Forex Brokers

There are a lot of forex brokers out there to trade the financial markets with. Choosing the right forex broker can be both challenging and time consuming. To make things easier, forexbrokerlisting.com has selected some of the top online Forex brokers and compiled a simple and comprehensive listing with forex brokers reviews. When browsing through the hundreds of Forex brokers reviews out there, remember that regulated Forex brokers are the most secure and trusted brokers. Among those with regulation you’ll also want to research and compare trading conditions, spreads, leverage and financial instruments offered. You can do all that by checking the list with our best forex brokers reviews below.

 

Rank
Broker
Regulation
Min. Deposit
Min. Spread
Start Trading
1
Fxtm
FCA, CySec, FSB
$5
0.1
Open Account
Review
2
Avatrade
CySec, FCA
$100
2.1
Open Account
3
Plus500
FCA, Cysec
$100

0.7
Open Account
4
Easymarkets
CySec, ASIC
$100

0.8
Open Account
5
24option
CySec
$100
2.1
Open Account
6
Markets.com
CySec,FSB
$100
1.7
Open Account
7
Etoro
CySec,FCA,ASIC
$200
0.6
Open Account
8
Ufx
CySec
$500
0.5
Open Account
9
Cityindex
FCA
$100
1.8
Open Account
10
Forex.com
FCA
$250
1.8
Open Account
11
Fxcm
FCA,ASIC,NFA
$100
1.4
Open Account
12
XM
FCA,CySec,ASIC
$100
2
Open Account
13
Exness
CySec,ASIC
$100
0.9
Open Account
14
Fbs
CySec,IFSC
$1
0.9
Open Account
15
Etx capital
FCA
$100
0.9
Open Account
16
FXPro
FCA,CySec
$100
0.7
Open Account
17
HYCM
FCA,CySec
$100
1.9
Open Account
18
IronFX
FCA,CySec
$100
2.2
Open Account
19
ATFX
FCA,CySec,ASIC
$100
0.8
Open Account
20
Alpari
FCA,CySec,IFSC
$100
0.3
Open Account
21
IQ Options
CySec
$100
1.2
Open Account
22
Libertex
CySec
$100
0.6
Open Account
23
AAA Trade
CySec
$100
0.5
Open Account
24
AETOS
CySec
$100
1
Open Account
25
Q8 trade
CMA
$100
1
Open Account

 

What is a forex broker?

Forex broker is the intermediary between the people, usually traders, and the financial markets. Retail fx trading, as well as currency, cfd and commodities trading, is only possible because of the existence of online forex brokers.

How to choose the right Forex Broker

Before taking the decision to trade the financial markets, a trader needs to make sure that he or she possess the determination and moral courage to endure in the volatile world of forex trading. The trader must be driven, focused, and be able to make the necessary calls for concluding any activity successfully to succeed in forex trading. Knowledge is power and using the information provided in our website you can prepare yourself for conquering the financial markets. There is a large number of retail Forex brokers out there and each one of them is touting its services as the best in the entire market. It can be a tricky task to sort out the ones that are best suited to your needs. However, we have done most of the hard work in order to simplify your task by reviewing some of the most reliable brokers in the market.

Without further adieu, let’s go through the key elements one should lookout for in a trusted and top Forex broker:

  1. Forex Regulation
  2. Security of Funds
  3. Deposit and Withdrawal methods
  4. Initial Minimum deposit
  5. Forex Account types
  6. Instruments offered
  7. Spreads
  8. Margin Requirements and Leverage
  9. Trading Platforms
  10. Customer Support
  11. Conclusion

1. Forex Regulation

One of the most important things to consider before choosing a forex broker, is the brokers regulation. Brokers with more than one regulator should be considered above brokers with just one. A broker with multiple regulatory supervisors is more likely to be compliant and trustworthy. In addition, the strength and reputation of the regulatory authority is another key factor in determining the safety of your trades and funds.

 

2. Security of Funds

Feeling secure when trading a broker is the important aspect to a trader, and should be validated before opening a trading account. Most Forex brokers are regulated and licensed by international or local regulatory authorities. This entails keeping clients funds absolutely segregated in reputable financial institutions.

