Comparative Analysis of Online Forex Account Brokers

1. Introduction to Forex Trading and Account Brokers

Forex trading is growing in popularity. Businessmen, civil servants, retirees, housewives, frustrated day traders, and newbies have all been attracted to this lucrative business. With the ease and convenience of handling financial transactions, this is a method of making more profitable income with the least risk of possibility. By setting risk aversion goals and with Forex trading, the shrewd trader can make huge profits in days. However, there are some things that should first be addressed. Along with discussing the potential for success in currency trading, understanding the Forex terminology and knowing one’s trading strategy, self-discipline is essential to prevent trader greed and prevent potential losses.

Trading Signals FX2. Key Factors to Consider When Choosing an Online Forex Account Broker

Also essential is the request by the dealer to ask why the forex account broker performs certain amenities and request that the reasons are clearly explained to them. Costs, services, and functionality dealing spreads: When reviewing offers for dealing spreads and margin specifications, you should look for competitiveness to acquire. Forex account brokers must be questioned why their spreads and margin offerings differ from other forex account brokers. On the real trading record and how other forex account brokers practically differ in spreads and margin profession. Also ask them what assurances they can be given by spread and margin about their reliability and historical dependability. The five procedures you could use are: Then, choose the most competitive and the most reliable of the five. Finally, your consideration for operating spread and margin cost must be directed to the next account otra le evaluation category you will examine. Even with the best spreads and margin benefits, customers of a bad forex account broker will suffer unfairly since they will be subjected to higher slippage. Comparative Analysis of Online Forex Account Brokers

Compare Forex Brokers

The forex market is the largest market globally and is supported by a global configuration of forex account brokers. It is important for investors to choose the right forex account broker to avoid risks of unpleasant prices and personalized amenities of subprime alters. Key components to consider include the charges they are willing to pay for the services, dealing spreads available, local reception and location of the forex account broker, regulatory certification, trading organization sustains, account amenities, transaction charge system, proficiencies of executing trade commands, and cash withdrawal charges. In today’s future-focused global commerce, competency and professionalism are essential programs consumers can count on. But, simply because a lot of diverse options at various costs are available with forex account brokers, all the clients do not have to use the least cost selection available. They are called forex account broker shops in order to assist the dealers to know the benefits and strive to maximize these values, to decide which online trading options available at their shop is best appropriate for each dealer. Comparative Analysis of Online Forex Account Brokers

2.1. Regulation and Security

Security is related to the reliability of the Forex broker, incorporated in some cases with the interface. From an electronic point of view, the transmitted information from the client to the broker or the other way around should be done in a highly secure way in order to prevent the theft of money or the falsification of information. Therefore, only electronic and secure methods of account opening were taken into consideration in this paper. The research was focused on Forex brokers and not on spread betting firms because those companies offer tax-free trading, which is beneficial for some traders. However, their trading platform conditions the client to an Apple device such as an iPad or iPhone, which in fact is the main mobile interface used for downloading a trading application. Comparative Analysis of Online Forex Account Brokers

Why trade CFDs on currency pairs?

Regulation differs significantly from country to country, and as we mentioned before, it is better to open an account with a Forex broker that is regulated by an authority or an agency that you are familiar with. Besides the strict conditions applied by those authorities in order to obtain a license, an advantage with a regulated broker is the fact that a client might have the opportunity to bring a formal complaint toward that particular authority and take legal action if needed in case of problems. However, this paper is focused on the electronic comparison of account opening. Comparative Analysis of Online Forex Account Brokers

2.2. Trading Platforms and Tools

Only after choosing a forex platform from a broker does one finally become an official broker and begin the long and winding road to making a profit out of forex trading.

FX Margin Trading

Educational modalities are also offered by brokers to facilitate the provision of trading system education through the platform, often in a web-based format. Some online platforms also provide real-time updates of account balance, trade history, and other relevant information. Tutorial exercises are often offered to teach forex buyers how to use these and other tools provided by the platform. These exercises are ideal for prospective buyers who want to learn more, even before becoming an integral part of the platform. Finally, real-time forex rates should also be available on the platform server. This service aims to offer changes in the value of forex services at any time, providing the opportunity to begin trading as soon as a beneficial business opportunity is perceived by the trader.

