Guide · Updated 2026-09-27
How to find your broker
Your broker prices every trade you take, holds your money and decides what you can trade. Here is why the choice matters, the types you will come across, and what to check before you sign up.
Why choosing your broker matters
It costs you on every trade
Spread and commission are charged on every trade, so small differences add up. Paying $2 more per lot on 20 lots a month is $480 a year, before you have made a single decision about the market.
It decides how safe your money is
The regulator behind the broker sets the rules on keeping client money separate, on leverage, and on what happens if the firm fails. A cheap broker with a weak licence is not cheap.
It decides what and how you trade
Markets, platform, order types, minimum deposit and how fast you are paid out all come from the broker. Moving later means a new platform, new account and new habits.
It decides if your results can be proven
A track record only counts if someone else can check it. A broker that syncs with DT Terminal sends your trades straight from its server, so your record is verified rather than typed in.
The types of broker
Most brokers sell the same markets. What differs is how your order is filled and how the broker is paid.
Market maker
Dealing desk
The broker takes the other side of your trade. Spreads are often fixed or a little wider, with no commission. It works well under a strong regulator, which matters more here because the broker earns when clients lose.
STP broker
Straight through processing
Your order is passed on to banks and other liquidity providers. The broker is paid through a markup on the spread, usually with no commission.
ECN broker
Raw spread
Your order goes into a network of liquidity providers at raw prices. Spreads can be close to zero and you pay a fixed commission per lot instead. Usually the cheaper choice if you trade often.
Futures broker
Exchange traded
Futures trade on exchanges such as the CME. You pay a commission per contract plus exchange and clearing fees, and often a separate charge for the platform and market data.
Crypto exchange
Spot and perpetuals
You trade on the exchange itself. Fees are a percentage of the trade, split into maker and taker rates, and regulation varies a lot from one exchange to the next.
Many brokers run more than one model and name them as account types, such as Standard (spread only) and Raw (raw spread plus commission).
What to check before you open an account
- 01
Check who regulates it
The regulator decides what happens to your money if the broker fails, and how much leverage you are allowed. Find the licence number on the broker site, then look it up on the regulator's own register. A name that only appears on the broker's page proves nothing.
- 02
Work out your real cost per trade
A broker charges you in one of two ways: a wider spread with no commission, or a raw spread plus a commission per lot. Add them together before you compare. On one standard lot of EUR/USD, a 0.1 pip raw spread plus $7 commission round turn costs $8. A 1.0 pip spread with no commission costs $10.
- 03
Make sure it runs your platform
If you already know MetaTrader 4, MetaTrader 5, cTrader or TradeLocker, filter for it first. Learning a new platform while you learn a new broker doubles the chances of a costly mistake.
- 04
Confirm it accepts clients where you live
Brokers sign clients up by region, and the same brand often runs separate entities with different rules for each one. Check which entity you would join, because that decides the regulator, the leverage and the protection you get.
- 05
Test a withdrawal before you size up
Deposit a small amount, place a trade, and withdraw. Note the fee and how many days it took. A broker that is slow to pay out with $200 will not get faster with $20,000.
- 06
Make sure your results can be verified
Your track record is only worth something if someone else can check it. A broker that syncs with DT Terminal sends your trades straight from its server, so your results are verified by the broker, not typed in by you.
We built a free broker finder
Instead of reading 94 broker websites, answer a few questions and let the finder do the filtering. It is free, works without an account, and nothing you pick is saved to a profile.
- Pick what matters most: zero commission, lowest spreads, or set every filter yourself
- Filter by what you trade, where you live, your platform and your deposit
- See what commission would cost you a month at your trading volume
- Every figure is marked confirmed or not stated, never guessed
Use our broker and prop firm selection software to find what fits your needs best.
- Brokers
- 94
- Brokers
- Prop firms
- 111
- Prop firms
- Confirmed
- 88%
- Confirmed
No account needed
Worth knowing
- What is the difference between an ECN broker and a market maker?
- A market maker takes the other side of your trade and is paid through the spread. An ECN broker passes your order to a network of liquidity providers at raw prices and charges a commission per lot instead.
- Which type of broker is cheapest?
- It depends on how much you trade. A raw spread plus commission is usually cheaper if you trade daily or in size. A spread-only account is simpler if you trade small or a few times a week. The finder shows the monthly cost at your volume.
- How do I check if a broker is regulated?
- Find the licence number on the broker site, then search for it on the regulator's own register, such as the FCA register in the UK or ASIC's in Australia. Check the entity name matches the one you would open an account with.
- How much money do I need to open a broker account?
- Minimum deposits range from nothing to several thousand dollars. The finder asks your deposit (under $100, $100 to $500, $500 to $2,000, or more) and only shows brokers you can open an account with.
- Do I need an account to use the broker finder?
- No. The finder, the full comparison list and every broker write-up are free and open to anyone.