Best Forex Brokers and Their Reviews

Every day, more than $4 trillion is accounted in traded value in the world’s largest financial market, the foreign exchange market. It is currently growing without a central place for itself and with a Forex brokers increasing number indeed. The wide brokers’ offer might be challenging for traders.

Choosing the best broker to direct a trading activity becomes a difficult task. Traders must examine consciously and carefully the Forex market among stunning magazines and mind-blowing web advertisements to find out the indicated Forex broker that can manage successfully the trading activity. Here, five must-dos are given as guidance on how to chose Forex broker question, to those who want to select the right Forex trader in this competitive environment.

Choosing Forex Broker

How to Choose Forex Broker: Governmental Subscriptions

In The United States, Forex trading activity is under the regulations of the National Futures Association (NFA). This is a self-regulatory and wide industry that rules, programs and develops services in order to assure the soundness of the market, traders, investors and, their right understanding of the binding responsibilities. Additionally to this industry, the US Commodity Futures Trading Association also works as an independent governmental agency that controls the prospective goods and options of the American market.

Therefore, a trustworthy Forex broker is registered in the aforementioned organizations as a Futures Commission Merchant and Retail Foreign Exchange Dealer. In fact, the certified broker will portray his/her affiliation and NFA member number online in the About Us section of every site.

Don’t let yourself to be dazzled by good-looking pages! Check brokers’ NFA membership or CFTC regulation before you choose Forex broker.

Choosing Forex Broker: Details Matters

Certain offers are given to brokers, such as:

Leverage and Margin, Leverage operates in benefit of winner traders due to their high profit potential increased. It also offers a loan boosted according to the margin of holders account, so traders have access to several Leverage amounts depending on the broker, such as 50:1 or 200:1. That means that a trader with an account with $1,000 can hold a position valued in $50,000 only by using 50:1 leverage amount. But be cautious when using it! As it can be seen in the article Forex Leverage: a Doubled-Edge Sword and Adding Leverage to your Forex Trading, leverage might work in favor of traders, but it can ruin them according to their amplified losses potential at the same time.

Commissions and Spreads, Commissions and spreads represent a source of money for brokers. Commissions can be charged of a specific percentage of the spread (bind and price difference of a Forex pair). Many brokers exonerate commissions and profit with wider spreads. This last can be shown when a spread is fixed as a spread of three pips – the minimum unit of Forex change price -, or when a spread price varies depending on the market volatility.

For example, if a 1.3943-1.3946 EUR/USD quote has three pips spread and bought at 1.346, it will lose three pips of value in its position because it is not sold for the initial price, 1.3943 pips. Most common trading pairs – EUR/USD and GBP/USD – usually have narrow spreads than those with more scantly traded pairs. The wider the spread, the harder the profit. Take this into consideration when comparing FX brokers.

How to Choose FX Broker? Deposits and Withdrawals

One of the most attractive features to newbie traders and investors is the purchasing power: it is bigger than the minimum traders’ deposits. So, brokers can offer a variety of accounts depending on the initial deposits requirements, among them standard, mini and micro accounts. These can be funded with very low initial deposits, less than $50.

Forex Brokers have policies regarding account withdrawals and funding. Withdrawals can be done by checks or wire transfer; and, accounts might be funded online by credit card, via ACH payment or PayPal, wire transfer, and business, personal or bank check. Brokers can also charge optionally a fee for any service provided.

The right pair offer

Brokers can offer traders a broad selection of Forex pairs despite the great currency issues available for trading. Their offer should match with the pair(s) in which the trader or investor shows interest into. However, a wide range is reduced to few currencies as they get the whole attention of traders due to their enormous liquidity. The favorite ones are the Dollar/Japanese Yen (USD/JPY), the Euro/US dollar (EUR/USD), the US Dollar/Swiss Franc (USD/CHF), and the British Pound/USD Dollar (GBP/USD). Remember, if you choose broker that does not offer your favorite pair, you will miss great part of your profits.

