Best Forex Brokers

There’s no doubt that Forex trading are always evolving. The modern day trader now has access to myriads of tools for currency trading. This is geared towards making life easier for the professional and novice trader alike. Forex brokers provides benefits to currency traders. These include 24/5 market, high liquidity, low transaction cost. Also ability to use leverages, plus you can go high or low on any market.

Choosing the Best Forex brokers nowadays is not always easy, and what’s best for you may be different than what’s best for someone else. This guide is for anyone who wants to trade Forex but doesn’t know which Forex brokers to pick.

This is where we can help. Our in-house research team spends hours testing FX brokers and trading platforms so you don’t have to. We also get people just like you to take them for a spin and give us their feedback: what they liked, what they didn’t like, and what they’d improve.

We’ve tested 53 trading platforms so far (and plan to test lots more!) on important factors such as ease of use, value for money, platform flexibility, education, feature quality and customer support. This allows us to provide you with completely impartial and accurate advice about every single trading platform we feature, so you can find the right one for you.

Best Forex brokers offer different account types and specify key trading conditions on their trading sites, which are usually designed with a no nonsense approach. With the best Forex brokers it is easy to make money trading Forex in 2019. They strive to provide the best customer experience and give the widest opportunities to their traders!

Nonetheless, there are literally hundreds of Forex brokers on the market nowadays, and knowing which one you should use can be tricky. Trust us, we know from experience.

Some Forex brokers include obscure images on their website in an attempt to mislead (potential) clients that they have won awards as “Best broker 2019”. Now, if you compare these Forex brokers with what best and top rated Forex brokers offer in the market, you will realize that there is a big disparity there. You will understand that some Forex brokers are rip off and a place where people should not trade their money if they do not want to get scammed.

Contents

Best Forex Brokers

We’ve listed our 6 best Best Forex brokers below. Also look at the table to find out more about each broker.

  1. IQOption – Best Overrall Forex Broker, Best Forex Trading Platform, No1 for beginners
  2. Etoro – Best Forex Broker For Crypto trading, Copy Expert traders, Beginner friendly.
  3. DaxRobot – Best Automated Trading Robot, trusted forex broker
  4. XM Forex – Most Versatile Forex Broker, up to 300 trade able assets
  5. BDSwiss – Best Forex Broker Europe,  easy web based platform, trading Alerts.
  6. ForexTime – Best ECN Forex Broker
BrokerMinimum DepositRegulationBest 
$10CySECNO1 for Beginners, Best PlatformForex Broker Website
$200CySEC, FCASocial Trading, For BeginnersForex Broker Website
$250N/AAutomated TradingForex Broker Website
$5CySEC, ASIC, FCA, IFSCWide Variety of AssetsForex Broker Website
$100CySEC, US NFA, FSCEurope, Education, Free Signals, Easy web platform.Forex Broker Website
$10FCA, CySECECN Broker, $/€/£/NGN accountsForex Broker Website

 

IQOption – Number one for beginners, Unique trading platform

IQOption is an online trading platform that enables customers to trade a variety of financial instruments and assets such as Forex, Binary Options, Stocks, and Cryptocurrencies.

Founded in 2013 and operated by IQ Option Ltd, the site has quickly became one of fastest growing online trading platforms and claims to have over 20 million account holders from around the world.

IQOption is also based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySEC), the company is fully compliant with the legislation put forward by the commission and fully authorized to sell their products to clients in a number of jurisdictions.

1. Best Forex Broker – IQOption Platform 2019

In terms of trading platform, we can say that IQ Options opted to design their own bespoke trading facility which is unique to the brand.

This platform was re-designed and improved to version 4.0 in 2016. Because of this, most options traders who are used to regular trading platforms will find it advanced yet intuitive and reach with features that can never be found on standard broker platforms.

The platform can either be downloaded or used on the internet without the need to install it on your device. A wide range of charts are also offered. These include line, candlestick, Area and Bar charts respectively.

In terms of reputation, this broker has its brand completely covered with no stain or history of mistreating or misguiding their traders. Most industry blogs have admitted that IQ Options is way ahead of the industry, and are generally more than decent when it comes to handling their customers’ needs.

If you sign up now, you will enjoy the following features:

  • Safe trading since they are regulated
  • All-in-one trading facility where you can trade Forex, Binary and Cryptocurrency assets
  • Minimum deposit of $10 with highest payout of 90% per trade.
  • Smooth, intuitive trading platform backed by cutting-edge technology which is constantly being improved
  • Direct access to Crypto-currency markets

Website: https://iqoption.com/en

Etoro – Best Forex Broker For Crypto trading, Copy Expert traders

Etoro is the world leading social trading platform. When we did a review on this broker, we were quite pleased to find out that they were offering crypto-currency trading to US traders. In this case, traders can follow and automatically copy the trades of top experts investing in crypto currency.

Etoro is among the few forex brokers on the internet offering trading opportunities to those who would like to take advantage of the volatility of Bitcoin and other crypto-currencies.

However, this Forex broker is also providing other regular Forex products and services.

Minimum investment of $200 traders can afford their CopyTrader technology that allows you to automatically copy expert traders on their platform.

2. Best Forex Broker – Etoro Platform 2019

Etoro USA

American investors are currently only able to invest on 10 Crypto Currency coins. Eventually they will add more products for Americans to trade.

Also, being that Etoro is is well-regulated by multi governing bodies, it’s safe to conclude that this is one of the safest brokers to trade with on the internet, which is why they easily made it into our list of top rated Forex brokers on the web.

Website: https://www.etoro.com/

DaxRobot works with a trusted broker

DaxRobot is the best automated trading software that integrates with a trusted forex broker. DaxRobot uses artificial intelligence to analyze the behavior of Forex/Crypto currency markets and also to generate signals that can be used to trade effectively. Having tested it many times, we are very confident that this software could be the next big thing in both Forex trading. Unlike other Forex trading robots which require a subscription or a one-off payment to issue a license, this one is free. Just sign up, fund your account, choose a few settings and you’re good to go. This innovate Forex/Crypto trading platform is definitely a must-have in your arsenal of trading tools.

3. Best Forex Broker – DaxRobot Auto Trading Platform 2019

Website: https://daxrobot.com/

XM Forex – Most Versatile Forex Broker, up to 300 trade able assets

XM broker takes pride in offering over 300 investment instruments which range from currency pairs, to commodity, indices, metal and so on.

XM is also one of the most generous top rated Forex brokers in terms of bonuses since clients can access up to $5000 in pure bonus money.

The broker has been offering a unique leverage of 888:1 which can be adjusted accordingly to suit your needs.

XM Forex broker has 3 different types of accounts which traders can choose depending on their needs.

These include Micro, Standard and XM Zero accounts. Of course these accounts have various features which may inform your decision when choosing one account as opposed to the other.

