22 Forex Broker Types You Need To Know (List)

Many new traders assume that one broker is basically apples with apples with any other, but that’s not the case. Here we look at 22 forex broker types you should be aware of in order to be able to both understand their offer, as well as determine where you want to make your home.

List Of All 22 Forex Broker Types:

Broker Type:	Details:
ECN Forex Brokers	ECN brokers are like a bridging service that not only takes your trade to liquidity providers, but also matches it up with counterparty orders
DMA Brokers	Built to let you bypass any intermediaries and place your order directly into the markets
NDD Brokers	“No dealing desk” brokers allow your trade to be executed directly via the interbank market
STP Forex Brokers	Straight-through processing brokers also pass your order directly to liquidity providers, eliminating any dealing desk
Market Maker Forex Brokers	An intermediary that provides liquidity, quoting both buy and sell prices (and usually profiting from the spread between them)
A-Book Forex Brokers	Brokers that despatch your orders directly to interbank market liquidity, stating their fees for the service upfront
B-Book Forex Brokers	A broker that acts as the counterparty to your trade, profiting from your losses
No-Spread Forex Brokers	A broker that charges no spreads, but typically only commission on your trades
High Leverage Forex Brokers	Brokers that offer high leverage ratios, allowing you to plump up your positions without risking personal capital
Micro Account Forex Brokers (Cent, Micro, Mini)	As the name implies, a broker that allows you to trade very small lots (useful for forex beginners that want to avoid ugly losses)
Offshore Forex Brokers	A broker that operates outside the regulatory jurisdiction of your home country
Unregulated Forex Brokers	Brokers that operate without oversight by recognized regulatory bodies
Islamic Forex Brokers	Many brokerages offer an Islamic account option that eliminates overnight swap charges and other aspects of trading and interest that conflict with Sharia law
Instant Execution Forex Brokers	A broker that will immediately fill your order at your chosen price
HFT Forex Brokers	Brokers that can accommodate high-frequency trading strategies without hiccups
RAW Spreads Forex Brokers	Brokers that give you direct access to market liquidity without a markup
Fixed Spread Forex Brokers	Brokers that offer a fixed spread that remains unchanged no matter market conditions
Forex Brokers With Trading API	Brokers that offer an Application Programming Interface (API) allow you to automate trades, gain quicker execution, and work with far more copious data
PAMM Forex Brokers	A broker that allows you and others to allocate your collective funds to be managed by professional traders
Forex Brokers Without Requotes	Brokers that eliminate adjustments to your trade price based on market fluctuations through rapid execution
Prime Brokers	Typically financial institutions that handle institutional clients’ trading and investment
Dealing Desk Brokers	Brokers that fill your orders from their own inventory, rather than taking them to the interbank market, thus acting as market makers and your counterparty, and profiting from your losses

1. ECN Forex Broker

Electronic Communication Network (ECN) brokers give you direct access to the interbank market, allowing you to execute your trades with minimal interference.

This type of broker connects buyers and sellers directly, often offering tighter spreads and greater transparency, typically charging a commission on trades rather than marking up the spread, which can lead to more competitive pricing for you.

They also manage the connection of your orders with matching counterparty orders from other traders－a small but important point of service－and they give you rapid order execution with limited conflict of interest,

Our recommendations for the top 10 ECN brokers include:

• FP Markets. Offering  a high level of transparency and spreads from 0.0 pips, FP Markets is our top choice in this category.
• Vantage Markets. A broker offering you a great ECN model and diverse account types that will appeal to a variety of traders.
• RoboForex. A broker offering a diversity of trading accounts, high leverage, and multiple trading instruments.
• Moneta Markets. For those who want to learn while they earn, Moneta Markets is highly supportive and rich in educational materials.
• BlackBull Markets. A highly transparent and welcoming broker, BlackBull Markets employs proactive technology and provides excellent Support.
• Pepperstone. A robust platform giving you tight spreads and an intuitive, user-friendly trading environment.
• IC Trading. Known for rapid execution, tight spreads, and a favorite haunt of forex scalpers.
• Tickmill. Low commissions make this broker popular with traders seeking to optimize their profitability.
• FBS. Although not a pure ECN broker, it’s welcoming for newcomers and has copious educational materials.
• VT Markets. Known for their excellent Support, they also offer attractive tight spreads on their RAW ECN accounts.