Choosing FX Broker: Unstoppable Service

Brokers support should be available to client as Forex trading is happening: 24 hours per day. Personal calling to brokers should be simple and easy. Therefore, traders can take a quick glimpse of the service provided, the waiting times, and the representative’s accuracy to be inquired about spreads, leverage, regulations and, especially, company details. Brokers can be also asked about the size of their’ traded volume -better prices and executions are given to those experienced brokers normally; and, the time practicing their job.

The Best Trading Platform

A trading platform is an investor’s portal to the market that must provoke enthusiasm and have linkage with traders. The easiness of the interface and software chosen must be taken into account as well as its amiable presentation and technical/ fundamentals analysis tools’ completeness. Also, the platform design is a must to care: In contrast with poor designed interfaces, a well arranged trading platform has well placed buy and sell buttons, customization options, order entry types, automated trading options, strategy builders, back testing, trading alerts and, a panic button to close all open positions – only some software include this option – in order to avoid costly mistakes like adding a position by accident instead of closing it or going short when the opposite is desired.

Most brokers offer a free demo account, so traders can explore the platform before opening and funding one.

Doing a bit of research before committing a broker it is beneficial and advisable. It can increase investors’ possibilities to succeed in this aggressive environment. As a final remark: relying on your forex broker will be advantageous since more time and attention can be dedicated to the analysis and the creation of strategies.

If you are interest to trade like a pro, Investopedia introduces a guide to teach you how to do it: Five patterns you need to know.

