Top Forex Brokers for 2022
We found 11 online brokers that are appropriate for Trading Forex.
Best Forex Brokers Guide
Updated December 05, 2022
Forex Brokers
The foreign exchange market, sometimes known as the Forex market, is a worldwide marketplace that facilitates the exchange of national currencies via the use of foreign exchange brokers and foreign exchange trading platforms. Because of the global nature of trade, business, and finance, the markets for foreign currency are often the biggest and most liquid of all asset markets in the world. To be successful in making a profit, you need to educate yourself extensively and get familiar with the many tools of Forex technical analysis and Forex trading risk management made available by your Forex brokers. As a novice Forex trader, you have the option of beginning with more manageable investments and progressively increasing the size of your trades as you acquire more expertise.
Please note that trading Forex CFDs is high risk. CFDs are complex leveraged trades and are high risk. 67-80% of investors lose money when trading CFDs. Be sure you are aware of how CFDs function and do not trade CFDs if you cannot take the high risk of any trading losses.
- A social trading platform foForex Traders with over 20 million users worldwide.
- IC Markets offer Forex traders some of the best available spreads with very fast order execution speeds.
- Forex trading fees are very low with XTB.
- A Forex and CFD broker with a significant amount technical research tools.
- No minium deposit required, reduced spreads from 0 pips with high leverage up to 1:300.
- Good broker for trading CFDs.
Best Forex Brokers And Platforms
If you're interested in the FX markets and considering whether to become a broker or start from scratch then read this article. In it, we will discuss what is required to become a successful currency trader and what you need to have to be successful. It is important to note that anyone can open an account and try trading currencies, but they do so at their own risk. If you don't take the time to learn about Forex Trading and specifically about the best Forex Brokers and platforms, then your success will be limited, and you may not make much money. There are many FX trading strategies and if you know what they are you can do very well, but there are many other factors that come into play as well that limit the success of any individual trader. Here are some of the best Forex brokers and platforms:
Which Forex Broker Is Good For Beginners
Many of the best Forex trading platforms offer access to a massive selection of Forex educational resources aimed at new, mid-level, and even experienced traders. Forex trading takes time and experience to learn, but with access to online video, and Forex demo accounts, it's never been a better time to learn how to trade the Forex markets.
eToro Forex Broker
eToro Forex Platforms is the application that facilitates the trading of the Forex market. They are a series of computer programs that can trade currencies automatically in the market. The main feature of these programs is the fact that they allow traders to minimize risks in their positions. The currencies that they trade represent currencies of various countries and are traded in pairs. They also trade commodities and other currencies.
eToro has recently launched an interactive strategy builder software that will allow its users to test their trading strategies without investing any money. This is one of the best tools that the brokerage has to offer. The strategy builder software makes it possible for traders to learn more about Forex trading by trying out different strategies in real-time. This gives the user a chance to assess the strength of his or her trading skills. Since this is free software, most investors do not consider it much of a risk-free investment.
IC Markets Forex Broker
These Forex specialists are experts in their field and know what they are doing. IC Markets traders are made up of professional FX investors that utilize their combined expertise and experience to help their clients succeed. They have developed several online trading platforms and automated software to give your trading a boost, as well as to help you learn how to trade profitably. Here are some things to keep in mind when searching for an appropriate platform and software:
IC Markets makes it easy for clients to access the information they need. With the Multi-Currency Trading groups, a trader can make his data available to more people at once thereby making the data easy to access. This feature also makes the platform easy to access for all the Forex brokers in a particular network.
The best part about IC Markets is that they have recently launched a dedicated team of analysts who will constantly monitor the market and give their clients some useful information. The Forex analysts will provide daily reports and other technical analyses which help traders plan their strategy accordingly. Most of the time, the advice provided by the FX group is well worth the subscription fee that they charge. Many times the expert advice and the strategies that they suggest turn out to be very helpful for individual investors.
RoboForex Forex Broker
RoboForex are leading online trading providers. They offer CFD services in Forex stocks, bonds, indices and futures as well. It is a multinational form that operates in several countries as a subsidiary of RoboForex Ltd. The firm is a provider of high leverage Forex trading around the world. Ultimately, the RoboForex is well known and has a good reputation with Forex traders and has impeccable service quality which has made it relevant even after over 10 years of active trading services.
AvaTrade Forex Broker
AvaTrade is a well-known name in the Forex trading market. The company has been around for a very long time and continues to impress with new ideas and technology. Many of us have been impressed by what they have to offer and continue to use their services. This is especially true when it comes to Forex trading platforms. The AvaTrade Forex trading platform is extremely user-friendly and can be used by virtually any computer user, even if you have just received your first keyboard and mouse.
What makes this trading platform so great? Many things make it so different and easier to use than any other. The biggest feature is probably the ability to trade within the confines of your brokerage account. You can manage your investments from any computer connected to the Internet, which makes for convenient trading anywhere you can find an Internet connection.
With an AvaTrade Forex trading platform, you can place a market order and get confirmation as to the results immediately through email. This also eliminates the need to open multiple trading accounts since the same orders are managed from one account. Another great feature is the demo mode. With the demo mode, you can learn how the Forex trading platform works without the risk of losing actual money.
XM Forex Broker
XM have a wide range of Forex trading services it can offer to clients around the world. XM has serviced over 5 million traders and offers services in CFDs, spread betting, and forex as well. It was founded in 2009 and has since made a name for itself over the decades. The XM trading platform welcomes all forms of traders on its next generation Forex trading platforms with an emphasis on customer service quality and research tools along with available educational guides and resources.
Growth Of Forex Trading in 2022
The lockdowns due to the pandemic have given rise to Forex trading, which has increased substantially in volume with many new traders on the market. Many regions of the world experienced brokers closing down their offices as a result of regulatory problems. Covid 19 resulted in lockdowns and restrictions of movement. The financial markets reacted and thus led to many trading opportunities in various assists. As a result of the high volatility in the Forex market, traders began to increase their exposure to utilize the chance of new trading opportunities; due to this, Forex brokers registered higher volumes and new clients.
