Trade forex without broker

Trading without a broker also lets you gain valuable, transferable trading skills that you can use to trade other items like gold and shares.

My list of forex bonuses

Do I Need a Broker to Trade Forex, trade forex without broker.

Reading the market and knowing when to buy and sell is the backbone of any trade where you want to buy something at a low cost and sell it at a higher cost. You can use this knowledge on any type of trade. " the biggest disadvantage to trading without a broker is that you lose leverage. A broker ensures that our money is not being put at risk by capping your leverage from something like 200:1 to 2:1. The bigger ratio means you can make money very quickly and lose it at the same rate."

Do I need a broker to trade forex?

do I need a broker to trade forex?

Trading forex can be challenging if you do not have the skills or experience to understand the market. This is the reason most people who get into forex trading use the services of a broker. But with the growth of the internet and advancements in technology, both hardware, and software, anyone can get into forex trading. You might or might not need a broker, depending on how comfortable you are with the market. Below, we will look at both sides of the argument.

Forex trading

In its simplest form, forex trading is trading two currencies against each other. Then you trade them back and make a profit from the difference in the buying price and the selling price. A trader can look up how different currencies are being traded against each other to see where they can make some good money. Brokers have all the information they need to make these decisions at hand because they invest in software that gives them this information in real-time. If you want to go it alone, you have to find a way of getting the same information they do, learn how to analyze it, and know when to buy or sell.

" you have already traded forex without a broker at the airport. But to do it seriously and make money, you will need a broker"

Trading without a broker

If you want to trade forex without a broker, you can start by checking different market quotes online and finding forecasts of how different currencies will be traded in the future. Next, find an online trading platform that helps you buy and sell different currencies.

You can also borrow money in a currency that has low-interest rates so you can repay the money with no difficulty. You then take this money and purchase a currency that has a higher interest rate. Your profit will come in the difference between the two interest rates because the second currency, the one with a higher yield, will give you more money than you borrowed. You could also just wait for the second currency to appreciate and sell it off at a profit.

Advantages and disadvantages of trading without a broker

The biggest advantage of trading without a broker is not paying any commission. Brokers take a cut of your profits for their services. So, if you trade without a broker, everything you make will land in your account.

Trading without a broker also lets you gain valuable, transferable trading skills that you can use to trade other items like gold and shares. Reading the market and knowing when to buy and sell is the backbone of any trade where you want to buy something at a low cost and sell it at a higher cost. You can use this knowledge on any type of trade.

Trading without a broker also comes with some disadvantages, with the biggest one being that you lose leverage. A broker ensures that our money is not being put at risk by capping your leverage from something like 200:1 to 2:1. The bigger ratio means you can make money very quickly and lose it at the same rate.

" the biggest disadvantage to trading without a broker is that you lose leverage. A broker ensures that our money is not being put at risk by capping your leverage from something like 200:1 to 2:1. The bigger ratio means you can make money very quickly and lose it at the same rate."

Brokers also have information you might not have. They have been doing this for a long time and can see the market in ways you cannot. Therefore, it is less risky to trade with a broker.

Conclusion

Trading forex without a broker has huge upsides and downsides. If you can learn to read the market and learn how to buy and sell currencies, you might not need a broker to handle forex trading for you.

Do I need a broker to trade forex?

do I need a broker to trade forex?

Forex trading

" you have already traded forex without a broker at the airport. But to do it seriously and make money, you will need a broker"

Trading without a broker

Advantages and disadvantages of trading without a broker

Brokers also have information you might not have. They have been doing this for a long time and can see the market in ways you cannot. Therefore, it is less risky to trade with a broker.

Conclusion

Forex trading without stop-loss: no stop-loss forex strategy

This article will provide you with everything you need to know about forex trading without a stop-loss. This article will also present you with a no stop-loss forex strategy that you can use in your trading, as well as, a breakdown of the advantages and disadvantages of these types of strategies.