2. DMA Forex Broker

Trading through a Direct Market Access (DMA) broker means your trade orders are put directly into the market, a model that eliminates intermediaries and gives you greater assurance of managing your trades as you commissioned them.

DMA brokers are increasing in popularity, largely because many traders find the DMA model meets their desire for rapid execution and the elimination of intermediary considerations.

At WR Trading, we’ve compared innumerable DMA brokers in detail, and rate the following brokers tops:

• FP Markets (forex & CFD DMA). FP Markets shines on a number of fronts, but the sheer volume of tradable instruments the broker offers clinches it.
• Freedom24 (stocks, options, ETFs DMA). Low commissions and strong regulatory oversight.
• Vantage Markets (Forex & CFD DMA). Very tight spreads are the norm.
• IG (Markets). Great technical analysis tools and highly supportive educational resources.
• BlackBull Markets. Well known for excellent customer service, tight spreads, and the availability of diverse trading platforms at the brokerage.

3. NDD Forex Broker

A No Dealing Desk (NDD) forex broker offers you direct market access and a high level of transparency without innate conflicts of interest. With an NFDD broker, you’re assured of the fact that a whole area of potential manipulation in the broker model is completely eliminated.

Some of the best NDD brokers to choose from include:

• FP Markets. FP Markets is a great choice for any number of reasons, and tight spreads with a great diversity of instruments rank them highly.
• Vantage Markets. This broker offers robust trading infrastructure and comes with great educational resources.
• RoboForex. Known for low fees, low minimum deposits, and copious educational resources.
• Moneta Markets. A very user-friendly platform with great customer focus.
• BlackBull Markets. Offers high leverage and sophisticated trading technology.
• Pepperstone. An Australian broker highly regarded for great customer service and a technology-first approach to trading.
• IC Trading. A user-friendly platform known for great educational materials combined with strong Support.
• Tickmill. Favored by traders seeking to up their profitability with low trading costs.
• FBS. Offers a low minimum deposit and a wide range of account types.
• VT Markets. Very competitive on execution speeds, essentially eliminating slippage for a variety of traders.

4. STP Forex Broker

A straight-through processing (STP) brokerage has adopted a model of order processing that makes your trade execution faster and provides a high level of transparency.

This is another version of NDD, where the dealing desk is eliminated, and your orders go directly to liquidity providers.

WR Trading ranks the 10 best STP forex brokers as follows:

• FP Markets. Widely seen as the overall best STP broker
• Vantage Markets. Many customization options and a diversity of instruments makes Vantage Markets popular.
• RoboForex. A sleek offering that is also welcoming and user-friendly, with a large amount of tradable assets
• Moneta Markets. A prominent CFD broker that will enhance your profitability with their low trading fees.
• BlackBull Markets. A polished broker that provides excellent support and sophisticated trading tools.
• Pepperstone. A popular STP forex broker due to its polished mobile app and rapid execution.
• IC Trading. Often the haunt of dedicated MT4 forex traders.
• Tickmill. Popular because of its attractive pricing (competitive spreads starting from 0.0 pips).
• FBS. Offers you low minimum deposit, high leverage, and a wide variety of account types under one roof.
• VT Markets. Highly regarded as a broker with rapid execution and a commitment to transparency.

5. Market Maker Forex Broker

While a market maker broker might at first glance seem less attractive than the NDD/DMA model (as they buy and sell from their own inventory, thus raising fears of manipulation), the model accounts for a high percentage of global forex transactions for a reason.

Market maker brokers typically have a significant impact on currency exchange rates due to the volumes they handle, and while acting as counterplay (matching buy and sell orders between their clients), they often earn money from offered spreads alone.

Some highly regarded market maker forex brokers include:

• IG Markets. Known as a user-friendly platform with extensive educational resources (operating as both a DMA and market maker broker via different account types).
• OANDA. Here you’ll find competitive spreads on a robust (prop) trading platform.
• Forex.com. The broker gives you a comprehensive suite of tools and excellent customer support.
• XM. Known for low minimum deposits and a wide range of account types.

6. A-Book Forex Broker

If you use an A-book broker, it means that your trade orders are routed directly to interbank liquidity providers. An A-book broker will state all of their costs upfront, levying commissions and fees for providing the service of enacting your orders.

Pro traders often favor A-book brokers because of this uncomplicated structure, as their cost of trade is known upfront, and they find it simpler to pay the middleman his cut and focus on profitable trades of volume.