What is the best strategy for US30?

Trading platforms are online interfaces designed to facilitate forex trades by enabling investment activities. They often include other useful functions such as financial news, account revision, and customization. These tools are very important for any aspiring forex trader. Although most platforms offer the same basic service, some may differ in certain aspects. For example, some platforms are classified as automatic, where all functions are directly performed by the platform instead of relying on an operator. An example of an automatic platform is the web-based system, which eliminates the need for manual intervention.

FX Trade

Many people who set out to trade forex online consider brokers to be their best ally. This often stems from the fact that online trading is considered a difficult business to succeed in (most novice traders lose money). Brokers present themselves as experienced professionals who can help new traders integrate seamlessly into the forex business by offering their expertise on trading issues. And apparently, good brokers are essential to perform forex trades on any forex provider. This must be taken into account, considering that the sufficient qualification of these brokers should include a wide variety of trading tools together with a profitable online forex system.

2.3. Account Types and Minimum Deposit

The analyzed account brokers offer minimum deposits ranging from $5 in FBS to $2000 in Alpari accounts in demo accounts for beginners (micro accounts), while the study of their actual size ranges from $66 to $1482. Similarly, the brokers offer account types with different capabilities and subsequent deposit size, including from $100 in MasterForex accounts to $3000 and $10,000 in Minimum and VIP trader account types, as well as access to 1:1000 and 1:2000 leveraging in standard and VIP account types. This means that internet network collaboration and cooperation can have access to the capability of minimum deposit and account margin in a timely manner and manage effectively and efficiently the actual time-dependent characteristic and relationship with the competitor brokers.

The minimum account deposit includes micro, minimum, standard, and VIP types of accounts in the paper and an additional ECN account in the real broker websites, according to the volume of account margin 1 lot (standard lot). The number and actual size of the minimum account deposits, account leverage margin, and the availability of the margin call and the stop out possibility (including margin and bonus) can also be different.

2.4. Leverage and Margin Requirements

The laws that affect forex brokerage activity can be understood by translating the movement of currency exchange rates into a credit transaction that takes place between the broker and the trader. A trader who has available funds of 1,000 US dollars and who is very attentive to the movements of the Brazilian real against the dollar could buy reais worth up to 100,000 US dollars. If he were to gain in terms of loss and sell 100,000 reais after half an hour, the value of each one was 17,000.74, he would collect 1,774 US dollars, thus earning 0.77% of his capital before taxes in less than half an hour. This trader would invest without using resources of his own.

2.4.1. Leverage

Leverage and margin are related to trade size. They are important for forex traders due to the necessity to convert trading transactions into credit granted by the broker. Ease of operation, safety of operation, and special services offered often depend on the amount of the deposit made. Every trader can perform spot transactions in the forex market, as long as he has enough money for the trade. In addition to the operation of buying and selling foreign currency or money securities, brokers can also grant credit to assist their clients in the search for profits.

2.5. Commissions and Spreads

The typical spread on an ECN is higher, making entry and exit more expensive than necessary. The typical spread for an ECN is 0.3 pips, just to give you a rough idea of the cost. If you make a good trade on an ECN, you have to make that much more just to break even. Another difference on the ECN from the larger online brokers is the ability for a larger account holder to negotiate price improvements. When you trade large orders on an account worth more than $50,000, forex trading services are able to aggregate your order and find an even better deal. The ECNs are so transparent that all these price improvements end up exceeding the fees paid, making this kind of account even more attractive for larger scale forex traders.

There is one way for a forex broker to make money in addition to clients losing on their trades. Of course, that way is to charge commissions to the clients who make either winning or losing trades. Some brokers charge for winning trades, but many brokers like 4XP charge for every trade, win or lose. In general, the ECNs charge an institutional-like commission per trade, making that kind of forex trading typically more expensive than trading on a dealing desk. They require a minimum deposit of $2,000 to start. The Interactive Brokers forex account requires a $10,000 minimum deposit.