A successful forex trader uses a wide variety of trading tools. For example, you can use stop-losses to better protect your account.

Just in case you're unfamiliar with the concept, let's explore what stop-loss means. A stop-loss is an order that a forex trader places on an instrument, which remains until that instrument reaches a specific price, then it automatically executes a sell or buy action, depending on the nature of the initial order (buy if it was a short order, sell if it was a buy order). Setting a stop-loss is particularly useful for removing emotions from your trading decisions, and keeping a constant watch on your positions, so you don't have to.

However, you may sometimes hear about traders who trade forex profitably without a stop-loss. In fact, some traders are opposed to using stop-losses at all. These traders rely on forex no stop-loss strategy to bring them profit. Some of them do succeed, but the majority don't. Before you decide on whether or not to use a stop-loss strategy, you should consider the advantages and disadvantages of placing stops. Even then, it would be wise to test out your no stop-loss strategy on a demo account first, before you use it in the live markets.

The advantages of using stop-loss strategies and methods in forex trading

First off, setting a stop-loss doesn't cost you anything. You will only bear costs when you reach the stop-loss price and the sell or buy.

Well, there are always FX traders who don't want to close a losing trade because they think that the market will move in their favour. But the problem is, the markets are not generally known for moving in the favour of individual traders, so trading forex with no stop-loss is literally like putting emotions over logic. But keep in mind that stop-loss orders do not guarantee you profit – nor will they make up for a lack of trading discipline. You need to be confident in your trading strategy and stick to your action plan.

The disadvantages of using stop-loss

Why do some traders disagree with using stop-losses?

Before we look at a no stop-loss forex strategy, let's consider a few things. In a normal FX market, a stop-loss acts as intended. For example, if you buy at $50 and set a stop-loss order to $47.50, it restricts your loss to 5%. However, in a fast-moving market where prices change rapidly – the price at which you sell can differ from your stop price.

Moreover, a short-term fluctuation may trigger your stop price prematurely. In this case, pick a stop-loss percentage that allows the price to fluctuate. Be aware that you shouldn't set a 5% stop-loss on an instrument that fluctuates 10% or more in a week, because you will most likely end up losing money on the commissions from your stop-loss.

Another common problem is the transparency of stop-loss. There is a game that some market makers play, whereby they run the stops when the price is low enough, then trigger a mass of stop-loss orders. After an instrument is sold at a popular stop-loss price, it reverses direction and rallies.

Please note, admiral markets is an execution-STP type broker, meaning that all of its transactions are passed electronically to an execution venue, but without human intervention. Therefore, if you are trading with admiral markets, be aware that the aforementioned action can not occur.

Another disadvantage is that you are giving control of your sell order to the the system. In volatile markets, this can cost you money. This is one of the reasons why some traders think trading without a stop-loss is better. But novice traders should not take this advice right away. Instead, traders should first try to understand what a stop-loss is - by educating themselves on the basics, and then moving onto the strategies.

Forex no stop-loss guides and strategies

If you want to trade forex successfully, you must follow an effective money management strategy. The majority of traders choose to use stop-losses. Yet stop-losses are not always effective, and can often lead to failure for day traders. If you are willing to attempt trading without a stop-loss, there is a specific no stop-loss forex strategy.

But please note that despite the similarities between forex and the stock market – forex traders rarely use the same strategies as equity traders. To potentially make a return on your investment in the stock market, you could purchase shares and hold them until the fundamentals change. However, good forex traders do not simply enter trades based on the results of technical analysis. They also have to consider the underlying economic, financial and fiscal factors. You can track such economic and financial developments through our forex calendar.

A rule of thumb for trading without a stop-loss is to follow trends. There are two major aspects to the long-term direction of a currency pair – the economic fundamentals, and the country's geopolitical conditions. The fundamentals may include the central bank's interest rate policy, the balance of payments numbers, and the government's political stance.