At WR Trading has reviewed a great many A-book brokers, and here are our recommendations for the top 10 to choose from:

• BlackBull. Known for technological savvy and great Support.
• Vantage. Known for its range of customizable trading instruments.
• FP Markets. An all-round great broker much favored by pro traders for its competitive trading conditions.
• Moneta Markets. Another great broker for both newcomers and seasoned traders alike, as the platform is both sufficiently intuitive as well as sophisticated for all trader types.
• RoboForex. A well known forex trader platform, RoboForex comes with high leverage and copy trading opportunities.
• IC Trading. Offering low spreads and fast execution, IC Trading is growing in popularity.
• Tickmill. With strong regulatory oversight, Tickmill comes with low trading costs, tight spreads, and is a user-friendly, supportive trading environment.
• Pepperstone. Low -cost trading that’s bundled in a very intuitive and user-friendly platform.

7. B-Book Forex Broker

A B-book broker is a type of forex broker that takes the other side of your trades, instead of passing them directly to the interbank market. While this typically results in immediate uptake of your trades, it also means that your broker profits from your losses, which can create a potential conflict of interest.

It’s also worth noting that many brokers offer a B-book trading option, and while you might recognize them for other attributes and not even realize that a B-book option is on the table, many well known brokers can, in fact, act as B-book brokers.

Some of the better B-book brokers include:

• IG Markets. Offers a comprehensive trading platform with extensive research and educational tools.
• OANDA. Known for its user-friendly interface and flexible trading options with no minimum deposit.
• AvaTrade. Offers a diverse range of trading platforms, including social trading and automated trading options.
• Pepperstone. Focusing on low spreads and fast execution speeds (which is ideal for scalpers and high-frequency traders), Pepperstone operates as both an A-book and B-book broker.
• FBS. Known for its generous bonuses and promotions, catering to both novice and experienced traders.
• XM. Not only does XM offer a variety of account types, you can also choose to trade B-book with them.
• Octa. Previously known as OctaFX, this broker will allow you to trade B-book.

8. No-Spread Forex Broker

No-spread forex brokers pitch spreads that start at 0.0 pips, which can boost your trading profitability by eliminating costs.

No-spread brokers will typically earn their living from commissions or other avenues, but the regularity of zero spreads is a boon for many trader types.

The best forex brokers to find no-spread trades:

• BlackBull Markets. Along with great execution speeds and Support, you can find no-spread trades on BlackBull.
• IC Trading. Adding no-spread trades to IC’s extensive trading instruments works for many forex traders.
• RoboForex. Constantly seeking to facilitate traders new and pro, RoboForex is another venue where you can enjoy no-spread trading.
• FP Markets. Combined with its ECN platform, that FP Markets also offers no-spread trading makes it a favored broker for many.
• Vantage Markets. Renowned for glitch-free and fast execution speed, trading without a spread has enabled many newbie traders to attain proficiency.
• Tickmill. All-round low trading costs with tight regulation are a given at Tickmill.
• Pepperstone. Great Support and educational resources are embellished by no-spread trading.
• Moneta Markets. Combined with an extensive range of tradable assets, many favor the no-spread offers at Moneta.
• XM. A very supportive and welcoming platform that offers both no-spread trades alongside great educational material.
• FBS. Very welcoming to newcomers to trading, FBS nonetheless has sufficient sophistication for the pros.

9. High Leverage Forex Broker

The joys of leverage come in your ability to make substantially more from a trade than you would by employing your own capital alone, but leverage has its own risks alongside the rewards.

Nonetheless, many traders have made a strategy out of highly leveraged positions, and if that’s the route you fancy you’ll need to stick to the list of brokers below, because high leverage that’s poorly presented or applied can be fatal to your account balance.

Below you’ll find our recommendations for the best forex brokers offering high leverage:

• FBS. Offers leverage up to 3000:1.
• RoboForex. Leverage up to 2000:1.
• Exness. Gives leverage up to 2000:1.
• Moneta Markets. Here you can access leverage up to 1000:1.
• XM. Leverage up to 1000:1.
• Vantage Markets. Up to 500:1 leverage.
• IC Trading. Offers leverage up to 500:1.
• BlackBull Markets. As per the previous two above, leverage up to 500:1.
• FP Markets. Also, leverage up to 500:1.
• Tickmill. Here leverage goes to 300:1.

10. Micro Account Forex Broker (Cent, Micro, Mini)

If you’re new to live trading or want to sample a trading idea you aren’t entirely sure will pay off, micro account brokers are invaluable for the purpose.