2.6. Customer Support and Education Resources

Brokers can provide clients with forex education resources which are essential to gaining a good understanding of forex trading. Education resources offered to clients can be in the form of articles, personal account managers, webinars, tutorials, and courses. These can include basic information, easier ways to trade, and many other important forex facts. The majority of supposed ‘best forex brokers’ offer clients a range of trading tools and services designed to help them understand the intricacies of the forex market. Statements like “forex is a simple way to make easy cash” are wide of the facts and are more likely to come from people who have never actually worked in the forex market. For many, it is a hard fort against the market, but with the right brokerage service and educational resources, becoming a success in the forex market is within anyone’s reach.

Not all online forex brokers will offer good support, yet there are brokers that place the client before any other investment. The best online forex brokers will provide both forex education resources consisting of reflexive video courses and educational articles, high-quality support, and professional movement control platforms for trading. These online brokers have a very helpful team who is on hand for clients twenty-four hours a day, six days a week. The facility to trade and gain professional advice is fast becoming an important feature in the forex industry.

3. Methodology for Evaluating Online Forex Account Brokers

The online forex account broker marketplace is both professional and competitive. Online forex market account investors of the forex account development industry, along with students and professionals of both financial and non-financial educational disciplines, are attracted to the marketplace because forex account brokers today enable their retail customers to trade/spread on leverage, receive intercurrency interest, and incur no interest opportunity cost. Enterprise-based accounting is based on many economic theories, principles, and models, particularly those related to the theory of the firm and decision-making processes of individuals in an economic system. The daily operations of a forex account broker can be compared to a construction enterprise in a number of ways. After comparison, the decision-making mechanism that is used by forex account investors as a tool for measuring/evaluating which brokers are the best is a market force guide that is competing for and fighting to win the brokerage business of individual forex account customers.

Online foreign exchange (forex) account brokers are frequently considered by forex account investors as being the first indispensable link in the joint process of opening and managing a forex account and/or a forex account related trading. A multi-element approach to the measuring/evaluation of a number of subjective and objective criteria commonly incorporated in the decision-making process of the forex account investor is developed and offered as an economic analysis framework guide utilized in the comparative analysis of a number of forex account brokers from the standpoint of forex account investors. Two types of one-stop comparative accounting tables are presented and developed, permitting forex account investors who hold one or only a limited number of accounts to adequately explore all of the representative forex account brokers prior to opening a forex account or making a final selection to which forex account broker one or only a limited number of their forex accounts should or could be transferred. A discussion of other factors that should be considered by the forex account investor with respect to the operation of these accounts is also included.

4. Top Online Forex Account Brokers in 2022

Using feedback from a forum, one can achieve very limited criteria of judgment. The 4 top forex broker accounts provide both robust and cutting-edge forex accounts using the blended model which finds favor with traders. Only four brokers have made the cut as they meet a lot of requirements to satisfy the traders. They have achieved their status vested with the trust of most satisfied traders.

The rankings and ratings depend on the opinions and feedback of the forex trading community. They are believed to be biased towards the traders who are experienced or therefore those who have been able to sustain trading for an extended period. Any trader will, however, be able to determine their best forex broker within their parameters by reviewing the facts. The trader is at liberty to choose their preferences of leverage, trading model, deposit amounts, and forex among others.

Trading in the forex market is mainly done using leverage because of the high value of the lots being traded compared to the deposit in the trading account. Online services are the usual channel for accessing forex. Trading online using a broker’s account is a very popular activity online. The services of a forex broker are very important for traders. An in-depth review of the top forex brokers provides a suitable description of available trading conditions and different options for traders.

Forex account brokers are companies that facilitate the making of currency trades and collateral services. Trading usually requires a forex broker’s services. People usually open trading accounts within an online community where trading is done. The broker provides traders with a trading account. At the same time, collateral services are made available for a charge.

