Due to the popularity of forex trading over the past decade, hundreds, if not thousands, of new forex brokers have flooded the market, all seeking your patronage. Our desire is to help you find out exactly which one of these brokers is the right one for you, thereby avoiding a potential nightmare from ever happening before you even get started. Forex brokers range widely from the highly reputable and well regulated firms like FXTM or AVA, handling many accounts honorably, to those engaging in questionable pricing and order execution practices, to outright fraud in some cases, like Refco, a highly publicized bankruptcy of a forex and commodities broker that attempted to hide $430 million in bad debts from investors and clients.
– Crypto-trading only avail.for Exinity Limited.
Consequently, it is basic common sense that all traders should take their time when choosing their most significant business partner, the one that will support their trading aspirations going forward their forex broker. The process is called due diligence or vetting a vendor or whatever name you may wish to assign to the task, but urgency should not be a factor. When it comes to money, there is a criminal element in our society that will go to great lengths to deceive you. Significant research in advance will pay rewards. Take your time to find a forex broker that is worthy of your trust, before you ever send them any money.
There are many websites that can help you in your search process. The staff at has reviewed many capable brokers and reduced the group down to a list of worthy candidates. The selection process begins by choosing a minimum of three possible brokers, and then following with an evaluation of each and whether they meet your needs. Even after you narrow the group down to one final candidate, you may want to start off slow with a small deposit and small trade positions to validate your initial findings. There is no reason to rush. There will always be trading opportunities around the corner.
Of course, the first and most important consideration when selecting a forex trading brokerfx involves determining whether or not your funds will be secure in the brokers hands.
There are four aspects you want to examine to make sure your money is safe:Domicile,Regulation,Reputation,andFunding.
If the domicile of your forex broker is in a major country with well-developed financial regulation, this legal infrastructure can often help you recover your funds if problems arise. Make sure to double-check the domicile of the company even if the address looks reputable. Sending your money to an online forex broker based in less well-regulated places like the Bahamas or Panama may not be in your best interests. Trying to exert your legal rights in a foreign jurisdiction can be a daunting task, especially if there is no regulatory oversight in the background to support your effort. Avoiding forex brokers with a dubious base of operations will actually help narrow down considerably the search for a reputable broker! And you want to save time, right?
The second security signal to check is whether the broker is regulated or not. You should be aware that opening an account with a forex broker who has taken the trouble to register with a regulatory agency while a very good idea will still not guarantee that the company is legitimate or that your trading funds are safe.
Nevertheless, by having a regulatory agency involved, a certain amount of recourse exists for a brokers clients if the company files for bankruptcy or if other problems develop that put the return of your trading funds at risk.To conclude, you should always choose a regulated broker.
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The third point to check out is the brokers reputation. Be sure to check the Internet for either favorable testimonials or continuing complaints about the brokers you have chosen for consideration. Especially look for reviews and comments where traders have had difficulties in withdrawing their funds. If you see evidence of this, dont waste any more time on this broker.
The fourth and last point when it comes to choosing a trusted broker involves the financial security of the broker. Your money will always be more secure in the hands of a forex broker with great financial backing. The broker should be well funded, or have a trusted owner or parent company. These supporting relationships are often disclosed on the brokers official web site on tabs like About Us or Press Releases. Although all the top forex brokers represented here should be well funded, it is always a good idea to make sure one extra time. You may also want to visit the website for the regulatory body in the region. Regulators often publish annual statistics on the capital funding for their licensees and whether they are adequate or not. You will also want your broker to hold your funds in segregated accounts at Tier-One banks. Safety and soundness are key factors when dealing with a broker.
Use the chart below to compare forex brokers. Here you will find our top choices of brokers that you can trust with your money.
– Crypto-trading only avail.for Exinity Limited.
– Order slippage on stop losses is generally minimal
– 50% and 20% deposit bonus up to $5,000 (t&c apply)
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
– Maximal leverage is 1:1000, but it is floating
FREE Live trading signals delivered 3 times daily 5 days a week.
Complete Education pack for novices and advanced traders alike. Designed to support long term reliable trading.
Alvexos New Webtrader user friendly, tailored reports and built in trading signals.
Up to 1:500 leverage with micro-lots (0.01 size) available for everyone
Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
First Time Deposit Match: 50% Up To Any Max Deposit.
– Winner ofBest Online Trading Platformat Shares Awards 2018
– Free Guaranteed Stops(retail clients only on TraderPro)- Spread bet and trade CFDs on over 5,000 markets- Fixed and variable spreads- Advanced charting package- Our very own award-winning TraderPro platform
– Trusted Global Market Leader- Online FX & CFD Trading- 180+ Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
– Forex, Indices, Commodities, Equities & Bitcoin
– NAGA is an established international brand, with NAGA Group AG listed on the Frankfurt Stock Exchange
– NAGA offers variety of services & products: crypto wallet, award-winning social trading platform, and own coin
– NAGA offers for the partners Innovative marketing material & converting content: unique banners, landing pages & widgets
– 24/5 customer support on live chat and telephone.
Want to be featured in this Broker list?Send email to:• LEVERAGE: Controls the equity you need to take a margin position. E.g. 50:1 leverage means you can take a $5,000 trade with just $100 in your account.
Note that a high degree of leverage can work against you as well as for you.
• Leverage over 50:1 for majors and 20:1 for minors is not available to traders in the U.S.
• As indicated in the list, only NFA regulated brokers are available to U.S. customers.