4. Best Forex Broker – XM Trading Platform 2019

Website : https://www.xm.com/mt4

BDSwiss – Best Forex Broker Europe,  easy web based platform, trading Alerts, education and academy

BDSwiss is one of the best and widely used Forex broker the market has to offer. Without a doubt, this is one of the most transparent and professional brokers the market has to offer. With years of experience, this brokerage firm has been in existence since 2012. Thanks to their level of professionalism, they have been rated the best Forex broker in 2019.

This broker offers free $10,000 demo and trading signals making it an attractive option for all. Members also enjoy leverage of up to 1:400 not forgetting instant withdrawals. It offers over 250 underlying assets for CFD trading including Shares, Forex, Metals, Commodities, crypto and Indices. The web based trader is nice and easy to navigate. There are three different accounts to choose from making it an all-inclusive Forex broker; the Basic, RAW Spread and Black Account. The difference between the trading account types, are the average spreads. The minimum deposit for a Basic trading account is €100, which is one of the lowest for a European licensed broker, see here.

BDSwiss was launched in the Zurich area in the year 2012. The business currently has more than €20bn in forex trades each month. And yes, it comes highly regulated. BDSwiss is licensed and regulated in the European Union by CySEC under the name BDSwiss Holding Plc. Their license number from the Cyprus Securities and Exchange Commission is 199/13.

It has two different trading platforms which are considered to be the best in the industry. With BDSwiss, you will get MT4 and MT5 trading platforms which support hedging. This means that users get fast executions when trading and can use any device, desktop or mobile platform versions for Windows, iOS and Android. Various payment methods are also available for customers to choose from. Visa, WebMoney, Neteller, are among the payments methods to choose from. Simply put, it has the best service and is ranked 5 stars by most clients.

They are a popular CFD broker in Italy, United Kingdom, Germany and South Africa. As a global international broker, their site is localized in the following languages; Chinese, Turkish, Indonesian, Malay, Czech, Romanian, Korean, French, Norwegian, Polish, and Danish.

BDSwiss Forex Broker Academy hosts an impressive collection of educational video courses series, covering unique trading concepts and organised in three separate levels including beginner, intermediate and advanced.

BDSwiss Forex Broker
5. Best Forex Broker – BDSwiss Trading Platform

Official Broker Website: https://www.bdswiss.com

ForexTime FXTM – Best For ECN, $/€/£/NGN

FXTM handles a very huge trading volume on a monthly basis — which is one of the qualities of top rated Forex brokers. They are also well-regulated and keen on listening to their customers’ needs.

Their ECN account type only requires a minimum deposit of $500 which is very affordable so to speak.

Please note that for clients who reside in Nigeria, there is a minimum deposit requirement of $/€/£100 or ₦40,000 for Standard accounts, $/€/£200 or ₦80,000 for ECN Zero accounts and $/€/£200 or ₦80,000 for ECN accounts. For clients who reside in South Africa, there is a minimum deposit requirement of $/€/£100 for Standard accounts, $/€/£200 for ECN Zero accounts and $/€/£500 for ECN accounts. For clients who reside in Tanzania, Ghana and Kenya, there is a minimum deposit requirement of $/€/£200 for ECN accounts.

Minimum investment is $/€/£10 or ₦2000, which is also pocket-friendly meaning that all traders can afford what FXTM is offering on their platform.

Investors at FXTM have a variety of trading platforms to choose from including the latest MetaTrader5, MT5 Pro, MetaTrader4, MT5 Web Trader, VPS, and the iOS & Android MT4 mobile apps. Available for trading is more than 250 assets in all categories of Currency pairs, Commodities (Gold, Oil, Silver), Shares, Market Indexes and CFD’s.

Crypto Currency pairs; Bitcoin, Ethereum, or Litecoin were listed for trading since December 2017. Copy trading is available via FXTM Invest with strategy managers from around the world.

A variety of bonuses are offered at the broker, and it seems that 30% is the standard for 2019. Naturally you can test out the broker with a free demo trading account, or just get a new trading account with a small deposit of only $100, register here.

ForexTime Broker
6. FXTM Trading Platform

Official Broker Website : https://www.forextime.com/

The largest Forex and CFD broker now in the United states is Forex.com. If you want to no more about Forex.com Review, you can do so by clicking this link: https://forexbrokerexpert.com/forex-com-review/.

More Forex Brokers

OANDA

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
77

Summary

OANDA is a leading global forex broker, offering online trading in a wide range of currency pairs, CFDs and precious metals under attractive conditions.

There is only one standard type of trading account at OANDA. On the one hand, this limits clients’ choice; on the other, it means that all account holders are treated equally.

To make things even better, this broker doesn’t require any minimum deposit, nor minimum trade size. However, you need to have at least $1 in your account balance in order to initiate a trade.

  • Minimum deposit: Any Amount
  • Spread: 1.4 on EURUSD
  • Leverage: 1:50
  • Assets: Forex pairs, CFDs on indices, commodities, precious metals, stocks, and cryptocurrencies.
  • Trading Platform: Custom-made fxTrade, Protrader Multi-Connect (PTMC) and the popular MetaTrader 4.
  • License: CFTC and NFA (USA)

Oanda Trading Accounts

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard $1N/A1:501.4 pips on EUR/USD, variable

Title Here

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Pros
  • Variety of platforms offered
  • Mt4 available
  • No initial deposit required
  • No minimum trade size
  • No commission and account maintenance fees
  • Well-regulated

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Cons
  • Market maker
  • Low maximum leverage

The Company

OANDA is one of the pioneer online forex brokers. Established back in 1996, It is now a large group with offices in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. ALL group companies are duly regulated by the relevant authorities in the US, Singapore, Canada, the UK, Japan and Australia.

OANDA offers Internet-based forex trading and currency information services to both retail and institutional customers. The broker is a market maker, having one of the largest currency databases in the world. Its product portfolio includes forex, index, commodity & bond CFDs, as well as precious metals.

Security of Funds

OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association.

All OANDA Subsidiaries, including OANDA Asia Pacific Pte. Ltd. (Singapore), OANDA (Canada) Corporation ULC (Canada), OANDA Europe Limited (UK), OANDA Japan Inc. (Japan) and OANDA Australia Pty Ltd. (Australia) are duly licensed and regulated by the respective bodies.

Trading Conditions

Minimum Initial Deposit 
OANDA has no minimum deposit requirements for opening an account. This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money.

Average spreads & Commissions
This broker offers variable spreads, the average ones on EUR/USD amounting to 1.4 pips, which is on the upper end of average. Clients, however, take advantage of commission-free trading, as OANDA doesn’t charge any commission for their trading services, nor any account maintenance fees. Instead, the broker gets its remuneration through the spread.

