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5 Digit Brokers

Traders are excited about dealing in the currency exchanges. Some of those who have honed their skills at it are making good money. Those who know how to trade Forex successfully stand to do well with it.

In order to get started, you will need to choose a broker to deal with. When you select your broker before trading forex online, make sure you fully understand what you are getting into.

Broker Broker Type Min. Spreads Min. Deposit Min. Position Max. Leverage Apply
ATFX ECN/STP By Region 100 0.01 1:200
Oinvest STP/ECN 0.7 Pips 250 0.01 1:500
FXPRIMUS ECN/STP 0.0 Pips 100 0.01 1:500
FIBO Group LTD ECN,MM 2.0 300 0.01 1:200
FreshForex STP 1.0 1 0.01 1:500
GOMarkets STP 0.5 1 0.01 1.500
MaxProCapital ECN,STP 0.0 100 0.01 1.500
Nova Tradex MM 1.0 25 0.1 1.500
OANDA MM 0.9 1 0.01 1.50
One Financial ECN,STP 0.0 100 0.01 1.500
Pacific Financial ECN,STP 0.0 1 0.01 1.500
Pepperstone ECN 0.1 200 0.01 1:400
PipFixed STP 0.9 25 0.1 1.400
Real Trade Group ECN 1.0 20 0.01 1.500
Real-Forex ECN,STP 0.8 500 0.01 1:200
Renesource Capital ECN 0.6 2500 0.4 1.100
RPD FX ECN 1.4 100 0.1 1.100
Saxo Bank MM 2.0 10000 1 1:200
Shaw Markets ECN 0.0 100 0.01 1:400
Solidity Brokers ECN,STP 3.0 100 0.01 100:1
Strategem FX STP 0.1 1000 0.01 1.500
Strategem FX STP 1.0 300 0.1 1:400
Sun Hung Kai ECN,STP 3.0 2,000 0.1 1.100
Synergy FX ECN,STP 1.0 500 0.01 1:400
Traders Pulse ECN 0.0 50 0.1 500:1
Traders Way ECN,STP,NDD 0.0 0.2 0.01 1.500
TradeStation ECN,STP 0.1 100 0.01 1.500
TradingForex ECN,STP 0.4 200 0.01 1:200
Universal FX STP 0.9 2000 0.1 1.100
UPME Group ECN 0.0 10 0.1 1.100
Valbury Capital DMA, 0.0 1 0.1 1.100
Vantage FX STP 0.6 2 0.01 1.500
Vantage FX UK STP 0.4 1 0.01 500:1
Velocity Trade STP 0.5 1000 0.1 1.100
WFX Markets ECN,STP 0.5 100 0.01 1.500
Windsor Brokers MM 0.8 25 0.01 1.500
WorldPro FX ECN 0.4 250 0.1 400:1
1LotSTP ECN,STP 0.3 100 0.01 1:500
1pipfix STP 0.1 100 0.01 1:400
3TG Brokers ECN 0.5 500 0.01 1:100
4RunnerForex ECN,STP 0.9 100 0.01 1:200
4XP ECN,MM 1.0 500 0.1 1.300
A Forex ECN,STP 0.3 100 0.01 1.500
AAAFx MM 1.5 300 0.01 1:200
Abshire-Smith STP, MM 1.3 500 0.1 1:200
AccentForex STP 0.5 10 0.01 1.500
Acm ECN,STP 2.0 100 0.01 1.500
ActivTrades STP, MM 0.9 250 0.1 1:400
Admiral Markets ECN,MM 0.0 10 0.01 1.500
AFB FX ECN,STP 1.0 100 0.01 1:400
AGM Forex ECN 1.0 100 0.01 1.500
Ajax Financial ECN,STP 0.3 500 0.1 1.500
Alpari UK STP 1.6 200 0.01 1.500
Alpari US STP 1.6 200 0.01 1.500
AmariFX ECN, MM 0.5 100 0.01 1:500
AMEGA ECN/STP 0.1 pips 0 0.01 1:1000
Araxo4x ECN,STP 2.0 100 0.01 1:400
Armada Markets ECN,STP 0.0 100 0.01 1.500