4.1. Broker A

In terms of margin requirement, in the above average range, the best broker A was 7.66. The poor broker F was 5.00. In terms of margin requirement, in the marginal range, the best broker D was 7.66. The poor broker A was 5.00. In terms of instrument lot size, in the above average range, the best broker A was 7.66. The poor broker F was 6.00. In terms of instrument lot size, in the good range, the best broker B was 7.00. The poor broker D was 6.00. In terms of minimum deposit, in the good range, the best broker A was 8.00. The poor broker D was 6.00. In terms of minimum deposit, in the above average range, the best broker A was 9.00. The poor broker D was 6.00. In terms of minimum deposit, in the good range, the best broker A was 7.66. The poor broker F was 6.00. In terms of leverage, in the excellent range, the best broker A was 9.00. The poor broker C was 6.00. In terms of leverage, in the good range, the best broker B was 7.66. The poor broker E was 6.00.

The objective of this research study was to provide a comparative analysis of online forex account brokers offering their micro account services with a guide to help potential traders choose the appropriate online forex account broker. Six online forex account brokers were involved in this study. They were given letter codes A, B, C, D, E, and F. The research study sought to compare the online forex account brokers in the following areas: margin requirement, instrument lot size, minimum deposit, leverage, spreads, trade execution, margin call/stop-out level, platform, broker’s type, quote decimal, trading hours, trading system, withdrawal, and account management. Each feature was given a scale of one to ten for ranking. The research found out that among the six micro account online forex account brokers, Broker B had the highest combined score of 57, while Broker F had the lowest combined score of 47.

4.2. Broker B

While they are unable to have accounts in the most solid and free banking countries with more convenient banking countries, their advice is to always have a bank in a more convenient country – a friend – or, if the seriousness of the matter warrants it, to personally go to place the transactions. For the experienced forex trader, unable to have accounts listed at banking countries that choose top banks, ours are perhaps the second best choice (assuming that some reviews from the professional world confirm that the Forex real and is genuine, and the honesty guarantee is respected in case of disputes). For the less experienced forex trader, who is often enticed by “fantastic” income, the use of broker B should be considered as likely to lead to a total loss of the capital to be dedicated to operations.

This broker has a smaller client base. The simplicity of the ease to navigate, and the speed with which one can access forex trading through their “Web counter” website are particularly useful. In particular, the real Account creation process takes less than an hour and one can withdraw money almost immediately once profits are realized. The disadvantage in this approach, especially, is that the rates are penalizing a bit for those who trade often and in a big way. The spread is usually within 3 pips (a couple of the most commonly listed ones up to 10, the rest at one or two pips) and the exchange rate system apparently tends to penalize better exchange rate users. Upon examining the site’s FAQ, one finds the keys that actually resolve the system puzzle. The information that an online forex trader should track is all there with a sufficient frequency so as not to be too far removed from his/her needs.

4.3. Broker C

Real account comparison chart provided by broker C can be found on participants’ page in the Forex Finals. Withdrawal commission for Platinum and VIP accounts is zero, while for Classic account it ranges from 0.09% – 2.2%. As per the trading execution modes described, broker C applies market execution. The general recommendation is to not recommend broker C. The most negative remarks concern trust and balance protection. For full review see Resources section. Overall, if accounts are verified and if brokers have a good overall Forex Peace Army rating, you’ll be in much safer hands.

The minimum deposit offered by broker C is $100. The commission is zero on Classic, Platinum, and VIP accounts. Broker C uses variable spread while scalping is not allowed, including on MT5. The maximum leverage offered by broker C is 1:400, and swap-free accounts are available. The account currency is USD. Funding methods include bank wire, credit card, Neteller, Skrill, WebMoney, FasaPay, and the floating spread starts from 0.5 pip.

5. Comparative Analysis of Broker Features

Presently, high-frequency data availability for all but foreign exchange markets occurs with the NYSE-AMEX group, option markets, and the futures markets with a positive relationship to the level of trader information and quick trading response trading on the NADEX and the CDOLLAR. Amendment of the loan of bonds and other variables changes. Forty On-Line Forex Account Brokers are ordered alphabetically by the name of the account and indexed with a number code by sufficient web home positional trader. Each broker is added to the list as a new online account or funds accountives from their dealer requirements. There are two primary account types: Single and SMA. Neither variable has sufficient variation to change over time and may differ in trading functions.