Maximum Leverage
OANDA offers a maximum leverage level of 1:50 on FX products, which is quite low, however, the broker has no choice, since US regulator has set a limitation on leverage ratios. CFTC limits leverage available to retail forex traders in the United States to 1:50 on major currency pairs and 20:1 for all others.

Trading Platforms

Oanda provides its clients with a choice of threetrading platforms: its custom-made fxTrade, Protrader Multi-Connect (PTMC) and the popular MetaTrader 4.

fxTrade comes in desktop, web and mobile versions. It has a simple, yet effective interface, and what is more important – superb execution speed. According to OANDA`s website, this platform executes 98% of trades within 0.057 seconds or less, which is super-fast.

Furthermore, fxTrade is equipped with intuitive and powerful charting features, multiple sub-accounts to test different trading strategies and financial news and market analysis from leading news providers.

We presume that fxTrade is aimed mostly at new traders, since it has all the usual functionalities, but more advanced features are missing.

Oanda recently added to its platforrms line up Protrader, developed by PFSOFT. Protrader offers everything regular forex trading platforms do: Advanced charts and technical analysis, indicators, various order types, customization options, and auto trading options. In fact, Protrader has created AlgoStudio – a professional algorithmic strategy development tool. It enables users to test different types of data aggregation: time, ticks, range, Renko, LineBreak, etc.

In addition, Oanda offers the powerful MetaTrader 4, which is highly regarded by the online trading community mostly because it allows users to fully automate their trades. By choosing from a wide range of Expert Advisors (EAs), traders may sit back, while the program does all the work. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.

In addition, fxTrade bridges directly to MetaTrader 4 using custom-built technology, which we find useful.

Methods of Payment

OANDA offers its clients various methods to deposit/withdraw funds to and from their accounts. They vary, depending on the OANDA division of registration, but the main payment modes are debit/credit card, bank wire, checks, PayPal and UnionPay.

 

IG

Most transparent, Best Overall

ig
  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
88

Summary

Being part of a large international group with more than 40 years of experience in the industry, IG is a reliable and well-regulated broker, offering competitive conditions for trading in wide range of financial instruments on several platforms.

IG offers spread betting and CFD services with the same spreads. CFD accounts are two types – Standard & DMA. The Standard one is commission-free, while the DMA account provides lower spreads, as prices are offered by liquidity providers, plus a variable commission, based on the client’s order size.

The broker does not offer micro lots for trade (0.01 lots), so some traders may find it difficult to manage the risks associated with high-volume trading.

  • Locations: Australia, UK, Switzerland, UAE, Singapore, and Japan
  • Minimum deposit: Any Amount
  • Spread: 0.6 on EURUSD
  • Leverage: 1:200
  • Assets: Forex pairs, CFDs on indices, commodities, precious metals, stocks, and cryptocurrencies.
  • Trading Platform: IG platform, web-based ProRealTime, DMA platform – L2 Dealer, as well as the industry’s standard MetaTrader 4 (MT4).
  • License: FCA (United Kingdom), BaFin (Germany), FINMA (Australia), ASIC (Australia), FMA (New Zealand), DFSA (UAE), JFSA (Japan), MAS (Sinagapore)

IG Trading Accounts

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard $00.11:200**0.6 pips
DMA $00.11:2000.2 pips + commission $3-$5*
*commission is calculated per standard lot per side and is based on trading volume
**The IG branch in Singapore offers maximum leverage of 1:50.

 

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Pros
  • Multiple International License
  • Competive Spread
  • No minimum initial deposit required
  • Wide range of trading instruments & platforms
  • Part of a large publicly listed group with more than 40 years of experience

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Cons
  • No micro lots available
  • Limited payment methods

The Company

Founded in London in 1974, IG (formerly IG Index) is a pioneer broker, that actually created the concept of financial spread betting. Furthermore, IG was the first spread betting firm to introduce online dealing in 1998.

Currently, the group of companies offers wide range of products for online trade, available on a selection of platforms: contracts for difference (CFDs) on currency pairs, indices, commodities, stocks, financial spread betting (in the UK and Ireland), as well as binary options. In 2014 the broker also introduced execution-only stockbroking in the UK and Ireland, later rolling it out to the Netherlands and Germany.

The IG Group also owns the North America Derivatives Exchange (Nadex), the premier and largest regulated online US exchange, offering binary options and spreads.

In addition, the group is listed on the London Stock Exchange and the FTSE 250. In fact, it is currently the largest forex broker listed on the LSE in terms of market capitalization.

Its UK head office is located in the heart of the City of London, and the group has sales offices in 15 other countries.

IG is a trading name of IG Markets Ltd. and IG Index Ltd, authorized and regulated by UK’s Financial Conduct Authority (FCA). For binary bets IG Index Ltd. is also licensed and regulated by the Gambling Commission.

Trading Conditions

Minimum Initial Deposit

Clients of IG are not required to deposit a certain initial amount in order to open an account with IG, however they have to fund their accounts in order to initiate a trade. For instance, in order to buy 1 lot GBP/USD (1 contract is £100,000 and the margin rate is 0.5%), one has to deposit at least £500.

Average Spreads & Commissions

IG offers competitive low spreads, averaged to 0.6 pips on EUR/USD on commission-free accounts, and even less on DMA ones (which involve a commission). Such pricing is really good, as we find most brokers offer spreads within the range of 1.0 – 1.5 pips.

Leverage

The maximum leverage levels offered by IG are up 1:200, which is considered average.

Trading Platforms

This broker offers a selection of robust platforms: its proprietary IG platform, web-based ProRealTime, a special DMA platform – L2 Dealer, as well as the industry’s standard MetaTrader 4 (MT4).

The web-based ProRealTime has customisable layout and is equipped with several charting packages, Over 100 indicators covering everything from price to volatility, automated trade options and extensive historical data.

For those who want full market depth with Direct Market Access (DMA) for FX, share dealing and equity CFDs, IG offers the downloadable L2 Dealer platform. It provides greater liquidity on shares trading through access to primary exchanges, market makers, brokers and MTF dark pools. With L2 Dealer, traders can place basket trades using the Excel-compatible ‘Watchlist Pro’ function, autotrade by using algorithms they have created in Excel and to make well-informed decisions due to the market-linked news feeds and live charts.

In addition, traders who are used to the good old MetaTrader 4, are able to use it with IG.

Methods of Payment

IG UK`s clients are able to make deposits and withdrawals via credit/debit cards or wire transfer. Popular e-wallets, such as BPay, China UnionPay and Paypal, are also available as payment methods with this broker.

 

FXCM

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
79

Summary

One of the biggest FX brokerages worldwide, FXCM is an excellent choice: a reliable and well-regulated broker, offering excellent trading conditions on a wide range of trading platforms.