ATC brokers ECN,STP 1.0 3500 0.1 1.100
ATG Marketplex ECN,STP 0.0 100 0.01 1:400
ATS Markets MM/ DMA/STP 1 Pips 100 0.01 1:500
Avivafx ECN,STP 1.0 100 0.01 1.500
Axiory STP 1.0 100 0.01 1.300
AxiTrader STP 0.6 200 0.01 1.500
B2S FOREX STP 0.2 50 0.01 1:200
Baxter-FX ECN 2.0 100 0.01 1.500
Belarta STP/DMA 0.3 1000 0.01 1:500
BFSforex STP 2.0 5 0.01 1:1000
Blackwell Global ECN,STP 2.2 2,000 0.01 1:200
BMFN STP,MM,ECN 0.6 100 0.01 1:400
BMFN Europe ECN,STP 2.0 500 0.1 1.100
BNFX ECN,STP 0.0 1000 0.1 1.100
Brokers Star ECN 0.0 100 0.01 1:400
Bulls Capital Markets STP, ECN 0.6 50 0.01 1:1000
Capital One Forex ECN,STP 0.2 100 0.1 1:1000
CitiFX Pro ECN 0.2 10000 0.1 1.50
City Credit Capital MM / STP 3 Pips $500 0.1 1:200
CommexFx STP,MM,ECN 2.0 200 0.01 1:400
Deltastock ECN,MM 0.1 100 0.01 1:200
DF Markets ECN,MM 1.0 1 0.1 1:200
DFX Financials STP 1.0 200 0.1 100
Direct FX ECN 0.4 100 0.01 1.500
Divisa Capital ECN,STP 0.0 100 0.01 1.500
Dukascopy ECN 0.5 100 1 1.100
easyMarkets Market Maker 0.3 Pips 100 0.01 1.400
EXNESS MM 0.3 100 0.1 1:1000
EXO GROUP LIMITED STP, NND 0.7 100 0.01 1:200
Exto Capital STP 0.8 1000 0.1 1:400
FairQuote STP 0.0 100 0.01 1.500
FastBrokers STP,MM,ECN 0.1 500 0.01 1:200
FBS ECN,STP 0.2 5 0.01 1:1000
FeelTrade STP 3.0 100 0.01 1:300
FIBO Group Holdings ECN,MM 0.1 300 0.01 1:200
Fidelis ECN 0.0 100 0.01 1.500
FinFX DMA, ECN, STP 0.0 150 0.01 1:200
FinOdds ECN,STP 0.0 25 0.01 1.500
Forex Broker Inc ECN,STP 0.3 5 0.01 1.500
Forex-Metal MM 1.8 1 0.01 1.500
Forex.com MM 0.0 250 0.1 1.50
FOREX.ee ECN/DMA 0.0 200 0.01 1:500
ForexTrading ECN,STP 0.5 100 0.1 1.500
FormulaFX STP, ECN 0.5 100 0.01 1:300
Fortress Capital ECN,STP 0.0 150 0.1 1.100
Fortune4x ECN,STP 3.0 100 0.1 1:1000
FW Markets ECN,STP 0.3 100 0.01 1:400
FX Choice ECN,MM 0.1 10 0.01 1.500
FX Dealer ECN 1.0 100 0.01 1:400
FxBase ECN 1.0 100 0.01 1:500
FXCast NDD 2.0 10 0.1 1:400
FXCBS ECN,STP 0.0 100 0.1 1.100
FXCC ECN,STP 0.0 200 0.01 1.300
FXCENTRAL ECN 0.1 100 0.1 1.100
FXCM NDD, STP 0.9 200 0.01 1.500
FXCM Micro NDD, STP 2.0 25 0.01 1:400
FXDD MM 1.5 500 0.1 1:200
FXDME ECN,STP 0.9 5000 0.1 1.100
FXFair ECN,STP 0.1 1 0.01 1:100
FXFlat ECN,MM 0.6 500 0.01 1:400
FxGrow STP, ECN 0.1 pips 100 0.01 1:200
FxNet STP 2.3 5 0.01 1.500
FXOpen ECN 0.0 1 0.01 1.500
FXOptimax STP 2.0 10 0.1 1:400
FxPro ECN,MM 0.0 500 0.1 1.500
Fxsalt STP 0.2 100 0.1 500:1
FXTG MM 2.0 100 0.1 1.500
FXVV ECN 2.0 100 0.01 1:2000
GAINSY ECN,STP,NDD 0.1 10 0.01 500:1
Gallant Capital ECN,STP 0.2 100 0.01 1:400
Galleass ECN 2.0 10 0.01 1.500
GCM Forex ECN 2.0 100 0.01 1:100
GDMFX ECN 0.1 5 0.01 500:1
