Best broker of forex

Metatrader 4 is reliable and trusted by most of the forex traders as it is highly customizable.

No deposit forex bonuses

Best Forex Brokers, best broker of forex.

Besides, it can automate your trading too, which can open and close trades even when you are not logged in. It was made especially for forex trading. Before putting your money into a broker, check for yourself, if the broker is a member of the regulatory body for the respective country it works for. You will find their membership on their websites. Additionally, you may crosscheck with country-specific regulatory body’ listing.

Best forex brokers

Out of the hundreds of brokers in the world, finding the best forex broker is challenging. As the trading involves exchanging one currency in terms of another currency, one has to be careful while trading. When looking for the top forex brokers, both experts and new traders should consider the platforms, leverage, offered currency pairs, and customer service. Besides, some other factors should be taken into consideration too. Through extensive research with effective methodology, we have suggested a detailed guideline to choose the best forex brokers for beginners and experts. Read on to find out those.

What is a forex broker?

To trade something, you must need a place/platform to buy or sell in the real world. In the currency trading market, forex brokers work like that platform. Usually, a forex broker is a firm that allows traders to use their platform to buy or sell currencies worldwide. For your information, the whole process is done virtually. However, not all the broker acts the same.

What is the role of the top forex broker?

The broker works as a middleman between you and other buyers or sellers. They create a virtual place and let you trade your currencies. However, during the process, they charge a fee or commission, which is their earning source.

Types of forex broker

Top forex brokers are divided into two basic categories. They are-

Dealing desk brokers (DD)

They work as direct liquidity providers to their clients.

Non-dealing desk brokers (NDD)

On the other hand, NDD brokers connect their clients to other available liquidity providers in the market. Through, NDD work in two ways-

Straight through processing (STP) brokers

Electronic communication network + straight through processing (ECN + STP)

At this point, you know some basics of the top forex brokers. But, if you want to trade, those basic will not get you the best forex broker. Let’s find ways to get a legit broker.

Criteria to find the best forex broker

Out of hundreds of brokers available worldwide, you have to look for some criteria to get the best forex broker. The following are the benchmarks you should look for.

Safety and reliability

When you are investing money, security should be one of the main concerns. Checking the credibility of a forex broker is not that tough. There are regulatory bodies in different countries.

Regulatory bodies

Before putting your money into a broker, check for yourself, if the broker is a member of the regulatory body for the respective country it works for. You will find their membership on their websites. Additionally, you may crosscheck with country-specific regulatory body’ listing.

Account registration

The best forex brokers for beginners will keep their account opening procedure simple and light. If they seek any unusual info, you should avoid it.

Transaction costs

Every time you trade through a broker, you will have to pay a commission or spread. However, trading with the best forex broker is always affordable and cheapest. However, sometimes you have to sacrifice a bit higher transaction cost for a reliable broker.

Deposit and withdrawal

The best forex broker will keep the deposit and withdrawal hassle-free.

Trading platform

Best forex brokers for beginners will feature a user-friendly and stable trading platform. So, you should check the trading platform in detail before deciding to start trading.

Execution

Under the normal market condition, no matter what, the broker should fills you at the best possible price when you order. Besides, they should also offer micro pips for your transaction.

Market coverage

The best forex broker will let you trade on the fx pair or your preferred product.

Demo account

Best forex brokers for beginners always provide a demo account to practice before you start the real trading. Whether you are an experienced or beginner, you should be able to get the demo account.

Education support

A good broker always provides education support to their clients. The support could be the video tutorial, e-books, blogs, newsletters, etc.

Customer support

Though you will trade online with software, you may face problems. On the other hand, if the broker doesn’t help you in your need, there is no point to trade with them.

Top forex brokers always offer 24/7 customer support. However, some good brokers may offer 24/5 live support, such as FP markets.

We have also explained some of the important criteria in detail later on in this informative article.

How to find the top forex brokers for beginners?

As a beginner, find the best forex broker is a real challenge as they start with zero experience. We will suggest newbies to make a list of some forex broker, you know. After that, follow the points we mentioned below for each broker you have chosen.

Company history

Brief research on your forex broker will give you an idea at a glance regarding that broker. Check out everything about that broker, such as year of establishment, location, etc.

Check for the membership of respective regulatory body

Top forex brokers should be the member of corresponding regulatory agencies, which ensures the security of your fund. If they intend to do business in multiple countries, they must get approval from those country-specific regulatory agencies. The following list consists of the countries with their corresponding regulatory bodies and makes sure you check your broker’s credibility.