FXCM offers two account types: Standard and Active Trader. For those unwilling to expose themselves to the greater risk related to trading in large volumes, micro lots are available on all account types.

  • Locations: Australia and UK
  • Minimum deposit: UK ($300), Australia ($50)
  • Spread: 0.6 on EURUSD
  • Leverage: 1:400 (Australia)
  • Assets: Forex pairs, CFDs
  • Trading Platform: IMetaTrader 4, its award-winning Trading Station, and NinjaTrader.
  • License: FCA (United Kingdom), and ASIC (Australia)

FXCM UK

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard $30010001:301.5 pips + commission $4 (£3 in the UK)*
AciveTrader$25 0000.011:300.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) *
*Commission is calculated per standard lot of 100 000 base units (per side).

FXCM Australia

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard $5010001:4001.5 pips + commission $4 (£3 in the UK)*
AciveTrader$25 0000.011:4000.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) *
*Commission is calculated per standard lot of 100 000 base units (per side).
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Pros
  • Group of companies with multiple regulations
  • Tight spreads
  • Low initial deposit
  • A selection of trading platforms offered
  • Advanced copy trading options
  • Price improvement (e.g. positive slippage) is available

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Cons
  • Stocks, options, and futures are not available for trade

The Company. Security of funds

This broker takes regulation, financial transparency and investor protection very seriously. In order to maintain transparency of operations, the company provides regular press releases where anyone can see the broker’s monthly execution data. Besides, the companies within the FXCM group are regulated by some of the most respected regulatory bodies in the world: FCA in UK and ASIC in Australia.

Trading Conditions

Minimum initial deposit

In order to open an account with FXCM Australia, one has to invest just $50, which is a low minimum initial deposit. FXCM UK requires minimum deposit of $300, in line with the industry average.

Spreads & Commission

FXCM offers competitive variable spreads, averaged 1.5 pips on EURUSD on commission-free accounts.

Active Trader account holders may benefit from tighter spreads and commission discounts, provided that they satisfy certain trading volume requirements. For further information, you may check out and compare real-time spreads of 10 leading brokers here.

Maximum leverage

FXCM UK offers the highest possible under ESMA regulations spread levels to all of its clients:

  • 30:1 leverage restriction for major currency pairs
  • 20:1 for non-major currency pairs, gold and major indices
  • 10:1 for commodities other than gold and non-major equity indices
  • 5:1 for individual equities and other reference values

The maximum leverage offered by ASIC-regulated FXCM Australia is quite higer:

  • 400:1 leverage for Forex trading
  • 200:1 leverage for CFD trading

Trading platforms

This broker offers a selection of robust trading platforms to its clients, including the most popular MetaTrader 4, its award-winning Trading Station, and NinjaTrader. In addition, Copy trading is available through the advanced web platform ZuluTrade.

FXCM’s In-house award-winning platform Trading Station is available as desktop, web, and mobile versions.  Apart from its sleek design and intuitive interface, Trading Station comes equipped with Marketscope – a powerful charting package. Here are some of its key features:

  • Place and manage trades from the charts;
  • Pre-loaded Indicators: over 30 popular indicators like MA, MACD, Bollinger Bands and RSI;
  • Custom Indicators: over 600 custom indicators available;

As trading robots are extremely popular among forex investors, Trading Station offers automated strategies that take the human element out of trading and what is more, you don’t need to stare at the PC screen all the time. You may easily determine key areas where your trading strategies can be improved, and gain confidence in your robots prior to applying them by using the platform’s strategy optimizer conducts excessive backtesting.

There are also some exclusive tools with Trading Station, like the unique order type, Good Till Date, which lets you execute at specific times; and the broker’s exclusive Real Volume indicators, which opens FXCM’s trading book of traders around the world.

NinjaTrader is another platform supported by FXCM. It has simplified interface and offers all of the functionalities that you can make use of if you trade on Metatrader 4 or the desktop version of Trading Station, and even more. You can also benefit from fast execution, trading from charts, creating your own trading strategies, superior back-testing options, custom indicators and alerts.

Those traders who stick to the good old MetaTrader 4 (MT4) will not be disappointed with FXCM, as the broker fully supports this powerful multiasset software. The platform comes equipped with an outstanding charting package, numerous built-in technical indicators, Fibonacci retracements, trend lines, support and resistance levels, and so on – pretty much everything a trader needs. Those who are handy with code may create their own automated strategies (EAs) and custom indicators in the MQL programming language.

Payment methods

Clients of FXCM may make deposits and withdrawals from and to their accounts via debit/credit card, bank wire transfer, check, and ACH (Automated Clearing House).

 

FXPro

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
85

Summary

FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence.

  • Founded: 2006
  • Locations: UK, Bahamas, Cyprus, UAE
  • Offices: London, Limassol, Dubai, Nassau, Monaco
  • Broker Type: STP/ECN
  • Minimum deposit: from $100
  • Spread: Average on EURUSD
  • Maximum Leverage: up to 1:500 (1:30 for EU clients)
  • Assets: Currencies, Crypto, Indices, Metals, Energies, Softs ,Stocks
  • Trading Platform: Web MetaTrader 4 MetaTrader 5 cTrader
  • Method of payment: Wire, Credit card, Neteller, Paypal, UnionPay
  • License: FCA (UK), CySEC (Cyprus), DFSA (Dubai) , SCB (Bahamas)

FXPro Accounts

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
MT4$1000.011:500fixed 1.6 pips
variable 1.4 pips
MT5$1000.011:5001.4 pips
cTrader$1000.011:5000.3 pips +$4.5*
*Commission is calculated per standard lot of 100 000 currency base units (per side).

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Pros
  • Excellent Regulation
  • Negative balance protection
  • Multiple trading platforms offered
  • Competitive spreads & pricing
  • High leverage levels offered
  • Pure NDD brokerage
  • Fast execution speed

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Cons
  • No major disadvantages

Saxo Bank

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
71

Verdict

Heavily regulated and very reputable broker, as well as a bank, Saxo Bank is an excellent choice of every broker, who is willing to or capable of investing $10 000. Saxo has received numerous awards over  the years and offers efficient, state-of-the-art customer service.