A maximum of twenty key features associated with forex accounts is selected for review in forex account brokerage. There are online formal bid and ask quotes of logged-on brokers, but the present collection utilized the brokers’ URL information placed on the web at different time periods over the trading day. It is possible that some of this information, and hence the quality of service, could be available only to account holders. Nonetheless, the broker’s URL usually carried an introductory paragraph and may carry an array of financial market and fundamental economic information. For example, Daily Notes or similar may provide a brief description of a forex event, which, however, can utilize more cross-sectional data from multiple brokers. Important information from which a financial modeling-type study of heterogeneity could be conducted.

5.1. Regulation and Security Comparison

Although many FX account broker rankings include forms of recommendations, they refer to their particular standings, and investors pick a site they are comfortable with in evaluating the stand of their investment accounts. When making comparisons online to find the top-ranked and internationally trusted and authoritative security and protection agencies in every country, one needs to consider that clients’ money is segregated in a very few large complex banks. Broadly speaking, FX transactions occur when a buyer and a seller agree on a price and provided the account has a client’s full capital ratio in buy or sell orders before the transaction costs and is properly sanctioned by the matching algorithm, then a transaction takes place. Transactions involving cash account deposits are settled intra-day. Trades leading to changes in account net asset value do not involve new capital deposits or withdrawn client assets. No leverage ratio of net asset value/capitalization can then be seen as associated with algorithmic bookmakers.

In making FX account broker comparisons of regulation and security, the primary study findings focused on the fact that their objective is to screen online Forex account brokers with which investors in a given country can safely work. They display this information by indicating the general regulator and name of the local watchdog (Agency, Supervisory Authority) which governs the operations of the major FX account brokerage firm. These institutions have ruling regulatory legal norms and were established to ensure that the client investments are protected and not used for alternatively not declared goals. All brokers must be under the supervision of the financial control bodies to operate legitimately in the market, while it is advisable to work with firms under the scrutiny of established and authoritative organizations. Moreover, their service information is frequently updated and they provide response mechanisms in case of any discrepancies.

5.2. Trading Platforms and Tools Comparison

In order to create a quantitative approach relevant enough to while also generalize, we introduce a four-step classification scheme: formal MetaQuotes-allowed exclusive services, neutral and negative exclusive services, and MetaQuotes-prohibited exclusive services. We manually analyze partners’ websites, detecting the functionalities provided directly to the MT4 or MT5 user’s interface and legal warranty or obligation with the user experience. First, we collect all of the official MetaQuotes studio services granted to broker website as partner enhancements, service functional description, and development contact, according to the official development resource provider – the MetaQuotes Software website.

Besides fairly prohibiting any type of broker-specific tools or branding from MT4 and MT5, MetaQuotes also specifies the same layout and content for features, news, economic data, analytics, and trading signals tabs for each broker overview. In addition to all 6 tab’s generic titles, MetaQuotes studios also develop a few substantial partner brokers’ driven services such as Forex Calendar or Market Scanner toolbar. Because some brokers may offer very similar integration, and also exclusive services while using the same trading platform, and these exclusive services or banned tools are not often labeled in the broker’s review, we can qualitatively measure this discrepancy.

5.3. Account Types and Minimum Deposit Comparison

We found that categorizing account types, we separate them by account and trading level types. The account level is for retail investors, and professional account levels may have some benefits. By having a privileged account level, the retail investor enjoys some benefits like lower spreads, higher leverage, or even their relationship manager who helps their account with special changes. Professional account types have these benefits in common, but the trader must fulfill some requirements by the broker and also demonstrate their trading knowledge, skills, and experiences. For this, the broker may require some documents, and the professional investor must take online knowledge tests.

When one navigates through the website of Good Broker Guide, an overwhelming list of brokers and account types is shown. Table 3 includes a summary of account types with different categories. Please note that forex account types are for an indefinite account. We do not examine credit cards, driver’s licenses, utility bills, or other personal identity document requirements. We do not include other advertisements and promotional bonuses in this table and text.