UK: prudential regulation authority (PRA) and financial conduct authority (FCA)

USA: and commodity futures trading commission (CFTC) and national futures association (NFA)

Canada: investment information regulatory organization of canada (IIROC)

Australia: australian securities and investment commission (ASIC)

Germany: bundesanstalt für finanzdienstleistungsaufsicht (bafin)

Switzerland: swiss federal banking commission (SFBC)

France: autorité des marchés financiers (AMF)

Look for forex broker reviews

Search on google about those brokers. Look for every possible detail available on the internet, including pros and cons. Besides, don’t rely on a single source and read reviews from different sources. That’s how you can realize which one is the best forex broker.

Forex forums

Visit some forex forums to get a better idea from real users. Additionally, you will get to know honest things about your desired broker. As a result, you can sort out the list of best forex brokers for beginners.

Free demo trading

Some forex brokers provide a demo free demo after deposit. However, top forex brokers never ask a deposit for demo trading. When you have found a broker with a free demo account, sign up and try to trade.

Besides those, you have to know some other stuff to find out the best forex broker. Without further ado, let’s dig more about some elements of forex trading.

Broker’s range of instrument

There are a vast number of currencies available for trading in the top forex brokers platform. However, only a few currencies get traded as they have the highest profitable volatility. The most usual currency pairs are EUR/USD, USD/JPY, USD/CHF. Although there are more currencies that are profitable. The best forex broker will offer you more than hundreds of different pairs to trade from.

The cost of trading: spreads, commissions, and leverage

All the forex broker has a variety of account offerings with various spreads and leverage. However, the leverage offering depends on the country and the broker’s limitations. On the other hand, the best forex brokers for beginners usually offer a wide range of leverage amounts on various account types. For the retail account, it could be 1:30, and for the professional accounts, 1:500.

Spreads and commission are other significant offers that affect a trading position. It is an important criterion to check before selecting a broker because brokers make money from commission.

However, the best forex broker may charge less commission as they have many active clients in their list.

Nonetheless, most of the FX brokers say that they don’t charge any commission, and instead, they make money through spreads. It is the bid and asks price for a currency pair, for instance, if the spread is wider, the charge will be higher. In some cases, the spread could be fixed up to three pips. Besides, a broker may also offer variable spreads depending on the market volatility.

Usually, low spread brokers are popular among the trader as they take commissions on trading only through rollover or swap. Being said that, let’s know more about rollover.

Rollover rate

If you keep your forex position open overnight, it will incur an extra fee. The difference in the interest rate of base currency and the quote currency is considered as the rollover rate.

Types of forex trading account

The number of lots and trades are correlated to determine the types of trading account. Depending on the trading size, they fall under the standard, mini and micro-accounts.

Standard: it consists of 1000,000 units of lots of a base currency.

Mini: when you trade 10,000 units, it is called mini lots.

Micro: 1,000 units are fell under micro-accounts.

With the advancement of technology and traders, a new kind of lots has emerged. These days, newbie-friendly best forex brokers for beginners allow trading as low as 100 units, which are called nano lots.

Trading platform for best forex broker

The trading platform is the most valuable and crucial part of a broker. As such, traders will deposit and trade through the designated platform. So, you have to make sure that the platform and trading software is user-friendly. Besides, the platform should also have fundamental and technical analysis tools.

However, top forex brokers use third-party software such as metatrader 4 and metatrader 5.

Metatrader 4 is reliable and trusted by most of the forex traders as it is highly customizable. Besides, it can automate your trading too, which can open and close trades even when you are not logged in. It was made especially for forex trading.

On the other hand, metatrader 5 was developed to grab non-forex traders, such as stocks and commodities. However, it also has a forex trading option.

Deposit and withdrawals

Best forex brokers for beginners always provide an easy process to deposit and withdraw. Besides, you also have to consider the minimum deposit amounts as well as withdrawal time. Best forex broker doesn’t want a huge amount of deposit to start. However, it doesn’t mean that high deposit seekers are not worthy.

Some best forex broker will let you trade from as low as $100, which helps you to understand the market. Besides, they also offer easy withdrawal quickly so that your fund will not be stuck forever.

Payment methods

Top forex brokers keep their payment method easy. Commonly they release their payment through visa, master card, and bank wire along with neteller and skrill. However, bitcoin and paypal payment options very rare.