  • Founded: 1992
  • Locations: Australia UK Switzerland Denmark UAE Singapore Hong Kong Japan
  • Offices: Sydney, London, Zurich, Copenhagen, Dubai, Singapore, Hong Kong, Tokyo and many other cities
  • Broker Type: STP/ECN
  • Minimum deposit: from $10000
  • Spread: Average Variable Spread of 0.5pips on EURUSD
  • Maximum Leverage: up to 1:70 (1:30 for EU clients | differently restricted for others)
  • Assets: Forex, indices, Metals, Energies, Softs, Stocks, Bonds, ETFs, Interest Rates
  • Trading Platform: Web, Speific (SaxoTrader)
  • Method of payment: Wire, Credit card
  • License: ASIC (Australia), FCA (UK), FINMA (Switzerland), DFSA Dubai), Central Bank of UAE, MAS (Singapore), SFC (Hong Kong), JFSA (Japan)

Saxo Bank Accounts

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
All-Inclusive Price Plan$10,0000.051:1002.0 pips on EUR/USD, fixed
Volume Price Plan$10,0000.051:100average 0.5pips + $2 – $6/lot*

*Commission is calculated per standard lot of 100 000 base units (per side), depending on the trading volume. The commission is $6/lot per side by default, however if a Saxo Bank’s client trades a minimum of $600 monthly, the commission is reduced by 50% to $3/lot per side; and if a client trades $ 2000 monthly and more, the commission applied amounts to just $2/lot per side.
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Pros
  • Excellent regulation in multiple jurisdiction
  • Competitive pricing
  • Advanced award-winning platforms
  • Extensive portfolio

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Cons
  • High initial deposit
  • MT4 not Supported
  • Market maker model

SwissQuote

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
82

Verdict

Heavily regulated and very reputable broker, as well as a bank, Swissquote offers online trading in a variety of financial instruments under typical trading conditions through a variety of platforms.

  • Founded: 2000
  • Locations: UK, Switzerland, Malta, UAE, Hong Kong
  • Offices: Zurich, London, Bern, Malta, Dubai, Hong Kong
  • Broker Type: STP/ECN
  • Minimum deposit: $1 (on Standard account)
  • Spread: Average Variable Spread of 1.8 pips on EURUSD
  • Maximum Leverage: up to 1:100 (1:30 for EU clients)
  • Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Bonds, ETFs
  • Trading Platform: Metatrader 4 (MT4), MetaTrader 5 and AdvancedTrader.
  • Method of payment: Wire, Credit card, China UnionPay
  • License: ASIC (Australia), FCA (UK), FINMA (Switzerland), DFSA (Dubai), MFSA (Malta), SFC (Hong Kong)

SwissQuote

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard $10.011:100from 1.8 pips on EUR/USD
Premium $25,000 0.1 1:100from 1.6 pip on EUR/USD
Prime$100,0000.11:100from 1.3 pip on EUR/USD
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Pros
  • Very well-regulated
  • Variety of platforms to choose
  • MT4 available
  • No minimum deposit required

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Cons
  • Market Maker model
  • Low leverage levels

 

XTB

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
87

Verdict

XTB is a safe and dependable broker, offering trading in a wide range of CFDs through both its proprietary xStation and the famous MT4.

Founded: 2004

Locations: UK, Germany, France, Spain, Poland, Belize

Offices: London, Frankfurt, Paris, Madrid, Lisboa, Warszawa, Praha, Bratislava, Bucuresti, Limassol, Istanbul, Santiago, Belize City

Broker Type: STP | ECN | DMA

Minimum deposit: $250

Spread: 0.3 pips on EUR/USD (Pro account)

Maximum Leverage: up to 1:200

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Bonds, ETFs

Trading Platform: Metatrader 4 (MT4), xStation

Method of payment: Wire, Credit card, Debit cards, Paypal, Skrill, Neteller

License: FCA (UK), BaFin (Germany), ACPR (France), CNMV (Spain), KNF (Poland), IFSC (Belize)

XTB

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Basic$2500.011:200Fixed, 2.0 pips
Standard$2500.11:200from 0.9 pips
Pro (STP)$2500.11:200from 0.3 pips + commission $4 per lot (per side)
There are three basic accounts types offered by this broker: Basic, Standard and Pro. The Basic account is suited for beginners, as well as regular traders who prefer fixed spreads, while the Standard and Pro accounts provide variable spreads. The Pro one is tailored to advanced traders, offering raw market spreads through STP execution.
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Pros
  • FCA-Regulated
  • Choice of trading platforms, MT4 available
  • Competitive spreads
  • Guaranteed stop loss available
  • STP model available
  • Bonuses available

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Cons
  • Mid maximum leverage
  • No Islamic accounts

 

DuKascopy

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
84

Verdict

Dukascopy Bank is a Swiss forex broker offering a wide range of financial instruments for trade on it robust JForex platform. Holding an actual banking license, among others, it is secure and well-regulated, and offers excellent trading conditions: very tight spreads and fast ECN execution through the SWFX Swiss FX Marketplace technology.

  • Founded: 1998
  • Locations: Switzerland, Latvia, Japan
  • Offices: Geneva, Riga, Tokyo, Dubai, Hong Kong, Shanghai, Kuala Lumpur, Kiev, Moscow
  • Broker Type: STP/ECN/Binary
  • Minimum deposit: $1 000
  • Spread: Average Variable Spread of 0.2 pips on EURUSD
  • Maximum Leverage: up to 1:200
  • Assets: Forex, Crypto, Indices, Metals, Energies, Softs, Stocks, Bonds, ETFs
  • Trading Platform: Metatrader 4 (MT4), JForex Platform, Social trading platform, Binary options platform
  • Method of payment: Wire, Credit card, Debit cards
  • License: FINMA (Switzerland, FCMC (Latvia), JFSA (Japan)

Dukascopy

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard$10000.011:1000.2 pip + $3.5/lot*

*Commission is calculated per standard lot of 100 000 currency base units (per side). Commission discounts offered to clients with higher Equity or Net deposits
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Pros
  • Very well-regulated
  • Tight spreads and low cost of trading
  • ECN environment with deep liquidity
  • Automated & Social trading available as well a MT4 bridge

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Cons
  • Mediocre leverage levels
  • High initial deposit required

 

HYCM

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
88.2

Verdict

Being part of a large international group with more than 30 years of experience in the industry, HYCM is a reliable broker with strong regulation.

Founded: 1998

Locations: UK, Cyprus, UAE, Cayman Islands

Offices: London, Limassol, Dubai, Camana Bay, Hong Kong

Broker Type: STP | ECN

Minimum deposit: $100

Spread: from 0.2 pips on EUR/USD (Raw account)

Maximum Leverage: up to 1:200

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Bonds, Cryptos

Trading Platform: Metatrader 4 (MT4), Metatrader 5 (MT5)

Method of payment: Wire, Credit card, Debit cards, Paypal, Skrill, Webmoney

License: FCA (UK), CySEC (Cyprus), SFC (Hong Kong)

HYCM

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Fixed$1000.011:2001.8 pips, fixed
Classic$1000.011:200from 1.2 pips
Raw$2000.011:200from 0.2 pips + $4 /lot
This broker offers a choice of two trading platforms and 3 account types. They all offer competitive spreads, leverage up to 1:200, and the opportunity to trade in micro lots. Besides, clients of HYCM who don’t want to earn interest for religious reasons may opt for Islamic accounts, which are swap-free.
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Pros
  • Excellent regulation
  • Competitive fixed spreads
  • MT4 supported
  • Bonuses available
  • Reasonable leverage levels

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Cons
  • No significant disadvantages

 

XM

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
89

Verdict

XM is a EU award-winning broker that offers wide range of trading products and account types on two great platforms under competitive conditions. What is more, it provides Negative Balance Protection, as well as lucrative bonuses to its clients.