The standard principle is that if a country's economy is stable, its currency should appreciate against currencies with weaker economies. Fundamental analysis provides a long-term outlook on a currency. The trader simply has to wait for pullbacks to go long on a specific currency. If a trade goes negative, it can go to a greater degree compared with when high leveraging is in play.

However, there are some exceptions to this rule. If a correction is coming, take a small loss by exiting previously negative trades, and reverse positions to take advantage of the changing trend. If you decide on trading forex without stop-loss, it is important to use profit-protection strategies.

Trailing forex stop-loss in MT4

Stops don't just help to prevent losses, they can also protect profits. For instance, let's take the trailing stop-loss as an example. Trailing stop-losses protect profits that are already on the table. When the trade has made significant gains, place a trailing stop between the entry point and the current price action. This allows the current price to continue, in case the market offers more profit. At the same time, it helps to ensure the trade will not lose money.

Next up is the limit order. A limit order exits parts of a trade when the market expects a certain pullback, but does not hit the profit targets. To avoid large losses, many forex traders use tight stop-losses. However, this frequently ends in multiple small losses that can quickly accumulate. So, is it actually possible to trade forex profitably without stop-losses?

Yes. But for such a strategy to work, you need to keep several things in mind, including trading in the direction of the trend, whilst also avoiding exploiting margin/leveraging facilities, and only being bullish on currencies that are fundamentally strong. If you want to try a no stop-loss strategy, you have to understand how stop-losses work.

Final stop-loss forex thoughts

Stop-loss is a popular tool in the forex trading community, and you can potentially trade profitably without it. Make sure to check out additional trading options with the feature-rich MT4 supreme edition trading platform, so you can test out what you've learnt, with all the best tools at your disposal.

Click the banner below to receive your FREE metatrader 4 supreme edition download!

About admiral markets
admiral markets is a multi-award winning, globally regulated forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: metatrader 4 and metatrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

How to download MT4 and open forex demo account without a broker

Forex trader using MT4 trading platform and free demo account

In this MT4 tutorial, rimantas explains how to download metatrader 4, the best forex trading platform, and open forex demo account without a broker. It is a brilliant idea if you are starting and want to practice forex trading for free on metatrader 4. Don’t stop yourself from learning how to trade just because there are many forex brokers with a bad reputation and you do not know which broker to choose. Start demo trading without a broker for now, and you can always pick one later when you feel you are ready to begin live trading.

If you prefer watching a video which demonstrates how to download MT4 and open a demo account without a broker then here it is:

If you want a step-by-step tutorial on how to get the MT4 platform and open demo account without a broker then continue reading.

Why is it a good idea to have metatrader 4 demo account without a forex broker?

Metatrader 4 is not a forex broker, it is a trading platform, and many forex broker companies give it for free. Metatrader 4 offers probably the best free forex demo account for beginners. If you don’t know which brokers use metatrader 4, then you can explore this metatrader 4 brokers list.

However, the most annoying thing when you want to start currency trading is choosing a forex broker and opening a demo trading account with the requirement to fill in a real email address and a real phone number.

Giving your email to a forex broker is not a disaster, but if you give them your phone number then you’ll probably get calls every other week for the rest of your life ��

Most brokers send your MT4 password to your mobile phone, so you are required to give them your real phone number.

Do not get me wrong. If you’ve chosen a broker to trade with for a long time, then you won’t have problems to give them your phone number. And you’ll probably open a live account with them later.

But when you are just starting, it’s best to not put your phone number in every broker’s registration form ��

That’s why I am going to show you how to open a forex demo account with metatrader 4 without registration with a broker. MT4 will be your demo trading software and the best forex demo account. If forex trading works well for you, then you can always open real metatrader 4 account anytime later.

Here’s what I teach in this tutorial

Before I begin, let me introduce you to the main points I am going to teach you in this tutorial.

How to load MT4 platform from fxopen because they give a direct MT4 download link without website registration required.

How to open an MT4 demo account without a broker (even when we get the metatrader 4 from fxopen).