Forex pairs

A trader should gain knowledge about the pair, which is also known as the currency pair. It is simply the quotation of two currencies, where the value of a specific currency is quoted against the other currencies. However, as a beginner, you might not have enough knowledge about the pairs. For that reason, the best forex brokers for beginners educate their traders on pairs and suggest a profitable one.

Which forex pair to trade?

In the forex market, there could be hundreds of pairs available. They are categorized in terms of traded volume on a daily basis. However, all of them are not highly profitable. Forex pairs can be divided into two parts.

Major currency pairs

For beginners as well as experts, EUR/USD is the most liquid currency pair. Besides, USD/JPY is also one of the most popular pair in the world. Other major currency pairs include USD/CHF, USD/CAD, GBP/USD, and AUD/USD.

Minors and exotic pairs

Unlike major pairs, all the pairs are not associated with USD. So, the forex pairs that are not denominated with US dollars are called as minor pairs or crosses. Those pairs have a bit wider spreads. Besides, they are not liquid like the major pairs. Most common crosses are EUR/CHF, EUR/GBP and GBP/JPY.

When new pairs are introduced in the market, they are categorized as exotic currencies that are not that liquid, and spreads are much wider. For example, US dollars and singapore dollars are emerging in the market. Top forex brokers don’t suggest to trade exotic pairs for a newbie trader.

Bonuses and promotions

Bonuses and promotions sometimes play a major role in selecting a forex trader. These days, forex broker agencies are advanced and popular. Additionally, the best forex broker offers good trading conditions along with extra incentives.

To grab more clients, brokers offer special promotional packages for beginners and old traders. However, sometimes big depositors also get bonuses. Some top forex brokers who offer bonuses and promotions are FX pro, admiral markets, etc.

So, before you sign up for a forex broker, evaluate their bonus and promotional activities too.

Trade execution policy for top forex brokers

Some forex brokers offer a high level of leverage, which seems attractive. As a result, trades follow an aggressive strategy. High leverage can get you a great amount of profit, but it is risky too. If you are conservative traders with medium investment, you should look for moderate leverage offers. Those are less risky.

Anther policy you have to keep in mind that some brokers may offer fixed leverage on some currencies, while others offer adjusted leverage.

While choosing forex brokers for beginners, margin call policies should be kept in mind too. Besides, another detail you should watch out is company performance and how they carried the traders over the weekends.

Before depositing money and start real trading, you must evaluate all the trade execution policies.

Regulation and licenses among the best forex broker

Forex business doesn’t have a central regulation; it is regulated differently all over the world. As a result, different countries have different policies regarding forex. Furthermore, forex brokers must comply with the financial authorities of any particular country.

So, it is essential for a trader to choose a brokerage company that operates under financial authorities with proper authorities. Usually, newbies should see these carefully as they need to find top forex brokers to secure their investment.

However, we already mentioned all the regulatory bodies in how to find the best forex brokers for beginners part of this content. Regardless of your level, you need to have a clear understanding of the regulatory status.

Quality of client support

Customer support quality is another way to categories the top forex brokers. However, it is not possible to know the quality of customer support unless you practically use it. Still, you can take ideas through forums and reviews on google. You may ask what the benchmarks to check the customer support quality.

To search for the quality measurement, you may check their live customer support hours. Some may offer 24/7 support as forex markets never sleep. However, some of the brokers may offer five days a week support. Besides, the best forex broker provides a multilingual trading community with corresponding customer support preferences.

Education support by the best forex brokers for beginners

A new trader must need to learn the trading from a mentor. Though mentors are not always accessible. As a result, they need support from brokers. A beginner’s friendly broker always provide training or education support to its new clients.

Top forex brokers may provide video, books, blogs, forums, and other relevant tools to boost knowledge. It also includes a free demo account. So, new traders also need to check those out whether the desired broker offers education support.

What are pips in trading?

It is necessary to know about pips if you are a new trader. Usually, the change of the value in two currencies is called pip. For example, if EUR/USD moves from 1.1049 to 1.1050, which makes the USD .0001 rise. This .0001 rise is one pip, which means the last decimal place of a price quote.

Most pips go up to 4 decimal places. Sometime they may go out to two decimal places such as USD/JPY is .01

Order entry types in top forex brokers

In forex trading order entry are categorized into two types, market order and pending order.

Market order: it is the process to execute an order instantly at the best price.

