Best Depth of Market Forex Brokers

September 08, 2022

Depth of Market

In forex, depth of market (DOM) shows the levels of a particular currency that are being traded at different prices. This allows traders to understand the supply and demand, and therefore liquidity of the currency at each price point. A good depth of market means that there will be good liquidity. Where the market depth is low, or poor, there is less liquidity, and this means that a large order has the potential to affect the price.

Liquidity is important to traders who want to take advantage of short-term movements, and therefore want to be able to sell at a moment’s notice. Market depth data is therefore valuable for giving the trader an indication of how quickly they will be able to liquidate their position.

Pending orders are also included in the data, which is why it is also known as the order book. As an example of how the order book works; if the current price is $10, the order book will show how many orders are pending at $9, $11, etc. It doesn’t just show the bid and the ask prices, but also the volume of all bids and offers, in real-time, organized by price level.

Market depth is also an efficient way to check the activity of a particular currency, and traders can find out if there is enough depth and volume to complement their trading style at that given time.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Depth of Market Forex Brokers

Here are the best depth of market forex brokers.

IG

- 9.7/10 Overall
Saxo Bank - 9.5/10 Overall
CMC Markets - 9.4/10 Overall
Interactive Brokers - 9.2/10 Overall
TD Ameritrade - 8.9/10 Overall
FOREX.com

- 8.7/10 Overall
XTB - 8.7/10 Overall
City Index - 8.7/10 Overall
eToro - 8.6/10 Overall

Visit Site open_in_new

Join 239,000+ traders worldwide.

(77% of retail CFD accounts lose money)

Overall Rating

9.7 / 10

Minimum Initial Deposit

£250.00

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.86 (September 2022)
All-in Cost EUR/USD - Active	0.5957 (September 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1974
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	7
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	19537
Forex Pairs (Total)	100
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	33

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

9.5 / 10

Minimum Initial Deposit

€2,000

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.9 (September 2022)
All-in Cost EUR/USD - Active	0.7 (September 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1992
Publicly Traded (Listed)	No
Bank	Yes
Tier-1 Licenses	6
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	60000
Forex Pairs (Total)	190
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	62

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

9.4 / 10

Minimum Initial Deposit

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.51 (August 2022)
All-in Cost EUR/USD - Active	0.51 (August 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1989
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	5
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12377
Forex Pairs (Total)	158
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	84

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

9.2 / 10

Minimum Initial Deposit

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.6 (Aug 2022)
All-in Cost EUR/USD - Active	0.6 (Aug 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1977
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	8
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	8500
Forex Pairs (Total)	90
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	128

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

8.9 / 10

Minimum Initial Deposit

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.25 pips (September 2022)
All-in Cost EUR/USD - Active	1.25 pips (September 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1955
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	4
Tier-2 Licenses	0

Investment Optionsexpand_moreexpand_less

Forex Trading	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	0
Forex Pairs (Total)	73
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	360

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Visit Site open_in_new

A Global Market Leader!

(73% of retail CFD accounts lose money)

Overall Rating

8.7 / 10

Minimum Initial Deposit

$100

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0 (July 2022)
All-in Cost EUR/USD - Active	1.0 (July 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1999
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	4
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	5500
Forex Pairs (Total)	91
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	Yes
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	203

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

8.7 / 10

Minimum Initial Deposit

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.07 (Q3 2022)
All-in Cost EUR/USD - Active	1.04 (Q3 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2002
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	1
Tier-2 Licenses	3

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12000
Forex Pairs (Total)	49
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	39

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

8.7 / 10

Minimum Initial Deposit

£100.00

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0 (July 2022)
All-in Cost EUR/USD - Active	1.0 (July 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1983
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	3
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	13500
Forex Pairs (Total)	84
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	88

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Overall Rating

8.6 / 10

Minimum Initial Deposit

$10-$10,000

Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1 (August 2021)
All-in Cost EUR/USD - Active	N/A
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2007
Publicly Traded (Listed)	No
Bank	No
Tier-1 Licenses	2
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	3458
Forex Pairs (Total)	49
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	66

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	No
Economic Calendar	Yes

Why it Matters

All the information that DOM provides can be useful for determining whether to place an order. Market depth data allows traders to understand whether the market is weighted toward buy orders or towards sell orders. If more buy orders are open than sell orders, for example, the share price may start to increase because of the increased buying support. However, when there are more sell orders, the price tends to weaken due to the selling pressure.

Knowing these resistance and support levels can help traders to establish their entry and exit points.

Brokers that offer Depth of Market

The MT5 trading platform displays depth of market data, and is available from regulated brokers such as Roboforex, Exness, and Forex4You, amongst others.

Trading with a regulated broker is always preferable to using a broker that is not regulated, and therefore not bound by the high standards set out by regulators.

Conclusion

It is recommended to invest time into learning how depth of market works as this can provide traders with indications about market conditions. However, traders need to bear in mind that not all orders get reflected in an order queue. Some traders (usually who execute large volumes of trades) manage to hide the size so that other traders do not get alerted.

Nonetheless, a study of depth of market can help spot support and resistance levels along with other useful information related to the market.

BrokerNotes.co 2022 Overall Rankings

To recap, here are our top forex brokers for 2022, sorted by Overall ranking.