5.4. Leverage and Margin Requirements Comparison

FXIFX is new in the market with aspiring trading services. They offer free broker service to the clients with zero commission charges and the comfortable trading services. As of now, the company has a few numbers of the trading unit services that the customers expect. They also have presented the prohibited hedging policy which is again only available in a very few of the companies within this comparison analysis. They also provide 1:300 and 1:200 leverage to the clients which are at an international standard level to the clients. The spontaneous customer support also adds up as the value-added services for the investors who are more focused on the quality trading. The trading service seems to be comfortable in all aspects such as the account opening process, payment gateways, leverage, trading platforms. These are key aspects for any trading company to perform well and attract the attention of the customers.

OANDA has the best features of no minimum deposit for convenient trading. It also has less trading unit size as 1 currency unit. It is the only 22 Company who provides this lucrative feature. They also have the unique margin call policy which utilizes the smart margin watch that helps investor close the open positions and protect against stop outsourcing. It also only allows leverage of 1:50 and 1:20 which is suitable for all levels of investors. OANDA also 24 Company who does not allow hedging the position with the Corporation unlike other broker corporations. They are also more focusing on the customers 25 level of satisfaction by providing the customer support 24 hours of every working weekday.

From Table 12, EESY policy is only 1 among others showing 25 level of leverage available which is 1:400. They offer free analyst chat and chat room service which is unlike others are providing. The margin requirement is very normal with standard service levels of 1:200 and 1:100 offering. For the EESY members, the margin requirement is even lowered for those who deposit the more money in the account. Another unique feature is they provide prohibited hedge facility for the clients.

5.5. Commissions and Spreads Comparison

After the website’s developmental phase and the operational phase are completed, a forex account broker can start taking advantage of the information technology services by way of minimizing variable per unit cost of production and passing the benefit of reduction to the client in the form of lower service fees. Bearing in mind that one of the functions of trading is to decrease the variable size of the spread by giving rise to more frequent low intraday fluctuations. While information technology can reduce the cost of production and lower the technology advantage, both average clients and the informed dealers benefit equally per unit. The benefit of such a strategy can be accurately measured only at the end of a fixed interval of time. At any moment the benefits are available to all the dealers and permit the realization of the technology advantage by any client.

It is by no means that everyone who opens a forex account with a given account broker automatically succeeds in the long term in the international money market. It is the individual account broker who has the professional knowledge and who offers a good service at a low cost who is more likely to lower the risk of failure and who is, to that extent, more attractive to a client. Therefore, alternately it is the client who can direct the success of the forex account broker and the other interested parties in a current and very simple way. The point of departure for comparison and analysis is a collection of valuable, real, objective, up-to-date and unbiased information about Cyprus-based online forex account brokers. The collected data covers a variety of indicators with which a comparison can be made. The information is available. There is no direct access to it in one place, in the order required for a valid analysis.

5.6. Customer Support and Education Resources Comparison

On the other hand, the brokers who received high scores on these parameters are,, and Most of the considered brokers offer webinar schedules (seminars, workshops, conferences) on various topics online. Furthermore, many contents with basic to advanced forex training materials can be accessed from several forex brokers’ websites. After the training and education that assists in improving professionalism to deal with our contact clients, they also offer live chat support service for conversations. Additionally, some brokers host free seminars, both on the internet and in person in some areas. The biggest problem with these web seminars is that sometimes the times are difficult for clients in Australian or American time zones.

Customer service is an important aspect of online forex trading and depends on the level of service provided by the broker. Customer support was assessed in terms of access to customer support by email, messenger, web chat, or telephone, as well as the customer training program available on the websites of the brokers considered. Customer training resources were assessed based on the number of articles provided, time courses material (beginner, basics, advanced, professional), number of online webinars (seminars, workshops, or conferences), forex definition or glossary. Brokers who have lower training and customer support resources are Best Forex Account in Nigeria, DeltaStock, IFX Markets, ForexYard, and FX Club Ltd.