Pending order: it is the process to execute a transaction according to your specified price. However, the software will not complete the transaction until it meets the desired price.

Check out the scams

As a beginner, you may become the victim of best forex brokers for beginners scam! There are a lot of brokers who try to scam the newbies. That’s why we have explained all the terms and requirements above. This guideline will help you out to stay away from scammers. Besides, check out if they violated someone’s privacy previously. Again, research yourself to stay safe.

Bottom line

Using this guideline, when you are done with the rough shaping of the top forex brokers, make a list of the brokers. Then, weigh all the positive and negative sides again to finalize your best forex broker.

Perhaps, for your review, you should check the following queries to yourself as well as to the broker.

Are they a broker or a dealer? Try to find out the company types and their capitalization.

Take a closer look at their trading platform.

Check out the types of accounts, whether they invite traders from various skills and investment.

Understand their fees and commission structure.

Company standards are based on their leverage, margins, and regulatory body.

How is their client support management?

Finally, are they the best forex brokers for beginners?

Top rated online best forex brokers 2021

Best forex brokers 2021

Forex is one of the most liquid financial markets that attract more investors year by year. By 2019, the total daily turnover is equivalent to $5 trillion, having grown from $1 trillion twenty years ago. This knowledge makes it one of the most liquid and attractive financial markets with 24/7 availability. For successful forex trading, a trader needs to choose a “service provider”, namely a brokerage company. This choice should be approached thoughtfully and thoroughly. The correctness of this choice in the future will depend on your financial success. During this year we have written many articles in which we paid attention to the specifics of the work of brokerage companies. We worked for this score for a long time and now we would like to bring it to your attention.

Easy to start system

Very solid and welcome customer support service

Many deposit methods are available

High leverage

Offers zero spread account

Inactivity fee

Fees on some withdrawal methods

No bonus offers are available

High withdrawal fee for bank transfers

Comprehensive social trading network and products

No commissions

Fee-free deposits

Negative balance protection

Wide range of currency pairs

Cysec (cyprus)

ASIC (australia)

FCA (united kingdom)

Bafin (germany)

CNMV (spain)

ACPR (france)

AFM (netherlands)

Leverage up to 1:888

No commissions

No fees on deposits and withdrawals

Negative balance protection

Wide range of accounts

Inactivity fee

Doesn’t offer services to residents in the USA, canada, israel, and iran

FCA (UK)

ASIC (australia)

FSB (south africa)

FINMA (switzerland)

DFSA (united arab emirates)

MAS (singapore)

JFSA (japan)

Stop-loss system

Well-designed platform

Over hundreds of markets to trade

Retail clients are not allowed to trade on interbank

Support & sales teams are willing to force you to fund an account immediately

There are various fees are present

FSCA (south africa)

FCA (UK)

ASIC (australia)

JFSA (japan)

BVIFSC (british virgin islands)

Over five certificates from the solid regulators

Multi-languages support (15), the user interface is available on 20+ languages

Social trading features

The US investors are not allowed

No NFA’s certificate

Various fees system

There are not enough trading features

Lack of deposit methods

NFA (US)

FCA (UK)

ASIC (australia)

FSA (japan)

IIROC (canada)

CIMA (cayman islands)

SFC (hong kong)

MAS (singapore)

The US-based regulation

8 regulators’ certificates

Very solid app and PC interfaces

Great variety of currency pairs

Lack of deposit methods

Little leverage

High fees

The limited list of products

High level of the minimum deposit

Low level of the leverage

Withdrawing from PAMM before the period comes will charge additional fees

FSA (denmark))

FCA (UK)

FINMA (switzerland)

ASIC (australia)

DFSA (united arab emirates)

MAS (singapore)

SFC (hong kong)

JFSA (japan)

8 regulators’ certificates

High level of the max leverage

Huge amount of currency pairs

Min. Deposit over $500

Specific trading platform

Inactivity fee, high forex and other fees

FCA (UK)

KNF (poland)

IFSC (belize)

CNMV (spain)

ACPR (france)

Bafin (germany)

High leverage

Relatively fast deposit and withdrawal

Good user interface

FCA (UK)

ASIC (australia)

IIROC (canada)

FMA (new zealand)

MAS (singapore)

High leverage

No minimum deposit requirements

Popular among traders broker

Huge amount of currency pairs (over 300)

20+ years online

Low level of min. Deposit

Exclusive features in charting

The most common option in choosing forex broker

Every brokerage company has some criteria and average features to be compared. Let’s take a look at the main of them:

Affordability. Each brokerage company sets its minimum deposit threshold value for funding. Typically, this amount starts at $100. Novice traders must make a balanced decision for themselves on how much they can afford to lose. At the same time, you should pay attention to whether the broker fits for you, or whether you should choose another one that is more suitable, but with a higher minimum level of the first deposit.

