5 best Forex Brokers & platforms with Depth Of Market (DOM) in comparison
Table of Contents
See the list of the best Forex Brokers with Depth of Market:
Broker: | Review: | DOM: | Regulation: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Vantage Markets  | Depth of Market available | ASIC, CIMA, VFSC | 300+ (40+ currency pairs) | + Fast execution + MT4 & MT5 + Low trading fees + No hidden costs + Free bonus + Multi-regulated | Live account from $200(Risk warning: Your capital can be at risk) | |
2. IG  | Depth of Market available | More than 10 regulators | 17000+ (80+ currency pairs) | + Over 17.000+ assets + No hidden fees + Education for traders + Broker since 1974 + Fully regulated | Live account from $0 (Risk warning: 73% of retail CFD accounts lose money) | |
3. IC Markets  | Depth of Market available | ASIC, FSA | 232+ (65+ currency pairs) | + Supports MT4 & MT5 + No hidden fees + Spreads from 0.0 pips + Multi-regulated + Fast support team + Secure forex broker | Live account from $200(Risk warning: Your capital can be at risk) | |
4. Pepperstone  | Depth of Market available | FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA | 180+ (60+ currency pairs) | + Authorized broker + Multi-regulated + 24/5 support + Low spreads + Leverage up to 1:500 | Live account from $200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
5. FP Markets  | Depth of Market available | ASIC | 1,000+ (50+ currency pairs) | + Regulated by ASIC + Secure and reliable + 24/5 support + Educational material + Allows hedging | Live account from $ 0(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) |
(5 / 5)
(4.8 / 5)In the forex market, there are factors that traders consider when they open a position like the volatility of the asset and the liquidity. This is because they contribute to how the prices fluctuate in the financial markets.
Liquidity allows forex traders to have options of prices as they buy or sell in the market, which is a good factor for short trade strategies like scalping and day trading. Volatility enables traders to make profits since trading works well with volatility. That is why most forex traders look for forex brokers that offer the depth of the market. These brokers enable them to check for the liquidity of an asset in a short time.
What is the meaning of Depth Of Market?
It is a trading tool that displays the buy and sells orders from different liquidity providers. It enables traders to efficiently buy and sell an asset at the best price in the market. Traders can also look at the direction of the trend through the number of buy and sell orders.
If the market has more buyers than sellers, the market is on a bullish trend, but when there are more sellers than buyers it is a bearish trend. It is an important tool for scalpers and day traders who frequently enter and exit the market. It is also very crucial for volume traders as it enables them to see when the market has high liquidity and make their orders. The higher the volume of orders available, shows the increased depth of the market.
Advantages of Depth of Market:
- It allows traders to find prices that are close to the market prices.
- It allows traders to find where there is a high volume.
- It enables traders to analyze the demand and supply of the currency and understand the trend if it is bearish or bullish.
Disadvantages of Depth Of Market:
A trader requires to have enough purchasing power to secure a buy or trade order displayed on the DOM.
The forex broker offering DOM has limited information on all available buy and sell orders since the forex market is not centralized.
Why is a depth of market important to Forex traders?
When conducting volume trades, it is crucial for traders since they can look at liquidity. They can look at the times when there is high liquidity and low liquidity. Volume traders can use the DOM data to make better trading decisions and take advantage of liquidity.
It is also crucial for scalping or day trading since traders can look at the market trend. The buy and sell orders offered, help scalpers identify the best time to enter or exit the market. Scalpers can use other methods of predicting and comparing the depth of the market.
DOM is one method traders can incorporate with technical analysis when executing their trades. Many forex brokers offer DOM, more so those with ECN trading accounts.
List of the 5 best Forex brokers with Depth Of Markets (DOM):
1. Vantage Markets
Vantage Markets is a forex broker launched in 2009, serving retail and cooperate investors from 172 countries with 30 global offices. Its clients have access to 300+ trading instruments ranging from forex, commodities, shares indices, and CFDs.