Gedamo Investments ECN,STP 0.1 100 0.1 1.100
GKFX ECN,STP 2.0 500 0.1 1.100
Goldboro ECN,STP 0.8 50 0.01 1.1000
Goldstein Brokers STP 1.2 100 0.01 1:500
Grand Capital ECN 2.0 50 0.01 1.500
GREENVAULT FX ECN 0.0 1 0.01 1:1000
GTI FOREX STP, ECN 3.0 100 0.01 1:500
HighSky Brokers ECN,STP 0.0 1 0.01 1.500
Hirose Financial UK STP 0.7 20 0.01 1.300
HotForex ECN,STP 0.2 5 0.01 1.500
HotSpotFXi ECN 0.0 100 0.01 1.500
IamFX STP 0.0 500 0.01 1:400
IBFX STP 1.8 250 0.1 1.50
IC Markets ECN 0.0 200 0.01 500:1
ICM Capital MM 1.6 50 0.1 1:400
IGOFX STP 1.0 1 0.01 1:1000
IGOFXPRO STP 3.0 1 0.01 1:1000
IKON Markets ECN 0.0 100 0.01 1.500
Interactive Brokers ECN,STP 1.3 10000 0.25 1.100
Investorseurope ECN,STP 0.5 250 0.1 400:1
IronFX ECN,MM 0.4 500 0.01 1.500
IronFX STP/ECN/MM 0.0 500 0.01 1:200
JFX ECN,STP 0.0 100 0.01 1.500
LandFX STP 1.5 300 0.01 500:1
LiteForex STP 0.0 1 0.01 1.500
LMAX ECN 0.4 10 0.01 1.500
London Capital Group ECN 0.1 100 0.01 1.500
Loyal Forex ECN,STP 0.9 5 0.05 1:400
Lucror FX STP 0.0 100 0.01 1.100
MasterForex ECN,MM 2.0 1 0.1 1.500
MAYZUS ECN,STP 0.2 25 0.01 1.500
MB Trading ECN,STP 0.0 400 0.1 1.50
MBCFX STP 2.0 200 0.1 1:200
MFC Investment DMA, ECN, 0.0 100 0.1 1:200
Migbank STP 0.6 2000 0.1 1:200
My Trade ECN/NDD 0.0 50 0.01 1:500
MyTrade Markets ECN 0.1 100 0.1 1.100
NixonFx STP 2.0 25 0.01 1:100
NobleTrading ECN,STP 2.0 100 0.01 1.100
NordFX ECN,STP 1.0 50 0.1 1:200
NSFX STP, ECN 0.3 300 0.01 1:200
OctaFX ECN/STP 0.0 Pips 5 0.01 1.500
OlympTrade ECN/STP 0.3 Pips 10 0.01 1:400
OzoneForex STP, ECN 0.0 1 0.01 999:1
PaxForex STP,MM,ECN 0.8 300 0.01 1.500
PIPTRADE STP, ECN 1.8 50 0.01 1:500
Price Markets ECN 1.0 10 0.01 1:500
Profiforex STP 2.0 1 0.1 1.50
Questrade MM 1.1 50 0.1 1.50
RoboForex ECN,STP 0.1 10 0.01 1.500
RobustFX ECN,STP 0.7 100 0.01 1.500
SAXfx ECN 0.0 100 0.01 1.500
SDWingFX ECN 1.8 100 0.01 1:400
Sensus Capital STP 2.0 2500 0.1 1:200
SmartTradeFX ECN,STP 0.2 100 0.01 1:200
Solforex STP 0.0 200 0.01 1:400
SpediaFX ECN 0.1 100 0.01 1.500
Sunbird ECN,STP 3.0 200 0.01 1:400
Tenko FX ECN 0.0 50 0.01 1:500
TFIFX MM 2.0 1000 0.1 1.100
ThinkForex NDD 1.0 100 0.01 1.500
TradeFort ECN,STP 0.0 100 0.01 1.500
TradeKing DMA, ECN, 0.0 100 0.1 1.100
Tradenext ECN 0.0 25 0.01 1:200
Tradenovafx STP 0.0 1000 0.1 1:100
Traders Trust STP 1.0 100 0.01 1:500
Tradeview STP 0.8 100 0.1 1:200
Umofx ECN,STP 0.2 1 0.01 1.500
UpFX ECN,STP 1.0 100 0.1 1:200
UpFX ECN,STP 1.0 100 0.1 1:200
Varengold Bank FX STP 1.0 1000 0.2 1.100
Weltrade STP, ECN 2.0 25 0.01 1:500
WorldProFX ECN 0.4 250 0.01 400:1
XGLOBAL Markets STP 0.8 1 0.01 1:500
XM Group MM 0.0 5 0.01 1:30*
Yadix ECN,STP 0.4 100 0.01 1:500