Company	Overall Rating	Minimum Initial Deposit	Average Spread EUR/USD - Standard	Trust Score	Trust Score	Tradeable Symbols (Total)	Visit Site
IG	9.7	£250.00	0.86 (September 2022)	99	Highly Trusted	19537	Visit Site
Saxo Bank	9.5	€2,000	0.9 (September 2022)	99	Highly Trusted	60000
CMC Markets	9.4	$0	0.51 (August 2022)	99	Highly Trusted	12377
Interactive Brokers	9.2	$0	0.6 (Aug 2022)	99	Highly Trusted	8500
TD Ameritrade	8.9	$0	1.25 pips (September 2022)	99	Highly Trusted	0
FOREX.com	8.7	$100	1.0 (July 2022)	99	Highly Trusted	5500	Visit Site
XTB	8.7	$0	1.07 (Q3 2022)	95	Highly Trusted	12000
City Index	8.7	£100.00	1.0 (July 2022)	99	Highly Trusted	13500
eToro	8.6	$10-$10,000	1 (August 2021)	93	Highly Trusted	3458
Swissquote	8.5	$1000	N/A	99	Highly Trusted	466
AvaTrade	8.2	$100	0.91 (Aug 2020)	93	Highly Trusted	1260
Plus500	8.2	€100	0.6 (as of Aug 2018)	98	Highly Trusted	2800
FXCM	8.3	Starts from $50	1.38 (Q2 2022)	96	Highly Trusted	441
Admiral Markets	8.1	$100	0.8 (July 2021)	87	Trusted	8425
FP Markets	8.3	$100 AUD	1.2 (August 2022)	86	Trusted	9956
IC Markets	8	$200	0.62 (August 2021)	86	Trusted	3583
OANDA	8	$0	1.26 (5/22-5/27/22)	92	Highly Trusted	124
Capital.com	8.1	$20	0.6 (July 2021)	77	Average Risk	6000
Markets.com	8.1	$100	1.9 (as of Oct 2019)	98	98	2179
XM Group	8	$5	1.6 (Aug 2020)	90	Trusted	1372
Pepperstone	8	$200	0.77 (September 2022)	93	Highly Trusted	1200
FxPro	8	$100	1.51 (August 2020)	90	Highly Trusted	2249
Tickmill	7.8	$100	0.51 (August 2022)	82	Trusted	295
HYCM (Henyep)	7.7	$100	0.6 (Sept 2021)	86	Trusted	245
DooPrime	7.7	$100	-1	84	Average Risk	10000
Fineco Bank	7.7	$0	N/A	92	Highly Trusted	126
HFM	7.6	$5	1.2 (August 2021)	85	Trusted	3500
BDSwiss	7.6	$100-$5000 (depending on account type)	1.6 (08/10/22)	83	Trusted	1081
Vantage	7.4	$50	1.22 (August 2021)	83	Trusted	257
Trading 212	7.4	EUR 10	N/A	77	Average Risk	1785
Moneta Markets	7.3	$50	1.27 (September 2022)	71	Trusted	965
Trade Nation	7.1	$0	0.6	83	Trusted	601
ACY Securities	7.2	$50	1.2 (Sept 2021)	75	Average Risk	1600
Eightcap	7.2	$100	N/A	87	Trusted	326
ThinkMarkets	7.3	$250.00	N/A	86	Trusted	1674
BlackBull Markets	7	$0	0.827 (August 2022)	74	Average Risk	26000
VT Markets	7.2	$200	1.2 (September 2021)	71	Trusted	168
easyMarkets	7.3	$100	0.9 (as of Mar 2020)	84	Trusted	199
TMGM	7	$100	0.96 (July 2021)	79	Average Risk	12000
Exness	7.2	$1	0.9 (as of May 19)	74	Average Risk	112
Spreadex	7.2	$0	-1	70	Average Risk	2000
IronFX	7.1	$50	1.2	84	Trusted	340
RoboForex (RoboMarkets)	7.1	$100	1.4 (Jan 2022)	69	High Risk	12000
Trade360	7	$250	N/A	75	Average Risk	1062
AxiTrader	7	0	N/A	83	Trusted	175	Visit Site
GKFX	7	$0	N/A	66	High Risk	354
Vestle	7	-1	-1	79	Average Risk	750
TeleTrade	7	$100	-1	67	High Risk	500
FXOpen	7	$100	N/A	80	Trusted	87
OctaFX	6.8	$25	0.6 (August 2021)	67	High Risk	80
Forex4you	6.9	$0	-1	62	High Risk	150
LegacyFX	6.8	$500	0	75	Average Risk	425
FXPrimus	6.8	$100	N/A	69	High Risk	140	Visit Site
Alpari	6.8	$20	N/A	67	High Risk	105
GBE brokers	6.7	$500	-1	69	High Risk	500
TopFX	6.5	Depends on payment method	N/A	67	High Risk	655
ATFX	6.6	$500	-1	70	Average Risk	150
UFX	6.5	$100	3 (Jan 2021)	67	High Risk	619
Libertex (Forex Club)	6.5	$10	-1	72	High Risk	300
Xtrade	6.5	$250	-1	80	Trusted	142
Tradeo	6.4	$200	-1	67	High Risk	256

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Author

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.