Regulation
- Australian Securities and Investments Commission
- Vanuatu Financial Services Commission
- Cayman Islands Monetary Authority
Account types
It offers three types of trading accounts, including Standard STP, which is for new traders. It has an initial deposit of $200, it uses both the MT4 and MT5. Forex spreads start from 1.4 pips and have no commissions.
Raw ECN account has an initial deposit of $500, designed for expert/ experienced traders. It also uses both MT5 and MT4 trading platforms. It has spread starting from 0.0 pips and commissions of $3 per round turn.
The Pro ECN is a trading account that many professional traders use. It has an initial deposit of $20,000 and uses the MT4 and Mt5 trading platforms. It has forex spreads from 0.0 pips and $2 commissions per round turn.
(Risk warning: Your capital can be at risk)
Trading costs
Other than forex spreads and commissions, vantage markets have low trading costs. It has no inactivity fee, and the highest leverage offered on the three accounts is 1:500. Swap fees or rollover rates depend on the forex leverage used and the size of the positions.
Deposits and withdrawals are free, and the methods of payment include wire transfer, Credit/ Debit cards. Traders can also deposit or withdraw using electronic wallets such as Neteller, Skrill, Union pay, and others based on the client’s location.
DOM trading at Vantage Markets
The DOM tool is on the MT5 trading platform and available in all trading accounts at Vantage markets. Traders can access the tool to the MT5 and open market watch. From this tool, traders can find orders that match the asset they are trading and make the appropriate orders they want.
It is a simple and effective tool for traders to assess liquidity through the data offered as the demand and supply of the asset.
Features
- Vantage markets have a demo account for new traders to use and test the trading tools.
- It has two trading platforms for accessing the financial markets, MT5 and MT4.
- Traders can access various trading tools such as 80+ indicators, numerous charts, drawing, and graphical tools, fast execution speeds, and Expert Advisor.
- Clients can also participate in trading bonuses and promotions offered at vantage FX.
- Automated trading is available on the MT4 and MT5 with the help of MQL4 and MQL5 programs that assists in building a custom trading robot.
- Copy-trading features are available through the Zulutrade, Dupli Trade, and MyFXbook Autortade for new and experienced traders to learn from other traders.
- Their research team offers research materials and analyzed data on the platform through articles, signals, and ideas.
- Their educational materials consist of forex trading, trading strategies, and emotional management as articles on their website platform.
- Their customer support is present in 30 languages 24/7 to tackle any issues raised by clients. Traders on Vantage markets can reach out through phone calls, emails, and live chat.
Pros:
- Fast order processing rates
- Low initial deposits
- Depth of market tool
- Fast account opening process
Cons:
- It has a high initial deposit on the Pro account
- It has limited trading instruments.
(Risk warning: Your capital can be at risk)
2. IG
It is a forex broker serving more than 150,000 traders since it started operating in 1974. It offers a variety of trading instruments for clients such as cryptocurrency, indices, shares, bonds, ETFs, commodities, and forex.
Regulation
- Commodities Futures Trading Commission in the US
- National Futures Association in the US
- Financial Conduct Authority in the UK
- Australian Securities and Investment Commission
- Japanese Financial Services Authority
- Monetary Authority of Singapore
- Swiss Financial Market Supervisory Authority
Account types on IG
IG offer over seven trading accounts, Trading, Options trading, Professional, Turbo 24, Limited risk, Share dealing, and Exchange accounts. Various trading accounts are available in different countries according to the regulations in that country.
All these accounts offer negative balance protection and access to a wide range of financial markets. The initial deposit is $250 for US clients and varies with the location.
(Risk warning: 73% of retail CFD accounts lose money)
Trading costs
IG has forex spreads starting at 0.6 pips and commissions that vary with the type of asset. It has an overnight fee for open positions, its rates are available on the trading platform. It has a leverage of 1:30 as per the regulations from tier one regulatory institutions.
