”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.
- 1 Best Forex Brokers
- 2 Regulation and Licensing
- 3 IQOption – Number one for beginners, Unique trading platform
- 4 Etoro – Best Forex Broker For Crypto trading, Copy Expert traders
- 5 DaxRobot works with a trusted broker
- 6 XM Forex – Most Versatile Forex Broker, up to 300 trade able assets
- 7 BDSwiss – Best Forex Broker Europe, easy web based platform, trading Alerts, education and academy
- 8 ForexTime FXTM – Best For ECN, $/€/£/NGN
- 9 Forex Trading Guide 101
- 10 What is traded in Forex
- 11 Forex Trading Chart
- 12 How does FX Trading work
- 13 Forex Trading Tip
- 14 Choosing the Best Forex Brokers
- 15 Best Forex Brokers To SignUp Now
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.
- IQOption – Best Overrall Forex Broker, Best Forex Trading Platform, No1 for beginners
- Etoro – Best Forex Broker For Crypto trading, Copy Expert traders, Beginner friendly.
- DaxRobot – Best Automated Trading Robot, trusted forex broker
- XM Forex – Most Versatile Forex Broker, up to 300 trade able assets
- BDSwiss – Best Forex Broker Europe, easy web based platform, trading Alerts.
- ForexTime – Best ECN Forex Broker
There’s no doubt that Forex brokers 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.
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.
Regulation and Licensing
Both the FCA and the CySEC are considered as financial regulators with a good reputation. Forex Brokers who operate under them are expected to meet tight operational standards. One of the main requirements that these regulators want is that Forex brokers should keep the funds of their clients in segregated accounts. Moreover, Forex brokers who apply to be regulated must hold a minimum of at least €730 000 in order to be considered stable financially. That means that Forex brokers who are not serious or those who are likely to scam will never bother to approach the financial regulators. They know they can’t qualify. Moreover, scammers generally hate anything to do with regulations. Some of the best Forex brokers who have attained the regulatory requirements of these financial regulators can be found here.
CySEC has similar regulations where they insist that Forex investment platforms must be able to afford at least €1 million in operation capital. In addition to this, both the FCA and the CySEC have a compensation scheme where they require brokers to compensate each trader a sum of at least £50,000. On top of this, CySEC has a rule where brokers are required to be part of a compensation fund that can cover traders up to the sum of 20,000 EUR in case the broker becomes insolvent.
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.
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
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.
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.
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.
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.
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.
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.
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/.
Forex Trading Guide 101
Electronic Forex Trading started as early as technology advancement in the 1990s when some banks started opening their own trading platforms to stream live quotes to their clients so that they could instantly execute trades themselves.
Statistically speaking, there are more than 10 million forex traders online or 1 out of 750 people. These trades generate approximately $5.5 Trillion+ US Dollar on weekdays.
These numbers don’t lie. They only point to the fact that Forex has been evolving and the benefits of trading the foreign exchange market are significant and they keep new traders coming into the market daily.
Forex trading involves 6 currency pairs(4 major and 2 minor) and 100s of exotic pairs of developing nations like sections in Asia, Africa, the Middle East and the Pacific.
Time to trade forex
Online Forex traders can access the Forex exchange market 24hours but there are 4 main Forex trading sessions in which the market is most active.
is Forex trading legit?
Since Forex trading is available to everyone, there are local regulatory agency in place to ensure that all traders, regardless of where they come from are able to participate safely and secured.
What sets Forex market apart from most market is that the Forex market is extremely liquid. This is a result of the vast number of participants involved in trading at any given time. The forex industry is always evolving to become the number one trading market in the world.
What is traded in Forex
When trading Forex, you are buying one currency by using another. Therefore, the FX trader is trading currency pairs and not each currency individually. Take for example the EURUSD, when buying the pair – it means you are buying EUR using (selling) USD. When selling the pair – it means you are buying USD using (selling) EUR.
There are a number of currency pairs to choose from when trading forex. These include 4 major currency pairs ( EUR/USD, USD/JPY, GBP/USD, USD/CHF) and 3 minor currency pairs (AUD/USD, USD/CAD, NZD/USD).
In addition to this, there are exotic pairs, which is a major currency, paired alongside the currency of an emerging economy, such as the Mexican Peso, Hong Kong dollar, and many currencies from countries outside the Euro area.
The currency pair are quoted as a relative value of one currency in terms of another currency. The currency that is used as a reference is the “quote currency,” while the one quoted in relation to that currency is the “base currency.”
