ForexNewsNow – FxIntel.com is a forex broker spread analyzer that offers real-time feedback to traders regarding the spread rates of most of the foreign exchange brokers on the market. This is accomplished through an extensive partnership between FXIntel and the listed forex broker sites.
FxIntel is the first service of this kind which means it’s also the most-developed and accurate forex broker spreads analyzing tool. The features offered by FxIntel will allow traders to evaluate which forex brokers offer the most advantageous spreads.
Features and Usability
Fx Intelligence offers real-time data regarding all the available foreign exchange trades at most of the popular forex providers. The FxIntel tool is easy to use and understand and all the data that is provided is available through a single window. Several available tabs allow the user to customize the spreads table and the provided graphs.
One of the major features of this tool is the possibility to choose between live data, minute average, hour average and day average data. The live data allows users to discover the most opportune moments to place a forex trade, while the minute, hour and day averages point out which foreign currency exchange brokers offer the lowest spreads overall.
Available Data and Info
The data available at FxIntel covers many important areas. It offers data regarding most of the important tradable currencies available at major currency trading brokers. These are USD, EUR, GBP, JPY and AUD. Users will have the possibility to select a currency after which all the available spreads at each listed forex broker will appear.
Besides the spread, the table of the FX Intelligence Analyzer may be customized to show the asking prices and bids of the forex trades available at the listed brokers. This info combined with the two graphs that show the historic data of the available trades of the listed brokers, offers an ideal tool for traders in picking the most opportune bets at the best forex traders on the market.
Some forex brokers also charge commissions. It’s common that these commissions aren’t well pointed out at most brokers and it’s likely for a trader to miss them. The commissions might be small, but on the long run they add up and cause unnecessary expenses. The FxIntel tracker tool has also a filter that if enabled will also calculate the commission rates in the forex broker spreads table.
Forex Brokers with the Lowest Spreads and Commissions
The spread is calculated by subtracting the ask price of a currency pair from the bid. The higher the spread is the more risky and less rewarding a currency trade becomes. Therefore traders should always choose the trade options and brokers that offer the lowest possible spreads.
The spreads shown on the table usually range between 10 and 0.1. This big difference again points out the importance of using such a tool as the one offered by FxIntel. One of the brokers that most commonly offer the lowest spreads is MB Trading. This is followed by Vantage FX, Axitrader and FX Open. These brokers usually have forex spreads between 0.2 and 1.5.
In order to view the commissions perceived by the listed traders, the user will have to enable a special filter. Once enabled, the commissions will automatically be calculated in the final table. Some of the lowest commissions are perceived by the same forex brokers mentioned. The good thing is that generally the brokers that have the lowest spreads also have the lowest commissions.
Based on the large amount of useful features and data provided, it can be concluded that the services offered by FxIntel represent an indispensable tool for every serious forex trader. The info provided allows spotting the most opportune moments to trade as well as allows users to select the best forex brokers available.