Forex Market Trends in 2022
The coronavirus pandemic greatly impacted the Forex market. The pressure on the US dollar is still intense, and there is a high probability that it would drop by another 5% or 10% but not to the levels seen in 2008.
The Australian dollar at the end of 2020 was still strong and secured due to the interest rate. The UK pound is pressurized due to the UK's struggle to subdue the new variants of coronavirus, which might increase the pressure on the company’s economy. The pandemic remarkably provided significant support for the Euro because traders laid more focus on the issues of the US Dollar. The pandemic Covid 19 has significantly distorted the world economy and has made a massive impact on Forex trading.
What Is Forex Trading?
The term Forex trading is used to refer to the process of trading currencies. These markets have been open for approximately 24 hours every day, providing traders with a wide variety of opportunities to participate. Understanding how the Forex markets operate and how to increase your chances of making more money while minimizing your risk is the goal for anyone looking to become involved in this market.
The Forex trading market decides international exchange rates for each currency. It consists of all different aspects of trading, buying, and selling currencies at current or decided prices. It is usually the role of banks to help make these decisions on behalf of their customers. This helps the market to keep constant competition among traders.
Forex Brokers work as intermediaries between investors, banks, and other Forex traders. These brokers identify potential Forex trading opportunities and help in buying and selling currencies on the same market. The Forex market is an over-the-counter or global market for the trading of foreign currencies.
This market involves all aspects of purchasing, selling, and trading currencies in current or predicted values. Most traders do not understand that the Forex market works on margins. Traders lose money on currency exchanges when market conditions are unfavorable to carry out their trades.
What Is A Forex Broker?
A Forex broker is a professional trader or an investor who buys and sells currencies on behalf of his clients. The Forex marketplace is a worldwide decentralized or over-the-counter exchange for the buying and selling of various currencies. This currency marketplace determines international exchange rates for each currency based on speculations of supply and demand. Banks, private traders, and web-based brokers are the three types of Forex brokers.
A decent Forex broker should offer a diverse set of trading tools and possibilities. They should be able to provide a wide range of trading options such as Forex day trading, Forex managed accounts, and Forex leveraged trading options. Brokers also offer tips and trade updates through various media such as emails, faxes, voice mails, and websites. Investors and traders need to look for these tips and trade updates regularly.
While investors can take advantage of demo accounts at most of the Forex brokers, it is important to find the right Forex broker to work with. You should first check with your local stock exchange to find out the best Forex broker in your area. Then, check online to find out the list of top Forex brokers in the world. You can check reviews for each of them on the Internet to know how the brokers perform when in the Forex trading market. By checking reviews for each of the Forex brokers, you will be able to choose the best one that meets your needs.
Professional traders may not need brokers to help manage their portfolios. Of course, access to the market is the only aspect required of brokerage firms such as a CFD broker. Most advanced traders only need access to complex instruments and advanced trading tools from a broker to start trading on their own. As long as a financial conduct authority FCA regulates the market, trading is safe.
How Forex Trading Works
Forex trading refers to the purchasing and selling of currencies across the world. Large banks, central banks, multinational companies, institutional investors, and even individual traders buy or sell foreign currency for various reasons, such as making a profit, facilitating global trade and tourism, balancing the Forex markets, etc. The process used to determine the value of a currency is called interest. If a currency's value is predicted to go up, then a trader may purchase it, while if it is expected to go down, then they can sell.
To facilitate this trading, banks, governments, and other financial institutions create different foreign exchange marketplaces, or traded zones, where various currencies are exchanged. Such as the London Stock Exchange or a proprietary trading platform or any web trading platform with the right financial instruments. For example, the major forex pairs are USD, GBP, Euro, the Swiss Franc, and the Japanese Yen are the most popularly traded currencies in the Forex market. Unlike the stock market, the values of currencies never decline and can only increase or decrease in certain circumstances, such as economic recession or war. Usually, the interest rates charged on foreign currencies are also much higher than those in the US dollar, as there are significant differences in the economic power of the various countries.
Trading foreign exchange requires an account at a reputable platform. Retail traders with access to online brokers can utilize the broker's trading platform to swap major currency pairs. Most currency pairs are USD/JPY, USD/EUR, AUD/CAD, CAD/USD, and more.
Only trade currency pairs with a regulated broker that is backed by a financial services authority of the market. Retail investor accounts lose money on their first tries at trading due to an unregistered online brokerage. The UK financial conduct authority and the securities and exchange commission of a market are some examples of regulatory authorities in the financial sector.
Why is Forex Trading Popular
We can boldly say that Forex trading is one of the popular trading types amongst investors having a daily average trading volume of about $5 trillion.
Some of the main reasons why Forex trading is so popular are listed below.
Market Liquidity
Forex trading is a very liquid financial market that allows experienced Forex traders to speculate on the day-to-day currency market volatility. A high volume of currency traded anytime yields many opportunities for liquidity.
Leveraged Trading
Forex trading online tends to leverage trading well since it mainly has a high position and a massive currency. Leveraging enables you to open a position on a more significant portion of the Forex market.
Short Selling Strategy
If a short-selling strategy is your style, then it would work well for your trading. It is simpler to implement than most other markets because the currencies are bought and sold in pairs. the
Forex Leverage
In Forex trading, leverage is the use of borrowed money from your Forex broker to invest on their Forex platform. Through leveraged Forex trades, investors can trade more significant positions in a currency by borrowing money from a broker. Leveraged trades are very high risk and have a high rate of loss. You must understand the risks before trading with leverage.
