Trusted Forex Broker Reviews
Not even legends in the calibre of a Larry Williams or a Martin Schwartz will have much luck in currency trading if the broker is unwilling to cooperate – it has an overwhelming role in determining what type of experience you will have as a forex trader. The lack of clear rules and precedents creates great opportunities, but also huge risks for the unprepared. But aren’t there always two sides to a story? To help our visitors avoid the dark side of forex, we have carefully screened the best offers in the online brokerage business and prepared a selection of some of the most reputable and efficient brokers for your exclusive benefit. If you have any plans to explore the exciting world of currency trading, we are sure that you will find our list an invaluable guide in the crowded and sometimes shady world of the forex brokers. We recommend reading our listed brokers’ review pages for user reviews
Our Top Rated Forex Broker
Expert Summary Andrey Dashin, the owner of the Alpari brand, founded ForexTime Ltd (FXTM) in 2011. The multi-asset ECN broker comes under the regulations of the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Europe and the Financial Services Commission (FSC) in the Republic of Mauritius. The regulators …
Broker
Features
Min. Deposit
EURUSD Spread
Links
– Regulated by FCA, CySEC, FSCA, IFSC and FSC
– Over 1M Registered Accounts
– More than 250 Trading Instruments
– MT4, MT5 and Web Trader Platforms
– No dealing desk
– Crypto-trading only avail. for Exinity Limited.
$10
ECN 0.1, Standard 1.6
– FCA & ASIC Authorized and Regulated
– 24 Hour Support
– Negative Balance Protection
$100
0.1 pips
– FCA, NFA, CFTC, IIRO, FSA, CIMA, MAS, SFC Regulated.
– Award winning platform.
– Beginner Friendly.
– Well established, safe and trusted.
$100
Varied
– FCA & SVG Authorized and Regulated
– 24 Hour Support
– Can appoint specific investment manager
– Competitve Rates
– Up to 500:1 Leverage
$100
Varied
– Ultra – fast execution from 0.1s
– Low spreads from 0.0 pups
– All trading strategies allowed
– No restrictions on profitability
– Top trading conditions
$100
0.0pips
– CySEC regulated.
– Good for beginners with excellent trading academy.
– Beginner Friendly
$250
From 0.6pips
– Flexible leverage up to 500:1
– Multi award-winning New Zealand broker
– Institutional-grade spreads from 0.1 pips
$200
From 0.1pips
– CySEC, IFSC, ASIC Regulated
– MT4, MT5, WebTrader platform
– $50% and 20% deposit bonus up to $5,000(t&c apply)
*Clients registered under the EU regulated entity of the Group are not eligible for the bonus.
$5
Vary
– Minimum Deposit $5
– 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.
$5
0.2 pips
Lowest Commissions in Australia,
$4.50 per lot RT
$0
0.12 pips
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– Regulated broker
– Only $50 min. deposit
– Wide range of Trading Instruments
– MT4, MT5 and Web Trader Platforms
– 24/5 technical support
– Use ECN technologies
$50
From 1pips
– 40% New Member Bonus
– MIFID, ASIC, FSA & FSCA regulated
– Free Online Trading Coach
$100
Fixed
– Instant automated withdrawals 24/7
– Commission-free Standard accounts
– Some of the lowest spreads on the markets and stable execution
– Unlimited leverage
– Free VPS Hosting
Starting from $1 on Standard and $200 on Professional accounts
As low as 0 on Raw Spread and Zero accounts
Finding the Best Forex Broker
Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Other sweeteners can include account opening bonuses and other features like mobile trading and SMS market alerts.
Basically, you want a forex broker you can trust to handle your money and your trades so that you can get on with the business of trading forex without worries. Anyway, to make the process of finding a broker simpler, the list above covers most of the key comparison points between forex brokers so that you can be better prepared for a successful search.
At the end of this page, you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.
But first, we will go through some of the criteria and features you should look for when searching for the best forex broker for you.
Regulation
Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest.
Data Security
When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry-standard SSL-encryption or better.
Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.
Common FAQs
1. Evaluate Trading Conditions
A good Forex broker should offer consistently good liquidity and smooth execution, which are the mainstays of smooth trading conditions. This is because trading is easiest in such conditions, and loss causing events such as slippage less likely. Liquidity can of course shorten at certain times of the day, making spreads wider at certain time. No broker can be expected to provide narrow spreads just before a major news announcement. Yet generally, entering and exiting trades should be easy, without any glitches or platform freezes.
2. How Many Assets Can I Trade?
Probably the most important factor here is, will you be able to trade everything you want? If you are only interested in the major Forex currency pairs, that will be easy, but if you really want to trade individual stocks and shares, or say, the less common commodity offerings, you will find that not all brokers offer them, although most offer some of them wrapped as CFDs. There is nothing wrong with being diversified, but you should keep in mind that the cost of trading such relative rarities tends to be higher than the cost of trading Forex. Also, you might consider opening accounts with two different brokers, as you could find that there is not one perfect solution but there might be two.
3. Can I Open an Affordable Account?
For various reasons, some Forex / CFD brokers will not allow residents or citizens of certain countries (most often, the U.S.A.) to open accounts. This means that depending upon where you live and what nationality you have, you may not be able to access certain brokers.
A good Forex broker you also must be affordable. This means that you can afford to meet their minimum deposit, although there are many brokers here requiring a minimum deposit of only $10, and in some cases, imposing no minimum deposit at all.
4. Do They Offer a Good Mobile Trading App?
Almost every Forex broker offers their own mobile trading app. This can be useful if you intend to ever trade using a handheld device. Most traders probably do find themselves checking up on trades while they away from their desks, so you might want to download a broker’s mobile trading app and see how you like using it with a demo account, when you are in the process of deciding which broker to open a real live money account with.
5. Ease of Deposits and Withdrawals
Deposits and withdrawals are usually nothing to worry about, except in a few rare cases. A broker that will not speedily send you funds which you have requested and are in your account, raises a big red flag, and is to be avoided at all costs. Deposits are made speedily almost everywhere, for obvious reasons. Occasionally, you may wish to use a payment method which a broker will not accept, for some reason. You will have to find another payment method or another broker which accepts your preferred payment method in such a case.
Regulations
Check for regulatory registers
verify with official site to find out regulatory position
Platform Provided
Trading Platforms
You can choose typically between MT4 or MT5 or even their own custom platform.
Account Type
Know your strategies
Some account types are more suitable for the strategy that you are using.
Unique Feature
Their speciality
Some unique features can be the amount of FX pairs provided or CFDs for other instruments.
I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
SOMETHING EXTRA TO TAKE NOTE
Dealing Desk Access
Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.
Information Resources
Newer traders often require educational materials about the forex market and trading, in general, to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.
Support
Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes
Market Alerts
Many brokers offer SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.
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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, or any kind of trading 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. ForexFraud.com is an affiliate partner with various brokers and may be compensated for referred Traders. All reviews remain unbiased and objective and immediate action will be taken against any broker which is found to be in breach of regulation. These partnerships have proven to be great aids in the furthering communication between brokers and our visitors. 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. Only the NFA regulated brokers featured on this site are available to U.S. customers.