Here are our ideal micro account brokers, notable for their low minimum deposits, uncompromising platform performance, along with great Support:

• RoboForex. Another reason why RoboForex is seen as user-friendly and highly facilitating is because here you can trade with a micro account.
• XM. A highly supportive environment that includes micro accounts.
• FBS. A well balanced broker for newbies and pros alike, micro accounts aid both for their purposes.

11. Offshore Forex Broker

Offshore forex brokers are known for their ease of access, diversity of trading facilitation, and often high leverage. By definition, an offshore forex broker is a brokerage that operates outside the regulatory jurisdiction of your home country (often domiciled in regions with more lenient financial regulations).

These brokers can offer services such as higher leverage, lower fees, and tax benefits, and as long as you stick to our recommendations below, risk is negligible.

Here is WR Trading’s list of the top 10 recommended offshore brokers:

• RoboForex. This broker has proven itself reputable for many years now, and goes to some lengths to facilitate all comers－ranked our first choice in offshore broker options.
• Pocket Option. A good choice for new traders, strategies and tutorials abound on social media.
• Vantage Markets. Vantage has gained tremendous popularity due to its copy trading facilitation and large social media trading contingent.
• Moneta Markets. A highly reputable broker, here you’ll find good Support, a diverse asset range, along with no-spread trade options.
• FP Markets (Offshore license). A good choice of offshore broker, patronized by many experienced traders.
• IC Trading. A good balance of user-friendliness and sophistication, this broker means comparatively low trading costs and a good selection of trading tools.
• BlackBull Markets (Offshore license). The same reputable BlackBull with great service and fast execution. 
• FBS. Another great offshore forex broker choice, perhaps especially for newcomers due to their extensive educational resources.
• IronFX. A robust trading platform that facilitates many trader types through its selection of account types and trading instrument options.

12. Unregulated Forex Broker

An unregulated forex broker is a forex brokerage that operates without oversight from a recognized financial authority or regulatory body. This means they are not subject to the same standards and protections that regulated brokers must adhere to, such as maintaining legitimate transparency, ensuring all client funds are kept separate, and giving you a fair trading environment.

That said, in the list below, all of the brokers self-regulate in accordance with industry mores and norms, and some of them have partial regulation based on jurisdiction.

• FBS. Although its regulation is limited and unsatisfactory for some traders, the broker has proven itself a reliable and scrupulous entity that caters well for its traders.
• XM. Another obviously safe broker that puts a lot of effort into customer service, yet it lacks standard regulation across jurisdictions.
• RoboForex. A stalwart of the forex arena, RoboForex also falls short on typical regulatory mores and norms, although it’s a stand-up presence and has been for years.

13. Islamic Forex Broker

Some aspects of trading (like overnight interest charges) run against Sharia Muslim laws, and many brokers make Islamic accounts available for their Muslim clients.

Such accounts (commonly called swap-free accounts) resolve issues of Islamic law and allow Muslims to trade without violating their religious beliefs.

Her are WR Trading’s 5 top choices for Islamic forex accounts that will allow you to preserve halal:

• FP Markets. With tight spreads and rapid ECN, FP Markets is rated our best all-round Islamic forex account provider.
• Vantage Markets. An Islamic account provider that comes without commission as a RAW ECN (making it ideal for scalpers, among others).
• BlackBull Markets. Utilizing the Islamic account facilities at BlackBull means you glean their commitment to rapid execution and great service.
• XM. Probably the best Islamic account for newcomers to trading, as it’s a very user-friendly arena with a low minimum deposit requirement.
• Pepperstone. Another great high-speed option－low latency and a commitment to technological savvy.

14. Instant Execution Forex Broker

An Instant Execution broker will fill your order at the price you click into, taking away some of the risks associated with trading, while allowing you pinpoint accuracy when it matters. The broker will usually achieve instant execution by leveraging advanced technology and algorithms, so as to match buy and sell orders almost instantly.

Traders (perhaps especially scalpers) who rely on precise entries and exits need instant execution brokers, and it’s a definite plus for any other trader type too. 