The use of Forex leveraged trades like CFD contracts for different contracts, although famous, are considered high risk and are only for experienced traders. With leveraged Forex trade gains more extraordinary than the traders deposited amount by some factors, trading losses may also be magnified if the trade does not go in your favor. Many Forex brokers demand that a particular percentage of trade be held in cash as collateral, which can be more prominent for certain currencies.
Forex Spread
The Forex spread is the distinction between the purchase rate when trading and the agent's sell rate. The spreads may be thin or wide, relying upon the cash that is included, the time the exchange was started, and the state of the economy.
The Forex spread is the contrast difference in a broker’s sell rate and purchase rate when dealing with financial assets. Spreads can either be smaller or more extensive, based mostly on the assets in question, the time of day the exchange started, and economical conditions.
Forex Strategies
There are lots of Forex strategies to choose from; some of them are listed below.
Scalping
Scalping is an advanced trading strategy. Scalping is a strategy that makes use of low time frame charts, which are the same as those used in MetaTrader 4
News Trading Strategy
It is a very lucrative strategy if the traders are on the right side of the market due to the rise in volatility that surrounds news releases. This strategy offers traders a unique approach for them to trade risk events.
Swing Trading
Swing trading is also one of the strategies that use trend analysis, and it spread across a broader term with positions being held for a more extended period. The trader would define a significant movement of a Forex pair and would place an order in its defined timeframe.
Beginner Forex Trading Checklist
Understand Forex Trading Risk
All Forex trading comes with risk; learn to employ Forex risk management trading elements such as Stop-loss and limit orders are two types of orders.
Learn Forex Technical Analysis
Successful Forex traders know how to use trading platform technical research tools. Educate yourself and learn how Forex currency markets work and what affects them. Learn to interpret historical data, and follow economic-financial news and reports.
Why Forex Traders Fail
There are several reasons why traders and retail CFD accounts lose money; below is a detailed explanation of the reasons why:
Not Having A Forex Trading Plan
Trading without a plan is also one of the primary reasons why traders may be losing money rapidly. Your trading plan is crucial, and it should include setup, entry, stop loss, profit-taking, trade management, risk management, and money management.
Not Testing Your Forex Trading Plan
When you have decided how you will trade, the definition of your entries and exits, the percentage of your capital at risk, and much more, the next thing is to test out your plan whether it is feasible or not.
Do Not Trade Forex Emotionally
Your mind has a significant role in the decisions you make, especially if you are a newbie in trading. As a Forex trader, controlling your emotions when trading is one of the skills you must possess; you should know when to limit your trade and when to increase. Your success as a trader is a function of your emotions.
Unrealistic Forex Trading Expectation
You can avoid unrealistic Forex trading expectations when you avoid targets of becoming rich very fast. Slow and steady wins the race; setting a target and being ambitious is good, but you must know that your targets must be realistic and within the achievable range.
How To Choose A Forex Broker
Forex trading is a highly liquid financial market that has a lot of participants, both large banks and individuals. It is also volatile, and prices can change by the second. Because of these two factors, the Forex market can be quite difficult to manage.
When looking for Forex brokers today, you should always look for a broker registered under the US Commodity Futures Trading Commission (CFTC). Remember: there is no such entity as the perfect Forex broker. What you are looking for is the most appropriate broker for your individual needs. By understanding the type of trading experience that you require, you could then select the most appropriate broker.
The second factor that you should consider when deciding upon a broker is whether or not they are regulated by the FCA and FSA. If they are regulated, this means that they have to abide by certain guidelines and regulations that they must follow to remain honest and above-board. When a broker does not comply, the commission can charge them with heavy fines. Therefore, always choose a properly licensed broker.
Consider Your Forex Trading Needs
There are many more brokers out there; they all have different strengths and weaknesses. Some are designed to meet the needs of a large publicly traded company while others are made for smaller, privately-owned operations. Some brokers can be hired by just about anyone and others will charge a fee. Before you decide which broker to go with, it is crucial to know what you are looking for.
You must consider what type of trader you are and what your investment objectives are. Do you trade often and want someone to make trades for you or are you satisfied with having a bit more independence? Are you looking to get in and out of the market quickly or are you comfortable lagging the market and waiting for it to change? If you need a lot of analysis on trends and graphs, then you will probably want to go with a Forex broker that has plenty of tools for this.
Forex Broker Customer Service
Technical support has become mandatory for Forex trading. The Forex broker you eventually choose should be more than willing to help you resolve issues. You should be sure that your broker assists you every time you run into an issue. Reputed brokers ensure that their customers are satisfied with their service.
Transaction Costs
Forex brokers charge a fee for facilitating trades for their clients. This is a percentage of the transactions made by their clients and is paid every month. Since most of the trades are very small, Forex brokers charge reasonable fees that allow the traders to make money with their trading activities.
Forex brokers earn their revenue by charging a commission based on the spread in the currency pairs they trade. They charge higher transaction fees for larger orders, and they are only paid when they deliver a successful trade. As an investor, you are paying them to trade your currency for you. Although they may have the necessary tools and software to help them find high-quality trades, they rely on other investors like you and me to make money for them. It is this reason why some Forex traders make money through automated systems that automatically invest and trade for them, thus minimizing their trading time and overall cost. You should know that most full-service brokers are Internet-based while the discount brokers are primarily offline.
There are many advantages of using a Forex broker including lower costs and the potential to gain more profit through trading with real-time data. Forex brokers are reliable, and you can be assured of their expertise and high level of service. However, there are also some disadvantages of using a foreign exchange broker. A foreign exchange broker usually charges higher transaction fees and higher brokerage commission than other online trading venues. Trading hours may be limited or halted during peak periods and the Forex market may experience heightened levels of volatility.
Also note that if the transaction costs are unreasonably high, your overall profit margin may decline.