Why didn’t I download the MT4 installation file from the official metatrader 4 website?

How to open a demo trading account with fxopen broker (in case you’ll need it later).

IMPORTANT! We’re downloading metatrader 4 installation from fxopen but, we’ll open a demo trading account for practicing without a broker. We are using fxopen here only because they allow to load the installation file without website registration. Almost every other broker requires you to register.

Disclaimer! We are not recommending fxopen or any other forex brokerage companies in this tutorial, nor we get any commission shares or kickbacks from them even if you use URL links on this tutorial. This tutorial is just for educational purposes.

STEP #1: get your MT4 free download

Every week I get this question from beginner traders asking me how do I get MT4 on PC? Cannot open an account with MT4? Let me show you easiest way to download and install metatrader 4 for PC.

If you are using MAC, then you’ll need to download metatrader 4 for MAC.

We begin by downloading MT4 from FxOpen. There are few other brokers allowing direct MT4 download link without website registration required, but for this example we choose FxOpen. Navigate to www.fxopen.com website and from the top menu choose MetaTrader 4 which can be found in the Trading section.

We begin by loading MT4 from fxopen’s website. Few other brokers are allowing direct MT4 download link without website registration as well, but for this example we choose fxopen.

Navigate to www.Fxopen.Com website and from the top menu choose “metatrader 4” which can be found in the “trading” section.

Click on “download metatrader 4 for ECN” button and the installation file download will start.

When the MT4 setup file is downloaded you can execute to begin the installation.

When you load the setup file on your computer, execute it to begin the installation.

Click “next” to continue the installation.

If you want to change the location of the installation, you need to click on “settings”. It is useful for those who need to install multiple MT4 terminals with the same broker so that they can copy trades between MT4 accounts on the same computer.

When the installation is complete, you’ll see a “finish” button appear. Click on it to continue and wait for the trading platform to start.

After the installation, metatrader 4 always starts automatically, but it might take some time depending on the speed of your computer.

Usually, your MT4 should load in 5 to 30 seconds.

STEP #2: opening metatrader 4 demo account without a broker

When your metatrader 4 loads for the first time it will automatically show “open an account” window. Inside you’ll see broker trading server list.

It is where we start creating a demo trading account without a forex broker.

If this sounds confusing just wait for it ��

Usually, if you would want to open a practice trading account with fxopen, then you would choose their trading server in this list. I’ll show how to do that later in this tutorial for educational purposes.

But right now we need a demo trading account that’s not linked with forex or any other forex broker.

Here’s what you need to do.

Click on “add new broker” and type in metaquotes-demo precisely as it appears here. It is important. It is case sensitive, so you should type upper and lower case letters exactly as they appear in this tutorial.

When you type in MetaQuotes-Demo press ENTER key on your keyboard to begin the search. What MT4 will do is run a search to find the connection address of this trading server.

When you type in metaquotes-demo server name, press ENTER (return key) on your keyboard to begin the search.

What MT4 will do is run a search to find the connection address of this trading server.

When the metaquotes-demo trading server is found you’ll see it added on the list, a company name appears next to it with a ping time as well.

The lower the ping time, the better connection you have, but let’s leave this topic for another tutorial ��

Now select the metaquotes-demo from the list and click on “next”.

In the “select account type” step make sure the “new demo account” is selected and click on “next” to continue.

Now you need to enter your personal details.

I cannot tell that you can enter any false information here in this step, but I would mention that no one is verifying this information. And because it is a demo trading account, the information does not matter ��

It appears that the only requirement here is to enter something in all the fields.

I only care about the “deposit” field here because that’s how big my new demo trading account will be.

To open an account click on “next”.

It takes a few seconds to create an MT4 demo account at this stage and when it is done you

It takes a few seconds to create an MT4 demo account at this stage, and when you are done, you’ll see login and password displayed on your screen.

My recommendation would be to save this window with the passwords as a screenshot or write down this vital information on a piece of paper.