Founded: 2009

Locations: Australia, UK, Cyprus, Belize

Offices: Sydney, London, Limassol, Belize City

Broker Type: STP | ECN

Minimum deposit: $5

Spread: from 0.1 pips on EUR/USD (XM Zero account)

Maximum Leverage: up to 1:888

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks

Trading Platform: Metatrader 4 (MT4), Metatrader 5, Web

Method of payment: Wire, Credit cards, Debit cards, Paypal, Skrill

License: ASIC (Australia), FCA (UK), CySEC (Cyprus), IFSC (Belize)

XM Forex Account

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Micro$50.011:5001.7 pip on EUR/USD
Standard$50.011:5001.7 pip on EUR/USD
Zero$1000.011:5000.1 pips on EUR/USD + $7 / lot (round trip)
XM offers its clients three types to choose from: Micro, Standard and Zero. You may choose from commission-free trading (in Micro and Standard accounts) or tighter spreads, involving commission fees and higher initial deposit (Zero account). The broker offers high leverage levels and floating spreads. Beginners can sign up for Micro accounts with as little as $5, and micro lots are available for trade on all accounts.

What is more, swap-free (Islamic) accounts are available, designated for clients who are not willing to earn interest for religious reasons.
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Pros
  • Well-regulated (FCA, ASIC and CySEC licenses)
  • Negative Balance Protection
  • Low trading costs on the Zero account
  • MT4 and MT5 available
  • Attractive Promotions
  • Fast execution speed

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Cons
  • No significant disadvantages

 

XM Forex

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
89

Verdict

XM is a EU award-winning broker that offers wide range of trading products and account types on two great platforms under competitive conditions. What is more, it provides Negative Balance Protection, as well as lucrative bonuses to its clients.

Founded: 2009

Locations: Australia, UK, Cyprus, Belize

Offices: Sydney, London, Limassol, Belize City

Broker Type: STP | ECN

Minimum deposit: $5

Spread: from 0.1 pips on EUR/USD (XM Zero account)

Maximum Leverage: up to 1:888

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks

Trading Platform: Metatrader 4 (MT4), Metatrader 5, Web

Method of payment: Wire, Credit cards, Debit cards, Paypal, Skrill

License: ASIC (Australia), FCA (UK), CySEC (Cyprus), IFSC (Belize)

XM Forex Account

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Micro$50.011:5001.7 pip on EUR/USD
Standard$50.011:5001.7 pip on EUR/USD
Zero$1000.011:5000.1 pips on EUR/USD + $7 / lot (round trip)
XM offers its clients three types to choose from: Micro, Standard and Zero. You may choose from commission-free trading (in Micro and Standard accounts) or tighter spreads, involving commission fees and higher initial deposit (Zero account). The broker offers high leverage levels and floating spreads. Beginners can sign up for Micro accounts with as little as $5, and micro lots are available for trade on all accounts.

What is more, swap-free (Islamic) accounts are available, designated for clients who are not willing to earn interest for religious reasons.
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Pros
  • Well-regulated (FCA, ASIC and CySEC licenses)
  • Negative Balance Protection
  • Low trading costs on the Zero account
  • MT4 and MT5 available
  • Attractive Promotions
  • Fast execution speed

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Cons
  • No significant disadvantages

 

CityIndex

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
90

Verdict

City Index is a part of the Gain Capital group, a leading forex brokerage with a global presence. It offers competitive conditions for trading in forex, CFDs , as well as spread-betting on a wide range of platforms.

Founded: 1983

Locations: Australia, UK, UAE, Singapore

Offices: Sydney, London, Dubai, Singapore

Broker Type: STP | ECN

Minimum deposit: $100

Spread: from 0.7 pips on EUR/USD (CFD account)

Maximum Leverage: up to 1:500

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Interest Rates, softs

Trading Platform: Metatrader 4 (MT4), Desktop AT Pro, HTML5 Web Trader,

Method of payment: Wire, Credit card, Debit cards

License: ASIC (Australia), FCA (UK), Central Bank of UAE, MAS (Malta)

CityIndex Forex Account

Account typeMinimum deposit Maximum leverageAverage SpreadsTrading Platforms
Forex$1001:2001.6 pipsMT4
CFD$1001:2000.7 pipsAT Pro, Advantage Web
CityIndex offers its clients two account types: CFD and Forex trading one. There is also a spread-betting account available to UK clients (with no Stamp Duty applicable). All accounts are commission-free (apart from trading in CFDs on shares), offer leverage up to 1:200 and variable spreads. Swap-free (Islamic) accounts are available, designated for clients who are not willing to earn interest for religious reasons.
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Pros
  • Excellent Regulation
  • Tight spreads, no commission fees
  • Several trading platforms offered, including MT4
  • Part of a global major brokerage group
  • Extensive product portfolio offered

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Cons
  • Market Maker model
  • Limited payment methods

 

EverFX

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
83

Summary

EverFX is a Forex and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries.

Founded: 2016

Locations: Cyprus Cayman Islands

Offices: Limassol, George Town

Broker Type: STP | ECN

Minimum deposit: $300

Spread: from 0.2 pips on EUR/USD

Maximum Leverage: up to 1:500

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks

Trading Platform: Metatrader 4 (MT4), Web

Method of payment: Wire, Credit card, Debit cards, Paypal, Skrill, Webmoney

License: CySEC (Cyprus), FCA (UK), KNF (Poland), CNMV (Spain), FI (Sweden)

EverFX

Account typeMinimum deposit Minimum trade sizeMaximum leverageAverage Spreads
Standard$3000.011:5000.2 pips + $6 per round lot
Premium$50000.011:5000.2 pips + $5 per round lot
VIP$200000.011:2000.2 pips + $4 per round lot
EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.

In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).
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Pros
  • Well-regulated
  • MT4 available
  • Tight spreads, starting at 0 pips
  • Pure STP execution
  • Low initial deposit
  • Promotions offered from time to time

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Cons
  • CFDs not available in all jurisdiction

 

Forex.com

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
89

Verdict

Forex.com (US) is the largest US broker and one of the few actively operating in the country. A market leader offering trading in more than 80 forex pairs and CFDs. The US broker is a part of the Gain Capital group – a leading forex brokerage with global presence. All members of the Gain Capital family are duly regulated by the respective governmental agencies, including Forex.com (US). It is registered with the CFTC and a member of NFA. US regulation is one of the strictest, which is a good thing in terms of investor protection, however some of the rules imposed are considered too restrictive.