It charges an inactivity fee of $18 for trading accounts inactive for over two years. Deposits and withdrawals depend on the method you use. It accepts payment methods such as credit cards which attracts a deposit fee of 0.5%. Debit cards and bank transfers have no transactional fees.
DOM at IG
Traders on IG can enjoy using the DOM or order book available on the Level 2 dealer on IG. this is a direct market access trading platform for traders t looking for liquidity in various markets. Its trading platform is not as fast as other platforms, so it is not advisable for new traders.
Features of IG
- It has a demo account that traders can use for practice trading.
- It uses the ProRealTime, MT4, DMA, and web trader trading platforms.
- Traders can access trading tools such as technical indicators, market managers, and correlation tools.
- Social/copy trading features for new and experienced forex traders to share trading ideas and strategies when trading.
- ProRealTime offers a user-friendly interface, more than 100 indicators, numerous time frames, and filter tools for different prices.
- The Auto-chartist offers trading signals, news feeds, economic calendars, daily videos, and blog updates.
- IG also offers stop-loss orders, automated trading using strategy builders through Expert Advisor, and fast execution rates.
- IG is available on the website and has a desktop version and a mobile application for traders.
- Educational materials include forex trading, risk management, and trading strategies. It is available as articles, videos, and webinar courses.
- It also has a mobile application dedicated to educational resources for forex traders to access at any time on their mobile phones.
- The customer care team is available 24/5 through emails, live chat, and phone calls.
Pros
- Quality trading tools
- Regulated by multiple tier one and two regulatory institutions
- Numerous trading accounts
- Negative balance protection
- Fast account opening process
- Wide range of trading instruments
Cons
- The customer care team is available 24/5
(Risk warning: 73% of retail CFD accounts lose money)
3. IC Markets
IC Markets is a forex broker founded in 2007 in Australia that has grown to serve many clients in the last fifteen years. It has a wide range of trading instruments such as forex, indices, commodities, cryptocurrencies, bonds, and futures.
Regulations
- Financial Services Authority in Seychelles
- Cyprus Securities and Exchange Commission
- Australian Securities Investment Commission
Account types
It offers three account types, Raw spread Meta Trader account with an initial deposit of $200. It has forex spreads from 0.0 pips and commissions of $3.5 per round lot. Raw spreads cTrader has a minimum deposit of $200.
It has forex spreads from 0.0 pips and commissions 0f $3per round lot. The third is the Standard Meta trader, which has an initial deposit of $200. It has no commissions, and forex spreads start from 0.6 pips.
(Risk Warning: Your capital can be at risk)
Trading costs
It has no inactivity, and funding/withdrawals are free. It has displayed swap rates on the MT4 and MT5 trading platforms and their official swap rates blog. It accepts various payment methods such as bank transfers, credit/debit cards, and digital wallets like Skrill, Neteller, PayPal, Unionpay, Poli, Bpay.
DOM at IC Markets
Clients at IC markets use the DOM feature found on theMT4, MT5, and the cTrader trading platform. The cTrader trading platform offers the DOM or the Order book for forex traders using the Raw spread C trader account.
The Raw spread meta trader account and the Standard account can use the DOM feature available on the MT5/MT4 trading platform.
Features of IC Markets
- IC Markets offer a demo with features identical to a real account except for the virtual funds.
- It has integrated three types of trading platforms, the MT5, MT4, and the cTrader.
- To offer high liquidity, it has a data center in New York and London, the locations of Financial markets making it close to some liquidity providers.
- Some trading tools traders can employ include 51+ technical indicators, 30+ graphical tools, and numerous charting software.
- Traders can get research tools and resources available through blogs, signals, and ideas from IC market experts.
- IC also offers third-party research tools such as incorporating the Auto Chartist, Expert Advisor, and Trading Central.
- It has free social and copy-trading through Zulu Trade and MyFXbook Auto-trade.