In case MT4 cannot create a demo account for any reason, try clicking on “back” and “next” a few times to retry. In most cases, it helps.

Click on “finish” to continue and congratulations. Now you have a metatrader 4 demo account which is not tied with any forex broker.

You are automatically logged into your new demo account. In the Navigator window, notice that the trading server we are logged in is MetaQuotes-Demo but it says FxOpen ECN Metatrader :-) This is because we

You are automatically logged into your new demo trading account.

In the “navigator” window, notice that the trading server we are logged in is metaquotes-demo, but it says fxopen ECN metatrader ��

It is because we got the trading platform from fxopen but opened metatrader 4 free demo account on another trading server which is broker independent.

At the bottom of the MT4 window, you’ll find a “mailbox” tab. Inside, you can find “new account registration” message. Double-click on it to open the message and inside you’ll find your MT4 account login credentials.

New account registration email stores your MT4 login (account number), main password, and the investor password.

You can access this information at any time but I still strongly recommend you store it in a safe place.

What to do if your MT4 says “no connection”?

If at the bottom-right corner your metatrader 4 says “no connection” or “common error” then it has trouble connecting to the trading server. There are a few ways to solve this, but the one that usually helps is to close the trading platform and start it again.

Basic metatrader 4 configuration

Before using MT4, I prefer to do some basic configuration.

Enable automated trading

It is something not everyone needs, but I do this for every trading terminal that I use.

I always enable automated trading because I often use some MT4 trading tools on my charts to help me with trading.

If you are not using any EA, then you can skip this step.

Disabling sound alerts in the MT4 platform

Another thing I always do for each MT4 platform is disabling of sound alerts.

I know many people use them, and sound alerts can be handy, but I am usually running multiple metatrader 4 terminals on my computer, and it becomes very annoying when many of them start giving me sound alerts ��

Click on “OK” to save settings and close the “options” window.

Why did I not download MT4 from the official website?

Now you might wonder, why we cannot go to www.Metatrader4.Com and get the trading platform from there?

The answer is simple. Metaquotes company do not give MT4 download anymore because they want to replace it with MT5, but nobody wants it ��

Let me tell you a quick story to explain why metatrader 4 free demo account is not available from their website anymore.

The MT4 platform was and still is the best forex trading platform among retail traders. On june 1, 2010, metaquotes software officially released metatrader 5 or MT5, the next version of its trading platform. However, everyone still prefers version 4 over version 5. It seems that not many people want MT5 and brokers are not rushing to get MT5 either.

Metaquotes have been trying to replace MT4 with MT5 for eight years now without success.

While MT5 is starting to pick up its popularity, simple research shows that MT5 is nowhere near the demand of metatrader 4.

There are many differences between MT4 and MT5 platforms, and most of them are great. But I think nobody wants MT5 because none of the MT4 apps, custom indicators and plugins work on MT5. Over the years retail traders invested quite a lot of money in MT4 trading tools, and they do not want to switch to MT5 because they would lose their valuable trading tools. If metaquotes software would add compatibility of MT4 apps into the MT5, then people would not have trouble switching to MT5.

So in conclusion, MT5 will probably replace MT4 in a few upcoming years, and we never know when this will happen exactly, but my personal opinion is that metatrader 4 is here to stay for a few more years for sure.

MT4 free download from official website defaults to MT5

MT4 download from official website actually defaults to MT5 If you navigate to the official MetaTrader 4 website and try to download MT4 you

If you navigate to the official metatrader 4 website and try to load MT4, you’ll see that it loads the MT5 version.

The download button at the top of the webpage downloads MT5 and the button actually says Download MetaTrader 5 even though we are on a MetaTrader 4 download page :-) If we click that it will download mt5setup.exe which looks normal.

The download button at the top of the webpage gives you MT5, and the button actually says “download metatrader 5” even though we are on a metatrader 4 page ��

If we click that button it will load the mt5setup.Exe which is expected.