Full list of Broker reviews currently available

XM Group

XM Forex Review

Minimum deposit

5$

Regulation

CySEC, FCA, ASIC

Bonus

30$, 50%+20%

Maximum leverage

30:1

Year founded

2009

Trading platform

MT4, MT5, WebTrader

Forex.com

Forex.com Review

Minimum deposit

250$

Regulation

FCA, NFA

Bonus

N/A

Maximum leverage

200:1

Year founded

1999

Trading platform

MT4

Trade.com

Trade.com Review

Minimum deposit

100$

Regulation

CySEC

Bonus

N/A

Maximum leverage

400:1

Year founded

2015

Trading platform

MT4

ITRADER

ITRADER Review

Minimum deposit

250$

Regulation

CySEC

Bonus

N/A

Maximum leverage

500:1

Year founded

2012

Trading platform

MT4

Finq.com

Finq.com Review

Minimum deposit

$100

Regulation

FSA

Bonus

Up to 30%

Maximum leverage

294:1

Year founded

2014

Trading platform

MT4

CFD Global

CFDGlobal Review

Minimum deposit

$250

Regulation

CySEC

Bonus

Premium Package

Maximum leverage

1:300

Year founded

2016

Trading platform

MT5, WebTrader

IQ Option Review

IQ Option Review

Minimum deposit

$10

Regulation

CySEC

Bonus

N/A

Maximum leverage

1:30

Year founded

2013

Trading platform

WebTrader

Markets.com

Markets.com review

Minimum deposit

100$

Regulation

CySEC, FSB

Bonus

N/A

Maximum leverage

300:1 T&C Apply

Year founded

2008

Trading platform

Indigo, MT5, Webtrader, MobileTrader IOS/Android

Plus500

Plus500 Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

30:1

Year founded

2008

Trading platform

Custom

Z.Com Trade

Z.com Trade Review

Minimum deposit

5$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2005

Trading platform

MT4

Swissquote

Swissquote Review

Minimum deposit

1000$

Regulation

FCA, CySEC

Bonus

N/A

Maximum leverage

500:1

Year founded

1999

Trading platform

MT4, MT5

24 Capital Markets

24 Capital Markets Review

Minimum deposit

250$

Regulation

CySEC

Bonus

N/A

Maximum leverage

200:1

Year founded

2018

Trading platform

MT4

Xecryptobank

Xecryptobank.com Review

Minimum deposit

250$

Regulation

FCA, CySEC

Bonus

N/A

Maximum leverage

200:1

Year founded

2017

Trading platform

Custom

FinMarket

FinMarket Review

Minimum deposit

$250

Regulation

CySEC

Bonus

N/A

Maximum leverage

1:30

Year founded

2015

Trading platform

MT4, WebTrader, MobileTrader

Fort FS

Fort Financial Services Review

Minimum deposit

200$

Regulation

IFSC

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

Custom

Alvexo

Alvexo Review

Minimum deposit

100$

Regulation

FCA, CySEC

Bonus

N/A

Maximum leverage

300:1

Year founded

2015

Trading platform

MT4

TradeVest Broker Review

TradeVest Broker Review

Minimum deposit

$100

Regulation

N/A

Bonus

$100

Maximum leverage

1:1000

Year founded

2018

Trading platform

cTrader

Capital.com

Capital.com Review

Minimum deposit

$100

Regulation

CySEC

Bonus

N/A

Maximum leverage

1:200

Year founded

2016

Trading platform

MobileTrader

XTB

XTB Forex Broker

Minimum deposit

1$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2005

Trading platform

xStation

UFX

UFX Review

Minimum deposit

100$

Regulation

CySEC

Bonus

50$

Maximum leverage

400:1

Year founded

2007

Trading platform

MT4

IronFX

IronFX Forex Broker

Minimum deposit

500$

Regulation

FCA, CySEC

Bonus

N/A

Maximum leverage

500:1

Year founded

2010

Trading platform

Social Trader, MT5, MT4

Wisetrader

Wisetrader.com Review

Minimum deposit

200$

Regulation

CySEC

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

MT4

Fortrade

Fortrade Review

Minimum deposit

500$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2011

Trading platform

Custom

FXGiants

FXGiants Review

Minimum deposit

500$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2015

Trading platform

MT4

KeyStock

KeyStock Review

Minimum deposit

1000$

Regulation

MIFID

Bonus

N/A

Maximum leverage

400:1

Year founded

2000

Trading platform

MT4

LQDFX

LQDFX Review

Minimum deposit

25$

Regulation

FCA, CySEC, FSA

Bonus

N/A

Maximum leverage

100:1

Year founded

2016

Trading platform

MT4

PriorFX

PriorFX Broker Review

Minimum deposit

250$

Regulation

CySEC

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

Custom, MT4

Anzo Capital Limited

Anzo Capital Limited Forex broker Review

Minimum deposit

100$

Regulation

IFSC

Bonus

N/A

Maximum leverage

500:1

Year founded

2016

Trading platform

MT4

CMC Markets

CMC Markets Review

Minimum deposit

0$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2008

Trading platform

MT4

FCI Markets

FCI Markets Broker Review

Minimum deposit

1000$

Regulation

FCA

Bonus

N/A

Maximum leverage

400:1

Year founded

2010

Trading platform

Custom, MT4

Imarkets 360

Imarkets 360 broker review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

1:1

Year founded

N/A

Trading platform

Custom

UMarkets

UMarkets Review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

