We found 11 online brokers that are appropriate for Trading Brokers.
The Forex market is like a quiet financial giant that seems to dwarf all the other capital markets in its world. You could say every time you travel abroad and exchange your money into foreign currency of that country, you have participated in the foreign exchange market or Forex. Before plunging into the Forex market and trading, let's first understand the eight main pairs in Forex.
When compared to the stock market which has thousands of stocks to choose from, in the currency or Forex market you only need to pay attention to the eight major pairs of currencies and then determine which pair for you gives you the best overvalued or undervalued odds. The eight currencies of the following countries are the majority trades in the currency market, they are:
These eight countries have the largest and most sophisticated financial markets in the world, and by focusing only on these eight currencies, we can benefit from the most creditworthy and liquid currencies on the world's financial markets.
What makes these eight countries so influential on world financial markets is that there are economic data that are released almost every day so that investors can follow developments in assessing the health of each country and analyzing their economic development.
One of the most important keys in currency trading is that yields drive returns. What this means is that when you trade currencies on the spot foreign exchange market, you are buying and selling two currencies at once.
All currencies are quoted in pairs, because the currency you buy will be valued in relation to the currency you pay, for example if you buy EURO using USD currency quoted as 1.3300 which means you have to spend 1.33 USD to give 1 EURO.
This explains that every time you make a foreign exchange transaction, you are simultaneously buying EURO currency and selling USD currency. As a result, you are using the yield of the currency you are selling (USD) to buy the currency you want (EURO).
The central bank of the particular country will have the authority to set the independent interest rate of their currency.
You are of course obliged to pay interest on the currency that you have sold and on the one hand you are also entitled to earn interest on the currency you buy.
For example, if you make a transaction in the New Zealand dollar pair with Japanese yen or it is called NZDUSD. Let us just say that New Zealand has an interest rate of 5% while Japan has an interest rate of 1%. On the currency market, interest rates are calculated on a basis point. Base points are valued at only 1/100 of 1%, so the calculation for New Zealand rates is 500 basis points and Japanese rates are 100 basis points.
If you buy NZDUSD, you will receive an annual interest of 5% but still have to pay 1% of the net return worth 5% -1% which equals 4% aka 400 basis points. There are several brokers that provide Islamic accounts that eliminate this interest and you can select it manually when opening an account.
In the Forex market known as leverage, the size of the leverage varies usually 100: 1, which means you can control your assets worth 10,000 USD with a capital of at least 100 USD. But keep in mind, the use of leverage can be a double-edged sword, you can get a big profit or a very large loss.
It can be said that the use of leverage basically exacerbates any kind of money market movement, because on the one hand it increases profits, on the other hand it can quickly cause large losses, although these losses can be limited through the use of stoppage.
Almost all Forex brokers offer margin limit protection in the form of software that monitors your positions 24 hours a day, five days a week and this software will automatically liquidate once the margin requirements are violated. This process will ensure your account will never send a negative balance below zero and your risk will be limited to the balance in your account.
It is good if you know where interest rates are heading. Interest rate direction is important in Forex trading and of course requires a good understanding of the economic development of the country concerned.
In general, countries that perform very well with good economic growth rates will usually raise interest rates in order to reduce inflation and control growth. On the other hand, countries whose economic conditions are in decline will of course also lower their interest rates because of a recession.
We've collected thousands of datapoints and written a guide to help you find the best Forex trading basics for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Brokers trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Brokers.
Compare Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Brokers that accept Brokers clients
Broker |
eToro
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IC Markets
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XTB
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AvaTrade
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FP Markets
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Trading212
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | 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) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), 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 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) |
Min Deposit | 200 | 200 | No minimum deposit | 250 | 100 | 1 | 100 | 200 | 100 | 5 | 100 |
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Used By | 17,000,000+ | 180,000+ | 250,000+ | 200,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with pepperstone |
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Up with easymarkets |
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Up with fxprimus |
Risk Warning | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% 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. | 72% of retail investor accounts lose money when trading CFDs with this provider | 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. | 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. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 | Your capital is at risk | Losses can exceed deposits |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. |
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We have listed top Brokers below.