If we scroll down the page, we’ll find a “download metatrader 4” button which loads the mt4setup.Exe file.

However, if we execute this setup file it will install MT5 instead of MT4 even though it is named “MT4 setup”. It is quite annoying for many retail traders because it used to be the only way to have MT4 without a broker. Now many people miss this.

That’s why I’ve created this tutorial to explain how we can still install the same good old metatrader 4 platform without a broker account.

How to open fxopen demo trading account

What I like about fxopen is that their metatrader 4 demo account does not expire. In other words, fxopen allows you to have a forex demo account with no time limit. All forex brokers offer free demo trading accounts, but they expire after 30 or 14 days. That’s very annoying because every time your demo account expires you lose all your trading history and have to start over.

Let’s create an unlimited metatrader demo account with fxopen.

To open an MT4 demo account with any forex broker is very easy if you got the installation file from their website. We’ve downloaded MT4 from fxopen so we can open a demo forex account with them in a few seconds.

Just follow the same steps explained at the beginning of this tutorial, but instead of searching for metaquotes-demo server you have to choose a trading server of the broker.

Go to “file -> open an account” to begin.

In the “open an account” window we see fxopen trading servers.

Select a demo server from the list (which usually is named fxopen-ECN demo server) and click on “next”.

In this step make sure “new demo account” is selected and click on “next”.

Fill in the form, choose a deposit size, check the “I agree” box and click on “next” to continue.

Here you go. Your new fxopen MT4 demo trading account is now ready. If you prefer to practice forex trading through a broker demo account, then you’ve just got yourself one.

Conclusion

Opening a metatrader 4 demo account without a broker is still possible, and in this tutorial, we explain how it is done step-by-step.

You won’t have to ask how do I download MT4 on PC anymore. Now you can do that too by following this MT4 download tutorial.

If there’s some step that’s still confusing or you feel something is missing let us know in the comments below.

Best forex brokers – top 10 brokers 2021 in the united kingdom

How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.

The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.

But we can help you choose…

Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.

Forex brokers in the united kingdom

How to find the best forex broker

The main criteria for finding the best forex brokers in the united kingdom 2021 are these – we will expand on each area later on in the article:

Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

Accessibility and affordability – beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.

Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

Company background and history – knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.

Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

Account opening / registration – is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been problematic in the past.

Broker costs

The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.

The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.

The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

Besides the spread, a commission is charged as well. This commission is based on the amount you trade.

Spreads

Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.

The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.

A currency market and spread go hand in hand.

Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.

The lowest spreads suit frequent traders.

Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.

What is the rollover rate?

Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Forex pairs traded

While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?

If you are trading major pairs (see below), then all brokers will cater for you.

If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.

Majors

The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf

That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.

Such flexibility is obviously a major asset, positively impacting the overall quality of the service.

What about crypto?

Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.

The massive volatility associated with these products makes scalping a viable strategy for profitable trading.

Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro accounts

Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.

Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.

Note however that the spreads/commissions on such micro accounts tend to be quite adverse.

It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.

Trading platforms

Forex trading platforms are more or less customisable trading environments for online trading.

They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.

Metatrader 4 or 5

Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.

Trading view

Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.

Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.

While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want scalping, see if your broker is a forex broker for scalping.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.

They lack all the advanced analysis and market research features, and as such, are hardly useful.

Tools & features

From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.

Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.

Deposits and withdrawals

There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.

At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.

Otherwise, the payment process largely hinges on the accepted money transfer methods.

It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.

Education

Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.

A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!

Payment methods

The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.

Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.

We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.

Proper forex brokers always provide a local-specific payment solution to their target countries.

Customer feedback

Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.

You have to take this type of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.

Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.

That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.

The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.

Regulation

Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.

ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:

ESMA have jurisdiction over all regulators within the EEA

The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).

Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).

Outside of europe, the largest regulators of trading accounts and brokers are:

These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.

Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.

Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.

Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.

Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.

Security

Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.

Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.

A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.

Demo accounts

Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.

Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).

FX leverage

For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.

In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.