So, for instance, we have the EUR/USD (euro versus US dollar) pair. Here, EUR is the base currency, while USD is the quote. A EUR/USD rate of 1.2100 means that €1 is equivalent to US$1.2100
Forex Trading Chart
While trading Forex, there are a number of comprehensive charting systems that tracks the movements of thousands of currency pairs in the global Forex market.
These charting systems are available in a variety of forms. These include candlestick, bar charts, line chart.
A simple line chart draws a line from one closing price to the next closing price.
When strung together with a line, we can see the general price movement of a currency pair over a period of time.
A bar chart is a little more complex. It shows the opening and closing prices, as well as the highs and lows.
The bottom of the vertical bar indicates the lowest traded price for that time period, while the top of the bar indicates the highest price paid.
The vertical bar itself indicates the currency pair’s trading range as a whole.
The horizontal hash on the left side of the bar is the opening price, and the right-side horizontal hash is the closing price.
Candlestick charts show the same price information as a bar chart, but in a prettier, graphic format.
This Charting system still indicate the high-to-low range with a vertical line.
However, in candlestick charting, the larger block (or body) in the middle indicates the range between the opening and closing prices.
Traditionally, if the block in the middle is filled or colored in, then the currency pair closed lower than it opened.
In the following example, the ‘filled color’ is black. For our ‘filled’ blocks, the top of the block is the opening price, and the bottom of the block is the closing price.
If the closing price is higher than the opening price, then the block in the middle will be “white” or hollow or unfilled.
How does FX Trading work
You can start trading Forex market very much like any other market that trades assets such as stocks, bonds or commodities. The way you choose to trade the forex market will determine whether or not you make a profit. You might feel when searching online that it seems other people can trade forex successfully and you can’t. It’s not true; it’s just your self-perception that makes it seem that way.
The number one thing that hangs most traders out to dry is the ability to use a trading feature called forex trading leverage. Using leverage allows traders to trade in the market using more money than what they have in their account.
For example, if you were trading 2:1, you could have a $1,000 deposit in your brokerage account, and yet control and trade $2,000 of currency on the market. Many forex brokers offer as much as 50:1 leverage. This can be dangerous. New traders tend to jump in and start trading with that 50:1 leverage immediately without being prepared for the consequences.
Trading with leverage sounds like a really good time. It’s true that it can increase how easily you can make money. But the thing that is less talked about is it also increases your risk for losses.
If a trader with $1,000 in their account is trading with 50:1, this means they would be trading $50,000 on the market, with each pip being worth around $5. Assuming the average daily move of a currency pair’s price is 70 to 100 pips, in a day your average loss could be around $350. If you made a really bad trade, you could lose your entire account in three days, and of course, that is assuming that conditions are normal.
Assuming that you can manage not to fall into the leverage trap, the next big challenge is to get a handle on your emotions. The biggest thing that you’ll tackle is your emotion when trading forex. The forex market can behave like a rollercoaster. It takes a steel gut to cut your losses at the right time and not fall into the trap of holding trades too long. Forex trading should be a formula and a method that is enacted consistently and without emotion.
When traders become fearful because they have money in a trade and the market’s not moving their way, the professional sticks to her trading method and closes out her trade to limit her losses. The novice, on the other hand, stays in the trade, hoping the market will come back. This emotional response can cause novice traders to lose all of their money very quickly.
Fundamental analysis is a way of looking at the forex market. It involves analyzing economic, social, and political forces that may affect the supply and demand of an asset.
The idea behind this type of analysis is that if a country’s current or future economic outlook is good, their currency should strengthen.
Technical analysis is the framework in which forex traders study price movement.
The theory is that a person can look at historical price movements and determine the current trading conditions and potential price movement.
Technical analysts look for similar patterns that have formed in the past. They will form trade ideas believing that price will act the same way that it did before.
Technical analysts use charts because they are the easiest way to visualize historical data.
Forex Trading Tip
One of the absolutely best tips for trading forex is to begin with small sums, and low leverage, while adding up to your account as it generates profits. There is no justification to the idea that a larger account will allow greater profits. If you can increase the size of your account through your trading choices, perfect. If not, there’s no point in keeping pumping money to an account that is burning cash like an furnace burns paper.
There are free education area where videos, webinars, tutorials, ebooks and articles are published regularly to get traders up to speed on how to make money trading Forex.
In addition to this, traders should lay hands on demo and real accounts, meaning that you can practice and when you’re proficient enough, you can simply switch to a live trading account.
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.
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.
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