What’s on it:

Founded: 2001

Locations: US, UK, Japan

Offices: New Jersey, London, Tokyo

Broker Type: STP | ECN | DMA

Minimum deposit: $50

Spread: from 1.4 pips on EUR/USD

Maximum Leverage: up to 1:50 (1:30 for EU)

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, softs

Trading Platform: Metatrader 4 (MT4), Forex.com web trader

Method of payment: Wire, Credit card, Debit cards, ACH, Checks

License: CFTC (Cyprus), FCA (UK), JFSA (Japan), IIROC (Canada)

Forex.com

Account typeMinimum deposit Min. trade sizeMaximum leverageAverage Spreads
Standard$500.011:501.4 pips
Leading US broker Forex.com offers a single account type on several trading platforms. The broker provides commission-free trading with variable spreads and the option to use micro lots. In addition, Forex.com offers swap-free accounts to investors of Islamic belief, as well as free demo ones for 30 days after sign up.
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Pros
  • A global leading broker
  • Excellent regulation
  • Competitive spreads, commission-free
  • Several trading platforms, including MT4
  • Low min. deposit required

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Cons
  • Leverage capped at 1:50

 

CMC Markets

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
89

Verdict

Established as a global market leader, CMC Markets is a reliable broker offering CFD, FX and financial spread betting at competitive spreads and costs. They have a wide range of educational materials available and an award winning proprietary trading platform, however some traders who are used to the popular MetaTrader may find this disappointing, despite the various features and customize options of the ‘Next Generation Platform’.

What’s on it?

Founded: 1989

Locations: Australia, New Zealand, Canada, UK, Singapore

Offices: Sydney, Auckland, Toronto, London, Singapore, Wien, Paris, Madrid, Frankfurt, Dublin, Milano, Stockholm, Oslo, Warszawa

Broker Type: STP | ECN

Minimum deposit: $0

Spread: from 0.9 pips on EUR/USD

Maximum Leverage: up to 1:500

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Bonds, ETFs, Interest Rate

Trading Platform: In-house platform, web

Method of payment: Wire, Credit card, Debit cards, Poli

License: ASIC (Australia), FSPR (New Zealand), FMA (New Zealand), IIROC (Canada), FCA (UK), MAS (Singapore)

CMC Markets Forex Account

Account typeMinimum deposit Min. trade sizeMaximum leverageAverage Spreads
Standard$0$111:5000.9 pips
CMC Markets offers traders two types of trading accounts, “Fixed Risk Account” and “Regular Account”. If you choose the fixed risk account, you will have the advantage to restrict your losses by guaranteed stops, but at the cost of an extra insurance premium for each unit traded.
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Pros
  • Regulated in UK and Australia
  • Guaranteed Stop Loss
  • Negative balance protection
  • High max leverage
  • Low spreads
  • Safety of funds

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Cons
  • No Skrill, Neteller and Paypal deposits accepted.
  • No MT4 or MT5
  • No automated trading software

 

Pepperstone

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
87

Verdict

Pepperstone is one of the leading Australian-based brokerages, offering real fast execution, extremely low spreads, transparent pricing and reasonable trading costs.

What’s on it?

Founded: 2010

Locations: Australia, UK

Offices: London, Melbourne

Broker Type: STP | ECN

Minimum deposit: $200AUD

Spread: from 0.8 pips on EUR/USD(Edge Razor Account)

Maximum Leverage: up to 1:500

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Softs

Trading Platform: Metatrader 4 (MT4), Metatrader 5 (MT5), cTrader, Web

Method of payment: Bank Wire, Credit/Debit cards (Visa & MasterCard accepted), Skrill, Local Bank Deposit, Neteller, Bpay, Union Pay, PayPal, BPay, FasaPay, WebMoney, QIWI and POLI.

License: ASIC (Australia), FCA (UK)

Pepperstone Forex Accounts

Account typeMinimum deposit Min. trade sizeMaximum leverageAverage Spreads
Edge Razor Account$200 AUD0.01 (micro lot)1:5000.8 pips + $7 per lot
Edge Standard Account$200 AUD0.01 (micro lot)1:5001.2 pips
Edge Swap Free Account$200 AUD0.01 (micro lot)1:5001.2 pips
Pepperstone maintains several unique trading accounts. The Edge Standard account is intended for regular traders, offering STP processing and interbank spreads on the popular MT4, while the Razor account is targeted at advanced and EA traders and offers lower spreads (and, of course, higher trading costs).

There is an additional account offered to high volume traders and institutional partners – the Edge Active Traders account, which offers higher level of service: superior ECN EDGE execution and also an experienced and dedicated manager working with the account holder.

Also., there is a swap-free account compliant with Sharia law available at Peperstone.
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Pros
  • Excellent regulation (ASIC and FCA)
  • Low spreads
  • Choice of platforms & accounts
  • Positive slippage

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Cons
  • No bonuses or rebates

 

FBS Broker

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
86

Verdict

FBS appears to be a decent broker, who has operated for more than 9 years and has won many awards. It offers reasonable conditions for trading in a variety of products through different platforms.

What’s on it?

Founded: 2009

Locations: Cyprus, Belize

Offices: Limassol, Belmopan

Broker Type: STP | ECN

Minimum deposit: $1

Spread: from -1 pips on EUR/USD (ECN)

Maximum Leverage: up to 1:3000 (1:30 for EU clients)

Assets: Forex, Crypto, Indices, Metals, Energies

Trading Platform: Metatrader 4 (MT4), Metatrader 5 (Mt5), Web, FBS Mobile plaform

Method of payment: Credit cards (Visa, Visa Electron, Mastercard), bank wire, Skrill, Neteller, Perfect Money, OKPAY, YuuPay, LaoForexBoard, FBS Asia Exchanger.

License: CySEC (Cyprus), IFSC (Belize)

FBS Forex Account

Account typeMinimum deposit Min. trade sizeMaximum leverageAverage Spreads
Cent$10.01 lot1:1000from 1 pips
Standard$1000.01 lot1:3000from 0.5 pips
Zero Spread $5000.01 lot1:30000 pips + $20/lot
Micro$50.01 lot1:3000fixed, from 3 pips
ECN$10000.1 lot1:500from -1 pip + $6/lot
While most brokers provide several account type options, Clients of FBS are offered a choice of four. All of them offer market execution and the chance to trade in micro lots in Cent account for more precise risk management. Besides, FBS’s clients may choose between variable spreads, commission-free trading and zero spread plus commission.

