Metatrader (also known as MT4), developed by MetaQuotes, is without a doubt the most popular trading platform for retail forex traders. Its popularity is not without reason, as it provides the average retail trader with some pretty powerful tools. Metatrader is stable, easy to use, and feature-rich. It allows traders to program custom indicators and automated trading systems using its own MQL language, and it also allows for back-testing of strategies. While some professional level tools are missing, and some features are in need of an update, MT4 is a solid platform for discretionary traders as well. Besides, MT5, which addresses many of the version 4 shortfalls, should be coming out soon (you can already preview it on demo accounts with some brokers).
Listed below are all the brokers from our database that offer ECN (Electronic Communication Network) and STP (Straight-through Processing). This is important to many traders because it is closer to trading in the interbank market than what Market Makers can offer. ECN brokers offer deeper liquidity, more transparency, often (though not always) lower transaction costs, and perhaps most importantly, no manipulation of prices or execution, as there is no monetary incentive to do so. Please note that all the brokers listed here offer ECN style trading, but not necessarily to all account holders - there may be conditions that need to be met for ECN/STP accounts are enabled. Please read through the reviews in their entirety and contact the brokers themselves to ensure all information is satisfactory to you before opening a live trading account.
FXCM is one of the largest (over $100 million in firm capital) and best known forex brokers in the business. Featuring straight-through processing, multiple trading platforms including the popular MetaTrader 4 (MT4), FXCMs own downloadable FXCM Trading Station or Active Trader, as well as a Java platform that is compatible with Macs. Each platform has its own advantages, depending on your trading style.
Alpari NZ (not the same company as Alpari UK or US), enjoys one of the best reputations for honesty among all retail forex brokers. There are numerous reports on the internet about Alpari spontaneously returning customers' money on orders that didn't get filled properly as a result of some error on Alpari's part. This is almost unheard of in the retail forex world, as most traders have to fight tooth-and-nail with their brokers for every pip. If this is the sort of service you value, and you should, then look no further than Alpari.
Location:
New Zealand
Guaranteed stop losses:
No
Swap-free accounts:
$10 per standard lot (100,000) round turn trade. Trade can be held for unlimited time period.
DeltaStock offers some of the best trading conditions available, even among other premier forex brokers. In fact, we were so impressed with DeltaStock, that it is actually difficult to find anything negative to say about them. The only borderline negatives are that the Delta Trading platform is a bit complicated and difficult to manage with all those separate windows flying around, but really, for a platforms with so much functionality, it is a very minor complaint. Any trader that considers himself/herself a professional, cannot at the same time say that they are put off by slightly steeper learning curve in exchange for a wealth of functionality. Despite this however, MT4 is on offer if you prefer simplicity (or auto trading).
Location:
Sofia, Bulgaria
Guaranteed stop losses:
No, all orders are executed at best available price.
AFB FX is a forex and OTC futures broker based in Cyprus. By far the best feature offered by AFB FX is the availability of Professional Accounts, which offer highly flexible trading conditions. The spreads, margin requirements and virtually all other parameters are negotiable on Professional Accounts, making them the preferred choice among account managers. Having said that though, most of the other accounts also offer trading conditions that are quite reasonable.
Location:
Cyprus
Guaranteed stop losses:
Yes, limit and stop orders are guaranteed against slippage, except under market conditions
Swap-free accounts:
Yes - no extra charges and available to everyone, not just Islamic traders
IBFX is widely regarded as one of the premier brokers in the retail forex market, and there is a reason for this reputation. Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing (no dealing desk) to multiple liquidity providers, industry-standard MetaTrader 4 (MT4) trading platform
If you are looking for a strong Asian forex broker offering, you are well advised to at least consider InstaForex, as it is one of the most successful brokers to come out of Russia (and that is saying a lot when considering that Alpari and EXNESS are both originally Russian). In fact, InstaForex was named the best broker in all of Asia in 2009 and 2010, beating out some fairly tough competition.
Location:
Russia
Guaranteed stop losses:
No, all orders are executed at best available price
Swap-free accounts:
Yes - no extra fees are incurred on Islamic style accounts
Hantec Markets offers professional traders a very solid forex trading package, along with all the advantages and disadvantages that the MT4 and Currenex platforms come with. The great thing is that you get access to a real ECN and can trade to something very similar to the interbank market (although not in the interbank market itself). You can see the liquidity and pending orders, you can use complex order types such as if/then and one-cancels-other (OCO), and make use of many other professional level features available on Currenex.
Location:
London, UK
Guaranteed stop losses:
No, all orders are executed at best available price