Forex Deposit And Withdrawal
Withdrawing funds from your brokerage service should be an easy process. Your chosen broker should also offer various trusted and speedy methods for withdrawal. Ensure that your broker does not keep you from withdrawing on account of made-up excuses.
Forex Order Execution
When you trade, there should not be any difference in pips. Under normal circumstances, your broker should always fill your trade order at your quoted price. Your quoted price should always be reciprocated.
Forex Broker Financial Regulation And Supervision
Check that the Forex broker you trade with is regulated by reputable organizations. The regulation gives traders a mediator if any issues occur with a Forex broker. If a broker goes bankrupt financial regulation will help you to get your money back.
Brokerage firms have to comply with rules established by the authority to offer secure trading. The concept behind regulation laws is to safeguard traders by facilitating secure and comfortable trading conditions.
Forex Broker Awards
When choosing a broker, looking at their award history shows you the broker's strengths. Any accolades achieved by a broker mean that they are endorsed by that organization, awarding credibility to the broker.
What Are Forex Broker Fees?
Check that your chosen broker has no hidden fees or surprises.
Ensure whether your broker charges customers with withdrawal fees, inactivity fees, or deposit fees. Beware of the commissions your broker may charge.
Forex Broker Negative Balance Protection
When conducting trades with leverage, any wrong decision could cause the trader to lose more than their account balance. The trader's account balance could go negative. This is why it is recommended to use negative balance protection. This ensures that the losses are limited to the current balance of a trader's account.
What Level Of Customer Support Does Your Forex Broker Offer
Check if your Forex broker offers the below customer support
- Forex Broker Live Chat Support
- Forex Broker Email Support
- Forex Broker Phone Support
Minor And Major Forex Currency Pairs
Many types of currencies are traded on the foreign exchange market. Major pairs usually have the largest world trading volume market shares. These include major currencies (i.e., the USD) and are traded the most in the industry.
Minor currency pairs refer to the ones not paired with the USD. However. they do include the GBP. A combination of the Yen and Euro are called minor pairs.
All Minor pairs do not have the USD on either side (base or quote currency) of the currency pair. Minor pairs are called that because the market value of these currencies is comparatively smaller compared to major currency pairs.
What You Need to Open a Forex Broker Account
When you register for an account, you will be asked to provide the following information:
- A copy of your passport, driver's license, or national identification card.
- A bank statement or utility bill from the previous 3 months, with your visible address.
You will also have to answer compliance questions to demonstrate how much trading experience you have; hence, it is best to take out 10 minutes or so to thoroughly finish the account registration process.
The Advantages Of Forex Trading
Forex trade is an international market known for being considerably liquid. Similar to many other types of investments, it is not recommended for inexperienced traders. The Forex market comes with many advantages superior to other types of trading once you have it all figured out.
High Liquidity
Liquidity refers to an asset’s ability to quickly be converted into cash. High liquidity in the Forex world means a substantial amount of cash can be moved in and out of currencies with smaller spreads. Spreads are the differences between bid rates for buyers and ask prices for sellers.
Leverage
The freedom to use leverage in Forex trading must be one of the most attractive benefits for traders. It allows traders to open large trading positions using little capital. The amount of leverage possible varies based on where you choose to trade. Using the leverage of 10:1 for instance, if a Forex trader opts for a 10:1 ratio, that means that for each 1 USD in their account, they can trade for assets up to 10 USD.
The advantage of using leverage is the opportunity to maximize your profits. However, that can go the opposite way as well, resulting in substantial losses. Therefore, when using leverage, you must consider a realistic level of the risk involved.
A Twenty-Four-Hour Market
Compared to a majority of stock exchanges that only remain open from 9 am to 4 pm (based on what country they operate in), the market hours for Forex markets are comparatively longer. They run continuously throughout the week. This means traders are free to trade twenty-four-seven.
Low Trading Costs With Zero Commissions
To make it more convenient for their clients, popular Forex brokers usually handle any trading fees themselves. This way, traders are not forced to pay for things like withdrawals and deposits, transfers, and currency exchanges. Some brokers charge standard account holders zero commissions while charging their pro account users a small commission fee. There are some exceptions based on the type of products their clientele trade, and how long they keep their trade positions open. Trading costs are very low and transparent when it comes to Forex trading.
Tech Analysis
Tech analysis understanding charts can be very helpful in Forex trading. Currency buyers and sellers determine Forex instrument rates in real-time, with central banks maintaining the volatility and stability of the currency.
It is impossible to accurately predict market movements all the time. Learning some common tech indicators like the Fibonacci retracement and resistance levels, traders can guess where the lows and highs of certain currency pairs are allowing them to make informed decisions. An advanced trader needs better tools.
Free Trading Platforms
Some brokers give their customers free access to MT4 when they set up live trading accounts. MT4 offers access to different currency pairs and access to commodities like oil, precious metals, and digital currencies. Users can download the program on either their computers or mobile devices. They can also use the platform on their web browsers, i.e., MT4’s WebTrader. A social trading platform is another medium for trading strategically
The Drawbacks Of Forex Trading
Forex trading comes with several drawbacks as well. Professional Forex traders can also lose capital due to the unpredictability of the Forex market. Following are the disadvantages of Forex trading.
High Leverage
Leverage allows Forex traders to benefit from using little capital in a brokerage user account, it can often result in the opposite, too. Traders daring to use leverages as high as 500:1 could lose all their funds with one unfavorable trade. This can lead to substantial debt as well.
Regulation
The forex market has little regulation resulting in an increased risk for traders. Regulatory bodies operating in one country will most likely lack the authority to impose their set regulations in another. The lack of regulation renders traders vulnerable to scammers and dishonest brokers who may conduct trades against the best interests of their customers. When such brokers are caught conducting unfair trades, it is unlikely for them to be punished, based on the lack of a control agency. Investors are at the mercy of their brokers, with insufficient options to counter unethical trading activity.