Just note that higher leverage increases potential losses, just as it does potential profits.

Company history

A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.

What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

Bonus

From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.

Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.

Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.

Additional account details

When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.

Order execution types

Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.

Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.

If you are looking for this method specifically, you will need to seek out an ECN forex broker.

Ecns are great for limit orders, as they match buy and sell orders automatically within the network.

Some other options that your forex broker can use are:

Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.

Broker reporting

Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.

Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.

This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.

If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.

These examples yet again showcase the importance of a proper regulatory background.

Account types

From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.

Micro accounts might provide lower trade size limits for example.

Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.

So research what you need, and compare it to what you are getting.

Scams

Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;

Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.

If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.

With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.

We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!

Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.

Difference between A broker and A market maker?

A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.

A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.

The conflict of interest in this setup is obvious, but it does happen.

The bottom line

Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.

Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.

Forex broker reviews

Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.

If we can determine that a broker would not accept your location, it is marked in grey in the table.

The 10 best forex broker with zero (no) spread accounts

Do you want to pay less trading fees when investing in currency pairs? – then you should choose zero or no spread forex broker. On this page, we will show you the top 10 companies which are offering trading with starting pips at 0.1. Trading fees can be very expensive when you are doing scalping or high volume trading. By choosing one of our recommended forex brokers you can save a lot of money. In addition, we will provide you detailed information about zero spread trading.

Broker:	review:	spreads and fees:	regulation:	advantages:	open account:
1. IQ option	(5 / 5) ➜ read the review	starting 0.0 pips + NO COMMISSION ($ 10 deposit) – only on main market hours	cysec (EU)	+ leverage up to 1:1000 + personal service + best platform

Save trading fees by using a low spread forex broker

Overall, we tested more than 50 forex brokers in 7 years of trading time and trading fees are very important to check. Most brokers are offering spread-based account types and a few are offering a zero spread account in addition. Sometimes you can switch between a spread or a zero spread account. If you do a calculation between these two account types you will always see that the zero (no) spread account is cheaper for you. Less trading fees will bring you a higher profit.

Comparison between a spread and zero (no) spread account:

For example, you want to trade 1 lot with the EUR/USD asset. On the spread account, you got a 1.0 pip spread. The pip value is $10. That means you are paying a fee of $10 by opening and closing the trade. The value of the fees is depending on the asset.

Spread account: 1 lot EUR/USD with 1.0 pip spread = $10 spread fee

On a zero (no) spread account you are paying the most of the time $3.5 per 1 lot trading (commission)

Zero spread account: 1 lot EUR/USD with 0.0 pip spread = $3.5 spread fee

In conclusion, the zero spread account is 65% – 50% cheaper than a normal spread account. So you should definitely use a zero spread account to pay fewer fees.

Advantage of a 0.0 pip account:

The calculation above shows us that a zero spread account is cheaper than other accounts. That is the main reason why you should use it. In addition, it is better for certain strategies like scalping where traders only trade small trading movements. The real market prices are traded by the broker. Overall, the trading with a 0.0 pip account is more transparent.

Payless trading fees

Better trade execution

Real market prices

Transparent trading

Best for scalping

Disadvantages of a 0.0 pip account:

There is only one disadvantage of a 0.0 pip account. Some forex brokers got no negative balance protection. Forex trading is leveraged trading which implies high risk. There are some market situations where the broker can not close your position (big news event overnight). If you got bad luck and you are trading with a too big trading volume your account balance can become negative. But this is nearly impossible.

Our values to find a good online partner

For traders, it is hard to find a reliable and trusted online forex broker. As experienced traders, we know how to check a partner by certain criteria. Before signing up with a forex broker you should check the homepage to find important information to avoid fraud. There are some fake brokers who are scamming clients all over the world. That should not happen to you so definitely check the regulation of the company. A regulated forex broker is showing the license and regulation on the webpage.

In the following list and video, you will find our full criteria and comparison to find a reliable partner to trade forex. Regulation, the security of funds, and trade execution are very important to us and these are the key factors to trade like a professional.

