| Broker | Details | Minimum Deposit | Links |
|---|---|---|---|
 |
| $100 | Open Live Open Demo |
 |
| $100 | Open Live Open Demo |
 |
| $25 | Open Live Open Demo |
 |
| $25 | Open Live Open Demo |
 |
| $500 | Open Live Open Demo |
MetaTrader Forex Brokers – FAQs
Selecting a broker to trade with is not always a straightforward task. So here we have presented some points that we feel you should consider when looking for a broker to trade with.
Your exact requirements will ultimatley come down to your level of experience, the features you want (or need) and the strategies that you intend to trade. As no two brokers are exactly the same it can pay to take some time making a comparisons before you start to trade for real.
Here we give some key considerations that you should look at prior to choosing your MetaTrader broker.
Regulation
Trading with a Regulated broker, we believe, is a fundamental requirement. Regulated brokers offer your deposited funds a degree of protection should the broker run into finanical difficulties. They will also ensure you receive a minimum set of standards both in terms of service and trade execution.
While improvements have been made in tightening up regulation in the Forex industry there are still plenty of unregulated brokers out there who will be keen to sign you up with tempting offers. However our advice is too steer clear. All the brokers we recommend throughout this site are regulated, so you can be sure that your funds will be protected when trading with them.
Spreads
Spreads are an important factor when trading as they represent the ‘commission’ you pay to the broker for each transaction. Two types of spreads are offered by MetaTrader brokers: variable and fixed. Variable spreads tend to be slightly lower on average, but their variable nature means that brokers can increase them considerably around news releases or as market liquidity dries up (ie. the number of buyers and sellers drops).
This could be an issue for your trading strategy if you are targeting a few pips profits on each trade or plan to execute a strategy which executes during quiter trading hours. As an alternative you can select a broker that offers ‘Fixed spreads.’ While in some cases these are slightly higher, their ‘fixed’ nature means that they remain constant no matter what the market conditions.
Virtual or Demo Accounts
Having a virtual or ‘demo’ account is useful for two reasons. Firstly it gives you a no risk way of trying out the brokers platform and service. You can open a demo account in just a matter of minutes brokers trading platform before opening up a live account. This means that you can test out the features and tools available prior to making a decision to open a live account. Secondly it is always useful to have a demo account to test out new strategies or trading systems in a live market without having to commit real capital.
Mini and Micro Trading
When you first start trading you may find that some brokers require a prohibitively high minimum trade size or capital deposit in order to open an account. Standard accounts often use 1 lot (100,000 units of the base currency) as the smallest trading size.
However most Metatrader brokers now offer both Mini and Micro lot accounts. 1 Mini lot is equal to 10,000 USD. This means that to control 10,000 USD you would risk only $50 with a standard leverage of 200:1. In comparison 1 Micro lot would be equal to $1,000 and you would risk only $5. This enables you to open accounts and trade a balanced strategy from just a few hundred dollars.
As brokers make fewer distinctions between their Standard Accounts and these smaller accounts you will often find the same features and spreads to be offered across all account types on offer.
Leverage
Leverage is the ratio between the total capital that is made available for trading and the actual capital that you have to deposit in your trading account. For example, a ratio of 100:1 means that your broker would lend you $100 for every $1 of your actual capital. Therefore, you could command $100,000 in the markets with an account of $1,000. The actual amount of leverage a broker will extend to you will vary, but will typically start at 50:1 and in some cases extended to 500:1.
Leverage is a double edged sword and you shouldn’t get too hung up on chasing the highest leverage available.
Funding Your Account
You will find that most Metatrader brokers offer accounts denomiated in US dollars (USD). It is possible to denominate your account in other currencies with some brokers (JPY, EUR and GBP tend to be the most popular) although of course, you choice of broker will be greatly reduced.
Most brokers accept a range of deposit options with the most popular being via debit and credit cards. Alternative funding methods are offered by many brokers including among others, Pay Pal, E-gold, e-Bullion, Western Union and bank wires. If you require a specific method to fund your account then be sure to check directly with the broker to see if they support it.
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