Twenty-Four-Seven Market
It is a known fact that Forex markets have non-existent holiday breaks. Traders are forced to be prepared for an around-the-clock market. In some regions, traders make and lose capital whilst they sleep, and some strive to improve their trading positions. Staying up to date with the fluctuations in exchange rates and the volatility of Forex trading can be highly exhausting.
High Volatility
Forex trading comes with a lot of volatility. Economic events such as central bank rules and market fluctuations can cause significant swings in the Forex market. Even professional Forex traders can make wrong predictions which could lead to financial ruin. It has been observed that inexperienced investor accounts that are over-leveraged can suffer huge hits.
Reliance On Forex Profits
Traders who only trade Forex most often do not have any other income sources. In such a case, if they suffer a series of losses, they may even end up losing their initial deposit. Forex trading ideally should not be a trader’s only source of income because they could go bankrupt from a series of serious losses.
Regulated Forex Brokers
The Forex trading market is filled with so many brokers, some of which are highly regulated and others who aren't. Before we look at this further, let's look at how the Forex market works.
It's important to understand the way the Forex brokers operate first. Forex brokers are the electronic trading platforms that traders use to carry out their trades on the Forex markets.
Regulated Forex brokers should have trading platforms that come with a variety of tools like technical analysis and news events. The news events are particularly important because most traders don't pay attention to them when trading because of their low relevance. They can easily give you valuable information about a certain trend by using technical analysis. Finding a good platform with a variety of useful tools and features will be able to increase your profitability. A next generation trading platform should have all the best features a trader will need.
Forex Risk Management Tools
Forex brokers may include Forex options in their services. These options allow the trader to buy or sell currencies based on the prices set by the Forex Brokers. A Forex broker may include commodity futures trading commission as part of their services which is charged by the Commodity Futures Trading Commission.
Brokers should have systems that ensure traders do not lose money in trading. There are various ways that brokers can lose money. The biggest reason traders lose money in Forex trading is because they let their emotions take over. When traders do this, they may end up buying or selling a currency pair that they are not sure of which can go against them.
Forex Automated Robots
Day traders sometimes make use of Forex automated trading programs. These programs can be integrated into a trading system and can be left on continuously throughout the day. Some of these robots can enter multiple trades in one click, significantly increasing the chances of profits. These programs are designed to analyze the FX markets and make the appropriate decisions based on the information that they gather.
Can I Trade Forex Without A Broker?
No. You will come across many types of Forex brokers for online trading. The best ones will all work with the same online trading platforms, which allow investors to place trades on their websites. Some of the platforms even allow users to place orders directly from their trading platform by entering specific parameters such as stop loss and take profit amounts. Most brokers have a web-based customer service department, where brokers help clients decide what kind of investment options are appropriate for them.
Trading involves buying or selling futures contracts for specific dates in the future. These contracts specify the date, price, and value. Most commodity futures trading is done on the over-the-counter market. These markets allow buyers and sellers to interact directly without third-party intervention.
You should know that you can start trading Forex online with no money down and a Forex demo account, but you must have a registered trading account. The minimum deposit required to open a live account with a variety of Forex brokers depends on the type of brokerage you use.
How Do I Start Trading Forex?
Forex trading is the world's largest financial market, and one of the biggest ‘liquid’ markets. That means that if you know how to trade Forex, you don't have to wait for the market to 'dwell' over a profitable opportunity. You can act on your instincts and close quickly when a good trade is available, and you can also exit when a bad trade has developed.
How Do I Open A Forex Account?
The easiest way to get started trading Forex is by opening a mini-Forex account using a broker. Most brokers will provide a free mini account that is accessible through an Internet broker. You won't have a minimum or maximum dollar account size nor make any sort o deposit with a mini account. You will need to set up the first deposit to cover your initial fees.
Is It Safe To Do Forex Trading?
Forex trading is also a great way for those with little foreign currency knowledge to diversify their portfolio. While you may make a decent living with Forex trading, always remember to keep your risk levels in mind. When trading Forex, make sure you stay within your net asset value.
If you want to trade in the real market with real money with little risk you should consider a demo account.
You should also be willing to learn to use software programs to make trades. However, do your research and learn about which trading platforms are the best. You can do this by reading reviews or participating in online forums.
Is Forex Better Than Stocks?
Many investors prefer the forex market to the stock market because of its high volume and the fact that it offers several different risk/reward scenarios. For example, on the Forex exchange, you can invest in one trillion dollars’ worth of trades and this amount increases every day, the profit potential is unlimited. The other main attraction of Forex trading is its huge leverage available. Investors are generally required to place as little as 0.1% of their account balance in leverage. The main difference between stocks and Forex is that they're both large-scale financial markets.
One of the key advantages of trading stocks through the forex market is the execution speed. Many factors affect this speed including the current news and financial reports such as Australian Securities and Cyprus securities, popular stocks which are prone to change due to current affairs. Stocks take longer to execute than Forex trading stocks. This is because it's a much more complex set of rules for each pair of stocks.
To successfully trade stocks and make a profit, you need to be an expert at identifying the most favorable currency pairs. Most of these currencies are considered to be safe currencies, however, some, such as the USD/JPY, are considered highly volatile. Traders look for currencies that have a strong likelihood of increasing in value. For instance, if many traders believe that the EUR/USD will increase in value over the next few months, then traders will want to buy EUR and dump the USD.
There are several advantages that forex has over the stock market for day traders. Forex is a great place to start. There are low margin requirements and leverage is available to day traders, which gives them the chance to turn a profit faster than the average investor.
How Technology Is Changing And Affecting Forex Trading
The internet is a prime example of how technology is changing the Forex market. The internet has opened up endless new opportunities for both novice and experienced Forex traders to earn more revenue from their investments.