Also, FBS provides swap-free (Islamic) accounts as well as VIP Services. STP/ECN model is also available with this broker.
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Pros
  • Variety of platforms, MT4 available
  • Very competitive spreads (ECN accounts)
  • Very low minimum deposits required
  • Variety of promotions
  • ECN/STP model

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Cons
  • No significant problem

 

IC Markets

  • Trust
  • Trading Cost
  • Forex Trading Platform
  • Assets and Leverages
  • Transparency
88

Verdict

IC Markets is a reliable NDD Australian broker, offering competitive conditions for trading in a wide range of products on two platforms.

What’s on it?

Founded: 2007

Locations: Australia, Seychelles

Offices: Sydney, Mahe

Minimum deposit: $200

Spread: from 0.2 pips on EUR/USD (ECN accounts)

Maximum Leverage: up to 1:500

Assets: Forex, Crypto, Indices, Metals, Energies, Stocks, Softs, Bonds

Trading Platform: Metatrader 4 (MT4), Metatrader 5(MT5), cTrader, Web

Method of payment: Credit/debit card, bank wire, BPAY, Neteller, Skrill, Webmoney, China UnionPay, FasaPay, PayPal and Qiwi.

License: ASIC (Australia), CySEC (Cyprus), SFSA (Seychelles)

IC Markets Forex Account

Account typeMinimum deposit Min. trade sizeMaximum leverageAverage Spreads
(MT4) Standard $2000.01 lot1:5001.1 pips on EUR/USD
(MT4) True ECN$2000.01 lot1:5000.1 pips on EUR/USD + $3.5 per standard lot per side
cTrader ECN$10000.01 lot1:5000.1 pips on EUR/USD + commission of $3.00 per standard lot per side
IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is commission-free, and the True ECN account provides tighter spreads, but a commission of $7 round turn applies.

Micro lots are available for trade on all account types and, of course, the broker provides free Demo accounts, which are always appreciated by inexperienced traders.

IC Markets provides swap-free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.
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Pros
  • Low ECN spreads
  • Wide range of trading platforms & auto trading solutions
  • ASIC-regulated
  • High leverage levels available

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Cons
  • No bonuses & rebates

Choosing the Best Forex Brokers

After making up your mind to trade forex, it is impossible to overemphasize the importance of the choice of Forex brokers. That a fake or unreliable Forex broker invalidates all the gains acquired through hard work and study is obvious.

After researching these Forex brokers extensively, we arrive at the conclusion that they meets and even exceeds our criteria for selecting the best Forex brokers on the internet. Not only are they flexible, but they also provide excellent user experience. In addition. they offer a wide range of tools and assets to trade. Here are they major criteria.

Licensing, regulatory benefits

You may have seen Forex brokers that have companies based in Belize, Estonia, Dominican city and so on. They have licenses from the financial services commission in their countries and seems to be targeting specific traders either from Hong Kong, Germany, Switzerland, Spain and UK. Some are totally anonymous and we have seen a lot of them claiming legitimacy from Danish, Dubai, Saudi Arabia, British Virgin Island, South Africa and their license is better than nothing. It is better than saying that these brokers are internationally registered companies since this alone does not add any form of credibility on their sites. However, it remains a fact that most unregulated brokers are involved in some sort of investment scam, and those operating anonymously are 99.99% fraudsters. These fact cannot be ignored.

Now, the rules that regulators have put for Forex brokers who are based in US, Cyprus, Switzerland, Australia, South Africa and even the UK are quite tough compared to those which govern off shore brokers situated in countries like Belize and Estonia. Since traders have no protection at all when dealing with off shore brokers, we recommend that all traders should only deal with companies that are well regulated and authorized to provide trading services to members of the public. You may be able to select these From brokers from this our list as they are either regulated by CySEC, ASIC and many other reliable regulatory organizations.

Trading on good old MetaTrader4 Platform

Top Forex brokers run the popular MetaTrader4 trading platform which can be downloaded on desktop or accessed through mobile devices. This software is considered the most preferred and reliable trading platform, which is why nearly all Forex and CFDs brokers are supporting it at the moment. The reason why MetaTrader4 is loved is that it comes with a solid charting tool, compatibility with many indicators including in built indicators that traders don’t have to pay for, extensive back testing environment and compatibility with all kinds of expert advisors for trading. In that sense, you cannot say that this platform is lacking in anything. Apart from these features, traders can also create their own MQL programming language.

Up to 1:200 in leverage, wide range of trade able assets

Another possible benefit of the best Forex broker is the leverage of up to 1:200 these Forex brokers provide. Such ratios will be sufficient for most traders and are yet not dangerously high. Keep in mind that the leverage available to retail traders is capped in a lot of jurisdictions due to investor protection concerns – in the USA, Japan and throughout the EU.

Furthermore, these brokers product portfolio is quite rich and diversified. Clients of these brokers are able to trade in many forex pairs and various CFDs, including wide range of cryptocurrencies. In any case, if you want to trade crypto assets, you can always fall on this list of trusted brokers offering Bitcoin CFDs.

Methods of payment

Most professional Forex brokers have a wide range of choices for their customers. They accept bank wire in addition to master card, visa, e-wallets such as skrill, neteller and many more. This is to ensure that there is always a variety for traders who want to deposit in one form or the other. Not every trader is comfortable with bank wire. So this may be one reason why many traders will want to use one of the best brokers because the provide alternatives to wire deposits.

You can start trading with 100 USD

That is another positive point. Have in mind that most experienced Forex brokers require an initial deposit between 100 USD and 250 USD, but some well established names like IQOption have a minimum deposit as low as $10.

Minimal spread

Trading with a broker shouldn’t be a costly affair. Wide spreads means you are paying more, and it is affecting your profitability in one way or the other. The industry’s going rate is quite low and affordable. Top Forex brokers offer typical spreads within the range of 1.0 – 1.5 pips on EURUSD for standard and classic account.

Light-touch regulation

Considering that the regulatory regime for Forex brokerages in some countries have been introduced less than 2 years ago, it would be an exaggeration to claim that a license from such jurisdiction means credibility. Other governmental agencies, such as UK’s FCA or the CFTC in the US, have been working for decades and have proved to be reliable regulators always on the alert for fraudsters.

Demo spreads too high, don’t match paper ones

The spreads announced in some Forex brokers website seem good, however when you try their platform on demo mode, the situation appeared quite different. This means that the broker is not transparent about its pricing and leaves a bad impression.

Best Forex Brokers To SignUp Now

BrokerMinimum DepositRegulationBest 
$10CySECNO1 for Beginners, Best PlatformForex Broker Website
$200CySEC, FCASocial Trading, For BeginnersForex Broker Website
$250N/AAutomated TradingForex Broker Website
$5CySEC, ASIC, FCA, IFSCWide Variety of AssetsForex Broker Website
$100CySEC, US NFA, FSCEurope, Education, Free Signals, Easy web platform.Forex Broker Website
$10FCA, CySECECN Broker, $/€/£/NGN accountsForex Broker Website

 

 

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