Here’s are our recommendations for the top 10 instant execution brokers:

• FP Markets. Great ECN broker, with a multitude of benefits beside.
• Vantage Markets. Innumerable scalpers trade via this broker’s RAW ECN account option.
• RoboForex. A choice of trading platforms and CopyFX copy trading options.
• Moneta Markets. Another ECN broker with fast execution and tight spreads.
• BlackBull Markets. Sleek and fast with great service.
• Pepperstone. User-friendly ECN and low cost trading.
• IC Trading. Extensive trading instruments and no-spread options.
• XM. Very welcoming and user-friendly, XM is also very quick in execution with a low minimum deposit requirement.
• FBS. Hosting micro accounts and offering low spreads, this broker is also capable of rapid execution.
• VT Markets. Another fast broker via its ECN account offering, it also offers MT4/5 trading.

15. HFT Forex Broker

High-frequency trading (HFT) requires a certain minimum capital threshold (ideally) and specific strategies. In order for HFT to be consistently successful, your chosen broker needs to match up in certain key areas.

Here are our recommendations for the 10 best HFT brokers, all of which rank because they enable the HFT trader:

• Vantage Markets. Vantage will give you an API that allows you to integrate your own trading platform, and also boasts 1,000+ CFD products.
• FP Markets. A broker that enables many traders from many points of view, and one that also enables low cost HFT.
• RoboForex. A plethora of account types and trading options.
• IC Trading. A favorite for many because of their low spreads (starting from 0.0 pips).
• BlackBull Markets. A service-first, fast, and technologically adept broker with great educational resources for traders of all hues.
• Tickmill. Large private clients have access to FIX API, but also a great, low cost venue for all trader types.
• OctaFX. Welcoming to newcomers, this broker is another low cost trading option.
• XM. New users glean a no-deposit bonus, and the platform is intuitive and welcoming to all levels of traders.
• Pepperstone. Another API option that asks for no minimum deposit and provides great service.
• Moneta Markets. A great Islamic account option for HFT.

16. RAW Spreads Forex Broker

In trading, “RAW spreads” means that the broker gives you direct access to market liquidity without marking up the spread, which means tighter spreads for you.

It’s a model many traders favor for obvious reasons, and you’ll need to figure out whether, with other fees and considering your trading strategy, RAW is the way you should go.

The best forex brokers that offer RAW (or Raw) spreads include:

• BlackBull Markets. BlackBull Markets is our first choice as a TradingView broker, and in our opinion is also best for RAW forex trades overall.
• IC Trading. If you’re looking for algo trading, IC is our top pick.
• RoboForex. Offers you the best selection of account types.
• FP Markets. Another nod for FP Markets due to their low trading costs.
• Vantage Markets. The best broker providing institutional-grade liquidity.
• Tickmill. A great option because of their low minimum deposit requirements.
• Pepperstone. Favored by forex traders for the trading platforms on offer.
• Moneta Markets. A welcoming broker that nonetheless has sufficient sophistication to suit all trader types.
• XM. Newcomer bonuses, low fees, and great educational resources.
• FBS. For those seeking to up their profitability from persistent low cost trading, a great option.

17. Fixed Spread Forex Broker

Many traders opt for fixed spread brokers because it ties into their desire to manage trading costs. Brokers that offer fixed spreads maintain those spreads regardless of market conditions, and for many traders who are plagued by fluctuating trading costs, a fixed spread forex arrangement makes the best sense.

WR Trading has determined the following brokers to be the best fixed spread forex options:

• IronFX. Here the fixed spreads are always attractive.
• FxPro. Supports MT4/5 and cTrader, with a good number of trading instruments, along with NDD and high speed execution.
• EasyMarkets. This broker offers fixed spreads and guarantees no slippage.
• HYCM. Great fixed spreads, risk management tools, and strong regulation.
• FXORO. Not just fixed spreads, but a mobile app experience favored by a lot of traders.

18. Forex Broker With Trading API

A broker offering an Application Programming Interface (API) means that you can algo (auto) trade with the broker, which means faster execution of your trades and access to far more data than the average trader.

The top trading API forex brokers in our book are:

• Vantage Markets. Vantage FX API comes with great support if you want to auto trade.
• BlackBull Markets. BlackBull Markets API carries the flag of this technologically savvy broker, having advanced features and backed by the same great Support.
• Pepperstone. Another broker offering the option in the form of Pepperstone API.
• IG. IG gives you IG Labs API, providing you with more extensive access to markets.

19. PAMM Forex Broker

The Percentage Allocation Management Module (PAMM) method of trading appeals to many investors, who don’t actually trade at all. In the PAMM model, many investors’ funds are pooled into a single PAMM account, which is then managed by a seasoned trader.