Forex Broker Reviews
You don't want to spend months trying to perfect a system only to have it fail on you. Take some time and review some important points about Forex brokers.
Forex Broker Reviews will usually take a look at both the platforms available and the quality of customer service. It will be important to see how these factors play into your final decision.
Forex Trading Ease Of Access
When you trade currencies, one or more currencies have to be exchanged to get the other's rate. A long time ago when this exchange was required, traders had to travel to each country's central bank, spend time there and then do all the transactions manually. With the advent of automated Forex software, the entire core process is now done from the comfort of your computer.
Easy To Use Forex Trading Tools
One of the modern technologies that have helped greatly in making the Forex market more convenient is the use of trading tools. These trading tools can detect potential opportunities in trades more efficiently than traders themselves. These tools also provide data on past market performance, allowing traders to make good decisions even while they are away from the computer.
Online Forex Trading Platform Competition
Forex trading and many Forex brokerage firms today have adopted being in foreign trading on the web.
Forex trading has become very popular, and this has resulted in many players in this high-end business exchange. One of the most effective ways of becoming a player in this industry is to adopt some form of strategy and to know more about the tools that are used by the top traders. This is because the internet has opened up a lot of doors for the trader and the technology allows the trader to be competitive and at the same time, has made the business of trading easier and faster. The speed at which transactions are processed and information is shared has made Forex faster and this has increased the profitability of trading.
Technology Allows Faster And Automated Execution In Forex Trading
As technology improves and makes Forex trading easier, software applications are created to make the entire process more accurate and refined. The most common of these applications are automated Forex trading robots. Forex robots are designed to perform trades on your behalf, making decisions about buying and selling based on market conditions and more.
A Forex bot may help automate a substantial portion of your trades, offering you extra time to pursue other interests. Some programs can also generate trends in the market, boosting your profits significantly.
Mistakes Forex Day Traders Must Avoid
Forex day traders must know when to enter or exit any trade. They must also fully comprehend Forex trends and how to read them. Many inexperienced traders do not have this type of knowledge and risk losing their money. Following are the mistakes you must steer clear of
Trading With An Unlicensed And Unregulated Forex Broker
Forex scams and illegal activity have reached an all-time high in recent years, which is why the development of online trading platforms has made licensing regulations even more stringent. Although these measures are important and beneficial to all involved, there are brokers that take advantage of this legislation without meeting any legal requirements. Some brokers simply avoid the new licensing regulations entirely by not selling their services through accredited banks or via registered brokerages - an act that effectively makes them illegal.
Brokers who do not hold registration status or who are not regulated by legitimate associations have very little regulation. This means that they can pretty much choose who they want to deal with, and charge whatever they like.
Not Using Forex Stop-Loss And Limit Orders
Many FX traders make the mistake of over-estimating the effect of orders. They think a big move is big enough to get them out of a trade and that they can live with the loss. They are often very wrong! Forex day trading requires skill and experience, it is not a place for beginners.
Forex traders make are the ones that ignore or underestimate the importance of stop-loss orders. You can put a stop-loss that orders you to liquidate all your open positions at a certain price. Most of the time this price is well below your initial investment.
Not Having A Forex Trading Plan
Not having a Trading plan is often the cause of many novice Forex day traders losing money. It is important to have a trading plan for any type of investing or trading. Not having a plan means you will make bad decisions all the time. you must make sure you have a Trading plan before you start.
It is very easy to make mistakes when you are trading the Forex market. Even experienced Forex day traders make them sometimes. There are plenty of free Forex day trading systems out there. You can find them just about anywhere on the internet.
Are Forex Brokers A Scam?
Many traders jump into the forex market without learning the complexities involved. They go ahead and become highly successful, while others may decide to trade on their own and risk their own money. The cause for failure is poor knowledge of the complex workings of the foreign exchange markets. Ignorance of foreign exchange trading is bad news, as it can spell disaster for those who trade in it.
While traders can make huge profits from Forex trading, different situations may arise. For instance, if a trader wants to buy GBP and sell USD, they will have to know about the currencies being used worldwide.
How Much Do Forex Brokers Charge
Forex brokers earn on fees like the spread and other commissions charged on buying and selling Forex currency pairs.
Can A Forex Broker Make Me Money?
Most Forex brokers charge a commission per trade, while some charge between the bid/ask prices. The most common way the Forex brokers earn money is by keeping spread or charging a set fee per round turn.
Forex Brokers Verdict
Forex brokers are the companies that facilitate the Forex trading market. They have a huge number of customers, who trust them. When a Forex Trader executes his/her trade, the broker places the order on behalf of his/her Forex Client. This is where the idea of Forex Broker comes in. The Forex Trader then pays the broker a fee for facilitating his trade.
When choosing Forex brokers, one of the most important things you need to keep in mind is to choose a reputed and trustworthy one. Make sure you thoroughly do your research about the company, which you are going to deal with. Read reviews, and participate in discussions on Forex Forums to get unbiased advice and tips from other traders.
We've collected thousands of datapoints and written a guide to help you find the best Forex Brokers for you. Our aim is that this information helps you choose a trustworthy, reputable and professional broker who can satisfy your trading needs online. We have compiled a list of what we consider the best forex brokers below.
Reputable Forex Brokers Checklist
There are a number of important factors to consider when picking an online Forex trading brokerage.
- Check your Forex broker has a history of at least 2 years.
- Check your Forex broker has a reasonable sized customer support of at least 15.
- Does the Forex broker fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
- Check your Forex broker has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
- Does your Forex broker have an international presence in multiple countries. This includes local seminar presentations and training.
- Make sure your Forex can hire people from various locations in the world who can better communicate in your local language.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
Our brokerage comparison table below allows you to compare the below features for brokers offering Forex Brokers.
We compare these features to make it easier for you to make a more informed choice.
- Minimum deposit to open an account.