Deposits and withdrawing. This option is no less important than the previous one. You, as a trader, should easily manage your funds and, if necessary, withdraw them quickly and without high commissions. The broker’s money returning duty determines its decency and reliability.

Market coverage. You have to check the availability of trading needed currency pairs.

Trading terms and trading fees. This option is very important because the appetites of forex brokers can vary dozens of times. Before you get started, you should calm down and calculate how much you’ll give to the brokerage company from the moment you start trading until withdrawing your money in a way that is convenient for you.

Trading platforms. There are many of them. They’re a sword and shield of yours. Depends on features that you allow to customize and working speed you’ll be able to experience which one suits you the best. Personal presets are a huge part of your trading success.

Mobile app. A lot of people prefer fully-automated trading robots. Their performance can be checked without a PC. It’s an important option that allows you not to work on a PC and be mobile.

Customer support. It’s a very important option, especially for beginners, but it’s hard to check it without directly contacting the support.

Reputation. It’s an important part because trading is all about trust. If you see people angry at the company, so, you can entrust your funds and feel that your money is in safety.

Regulation. Before getting started, you have to check how the brokerage company works with your country’s laws. A lot of them have got some restrictions. If you skip this step, you’ll probably be able to fund the account, but you’ll have a huge problem with withdrawing.

The base of knowledge. The solid brokerage company provides a lot of courses, as well as, literature and material to let you get a smoother start in forex trading.

User interface. Everything should be simple and predictable in order to help you to make quicker decisions and be a better trader.

Picking the best forex brokerage company: completed guide

Let’s describe more detailed some of the most important brokerage company’s features.

Market regulators

Here we go “regulation”. In our opinion, this is the most important and fundamental option in the broker’s work, directly related to how much investors will trust it with their money. Regulators are interested in the stability of the forex market and the transparency of financial transactions. Due to the huge volume of assets (more than $5 trillion), there is always a risk that drug dealers, arms dealers, corrupt officials, and other dishonest people and organizations want to use forex as a laundry machine for their capital.

We would like to note that there are several regulatory organizations. As a rule, the more solid and successful the broker, the longer it operates on the market and the more capital traders manage through it, the more organizations assign it an appropriate level of security and transparency.

The list of the most influential regulators look like:

NFA (the national futures association) in the united states;

ASIC (australian securities and investments commission) in australia;

Cysec (cyprus securities and exchange commission) in europe;

FCA (financial conduct authority) in the united kingdom.

There are other regulators, such as those based on offshore islands. We believe that companies that have received certificates in offshore jurisdictions cannot be as reliable as brokers who received them from our listed regulatory authorities.

Types of the provided accounts

There are few types of account brokers can offer.

The first type is a live account. You fund it and trade for real money. Everything you do on the account becomes your gain or loss.

The second type is a demo account.

Most demo accounts are designed to let new traders try the service, see how a brokerage company works and can test the application of various strategies before investing in real money in trading.

Platform for trading

Choosing a trading platform you’re most comfortable working with is no less important than choosing a broker. The main thing for the trader is not only that the platform lets you easily manage every day’s duties, but also the broker supports the work with this platform.

Ctrader and metatrader are the most popular across the traders’ platforms. Metatrader provides two versions of it: metatrader 4 and metatrader 5. These platforms are quite complicated for beginners. Ctrader is a wise simpler one and fits for every skill of traders from professional ones to brand new investors.

You should also pay attention to how convenient and fast the android or IOS based applications. It can be either a proprietary application from a broker or a metatrader one.

Forex broker types

There exist several types of brokers: market maker brokerage companies and direct market access ones. DMA brokers separated into two types ECN and ECN/STP.

Electronic communication network (ECN) brokers allow you to trade only between other traders. So if no liquidity is on the market, your trades will get slippage, and you get a requote. ECN system removes the base of the potential conflict of interests between a trader and brokerage company.

Using ECN allows you to trade throw large financial institutions or global banks. The traders got access to the interbank market directly to see a clear picture of what’s happening in markets.