 

3. Deposit and Withdrawal Methods

After verifying a brokers regulation, the second step is to validate the deposit and withdrawal methods available for your country of residence. A good broker needs to demonstrate that his is capable in receiving, processing and administrating funds on your behalf. It is also important to check what is the average transaction process time needed for your desired method of deposit and withdrawal.

 

4. Initial Minimum Deposit

Moving on, another important factor for comparing brokers, is the initial minimum deposit requirement. Many traders prefer to kick off their trading careers with minimum risk. That leads them to seek a broker offering the lowest initial deposit requirement by default. However, the initial deposit requirement should in fact be one of the last things to consider when choosing a broker to trade. In addition, as the financial markets are highly volatile, small capitals are easily depleted. In any case, the initial deposit requirement of the broker should never be more than what we can afford to risk.

 

5. Forex Account Types

Various brokers offer a large number of account types, designed for the many types of traders and their trading styles. Other brokers choose to offer one type of account with multiple options. In general, the number of account types is not very important as long as the broker offers high quality services.

 

6. Instruments Offered

Today most Forex brokers offer trading  the major currency pairs such as USD/EUR or JPY/USD. Other brokers also offer  exotic currency pairs, which are currencies from smaller or developing countries. And then you have exceptional brokers that offer a huge variety of instruments(of up to 1000) with the possibility for across forex trading, cfd trading, shares trading, stock trading, cryptocurrencies trading, commodities trading, indices trading, spot metal trading, gold trading, oil trading and spread betting. The more diversified the portfolio of the broker , the better the experience and opportunities to trade are.

 

7. Spreads

The spreads should be considered one of the most important elements for forex traders. A spread is the difference between the buy and sell price. This is how most forex brokers make money when a client trades. It is important to check what type of spread a broker offers, fixed or floating, as well as to compare the amount of the spread with that of several brokers. A trader can get the most value out of a trade when the spread is low.

 

8. Margin Requirement and Leverage

Margin requirement and leverage ratios are an important aspect that that every trader needs to investigate thoroughly when selecting a broker. For beginners, the lower the leverage the better. High leverage is only advisable for traders with a a lot of experience. New traders should stir clear of the maximum leverage offered by a broker. The reason is that high leverage can bring big profits but also, big loses at the same time. For an experienced trader, high leverage options can be beneficial in a different way. Since successful traders use highly divergent techniques in their trades, there is no general rule for determining the optimal leverage ratio for a seasoned trader. On the other hand, margin requirement is the percent ratio of your account equity to used margin. In simple words, the money you need to have in your account in order to be able to hold a position.

 

9. Trading Platforms

A good forex trading platform, allows great automation, reduces human interference to the lowest level possible, and ensures that the broker doesn’t temper with your trade or misquote currency prices to you. The most well known trading platforms currently used out there are the Metatrader 4 and Metatrader 5.

When checking a trading platform you need to make sure that:

  1. It offer a wide array of charting tools and technical indicators for evaluating the price action
  2. It offers the latest financial news I
  3. The interface is clean and uncluttered?
  4. It has a pleasant , relaxing and user friendly interface
  5. The servers of the broker are reliable and you don’t face any disconnections
  6. The spreads during market volatility and news releases are not very hight
  7. There are no slippage and misquoting problems
  8. The platform is easily customized to suit any trading needs and language requirements
  9. The platform is frequently updated
  10. It can offer trading on mobile devices and on the go

 

10. Customer Support

Traders as with any other users of online services across the world, often need to contact a company representative for assistance, clarifications or additional information on products and offers. The brokers should display their contact information on the main page, and should include telephone numbers and email addresses for any inquiries and customer support tickets. An efficient forex broker will support live chat, which offers immediate contact with an online representative, both on mobile and desktop devices. . Before opening an account, it is perhaps a good idea to read the reviews on the customer service of various brokers and receive a preliminary impression of how competent and helpful their support team is.

 

11. Conclusion

To sum up, in our forex brokers reviews section you will find some of the best forex brokers in the market right now. We have made every effort to make sure that you find the most realistic and detailed assessment of each firm’s offerings. We believe that you can form your own independent judgment on their suitability of your purposes. Regardless of your decision, we wish you the best luck in conquering the markets. If you feel that you need to enhance your knowledge even more, visit our simple guide to learn forex trading in more detail.