020
You can actually benefit from their terms and conditions. I usually open trades before the news and trade in the long term. I guess it's also pretty good for newcomers seeing that they offer a lot of bonuses
Diego JrJul 20 2020
The best broker is Instaforex. Easy deposit (15 minutes) and withdrawal. I gained profit USD50,000++ with them
Rick DaytonJul 20 2020
I like InstaForex 'cuz the rebate is the biggest...
There is a deposit bonus 30% plus rebate commission, so I get double profit
PatryJul 20 2020
InstaForex sometimes does questionable things, but for some reason, I still trade with them. During my experience trading in InstaForex, there are some lessons that may be useful for newbies:
1. Trading more than 1 lot will disturb their MT4 performance.
2. I've won a trading contest (rally fx) but I felt like they made me ineligible for many reasons so I couldn't claim my prize. By the time I fulfilled their criteria, the claiming period was over so in the end, I got nothing.
3. Once, I received an affiliation bonus. It was $300 and credited to my MT4 Balance in just a day. In a one-sided decision, InstaForex canceled the bonus because of "some miscalculation" that caused my balance to be reduced by $300. My account was negative for several hours then turned back to normal the next day.
Simple FibonacciJul 20 2020
InstaForex is very suitable for trading with simple fibonacci strategy.
Terry PJul 20 2020
I was wondering why InstaForex insists on applying 3 pips spread while other brokers competing to have zero spreads. Only after I research further did I know that the spread is fixed.. I think it is a fair condition given that forex market can fluctuate badly in certain times.
Rian Dwight G.Jul 20 2020
I have an account in this broker. In spite of negative rumors surrounding it, I never encounter any problem, at least not serious ones.
I still got my bonus, even though the wd process took such a long time and umm, the spread is quite high. Overall, it's not bad
MartinJul 28 2020
I have a good experience with FBS. The withdrawal is super fast
A couple of days ago I placed pending order but I found it not executed correctly so it's a bit disappointing. Hope it doesn't happen again
t. morozovJul 28 2020
Honestly, it's been 1 year since I opened an account in FBS and I never face any significant problem. Once I got a deposit problem due to the bad quality of the proof of payment. They requested me to resend the picture and all was good after that. For me they have the best withdrawal and client support
Always AndrewsJul 28 2020
I've tried withdrawing from my account 3 times and the total amount of withdrawal was $1500. I never run into problems. Everything's fine within 3 hours, and my trades are always executed perfectly.
Thanks FBS. Hope you can maintain your quality and keep being a trusted broker. I intend to trade for the long term after all
Da Perry BlackJul 28 2020
Imo FBS gives the best analysis to improve my trading performance.
Also, their promotion and contests are awesome
HunterJul 28 2020
Thank God everything's fine and I never meet any trouble trading with FBS. Every broker has their advantages and disadvantages, we just have to optimize the advantages and minimize the risk from the disadvantages.
Henry dayJul 28 2020
In my experience, FBS never gives me problems even when I requested some $1000 withdrawals. The process only took 2 hours most of the time.
My deposits are also great. Every time I'm researching a potential broker, I always read their terms and conditions, their promotions' pros and cons, so that I can never be trapped by said conditions.
Always put cautions when you trade and you will be safe trading in every broker.
Agustine_hartJul 28 2020
This broker actually suits me so well. Their deposit, withdrawal, and verification are all smooth. 5 stars for them!!!
Cole57Jul 28 2020
I'm sure everything will go well if we follow their terms accordingly. Like when we transfer funds, we should attach the proof for validation. I believe FBS is a professional broker considering their years of experience in this industry
Robert BakerJul 28 2020
FBS is good enough for me.. no problem so far.
Those who have problems with this broker... I never understand them. They're mostly trolls from competing brokers
Ivan SokolovJul 28 2020
I trade in FBS because of their efficiency in deposit and withdrawal. Sadly, their service has worsened lately. They used to process payment in hours now they can take up to more than a day
Lia AdmJul 27 2020
why is it so long to get pin recovery. i never receive help from the support. I need to withdraw my money!
Teddy WallaceJul 27 2020
I wonder why it's so difficult to log in the personal area even after I input the right email and password smh
GrahamJul 27 2020
I used to be an FBS client. I changed broker cz they failed my withdrawal requests. With the same trading strategy, I can be profitable and withdraw my fund in another broker.
FBS still has my respect, and I still have a plan to trade with them... maybe someday if I have disposable money. They have a good service for newbies after all.
The thing is, I hope they fix some things so clients can get better service. One instance is their PIN Recovery. It'd be better if they enable clients to click the code repeatedly, or just send it via email.