2010

Trading platform

MT4

Colmex Pro

Colmex Pro Review

Minimum deposit

400$

Regulation

CySEC

Bonus

N/A

Maximum leverage

200:1

Year founded

2015

Trading platform

Custom

Elxi Markets

Elxi Markets Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2014

Trading platform

MT4

FreshForex

FreshForex Review

Minimum deposit

400$

Regulation

N/A

Bonus

N/A

Maximum leverage

1000:1

Year founded

2004

Trading platform

MT4

FXINPRO Capital

FXINPRO Capital Review

Minimum deposit

50$

Regulation

CySEC, MiFID, FCA, BaFin

Bonus

N/A

Maximum leverage

500:1

Year founded

2013

Trading platform

FXINPRO Protrader 3

FxPro

FxPro Forex Broker

Minimum deposit

100$

Regulation

FCA, CySEC

Bonus

N/A

Maximum leverage

500:1

Year founded

2006

Trading platform

MT4

GIFx Capital

GIFx Capital review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

MT4

INTFX

INTFX Broker Review

Minimum deposit

25$

Regulation

N/A

Bonus

30%

Maximum leverage

100:1

Year founded

2015

Trading platform

MT4

JCMFX

JCMFX Broker Review

Minimum deposit

10$

Regulation

FSA

Bonus

N/A

Maximum leverage

200:1

Year founded

2015

Trading platform

MT4

Milton Markets

Milton Markets review

Minimum deposit

200$

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

N/A

Trading platform

MT4

Stocksforex

Stocksforex Scam Review

Minimum deposit

1000$

Regulation

IFSC

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

MT4

Sainmaco

Sainmaco Review

Minimum deposit

$200

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

2015

Trading platform

MT4

GMPFX

GMPFX Forex broker review

Minimum deposit

$2.5

Regulation

N/A

Bonus

N/A

Maximum leverage

2000:1

Year founded

2009

Trading platform

MT4

TradeFW

TradeFW Review

Minimum deposit

$250

Regulation

CySEC

Bonus

N/A

Maximum leverage

1:30

Year founded

2017

Trading platform

MT4, WebTrader

Ainvesting

Ainvesting Review

Minimum deposit

$200

Regulation

BFSC

Bonus

N/A

Maximum leverage

1:30

Year founded

2017

Trading platform

WebTrader

Tradescrypto

Tradescrypto Review

Minimum deposit

€1,000

Regulation

N/A

Bonus

N/A

Maximum leverage

1:20

Year founded

2017

Trading platform

WebTrader

Vistabrokers

Vistabrokers Review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

N/A

Trading platform

Custom

TraderNovo

TraderNovo Review

Minimum deposit

250$

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

2014

Trading platform

MT4

XTrade

XTrade Review

Minimum deposit

100$

Regulation

FCA, ASIC

Bonus

25$

Maximum leverage

400:1

Year founded

2015

Trading platform

Cusom

TeraFX

TeraFX Scam Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

200:1

Year founded

2016

Trading platform

MT4

Binomo

Binomo Review

Minimum deposit

200$

Regulation

MIFID

Bonus

N/A

Maximum leverage

N/A

Year founded

2015

Trading platform

Custom

USGFx

USGFx broker review

Minimum deposit

100$

Regulation

ASiC

Bonus

N/A

Maximum leverage

200:1

Year founded

2012

Trading platform

MT4

Trade Capital

Trade Capital broker review

Minimum deposit

200$

Regulation

N/A

Bonus

N/A

Maximum leverage

300:1

Year founded

2015

Trading platform

MT4

Brokers Station

Brokers Station Review

Minimum deposit

1000$

Regulation

N/A

Bonus

N/A

Maximum leverage

400:1

Year founded

N/A

Trading platform

MT4

ECN Capital

ECN Capital Review

Minimum deposit

500$

Regulation

N/A

Bonus

N/A

Maximum leverage

400:1

Year founded

2011

Trading platform

MT4

FXB Trading

FXB Trading Review

Minimum deposit

25$

Regulation

N/A

Bonus

N/A

Maximum leverage

500:1

Year founded

2011

Trading platform

MT4

Indigo DMA

Indigo DMA Review

Minimum deposit

10$

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

2016

Trading platform

MT4

ITI FX

ITI FX Review

Minimum deposit

50$

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

N/A

Trading platform

MT4

JAFX

JAFX broker review

Minimum deposit

200$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

2015

Trading platform

MT4

Markets Yes

Markets Yes Review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

N/A

Year founded

N/A

Trading platform

N/A

Neferma

Neferma Review

Minimum deposit

100$

Regulation

N/A

Bonus

N/A

Maximum leverage

400:1

Year founded

N/A

Trading platform

Neferma Trader

S2Trade

S2Trade broker review

Minimum deposit

200$

Regulation

N/A

Bonus

N/A

Maximum leverage

100:1

Year founded

2014

Trading platform

MT4

SuperForex

SuperForex Review

Minimum deposit

100$

Regulation

IFSC

Bonus

N/A

Maximum leverage

100:1

Year founded

N/A

Trading platform

MT4

Atirox

Atirox broker review

Minimum deposit

200$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

N/A

Trading platform

MT4

ForexBull

ForexBull broker review

Minimum deposit

250$

Regulation

N/A

Bonus

N/A

Maximum leverage

200:1

Year founded

N/A

Trading platform

MT4