6. Case Studies and User Experiences with Online Forex Account Brokers

I was a bear of stocks and eventually realized that their selections of margin-free sovereign debt were an excellent hedge against adverse stock movements. The only problem was that the U.S. brokers were not big on diversification and online access to foreign debt. Online Forex Account Brokers are now able to provide such an alternative but the information exchange and security of online Forex Account Brokers needed to be or are of primary concern. The trading of futures contracts including those on foreign government debt proved too volatile so there had to be a better mousetrap. I thought for the longest time that it was the SEC that was keeping foreign debt from being listed and cleared in the U.S. of A. After a little intense research, however, I discovered that several countries simply do not want their sovereign debt cleared in the United States. I finally stumbled upon the equity route and was shocked at the volatility of these stocks in relation to my stock portfolio. The ideas to utilize an online Forex Account which would normally have the adverse exchange rate movements correlated to the returns of the foreign securities being hedged. The shortfalls in foreign exchange data and online interface operations are for the most part memory now thanks in part to online Forex Account Brokers.

The problems with automated trading platforms were manifold. There are numerous pitfalls here as has been illustrated. Lack of accountability on the trades on the platforms was a key concern, as there was no one in the loop to get the trader out in the event he leveraged his trading account beyond what it is capable of supporting or even operating within the parameters it supposedly follows. Big stop levels were ostensibly a signal to watchdogs that something egregious was occurring with the trading account.

In this section, we examine a number of case studies in user experiences with a cross-section of online forex account brokers. The experiences were provided by former forex traders and an investor who tried to use an online forex account to hedge against adverse exchange rate movements in foreign securities. These various individual assessments involving forex account brokers tend to validate a number of prerequisites we previously outlined in order to open an account with potential forex account brokers. In addition, their special needs in a forex account may also be satisfied. Their experiences also indicate that not all forex account brokers may be trading entities themselves but may be introducing and clearing brokers and may carry a higher degree of trading and credit risks than other forex brokers.

7. Conclusion and Recommendations

The contribution of this paper mainly lies in showing that the current and future trading account customization is broad and can possibly be specified as an account package with the above-mentioned services, using a considerably more narrow set of intermediaries, whose combinations substantially differ. Most of the account services draw their name from the account setting and minimal deposit with maximum leverage. The institutional accounts are specifically designed for hedge funds activity; it requires open positions in any direction. Established managers with their own proprietary systems should meet specific financial requirements and should be interested in brokering Forex accounts (PAMM, MAM). The most important in such accounts here are quick trading, Forex research, and market news absolutely essential for making Forex investments and knowledge of Forex trading at an expert level. Investing is understood as using a Forex account as a savings account or as other types of investment accounts, and they are characterized by long-term profits without any significant activity. There are considerable differences in Forex trading accounts which are operated by different suppliers. The results of the empirical analysis are backed by a number of logical reasons, and not by a number of statistically non-significant differences in means only.

This paper presents an empirical comparative analysis of a representative large sample of the Forex online account brokers, which operate in real-time spot trading foreign exchange, trading service industry. The applied methodology of structuring and grouping the product offering dimensions simplifies the Forex trading account component of online services, and the criteria for comparison are consistent and allow establishing a relative position for identifying accrual trading account broker composition. Such an approach might be useful for broad individual traders, professional traders of Forex managed account services and educational services, Forex competing brokers, Forex dealers, and educators, to compare account packages. The approach used also allows for obtaining more accurate representations of account package differences and preferences in the groups of brokerage clients.

The advances in the development and implementation of web-based and web-supported financial services and trading platforms have drawn the attention not only of the brokers, who work in a highly competitive environment, but have offered opportunities to a growing number of investors. Forex, the international activity of trading foreign currencies, has become accessible to a broad number of individuals and groups of investors. Many online brokers have established themselves, offering services of trading foreign currencies worldwide. In order to develop and expand the range and suitability of their services effectively, it is very important to understand not only the marketing implications of services offered to the different trader’s groups, but also the objective platform and services’ structural composition with different dimensions of account services offered.