The one click policy is really bothering for most clients... and it's so unfortunate since any investment activity should not be bothered by such trivial matter.
Mason1000Jul 27 2020
First Impression: quick account opening and instant deposit.
But when it's time to withdraw, there's an incorrect pin notification. It's weird as I never change the pin.
What's worse is I have requested pin recovery for 5 times, each request takes up to 24 hours for verification, and every one of them always results with similar email replies; none of them takes me to a certain page revealing my new pin.
Ian ThompsonJul 27 2020
What an amazing experience I have with FBS.... Deposit went super fast. Now, what about the withdrawal? is everything still the same if I request $1000 withdrawal?
Ax_hendersonJul 27 2020
This broker is ok for me. Account funding is good without the fixed rate, quick process, and the MT4 server is also great. It is only the withdrawal that I'm not sure about.
TradeWiselyJul 23 2020
I don't have the slightest intention to smear their reputation, but what they did to me is just too cruel.
They did me wrong in so many things. But the most hurtful one is when they manipulate the closing price. Imagine to always got your price chopped when you're in the profit and to always have your price added when you're loss. Yes!! That's what happens to me regularly.
Just consider wisely before choosing this broker. You will find that you lost your money most of the times with this broker.
Philip CarlJul 23 2020
I had the worst experience trading with FBS.
I opened a Buy Stop on EU a few days ago, but the order was executed when the price moved lower. I checked it later and there was no evidence that the pair visited my Buy Stop level.
I've sent many complaints about it via email. And sadly none of them haven't been answered. Where is their responsibility????
PreestonJul 23 2020
I like FBS better and better every day. Their condition is one of (if not) the most accommodating for every type of traders. It really puts them in a high position among other brokers. Their cent account with leverage up to 1:1000 is a great opportunity for small traders to profit immensely.
Andrea MaxwellJul 23 2020
I'm one of FBS' loyal clients. I can testify that their payment process is always quick (only 1-2 hours), with low spread and responsive client support.
Their 60% deposit bonus is also very helpful as a trading credit. I manage to earn more than 500$ with the bonus.
El MajorJul 23 2020
Not bad. I give them 7.5/10.
Just wish that they keep prioritizing their clients and not make their tricks too harmful for clients' funds.
IcarusJul 23 2020
why did it take so long just to make a deposit.. argh!!
Jack.presleyJul 23 2020
Spread in my GBPUSD trades suddenly went up to 700 pips, but it benefited me since I place the trades in the correct position. But then my profits were canceled. Isn't it an obvious sign that they really manipulate the pricing?
SorenJul 23 2020
I almost "cheated" on my current broker to trade with FBS. What makes me avoid trading with this broker is the negative rumours spread among my trader friends. They said that getting verified in FBS is a nightmare. Also, the bonuses are mostly unwithdrawable.
Tinke NatalieJul 23 2020
Watch out for their bonus programs. Trading with the bonus account can disrupt your margin level. One of my clients got MC although his margin level is still 1000%. In my opinion, this kind of condition really mess up the money management. However, it's true that their withdrawal process is top-notch.
Barbera33Jul 23 2020
A little fact about this broker, they like to increase spreads on pending orders. At times it can even reach 40 pips. I saw it with my own two eyes a couple of weeks ago in my GU trades.
But I think it's quite normal even though some reviews have said the same thing about their "interest" to disturb GU spreads.
Speaking of withdrawal and deposit, I gotta admit that FBS is pretty good with them. They also give some traders 30% bonus for deposit to add their margin. Execution is fine and I never meet requotes
Abys RyanJul 23 2020
They said withdrawals only take 1-3 hours, but the fact is I haven't got my fund in more than 2 days. Where does my money go? It's like they disappear up in the air
Didier ZJul 23 2020
I sometimes doubt FBS considering their bad rep among traders. Most of their reviews are negative especially concerning their SL/TP execution that result in so many loss positions.
Edwin CalahanJul 23 2020
A few days ago my hedging position got MC. They put back my positions only after I emailed them about it.
Just so you know, spread widening is their go-to answer for this kind of problem
Dicky ShepherdJul 23 2020
I'm so disappointed in FBS. They modified my SL to increase my loss and canceled my Pending Order without any reason. I later learn that my Pending Order would've been ended up with profit if it was not canceled.
SantiagoJul 23 2020
I lost my trades two times just because of the MT4's poor performance. Their platform somehow differs from other brokers', both for the pricing and the indicator application. They failed my Stoploss so many times it makes me wonder why it seems like they don't bother to conceal their fraud at all
Nigel PetersonJul 23 2020
Most of the time the platform will disconnect. When it re-connects everything becomes lagging.
