Most important points
Minimum account deposit
Deposit and withdrawal methods
are there fees for withdrawals
there are fees for the platform or real-time quotes
maximum leverage
spreads
where is the broker regulated
what deposit protection is offered
number of tradable currency pairs
amount of margin
Maximum leverage important for professionals
Since the leverage determines how high possible percentage profits can be in relation to the capital investment, many traders favor very high leverage. The best offers in this area are currently found at 400:1 or 500:1.
Minimum deposit
When it comes to the minimum deposit, it is less interesting for professional traders, but rather for beginners. Those who open a trading account with a Forex broker for the first time usually do not want to have to deposit 1,000 euros or more right away. Therefore, beginners in this area favor brokers that, for example, do not require a minimum deposit or where the deposit to be made is only at least 100 or 200 euros.
Smallest tradable unit
The smallest tradable unit describes the smallest position that can be traded in a particular market. This is usually expressed in lots or contracts. For example, 1 lot means that every pip that the price of the currency pair changes means a profit/loss of 10 USD for the trader. Many brokers offer trading of so-called microlots, i.e. 0.01 lot. For a trade with 0.01 lot, the profit/loss in this example would only be 1/100 of 1 lot, i.e. 0.10 USD per pip. Therefore, this point is less interesting for professional traders, but rather for beginners who want to trade smaller positions in order not to risk so much capital.
Spread as a cost factor
The spread is basically the only fee that is incurred when trading forex.How crucial this criterion is, depends mainly on your trading strategy. Traders who tend to hold their positions for a long time, can get over the spreads slightly higher.For customers who settle many trades the same day, so-called day traders, however, this factor can make the difference between profit or loss. When making a comparison, you should not only pay attention to the spread. Some Forex brokers, as we have already learned, charge order fees for buying and selling foreign exchange in addition to the spread, depending on the type of broker (market maker or ECN or STP broker). So it is sometimes a bit time-consuming to compare the individual spreads of the providers with each other.
Number of tradable currency pairs and margin
The number of tradable currency pairs still differs significantly from one broker to another. The best providers in this area provide their clients with more than 150 currency pairs. However, according to studies, it is sufficient for more than 90 percent of all traders if at least 50 or 60 currency pairs can be traded.The so-called majors in Exness mt4, i.e. the most traded currency pairs (EUR/USD, USD/JPY, GBP/USD, USD/CHF) are of course offered by all Forex brokers.Exotic currency pairs such as EUR/TRY, however, are not offered by all brokers. Another trading condition that is directly linked to the maximum leverage is the margin. If this is multiplied by the leverage, the sum is always 100. This means that if the maximum leverage is, for example, 300:1, then the margin is 0.33 percent.