- Automated trading on any trading platform with help from the MQL4, MQL5 programming language on the MT4/MT5, and C-Algo on the cTrader.
- It also offers a virtual private server for traders to get the best execution speeds, this feature has some conditions before traders can access it.
- A swap-free account uses the three trading platforms and is available on the Raw spread and Standard account.
- Traders can access their accounts from the IC trading platform, which is available as a mobile app, desktop, and website.
- The educational content in IC covers trading topics through articles, videos, and webinars on their YouTube channel.
- Customer support is efficient and available 24/7 through emails, live chat, and phone calls.
Pros
- Low trading costs
- Free withdrawals and deposits
- Numerous trading tools like the DOM
- Responsive customer support
- A range of trading instruments
Cons
- Limited research tools
(Risk Warning: Your capital can be at risk)
4. Pepperstone
This is an Australian-based forex broker serving 300,000 forex traders for the past ten years since its inception. It has access to 2000 financial markets such as commodities, shares, indices, cryptocurrencies, ETFs, and forex.
Regulation
- Australian Securities and Investment commission
- Financial Conduct Authority
- Dubai Financial Services Authority
Trading accounts in Pepperstone
Pepperstone has two trading accounts, Standard account for new forex traders has an initial deposit of $200. It has forex spreads starting from 1.0 to1.3 pips and has no commissions. The Razor account is for experienced or expert traders.
It also has a minimum deposit of $200, and forex spreads starting at 0.0 to 1.3 pips. It has commissions of $7 per round turn for every $100,000 traded.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
Trading fees
Pepperstone charges leverage of 1:400 for both its account types. Rollover fees are available on their trading platforms. It has no Inactivity fee, deposits and withdrawals are also free.
Pepperstone accepts many payment methods such as bank transfers, and credit/ debit cards. Traders can also use Bpay, PayPal, Skrill, UnionPay, Neteller, and other payment platforms.
DOM at Pepperstone
Its clients can implement the DOM features using the cTrader trading platform. It is also present in the MT4 and MT5 trading platforms. Pepperstone allows traders to access the DOM feature from any account they use.
It is also a tool to set stop loss and stop limits and look at the asset you are trading in real-time.
Features
- It has a demo account for traders to see trading tools available and practice trading with $50,000 virtual funds.
- It has the MT4, MT5, and the cTrader trading platform for accessing financial markets.
- Traders can access social trading with expert traders using Myfxbook, Dupli Trade, and the meta trader signals.
- Traders access premium trading tools from top trading platforms such as numerous charts, drawing tools, and technical indicators like the moving average.
- Expert Advisors is available on the MT5 and MT4 that traders use for algorithmic trading signals during technical analysis.
- The backtesting function to practice the trading strategies, even for automated trading.
- One-click trading allows traders to manage multiple accounts with one click.
- Automated trading is also available on the MT5 /MT4 and the cTrader trading platforms.
- Pepperstone is available on the mobile app, desktop, and website versions.
- Traders can get research tools, and resources such as financial analysis on the trading platform through blogs and videos.
- Educational content covers beginner to expert level, through articles, videos, and webinars on the website.
- Customer support is present 24/5 on phone calls, emails, and live chat.
Pros
- Low trading costs
- Industry-leading trading tools
- Fast account registration
- Free deposits and withdrawals
- Fast order execution speed
Cons
- Limited educational resources
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. FP Markets
FP Markets is a forex broker founded in 2005 and has served thousands of traders worldwide. It offers a portfolio of 10,000 trading instruments ranging from shares, indices, CFDs, commodities, cryptocurrencies, and forex.
Regulation
- Australian Securities and Investment Commission
- Cyprus Securities and Exchange Commission
Account types at FP Markets
FP Markets offers two account types, the Standard account which uses MT4 and MT5. New traders start with this account since it is beginner-friendly. It has an initial deposit of $100 and forex spreads from 1.0 pips but has no commissions.
