Best Depth of Market Brokers

The Ultimate Guide to

Choosing a Broker
For Depth of Market

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

• Why ATFX Global Markets scored high for depth of market (Jump to section)
• Who ATFX Global Markets is (and isn’t) suitable for (Jump to section)
• An in-depth feature comparison of the top #3 brokers (Jump to section)
• An overview on depth of market (Jump to section)

Ready?

Part 1

What is the Best Trading Platform
for Depth of Market?

ATFX Global Markets scored best in our review of the top brokers for depth of market, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.

The following brokers allow depth of market on their platform:

1. ATFX Global Markets
2. ThinkMarkets

Here are some areas where ATFX Global Markets scored highly in:

ATFX Global Markets offers two ways to trade: Forex, CFDs. If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ATFX Global Markets have a B trust score, which is low. This is largely down to them being regulated by CySEC, segregating client funds, being established for over 4 years, and much more. For comparison:

Trust Score comparsion

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who ATFX Global Markets is (& Isn’t)
Suitable For

As mentioned, ATFX Global Markets allows you to trade in two ways: Forex, CFDs.

To trade with ATFX Global Markets, you'll need a minimum deposit of $100. ATFX Global Markets offers a range of different account types for different traders including a micro account, mini account, and vip account.

ATFX Global Markets offer over 57 instruments to trade including forex pairs, indices, and many other asset classes. In the following section we’ve listed ATFX Global Markets’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ATFX Global Markets’s spreads compare in this ATFX Global Markets review

Finally, ATFX Global Markets isn't available in the following countries: DPRK, Canada, Iran, Japan, Brazil, Mexico, Turkey, Cuba, Sudan, Syria, USA, Bosnia and Herzegovina, Ethiopia, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Yemen.. They do not offer islamic accounts either.

Part 3

A Comparison of ATFX Global Markets vs. ThinkMarkets vs.

Want to see how ATFX Global Markets stacks up against ThinkMarkets and ? We've compared their spreads, features, and key information below.

Spread & fee comparsion

Comparison of account & trading features

Part 4

Depth of Market

In forex trading, 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, organised 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.

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 towards 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, 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 MetaTrader 5 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.