- Available funding methods for the below Forex Brokers.
- What you are able to trade with each brokerage.
- Trading Platforms offered by these brokers.
- Spread type (if applicable) for each brokerage.
- Customer support levels offered.
- We show if each brokerage offers Micro, Standard, VIP and Islamic accounts.
Top 15 Forex Brokers of 2022 compared
Here are the top Forex Brokers.
Compare Forex Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are forex brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more forex brokers that accept forex clients
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
Trading212
|
EasyMarkets
|
SpreadEx
|
| Rating | |||||||||||
| Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) |
| Min Deposit | 200 | 1 | 100 | 200 | 5 | No minimum deposit | 1 | 100 | 1 | 100 | 1 |
| Funding |
|
|
|
|
|
|
|
|
|
|
|
| Used By | 180,000+ | 10,000+ | 300,000+ | 89,000+ | 3,500,000+ | 250,000+ | 10,000+ | 10,000+ | 15,000,000+ | 142,500+ | 10,000+ |
| Benefits |
|
|
|
|
|
|
|
|
|
|
|
| Accounts |
|
|
|
|
|
|
|
|
|
|
|
| Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
| Support |
|
|
|
|
|
|
|
|
|
|
|
| Learn More |
Sign
Up with icmarkets |
Sign
Up with roboforex |
Sign
Up with avatrade |
Sign
Up with pepperstone |
Sign
Up with xm |
Sign
Up with xtb |
Sign
Up with nordfx |
Sign
Up with fpmarkets |
Sign
Up with trading212 |
Sign
Up with easymarkets |
Sign
Up with spreadex |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 71% of retail investor accounts lose money when trading CFDs with this provider | 74-89 % of retail investor accounts lose money when trading CFDs | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Your capital is at risk | Losses can exceed deposits |
| Demo |
IC Markets Demo |
Roboforex Demo |
AvaTrade Demo |
Pepperstone Demo |
XM Demo |
XTB Demo |
NordFX Demo |
FP Markets Demo |
Trading 212 Demo |
easyMarkets Demo |
SpreadEx Demo |
| Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR | BE, BR, KP, NZ, TR, US, CA, SG | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, IL, KR, IR, MM, CU, SD, SY | US, IN, PK, BD, NG , ID, BE, AU | US, CA, EU, RU, SY, KP, CU | US, JP, NZ | US, CA | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR |
All Forex brokers in more detail
You can compare Forex Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Forex Brokers for 2022 article further below. You can see it now by clicking here
We have listed top Forex brokers below.
Forex Brokers Table of Contents
- Forex Brokers Explained
- 6 Factors to Consider when Choosing Forex Brokers
- Are Your Forex Brokers Trusted And Established?
- Are The Forex Brokers World Leading?
- What are the Forex Brokers Commissions and Fees?
- What are the Forex Brokers Funding and Withdrawl Methods?
- Find Forex Brokers with Round-the-clock support?
- Make sure the Forex Brokers Offer Comprehensive Trader resources?
- Why Forex Brokers needs to be regulated?
- Forex Brokers FAQ
- What are the best Forex brokers?
- What is the best Forex broker?
- Related Forex Brokers Reviews
- Related Forex Brokers Alternatives
- Related Forex Brokers Comparisons
Forex Brokers Explained
Trading the financial markets with Forex Brokers when conditions are volatile can be difficult, even for experienced traders.
Apart from the educational and other resources made available online, another important factor for traders to consider when looking for Forex Brokers is the platform that a Forex Brokers offer.
Choose Forex Brokers that's at the forefront of innovation and generally considered an industry-leader.
To gain access to the financial markets, you'll need Forex Brokers that you can rely on.
6 Factors to Consider when Choosing Forex Brokers
Follow these five rules for selecting a broker that's right for you:
Are Your Forex Brokers Trusted And Established?
Look for a broker that has a good track record/longevity in the market so that your strategy is your primary concern for navigating the markets. The top rated Forex broker is IC Markets. Established in 2007, and in operation for 12 years IC Markets have a head office in Australia.
IC Markets is regulated. This means IC Markets are supervised by and is checked for conduct by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.
Another top rated broker is Roboforex.
Roboforex was established 2009, and in operation for 9 years Roboforex have a head office in Cyprus.
Roboforex is regulated. This means Roboforex are supervised by and is checked for conduct by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
| Year Established | 2007 | 2009 | 2006 | 2010 | 2009 | 2002 | 2008 | 2005 |
| Head Office | Australia | Cyprus | Ireland | Australia | Cyprus | Poland | Mauritius | Australia |
| Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) |
| Used By | 180,000+ | 10,000+ | 300,000+ | 89,000+ | 3,500,000+ | 250,000+ | 10,000+ | 10,000+ |
| Negative balance protection | Yes | No | No | Yes | Yes | Yes | Yes | |
| Guaranteed Stop Loss | No | No | No | No | No | No | No | |
| Learn More | Visit IC Markets | Visit Roboforex | Visit AvaTrade | Visit Pepperstone | Visit XM | Visit XTB | Visit NordFX | Visit FP Markets |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 71% of retail investor accounts lose money when trading CFDs with this provider | 74-89 % of retail investor accounts lose money when trading CFDs | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Losses can exceed deposits | Losses can exceed deposits |
Are The Forex Brokers World Leading?
Choose a broker that's at the forefront of innovation and generally considered an industry-leader. IC Markets Segregates clients funds and offers over 2250 instruments. IC Markets offers both an online trading platform as well as a mobile platform giving clients easy access to markets.
In addition, the IC Markets platform enables access to a variety of financial markets worldwide. IC Markets is a world-leader when it comes to innovation and they are always looking at ways to improve and to maintain their competitive advantage.
Another good choice when looking for Forex Brokers is Roboforex. Roboforex Segregates clients funds and offers over 100 instruments.
