We found 11 online brokers that are appropriate for Trading Forex Brokers.
There is a difference between an average trader and an exceptional trader. Factors for the difference include guts, intelligence, instincts, and timing. As there are several types of Forex traders, most of them follow these basic factors.
Among various types of Forex traders, some of them are successful in trading and building up wealth. Intelligence is one of the factors that keep them apart. Similarly, guts and instincts are required and perfect timing is important.
Apart from this, there are several external factors responsible for trades and these include leverage, effects of breaking news or events and nuances of currency pairs.
Day trader, position trader and swing trader are some of the common types of Forex traders. Below are some details of each:
We list some important traits of day traders.
A swing trader is slightly different from a day trader. He holds the positions for a few hours, unlike a day trader who holds for about 5 to 15 minutes. Sometimes he even holds for few days or longer and believes earning from taking entry to the market and timing of a change in direction is important for him. However, he too likes trading more on liquid currency pair similar to the preference of a day trader.
A position trader is different compared to a day trader and a swing trader with respect to the time frame. He prefers the longest time frame unlike the two. He does not monitor short-term movements and believes in a longer plan such as days, weeks and even months and years. He analyzes governmental decisions, economic models and interest rates before making decisions.
We just discussed the three common types of Forex traders. There are some factors that plays role in these categories to differentiate them further. The time frame is just one of the several factors to consider.
There are several factors to consider and below are some to understand to better know the types of Forex traders.
It is always to note that leverage is a double-edged sword. This helps in obtaining high profits and may risk the investment to a great extent. With the leverage feature, a trader can capitalize on an opportunity. However, it will depend upon the trader to decide whether to go for high leverage or low. High leverage is directly related to high risk.
Traders also consider the volatility of currency pairs. If high volatility is opted, it becomes a great challenge for a day trader. It is less challenging to a swing trader as he can hold the positions for more than a day, unlike a day trader who closes the position on the same day.
Traders need to always keep updated with breaking news and events to understand how the market will be affected. The related news and events include a central bank press release, rate change decisions and economic announcements. Short term traders are more impacted by the breaking news or events.
A trader decides which time frame is favorable or right for a Forex trading. Some may prefer thriving in volatile pairs. Some may believe in taking long term profitability.
A position trader analyzes the economy. If the economy is weakening, it is time for him to open a position and earn a profit in weeks, months or years when the economy gains strength due to governmental policies.
In this article, we explained the types of Forex traders. There are several types based on various factors, but the three common ones are day trader, swing trader and position trader. In broader terms, they differ based on trading time frames. The shortest time frame is for a day trader and the longest is for a position trader.
Even though it is true Forex is one of the best financial instruments to build up wealth, new traders are warned the Forex market can be classed as a high risk investment. Trading Forex is complex and may not suit every trader.
Before a trader steps into Forex trading, it is important to understand all aspects of Forex as this defines the possible risk level of an individual. It is also suggested to really be a good Forex trader one should gain some exposure with demo accounts or by opening positions with small capital.
We've collected thousands of datapoints and written a guide to help you find the best Types of Forex Traders 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 Forex Brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Forex 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 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 Brokers clients
Broker |
eToro
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IC Markets
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XTB
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AvaTrade
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Roboforex
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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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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) | Cyprus Securities and Exchange Commission (CySEC) | 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) |
Min Deposit | 200 | 200 | No minimum deposit | 250 | 1 | 100 | 1 | 100 | 200 | 100 | 5 |
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Used By | 17,000,000+ | 180,000+ | 250,000+ | 200,000+ | 10,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ |
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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, Mac, Web Trader, cTrader, Tablet & Mobile apps | 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 |
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Learn More |
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Up with trading212 |
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Up with plus500 |
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Up with pepperstone |
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Up with easymarkets |
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Up with xm |
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 | 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 |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
AvaTrade Demo |
Roboforex Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM 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 | 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 |
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 2021 article further below. You can see it now by clicking here
We have listed top Forex Brokers below.