* Brokers offer variable spreads which means that the spreads are subject to current market conditions.
If you want to get some more basic information on brokers, and more information on different regulatory bodies that provide oversight for forex brokers as well as articles that dig deeper into the different aspects on choosing a forex broker that we talk about on this page, you will find that in ourforex broker tipssection.
After you have found a broker that you think you can trust with your money, it is time to look at the offer and services you should expect from your broker.
My top list of things to check out include the following:
Forex brokers usually charge a commission on deals by taking part of the bid offer spread, so the tighter their spreads, the more money the trader saves. If your preferred trading strategy is more active than most, then spread margins will be more important for you.
Speed is really important when it comes to execution of orders. You should test his speed and effectiveness with a demo account with the broker you have chosen. More on demo accounts later. In some cases, the demo account may not be a good barometer. You should also check other online reviews to find out if there are slippage problems or constant re-quotes from the broker. If the speed and effectiveness is not there, then choose another broker!
You need to determine the ease of use and reliability of the brokers trading platform, in addition to the quality of the online market information offered by the broker to its clients. Does the platform need to be downloaded, as with Metatrader4, the most popular and widely used platform on the market? Some downloads are easier than others. Is the platform a proprietary design? This situation may be good or bad. Demo testing can help here, as well. It is not always easy to decide the best forex trading platform since it depends on your needs. Are you on the go and need to access your account via an iphone or Android device? Some brokers support mobile trading. Others do not.
Remember, the forex market is open 24 hours a day almost 6 days a week, if you count from the opening of the week in Sydney Monday morning until closing in NY Friday afternoon. See theforex market opening times.Different time zones can impact the accessibility of customer support services. If the brokers support crew is on one side of the globe and you are on the other, you might need support from your broker on a 24-hour basis. We highly recommend that you choose a broker with 24-hour support.
These were our four most important points to review when accessing the capabilities of your prospective broker. It also helps to be aware of the pitfalls that can occur in the forex industry. Here are a few tips that could alert you to the possibility of questionable business practices and help you to easily discard prospective brokers on your short list.
Beware of forex brokers with arcane trading rules, such as giving you a minimum time to hold a position or denying you to pip hunt.
There are unscrupulous brokers that will attempt to attract your interest with marketing claims that seem too good to be true. In most cases, be suspicious of claims of high returns, super tight spreads, and professional support that will help you make a fortune in forex trading. Competition is high, and many brokers will say anything to get your initial deposit. Be wary and skeptical. You are your first line of defense when it comes to preventing fraud.
Requoting is the situation where your trading platform shows a certain price, and then when the trader goes to deal on it, the platform makes them wait, and then shows them another often worse price.
Slippage occurs when an order, usually a stop loss, is not executed by a forex broker at the rate at which it was placed. Instead, the order is filled at a rate that is usually worse than originally intended by the trader.
Front running means that the broker may be holding an order for an especially large commercial transaction and might trade it ahead of or front run the order to make money at the clients expense.
You will want to read the prospective brokers official website and any documents thoroughly to get clear on both their terms and operational rules of the road.
We also suggest you give their customer support a test call. You will want to assess the helpfulness and market expertise of the customer service department when assisting you in getting started trading or in case a problem arises. Brokers that fail to answer questions or that put you on hold when you try to call in are best avoided.
Make sure that the forex brokers withdrawal and deposit policies agree with you. Some brokers charge exorbitant fees for bank or wire transfers, while some will even take PayPal.
Also, some brokers can make you wait an agonizingly long time to withdraw your funds. Make sure you have this information before you give them your money.
Make sure to check out the prospective brokers bonus offering. Often they will provide you with some kind of extra bonus with your first deposit. Some of them also offer other types of bonuses for you as a loyal customer. Make sure to understand the terms and conditions connected to the bonus.
There aredemo trading accountsand live trading accounts. We always recommend that you start trading with a demo trading account to check out the trading platform. But you need to understand that there aredifferences between demo and live trading.
When you are ready to open a live account we recommend that you start trading with a micro account first.
The following list presents many of the more desirable features and services offered by forex brokers. We have already covered many of these in the above discussion, but not all. This list will help you prioritize your personal needs.
Dependable order execution on stop loss orders
Trading in other markets such as gold, silver and crude oil
Personalized trading strategy and market advice
Most of these services can be obtained through a variety of online retail forex brokers, so it is up to you to determine what services you consider important for your personal trading needs. Your goal is to select the broker that best suits your personal trading needs.
As you might expect, the larger the forex broker, generally the more services the broker can make available to their clients, the tighter their dealing spreads, the more reliable their trading platform and the faster their transaction executions are likely to be. Thus, in general we recommend that you choose one of the larger brokers.
Any qualified forex broker will provide you with a reliable trading platform, 24-hour customer support during forex trading hours, charting and technical analysis tools, access to quality forex news and commentary, competent order execution, competitive dealing spreads and a wide choice of currency pairs to trade. Brokers offering any less than this basic package should not be considered in the selection of a forex broker, since todays market offers a broad blend of online retail forex brokers for your consideration.
Performing adequate due diligence on the front end on your prospective forex broker, before making your first trade, can literally save you thousands of dollars and prevent nightmares from ever happening down the road. Finding the right broker for you and your trading needs is your top priority. Invest the time that this task requires, and you will never regret it.
Read our reviews of more forex brokers that did not make our top list above:
Are you looking for signal providers then gohere.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money Please read ourlegal disclaimer.
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