Criteria for a good forex broker:

Official regulation

Official dealer license

Free demo account

Low minimum deposit

Professional support

Reliable trading platform

Fast execution

Low trading fees

How does a 0.0 pip forex spread broker earn money?

In the zero spread account, an additional spread is not charged but the broker will charge a fixed commission. This is depending on the trading volume of the position. Most brokers will show you a commission per 1 lot (100.000) trade. If the commission is $6 per 1 lot trade you will pay a commission of $0.06 if you are trading 0.01 lot.

In conclusion, the forex broker always earns money because of the additional spread or commission. If you are a high volume trader the broker will earn more money and sometimes the company will give you a rebate so that you pay fewer fees because of the high trading volume.

See the picture of 0.0 pips spread in EUR/USD trading here:

How does the no spread account really work?

In the following, we will show you exactly how it works behind the scenes. The most forex brokers getting liquidity by a “market maker” called “liquidity provider” and some companies are making it by themself. Around the world, there are big liquidity providers like banks (goldman sachs, barclays, citibank, and more). These banks are giving direct market liquidity to the forex brokers.

Forex broker liquidity providers

The orders are matched by the “spot market” and not traded on a real stock exchange like stocks or futures.

Get direct market spreads

With a zero spread account, you get direct market access and real original prices. Most forex brokers show you the liquidity in the trading platform. You can see the market depth and how much liquidity is there. In our opinion, no spread accounts are more transparent than spread accounts.

Direct spreads from liquidity providers

See the market liquidity

The most no spread brokers are ECN or no dealing desk brokers. You can see the market liquidity in your trading platform. The most popular platform is metatrader. If you click on “depth on market” you will see the order book (picture below).

Orderbook for no spread accounts

On the prices, you see the lots based on the liquidity. Liquidity can change very millisecond. We do not recommend trade with order book strategies in the forex market because the numbers are changing too fast.

No conflict of interest

There is no conflict of interest between the forex broker and the trader. It does not matter if you make a loss or winning trades. The broker earns only money by the commissions. Successful traders are welcome because the broker will earn more money in the long run. You can be sure that your funds and investments are safe when the broker got an official dealer license.

Be careful: slippage can happen on market events

Always be careful by trading forex. The 0.0 pip spreads are not fixed. On market events, there can be slippage and you get a bad execution. This also applies to normal spread accounts. It means the market is too fast and there is low liquidity. A lot of traders are closing their limit orders when a market news event happens. So the liquidity is small.

We do not recommend to trade on market news because of the high risk. The volatility can be very high and the movements are not predictable. So be careful when you trade forex. It is not without risk. On the economic calendar, you can see the market events for your forex pairs.

Conclusion: you should use a 0.0 pip forex trading account

On this page, we showed you detailed information about the zero spread account for forex trading. Nowadays, a lot of brokers are offering this account type. The minimum deposit is different from broker to broker. Sometimes you have to invest more than $1,000 into your account to get 0.0 pips spread.

The forex broker is earning money by an additional trading commission fee which you are paying each trade. Bdswiss is an exception with the monthly fee account. The commission is depending on your trading platform and trading asset. As you saw in our calculation you can save more than 60% of trading fees if you are switching to a no spread account.

With a regulated broker, you can be sure that there is no scam or fraud. The companies which we present on this page are tested with real money. To get a closer look at a forex broker you can read the full and detailed reviews. The winner is clearly tickmill because the commissions are the lowest.

Our reviews:

IQ option

IC markets

Tickmill

Bdswiss

Roboforex

Vantage FX

Admiral markets

Blackbull markets

The zero (no) spread account is the best way for traders to save trading fees. It is cheap trading with direct market liquidity.

So, let's see, what we have: do I need a broker to trade forex? do I need a broker to trade forex? Trading forex can be challenging if you do not have the skills or experience to understand the market. This is the at trade forex without broker