The results of trades (both profits and losses) impact the contributors’ account balances based on the percentage they contributed to the overall pool. This arrangement allows investors to retain a degree of control over their capital, glean the expertise of a pro trader while staying hands-free, and earn returns from the forex markets.

Here’s our list of 5 best PAMM forex broker options, based on service provided, and their actual performance:

• FP Markets. FP shines again as our top choice for best overall PAMM broker, and PAMM accounts come with attractive spreads to boot.
• Vantage Markets. Spreads from 0.0 pips and excellent customer service.
• Moneta Markets. A prominent CFD broker that means low trading costs and some flexibility with PAMM accounts.
• RoboForex. A great PAMM option because of its offered assets and trading options.
• BlackBull Markets. A great PAMM option due to the sleek trading environment and excellent Support.

20. Forex Broker Without Requotes

A requote happens when the price that you intended as your entry point to trade changes before that trade is enacted, which spurs a new price quote (a requote). Requotes can become a problem for your profitability, especially in volatile markets, and most brokers that come without requotes utilize “market execution” technology.

This means (usually) DMA, high-speed trading Infrastructure, and a large, aggregated liquidity pool made up of several providers.

Here are the WR Trading recommendations for the best forex brokers without requotes:

• Vantage Markets. A low-latency, all-round great broker.
• FP Markets. FP Markets can give you ECN pricing, matching your orders directly in the markets.
• RoboForex. A great range of trading tools and multiple platform options.
• Moneta Markets. A well built and user-friendly trading arena.
• IC Trading. A genuine ECN broker.
• BlackBull Markets. For its advanced technology and super Support, BlackBull is a great option.
• FBS. You’ll glean high leverage and competitive trading costs here.
• Tickmill. Seen as a fair and transparent trading environment, which is also quick on execution.
• XM. A great option for its user-friendliness and extensive educational resources.
• Pepperstone. Pepperstone can give you low spreads, no minimum deposit, and great service.

21. Prime Broker

The term “prime broker” typically refers to a financial institution that offers a range of services to institutional investors, hedge funds, and other large clients.

These services might include actual trade execution, custody services (which includes managing the settlement of trades), financing (usually leverage), risk management tools and services, and market access (direct access to bespoke liquidity providers).

A few of the better known Prime brokers would include:

• Goldman Sachs. They offer a comprehensive suite of services (including capital introduction and risk management) to hedge funds and institutional investors.
• Morgan Stanley. Provides extensive market access and execution services, and has a strong focus on customized solutions for institutional clients.
• J.P. Morgan. An institution known for its robust technology and risk management services, it offers prime brokerage solutions across various asset classes to diverse clients.
• Barclays. Here clients can find more tailored solutions in integrated prime brokerage services, with a focus on greater transparency and liquidity.
• Credit Suisse. Offers a full range of prime brokerage services, including financing, risk management as well as trade execution for hedge funds and asset managers.
• Deutsche Bank. Provides comprehensive prime brokerage solutions with strong global reach, with advanced technology for execution and reporting.

22. Dealing Desk Broker

A dealing desk broker is a type of forex broker that acts as a market maker, facilitating trades by taking the opposite side of clients’ transactions. This means that when you buy a currency pair, the broker may sell that pair from their own inventory.

Dealing desk brokers typically provide fixed spreads and may manage client orders internally rather than sending them directly to the interbank market. While this model can offer advantages like liquidity and ease of trade execution, it can also create potential conflicts of interest, as the broker profits from clients’ losses.

Some of the more reputable dealing desk brokers we can recommend are:

• IG Markets. Offers a robust trading platform with extensive market research and education resources to aid traders.
• OANDA. Known for its user-friendly interface and flexible account options, providing both dealing desk and agency model options.
• Forex.com. Provides a comprehensive suite of trading tools and educational resources, focusing on retail forex trading.
• FBS. Known for its low minimum deposits and various promotions, this broker appeals to a wide range of traders.

*NB There is often overlap between broker types, and you’ll need to do some homework to piece together your ideal trading home－see this article for more details.

Conclusion

Navigating the world of forex trading begins with selecting the right trading broker that aligns with your trading style, objectives, and risk tolerance. As we’ve explored at WR Trading, there are 22 types of forex brokers, each offering unique features and services – from ECN and DMA brokers that provide direct market access, to market makers and dealing desk brokers that offer liquidity and fixed spreads. Understanding these differences is crucial for making informed decisions.

Frequently Asked Questions on Forex Broker Types