Fast Brokers Review
Fast Brokers is one of the few highly regarded brokers that are really well suited to investors of all shapes and sizes. From new traders with $500 accounts to professionals who trade millions per round turn. By offering 3 account types on 2 different trading platforms, as well as a mobile platform for trading junkies, nearly every type of trader can find a flavor that suits.
All Fast Brokers forex accounts allow scalping without restriction, and they provide excellent order execution to back up the claim, even on Retail (dealing desk accounts). On top of that, Retail accounts have fairly low, fixed spreads in most market conditions, while Pro and ECN accounts offer very low floating spreads plus a small commission. Retail and Pro accounts run on the Metatrader 4 (MT4) platform which has a cult following among many traders and is by far the most supported automated trading platform in the forex world, as well as being preferred by many discretionary traders. The Currenex ECN platform on the other hand offers a number of advantages itself, including market-depth view within the network and a number of other professional level tools that Currenex is known for.
For a limited time, new clients at FastBrokers can take advantage of an 8% bonus on their deposit, up to a $8,000 free! A trading requirement of 5,000 times the bonus amount applies before the bonus funds can be withdrawn, but all profits can be withdrawn any time.
Subjective Ratings
| Charting: |  |
 This is our subjective view on how good the package is in this broker platform. For brokers offering multiple trading platforms, we rate the best one. |
| Execution: |  |
From our experience trading a real account, this is how we rate this broker's order execution. Brokers with guaranteed fills get a boost in rating. |
| Transaction costs (spreads): |  |
Since different brokers offer different currency pairs with different spreads, variable or fixed, commission or commission-free trading etc., the idea of judging transactions costs overall becomes somewhat subjective. This is where we try to capture the broker's overall willingness to keep your trading costs low. |
| User-friendliness: | |
How user-friendly is the trading platform? For brokers offering multiple trading platforms, we rate best one. |
| Platform Functionality: | |
Different platforms have very different levels of complexity. In general, more complex trading platforms give the user more flexibility in their trading, but involve a longer learning curve for new users to get accustomed to their idiosyncrasies. This rating measures the ability of the trading platform to complete complex tasks, most importantly in order management and reporting. For brokers offering multiple platforms, we rate the best one. |
| Platform Reliability: | |
One of the most annoying (and costly) complaints traders have about their brokers is that the trading platform crashes at the most crucial times. This rating attempts to get a handle on how the trading platform performs in terms of stability and reliability. Is the platform always available? Does it crash or freeze? How often? For brokers offering multiple platforms, we rate the best one. |
| Customer support: | |
How good a company's client support manage questions and problems is a very important aspect of their overall performance as a business. For this rating we consider the hours of operation, the different modes of contact (such as call back service, live chat, toll-free numbers etc.) as well as the staff's patience, eagerness to help, and most importantly, knowledge. |
| Rollover interest rates: | |
Again, since each broker has their own way to calculate overnight interest rate, or swap for each currency, it is not feasible to have an objective, quantitative way to judge their swap rates. The issue is further complicated because some brokers decide to offer swap-free accounts, some with extra fees added, some not, some for Islamic traders only, and some for the general public. This rating attempts to roll all of that into one. |
| Withdrawal processing: | |
One of the often-overlooked aspects of a brokers business is how quickly, efficiently, and inexpensively they process your withdrawals. For this rating we take into account the time it took us to get our withdrawals processed, the fees that were charged for those withdrawals (if any), any problems we encountered during the process, as well as the number of withdrawal methods available (such as PayPal, Moneybookers, etc.) |
| Average rating: | |
The arithmetic mean of all the above ratings, rounded to the nearest half-star. |
Business Details
| Registered Business Name: | Fast Trading Services LLC | The name of the parent company of the broker, if any. |
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| Broker Headquarters: | Glendale, California, USA | The geographical location of the broker's headquarters. |
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| Regulated By: | NFA (ID#: 0342002) CFTC Registered |
Which regulating body, if any, is responsible for regulating this broker? |
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| In business since year: | 2004 | When was the business established? This is a measure of trustworthiness. If a business has been around for a long time, it is less likely to scam you or disappear overnight. |
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| Client Account Segregation: | No | Some brokers choose on their own and others are required by regulators to keep client funds separate from the company's operating capital. This gives clients an extra layer of security in case the broker becomes insolvent and needs to go into bankruptcy. It should be noted that segregation does NOT constitute absolute safety of client funds in case of bankruptcy, but is a significant step nonetheless. |
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| Collect Taxes on Earnings: | No | Does this broker report client earnings to any tax authorities? If so, which ones? |
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| Prohibit clients from: | Belarus, Myanmar, Cuba, DPRC, Iran, Iraq, Ivory Coast, Libya, Liberia, N.Korea, Sudan, Syria, Zimbabwe | Some brokers, either due to government regulation, or due to their own risk management policies, choose to prohibit clients from certain areas from opening accounts. |
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| Deposit/Withdrawal methods: | What methods are available to deposit and withdraw money to and from your trading account? |
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| Main liquidity providers: | Goldman Sachs, Citibank, JP Morgan and Bank of America | Most brokers are somewhat secretive about this aspect of their business, but those who aren't certainly provide their clients with a valuable piece of information. The more liquidity that is available, the better order execution clients can expect. Knowing the institutions which provide this liquidity can also offer a glimpse into which currency pairs have sufficiently deep liquidity for your needs. |
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Trading Details
* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.
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