First and foremost, no broker will allow you to make transactions for free. It will cost you money to set up your account, and it will cost you money every time you buy or sell a currency.

This is important to remember. Make sure that you understand what these costs are before you get involved with a forex broker.

What is forex broker?

Forex broker is a network for currency buyers and sellers that provide access via a trading platform. It is also known as aretail broker and currency broker.

What is a 5-digit forex broker?

It is a new concept in the market before 2007 were not exist. The price quotation was limited to 4 decimals, like 4.2564. Nowadays, almost 85% of brokers are offering five decimal quotations.

Here are some examples of what price looks like on a 5-digit broker:

1.45984

2.23784

3.79944

Why 5 Digit Brokers

After the year 2000, the forex market has been exploded and with it the number of brokers across the globe. Competitors began becoming intense as well as brokers started discovering ingenious methods to bring in more clients.

Clients who sell high quantities try to find 5 Digit brokers as even a tiny rate motion can be detected through their trading systems, and earnings can be made either by getting or marketing currencies.

What to look at before selecting a 5-digit broker

A lot of thought should be given to the process of selecting a foreign exchange broker. Even the most transparent ones have hidden charges, not to mention tricks you never get to see in their 'demo' accounts.

Location and Regulation

At the outset, you should see where the broker is located and if they are registered with the financial authorities, like the National Futures Association of America (NFA). Though this does not really guarantee that you will not lose your earnings through means other than trading, it does offer some amount of security since brokers need to deposit as much as 60 billion USD as security with the NFA. Steer clear away from brokers that are not registered.

Trading platforms

Some brokers allow web-based trading platforms. However, it is important that they also enable Metatrader platforms, along with charting services.

Once you have discovered a broker with all these services, you have yourself a near-perfect FX trading service provider.

Types of spread

Once you have compiled a list of registered brokers, you need to find out their spread and if it is fixed or varies with the market conditions. Some brokers' spreads differ as much as 45 pips. If you choose the one pip spread account, you should ensure that they will offer instant trades. This one pip spread accounts usually do not execute instantly and require you to adjust your order by at least 2 to 5 pips.

Leverage and Margin Trading

Some brokers offer as much as 1:500; this means that you can trade 10,000 USD with a deposit of 100 USD. However, if the site advocates using their high leverage, they may not be interested in you making a profit, though this may not be true to all brokers. Higher leverage means they make more money. Remember, leverage is a double-edged sword. Without proper risk management, this high degree of leverage can lead to large losses as well as gains.

The brokers make money whether you win or lose. So, look for the lower leverage brokers. 1:200 is fine for beginners. You need a broker that cares, which brings us to communication!

Minimum deposit and Withdrawal

Verify the minimum amount you will need to fund your account with and the minimum amount they will allow you to withdraw. Can you withdraw to a bank if you fund with a card or a payment processor? Laws forbid, but some brokers overlook the law. Do you want to deal with them?

Automated trading

Ask them if they allow automated trading by external third-party expert advisors. Some brokers do not permit this feature. You may want to try your hand at this kind of (risky but potentially profitable) trading sometimes.