**FOREX EDUCATION: Forex Brokers Analyzed (3 added 7 total)**

[tnis0612]

This is a little information about various brokers mentioned that i compiled. PLEASE if you are using a different broker for demo/live list it here and i will update our list of brokers and info. Also if you are using any of these accounts tell why you like it or don't like it regarding platform tools and ease of use. If you think benefits they give put it above the others please tell us about that.

Forex.com www.forex.com
Eurusd- 3 pips
Usdjpy- 4 pips
Eurjpy- 4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-5 pips

Hours- Sunday 5pm – Friday 4:30pm
Leverage – up to 200:1
Minimum Deposit - $250

Interbankfx www.interbankfx.com
Eurusd- 2 pips
Usdjpy- 3 pips
Eurjpy- 4 pips
Usdchf- 4 pips
Usdcad-5 pips
Gbpusd- 4 pips
Hours- Sunday 5pm – Friday 4:30pm
Leverage – 200:1
Minimum Deposit - $500

Fxcm www.fxcm.com
Eurusd- 3 pips
Usdjpy- 4 pips
Eurjpy- 4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-5 pips

Hours – Sunday 2pm-Friday 4pm
Leverage – up to 200:1
Minimum Deposit - $300

IFX Markets www.ifxmarkets.com
Eurusd-2 pips
Usdjpy-2pips
Eurjpy-4 pips
Usdchf-3 pips
Usdcad-4 pips
Gbpusd-3 pips

Hours - Sunday 5pm – Friday 4:30pm
Leverage – up to 100:1
Minimum Deposit - $500

CMSfx www.cmsfx.com
Eurusd-3 pips
Usdjpy-3pips
Eurjpy-4 pips
Usdchf-5 pips
Usdcad-5 pips
Gbpusd-4 pips
Hours - Cant find hours
Leverage - up to 400:1
Minimum deposit - $200

Oanda www.oanda.com

Oanda has variable spreads meaning they are costantly changing. From what i can see their spreads range anywhere from 2 on the eurusd, 3 on the usdjpy and up to 6 on many of the others. This is depending on market liquidity. My numbers are from last week. In a more liquid market at peak hours i believe it can be lower than what i quoted. Claim a 1.5 typical spread on the eurusd but i have never used so i cant say for sure. If im wrong here someone correct me.

Hours- Always open however the spreads are considerably higher on weekends.
Leverage - 50:1
Minimum Deposit - $100

GFT www.gftforex.com
Eurusd-3 pips
Usdjpy-3pips
Eurjpy-4 pips
Usdchf-4 pips
Usdcad-5 pips
Gbpusd-4 pips
Hours – Couldn’t find
Leverage – 100:1
Minimum Deposit - $2500
In my opinion this is one of the best platforms I have seen. Very advanced. Probably too advanced for me. Gives you tons of options. I think people very familiar with the Forex market would really like this platform.


So far of these, i have mainly used forex.com and interbankfx for my demo accounts. I am by no means a Forex expert. I am new and learning but iv done a good bit of research. In my opinion forex.com is easier and quicker to use and has better economic information releases and a running commentary that you can look at to see how things are looking overall. Interbankfx has considerably better spreads however. I just discovered IFX Markets and will look into that soon because of how tempting those spreads are. I also like GFT because of how nice and professional their platform is however iv only looked through it and havent traded with it yet. They seem to be more of a platform geared towards high dollar traders. All of you others that post a lot about forex please chime in. Wolf, stockjock-e, xspowerx, STOCKD3VIL, Stockgod, darthtrader, RPM, WallstreetAlert, stesta to name a few that post frequently, would be great to hear your inputs on the topic. Thanks

[Darth_Trader_HSM]

http://www.find-a-broker.com/forex-brokerI found this site yesterday, I was checking some of them out.

[Darth_Trader_HSM]

and this one

http://www.fxstreet.com/nou/brokers/...ramestaula.asp

[RPM]

I LOVE INTERBANKFX..............i am used to their platform, orders and everything else.

also note:

www.cmsfx.com (best charting by FAR!!!!!!!!!!!)

www.oanda.com (best spreads in the Business)

[Jayson_Wonder]

Hi All,

I am in Canada and I used this company Refco to test my demo account. I am now completeing my forms so I may set up a MINI account with them. If all goes well I should open and funded by Friday.

http://www.refco.ca/ForeignExchange.refco

GLTA

[xspowerx]

wow thanks for this.

When I first started this I looked for a company that I knew wouldnt collapse on me, with good earnings, considering these accounts aren't insured.

Instead, I learned the hard way that this broker is nothing but a thief. That is fxcm.

I am now with interbank. I love them.

[Tekfreak]

what does the 2/3/4 pips mean next to each fx rate for each broker signify? i know what a pip is now, but i dont understand why its listed out liek that.

<----sorry, is new to forex and am trying to absorb everything liek a sponge so i can make money at night

[Fishmasterdan]

That is the spread charged for trading.
Let say you open a position at 50.55 long
The charged amount is 3 pips
When it gets to 50.58 you are even

The spread is based on the currency your are trading

[Jayson_Wonder]

Originally Posted by Tekfreak

what does the 2/3/4 pips mean next to each fx rate for each broker signify? i know what a pip is now, but i dont understand why its listed out liek that.

<----sorry, is new to forex and am trying to absorb everything liek a sponge so i can make money at night

That pip number is the spread for that currency and is in effect the commission you will pay to enter a position in that currency.

[ShadowStalker]

I don't know if this should be a thread in itself but I thought that atleast we could put it here in conjunction with the above brokers listed. I've been using a demo acct. with GFT, and as Tnis0612 said, very advanced technical analysis tools. I've really enjoyed using it and the broker that I dealt with that actually called me up was very nice and has been very helpful. These are the PIP Spreads for 4 of the major currencies that I've been focusing on. Can anyone tell me if any of the other Forex brokers have tighter spreads or not? Also, before I forget, there are no commissions when one trades with GFT. Apparently, it's built within the spread, like a lot of other brokers. What I'm wondering is if some of the other brokers have less of a spread which might be more beneficial. Can someone help me here?
Broker: GFT
EUR/USD 3 PIPS
USD/CHF 4 PIPS
GBP/USD 4 PIPS
USD/JPY 3 PIPS