DominicFxJul 23 2020
This broker is a thief
When the market watch shows 00.00-02.00, the spread will jump and it can be up to 12 pips.
This is what makes many traders loss imo
Anders G.madsenJul 23 2020
Try to use an EA and u'll find many requotes and invalid prices
Marteen KhyrsJul 23 2020
After suffering an MC I was traumatized for two years. But then I found FBS about a year ago and I can say that their service is near perfect. The server is reliably fast and my withdrawal is accepted in less than 24 hr.
No requote in sight so far...
Alan 1156Jul 23 2020
The most accomplished broker I know. Almost all of the necessary trading feature is here. Withdrawal via local banks is also available, n the process is super fast XD
DanyHeitJul 23 2020
Two thumbs up for FBS. It is one of the most recommended brokers. They have customer support like no other. They don't make excuses. During my 1.5 year experience with them, everything's still fine.
Steve WayneJul 23 2020
I've tried trading here with low deposit and the service is pretty satisfying. Each problems are replied within 24 hours. I hope my withdrawal next month is also good, fast, and simple. Go FBS!
N AtikaJul 15 2020
FBS cheated my xau/usd trade. I got MC at 1480.93 while the price on MT4 is at 1479.39...
Vladimir R.Jul 15 2020
I'm very struck by the possibility of operating pharmaceutical actions with FBS. In these times of the Coronavirus, the health issue is in the first place, it's interesting to be able to trade the shares of pahrmaceutical companies.
ReneeAug 14 2020
I don't know much about top-tier brokers, but as far as newbies are concerned, FirewoodFX does provide a hard-to-resist trading conditions with its fixed spread, fixed rate, low deposit, and high leverage.
FahzaMwfxAug 14 2020
Withdrawal or deposit anytime. It is a 24-hour service, reliable even during weekends.
Sandra KimAug 14 2020
The spread is really 1 pip in normal condition. A competitive offer especially for scalpers. But I'm not quite sure about the license.
Riley McDowellAug 14 2020
It's quite considerable. The bonus offers are interesting enough. And they accommodate beginners' needs quite well.
Marlon67Aug 14 2020
Good STP broker with fixed spread only from 1 pip.
No restrictions for trading condition and the slippage does not always result in loss...
Raymond SheeranAug 14 2020
I found this broker while rummaging through fx forums. Their 1 pip fixed spread campaign attracted me to try their service. As a scalper, I found my match in Firewood. They do not make my trades difficult. Everything goes according to my plan.
Also, the execution is speedy. My withdrawals never run into any problems.
I think I'll commit to stay here and will try out some new features should they offer them in the coming future.
Keep doing the good job!!
MohammedAug 14 2020
What a fraud. Their customer service is extremely bad. My e-mail is never responded
St LucasAug 14 2020
It's a nice broker for beginners like me. The specifications really support beginners, whether it's fixed spread, free swap, or fixed rate. The response from customer service is satisfying too. I never have a bad experience withdrawing my funds in this broker. All processed instantly.
Jack TradesAug 14 2020
Fix rate and instant deposit and withdrawal in this broker are very attractive. The trading execution is also instant and I can still ge rebate despite the scalping strategy that I apply. What a wonderful experience I have here
|Open Real Account||Open InstaForex Real Account||Open FBS Real Account||Open FirewoodFX Real Account|
There are other brokers that offer fixed spreads besides the three brokers above. Obviously, different brokers have different fixed spreads on different types of accounts. To gather more information, you can check the specification of fixed spread on each broker's website.
You can examine all the pros and cons of fixed spread, compare it with floating spread from an ECN account, and adjust it to your trading needs and conditions. Don't forget to try it out on a forex demo account before using it for live trading.
- Brokers usually write the minimum spread for the EUR/USD currency pair as the standard. You can make this a point of reference when comparing the fixed spread between brokers.
- Understand the feature for each account, as brokers may put additional requirements for a fixed spread account. After all, this service is a special feature that is still absent in many brokers.
See Also: Lowest Spread Forex Brokers For EUR/USD
True ECN brokers only charge commission fees and do not make money on spread difference. Therefore, it is in their best interest for traders to make profits from their traders. If you keep on winning, you will most likely trade on larger volumes, thus giving them more income from the trading fees.
Fixed spread, on the other hand, can help traders in many ways. From compatibility to automated trading to easier money management, fixed-spread brokers provide traders with such convenience that is not found in the floating spread system. To figure out further on the comparison between the two types of spreads, look into Fixed Spread Vs Floating Spread: 5 Things You Should Know.