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
| Instruments Available | 2250 | 100 | 1250 | 1200 | 1000 | 4000 | 50 | 290 |
| Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps |
| Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR | BE, BR, KP, NZ, TR, US, CA, SG | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, IL, KR, IR, MM, CU, SD, SY, PT | US, AU, CA, JP, KR, KP, SG, MU, IL, TR, IN, PK, BA, ET, UG, CU, SY, BD, NG, ID, BE, LY, MO, KE, YE, VU, GY, CD, CG, AF, LA, MZ, IQ, IR | US, CA, EU, RU, SY, KP, CU | US, JP, NZ |
| Forex pairs offered | 61 | 35 | 55 | 70 | 55 | 57 | 70 | |
| Forex pairs offered | 61 | 35 | 55 | 70 | 55 | 57 | 70 | |
| Major forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Exotic forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Cryptocurrencies (availability subject to regulation) | Yes | No | Yes | Yes | No | Yes | Yes | Yes |
| Commodities Offered | 20 | 21 | 17 | 16 | 15 | 21 | 0 | 18 |
| Metals | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Energies | Yes | No | Yes | Yes | Yes | Yes | No | Yes |
| Agricultural | Yes | No | Yes | Yes | No | Yes | No | Yes |
| Stocks Offered | 2100 | 0 | 1000 | 1100 | 160 | 1696 | 10000 | |
| UK Shares | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes |
| US Shares | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes |
| German Shares | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes |
| Japanese Shares | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes |
What are the Forex Brokers Commissions and Fees?
Ensure that your broker is transparent with fees and those dues are competitive.
The best rated Forex broker IC Markets offers competitive offers for Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. IC Markets minimum deposit is 200.
Another top rated Forex broker Roboforex offers Forex, CFDs. Roboforex minimum deposit is 1. Please note that any cryptocurrency availability with any broker is subject to regulation.
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
| Min Deposit | 200 | 1 | 100 | 200 | 5 | 0 | 1 | 100 |
| Withdrawl Fees | No | Yes | No | No | No | varies | No | No |
| Inactivity Fees | No | No | No | No | Yes | Yes | No | No |
| Deposit Fees | Varies | No | No | No | No | No | No | Yes |
| CFD Commission Fees | Yes | No | No | Yes | No | Yes | Yes | Yes |
What are the Forex Brokers Funding and Withdrawal Methods?
When dealing with Forex Brokers having convenient funding and withdrawl facilities makes the trading process and your trading experience smoother.
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
| Bank transfer | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Credit Cards | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes |
| Paypal | Yes | No | Yes | Yes | No | Yes | No | Yes |
| Skrill | Yes | No | No | Yes | No | Yes | No | Yes |
| Payoneer | No | Yes | Yes | Yes | No | Yes | No | No |
| Neteller | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Find Forex Brokers with Round-the-clock support?
Customer service is very important when dealing with Forex Brokers.
When investing and dealing with brokers customer support can be a range of customer services to assist customers in making cost effective and correct use the brokers services. It can include assistance in installation, training, troubleshooting, upgrading, and cancelation of a product or service.
Forex Brokers customer support can include Phone answering services, Live chat support and Email customer service support.
IC Markets support a wide range of languages including English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
Roboforex support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian
IC Markets and Roboforex offer support where clients are able to call or contact the helpdesk via email or a chat service.
| Broker |
IC Markets
|
Roboforex
|
AvaTrade
|
Pepperstone
|
XM
|
XTB
|
NordFX
|
FP Markets
|
| Support |
|
|
|
|
|
|
|
|
| Languages | English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more | English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian | Arabic, Simplified Chinese, Traditional Chinese, Dutch, English, Finnish, French, German, Hungarian, Italian, Indonesian, Japanese, Mongolian, Polish, Portuguese, Russian, Spanish, Swedish, Thai, Malay, Korean and Turkish | English, Spanish, Portuguese, Thai, Russian, Italian, French, German, Polish, Chinese, Vietnamese, and Arabic | Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish | Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian | English, Arabic, Indonesian, Italian, Spanish, French, Russian, Chinese, Japanese, German, Portuguese, Thai, French, Malay, Greek, Vietnamese, Romanian, Turkish, Slovenian, Dutch, Polish, Finnish, Norwegian, Swedish, Serbian, Lithuanian, Hungarian, Galician, Estonian, Danish, Czech, Croatian, Bulgarian, Basque |
| Learn More | Visit IC Markets | Visit Roboforex | Visit AvaTrade | Visit Pepperstone | Visit XM | Visit XTB | Visit NordFX | Visit FP Markets |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 71% of retail investor accounts lose money when trading CFDs with this provider | 74-89 % of retail investor accounts lose money when trading CFDs | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Losses can exceed deposits | Losses can exceed deposits |
Make sure the Forex Brokers Offer Comprehensive Trader resources?
Make sure your broker offers free resources like analysis, education and risk-management tools. With a wealth of knowledge from top analysts, IC Markets and Roboforex work together to bring the latest news and insights to traders.
For most traders, the first – and sometimes only – concern is pursuing their 'edge'. While that is surely important, along with sound money management habits, to navigating the markets; that step alone does not represent the full preparation. As each trader dives into this important venture, it is important not to forget the most rudimentary yet crucial steps such as selecting the best broker to access the markets.
Why Forex Brokers needs to be regulated?
A regulated Forex broker lowers your risk.
Broker regulation protects consumers. Too little broker regulation can lead to poor services and possibly financial harm.
Forex brokers are regulated to stop fraud. The agent's working capital and clients funded account have to be separated. This amounts to fraud if client money is used to conduct the business. Regulation is required to make sure this does not happen.
Forex Brokers List
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, AndroidCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5Customer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account Pro Account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mac, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account XM Zero account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, Mirror Trader, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Learn more
Losses can exceed deposits