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Brainyforex reviews major forex broker reviews from sites all around the world so as to keep up to date with customers satisfaction levels with forex brokerage firms. If your looking for feedback from the public the review page is here.

When selecting a broker, consider what best suits your trading style requirements and initial deposit. Do you want automated trading capabilities? Can you trade micro lots? What amount can I open the account with? Read more about choosing a broker

Also remember, it is a good idea to spread your risk by operating from more than one forex brokerage account. The reality is that there will always be issues with even the industry best forex brokers. Software and internet connectivity problems like drop outs, apparent price spikes against you, unfavorable spreads during certain times just to name a few. Don't expect perfection in all area's from your chosen broker(s). Work with a few different ones and get a feel for how they suit your particular trading style. You will automatically gravitate to the one that fits you best.

When I am asked to name the most honest forex ecn broker I tell them this.

A great site to check and compare different brokers spreads is through FXIntelligence Live.

A popular forex review site with many broker reviews is ForexPeaceArmy, it's best to sort reviews by "number of reviews" which can be done on this page.

[Brokers offer an assortment of trading accounts and all the conditions mentioned below may not apply to one particular account. The table information below shows the best per each category. These may also change with time]

Note : Special deals

The best way to reduce broker trading commissions / spreads is to sign up through a broker intermediary whom has negotiated special volume discounts. Account trading conditions are not affected, except that trading costs are reduced in favor of the client. Access reduced rates, and Read more on this page here.

IC Markets [Australia]

ECN/STP

0.01 micro

1.0 pip or 0

$200

500:1

Reviews

FP Markets [Australia]

ECN/STP

0.01 micro

1.0 pip or 0

$100

500:1

Reviews

Pepperstone [Australia]

ECN/STP

0.01 micro

0.5 pip

$200

400:1

Reviews

ThinkMarkets

ECN/STP

0.01 mini

0.8 pip variable

$250

500:1

Reviews

Hot Forex [Mauritius]

ECN/STP

0.01 micro

1.0 pip variable

$5

1000:1

Reviews

Oanda [International]

NDD/STP

0.01 micro

0.8 pip variable

$1

50:1

Reviews

Dukascopy [Switzerland]

ECN/STP

0.01 mini

0.5 pip variable

$1,000

100:1

Reviews

Check out more broker reviews on this page here

Access reduced trading rates on this page here]

Notes to above forex broker reviews table

The above table is only a guide. Most brokers offer several different account types that may include some or all of the above features.

Broker type

ECN/STP : Forex ECNs execution provides access to an electronic trading network, supplied with streaming quotes from the top tier banks in the world. By trading through an ECN broker, a currency trader generally benefits from greater price transparency, faster processing, increased liquidity and more availability in the marketplace. STP or Straight Through Processing provides fairer processing as the clients order is not subject to a brokers dealing desk that may give rise to price manipulation.

NDD : No dealing desk may provide better transparency.

DD : Dealing desk used. If the brokers compensation model is based on spreads 'only' it is in best interests for the broker to assist the trader to keep trading profitably and successfully. Thus not all dealing desk brokers can be considered as bad. Typically though, dealing desk brokers make money from their clients from the spread "as well" as trading against its clients. Known as Market Makers they take the opposite side of the clients position.

Use a ECN or Non-ECN Account?

Some brokers offer both ECN and Non-ECN accounts. Read about brainyforex's experience comparing a ECN Account with a Non-ECN Account. If you or your automated trading system trades on smaller time frames this is a must read here.

Lot size

Not all brokers offer smaller account sizes. The smallest is micro which means each lot of 0.01 equals 10c. Then there is mini which means each lot of 0.1 lot size equals $1.00. The standard account size means each lot of 1.0 equals $10.00.
This is important as the smaller the account the easier to control risk. Some automated trading systems require micro accounts.

Spreads

The spreads shown are based on the EUR/USD during the most favorable trading conditions. The average rates are higher than those shown. Rates vary depending on a number of factors, such as volatility during news announcements and at other times when there is less liquidity such as when businesses are less active near holidays.

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