The Raw account is for more experienced or volume traders due to its low spreads from 0.0 pips. It has a commission of $3 per traded lot and a minimum deposit of $100. The minimum trade size is 0.01 lots, and it uses the MT4 and MT5 trading platforms.
(Risk Warning: Your capital can be at risk)
Trading costs
It has no inactivity or hidden fees, and deposits and withdrawals are free. Swap rates are available on the trading platform. The MT4 and MT5 are free to use, but the Iress trader, a trading platform has a $55 fee until the trader reaches a volume of trades and commission.
It accepts various methods of payments, including Credit/debit cards, and bank transfers. It also employs electronic wallets such as Skrill, Fasa pay, Paytrust, Neteller.
DOM on FP Markets
Traders can access the depth of market tools available on the MT5 trading platform. It is available on both trading accounts since they can access the MT5 trading platform. To find it, traders can click on the ALT+B buttons.
Features of FP Markets:
- It has a demo account that traders use when practicing a trading strategy.
- It has integrated the MT5, MT4, Iress, and the web trader trading platforms for accessing the trading markets.
- Traders have access to the Virtual private server that offers fast execution of orders and reduces lagging, which is also an excellent option for automatic trading.
- The MT4 and MT5 have the Auto-chartist tool for performing technical indicators, and scanning the market for trading signals in real-time.
- The MT4 has trading tools such as the tick chart for scalpers, correlation tool, alarms manager for notifications, and market watch.
- Investors can hire account managers to monitor and trade using the MAM and PAMM accounts.
- Copy-trading feature that traders can copy seasoned traders and learn trading strategies. The expert traders have ratings and all their trading information for copy traders.
- Educational resources available on the platform cover various trading strategies and trading assets. The knowledge is available as articles on their website.
- The swap-free Islamic account uses MT5, MT4, and web trader platforms available in the Standard and the Raw spread account.
- Research and analysis are also available on their trading blogs, economic calendar, and educational sector on their website platform.
- Customer support is available 24/7 to assist traders with any issues. Traders can reach out to them through live chat, emails, and live chat.
Pros
- Fast order processing speeds
- Quality trading tools
- Low trading fees
- Low initial deposits
- Wide range of payment methods
Cons
- Limited educational resources
(Risk Warning: Your capital can be at risk)
Conclusion – DOM is exceptionally useful for traders
Forex traders should learn how to use the depth of market tool when trading. It is a crucial trading tool to use when scalping and volume trading. It is also a tool to implement when you want to start trading.
FAQ – The most asked questions about Forex brokers with Depth Of Market :
What asset can you trade with DOM?
Forex, commodities indices, CFDs, shares, and other trading instruments are offered. Forex brokers access different financial markets and the basis of the asset they offer with DOM.
How can you apply DOM?
It is applied to find liquidity or the volume of demand and supply. It is also a tool to identify the trend and volume of trade.
What does forex market depth mean?
The depth of market (DOM) is a metric that measures the market forces of supply and demand for liquid, tradeable assets. Based on the quantity of open selling and buying orders for a specific asset, like a stock or futures contract, it can be used.
How can market depth be used?
A list of prices is used to organize the Depth of Market (DOM), which displays the quantity of outstanding buy and sell orders for each price level. By analyzing the DOM trend, traders may predict whether the price will rise or fall and, thus, decide whether to purchase or sell.
Do I require market depth?
Since you get a comprehensive view of all the orders waiting on the market, market-depth data may be beneficial when considering entry and exit positions for your trades. The market depth data might help you estimate the average buying price.
What can a chart of market depth teach you?
A depth chart demonstrates the demand and supply sides to demonstrate how much of a commodity you can sell at a specific market price. It is a visual representation of orders submitted for a specific item at various price points. A depth chart enables traders to comprehend the entire supply and demand for the trade.
Last Updated on January 27, 2023 by Arkady Müller