ECN/STP. Straight through processing is the technology used by ECN brokers for placing trades on the market. FIX (financial information exchange) protocol uses to place orders to the counterparty.

The FIX protocol is needed to decrease the needed time for performing trades, reduces slippage and make sure that traders get the best possible price. Some of these brokers can prevent requoting and reduce slippage.

Depending on trades and trader account the system decides what performing method is the best for the customer.

STP is applied when there’s enough liquidity to a particular trade. If there’s a lack of it, ECN takes liquidity from the inner network.

ECN/STP combination allows traders to perform their deals faster.

Market makers (dealing desks). It’s a type of brokerage companies where the company becomes a market maker the brokerage company always provides needed liquidity but, as well as, always trade against its customers that can be a reason for a conflict of interests.

Conditions for trading

Leverage is necessary so that traders with small capital can benefit from trading. This capital gives loans to a liquidity provider through a forex broker directly to a trader to expand trading volumes. The trader himself or herself is fully responsible for these funds and their return. Leverage is usually displayed in a ratio format, for example, 100:1, which means that one unit of trader’s money for one hundred borrowed units. This also means that trading volume will increase one hundred times. Using large leverage significantly increases the risk of trading. In turn, many regulators can limit the maximum allowable leverage that a broker can offer its clients.

Spreads are measured in pips and show the difference between buying and selling one currency to another in a currency pair. This is a kind of brokerage commission for access to the market. You can also get a lot of very important information from the spreads.

For example, the closer the buy and sell prices are, the more profitable it’s for a trader to work with this broker for these currency pairs. That’s why, often, traders choose different brokers for different currency pairs.

Trading assets

The better than the average broker has got over 40-50 forex pairs to trade.

The hedging option is designed to have insurance in case of adverse market conditions. One of the most common strategies is direct hedging. Brokers themselves do not always support this option for their clients.

Scalping strategy

The scalping strategy allows the trader to profit from quick, usually associated with news, price changes. This strategy is designed to make a profit in a short period of time until the market calms down. Traders applying this strategy usually trade during the day and close all their deals in the evening.

Frequently asked questions

What should I do the first looking for the forex brokerage company?

First of all, you have to take a look at the amount and availability of demo accounts. The new investor has to know what’s going on in the market, how to customize metatrader or one of the other platforms. It takes some time before you get ready to fund the first real account of yours. Usually, demo accounts expire quickly, so you’ll be able to renew it (them) to practice more. During this period you have to read some books about trading strategy and you should pick one that fits you the best. As well as, books there are infinity video courses and various webinars from educational to “the next week trading goals” ones.

How do I know the brokerage company is good for me?

So… it’s the complicated question to answer to. First of all, if you’re a beginner, check the availability of demo accounts. The second one is the fees. It’s very important to know exactly from the start how much money you’ll have to pay from each, as an example, $1000 profit from the moment of having this amount of money on the account for withdrawing it by the payment system that fits you the best. The third one, check the broker’s certificate. You’d better start working with the forex broker that has got a certificate provided by the regulator from your area, where your country from in order to not mess up with financial regulators, as well as, the texas department.

These three are must follow criteria.

How often a brokerage company trades against me?

It’s the wrong question. The broker will be trading against you only if you’re willing it choosing a brokerage company with market maker type. If you’re not okay with that, ask the broker’s support to know what kind of the brokerage company they really are.

Where is a broker’s profit?

How we told before market makers get money trading against you. If we talk about all trading companies in general, all brokerage company makes money from the difference between buying and selling prices, as well as, for charging fees and commissions.

May I deposit my account by bitcoin?

Brokerage companies are interested in providing various payment methods for their customers. Usually, bitcoins are acceptable, but other cryptocurrencies are not. Don’t forget most of the brokerage companies allow withdraw only by the payment method you fund the account for avoiding money laundering.

Brokers

Regulated forex brokers

When viewing the forex broker or a trading platform, it is the paramount priority to choose from the hundreds the most reliable one and the best forex provider, as it will determine the whole trading experience. Indeed, doing research and compare the vast number of forex brokers with many aspects to consider, maybe not an easy choice, as well time-consuming. So here we are ready to assist your selection and answer the most common questions.

Can I trade forex without a broker?

This may be the first question you would ask, as indeed forex market, FX or currency market is the largest global non-centralized exchange where trading process performed electronically via networks. While main forex participants are international banks and financial institutions operating huge volumes through a need to exchange currencies, presented as currency pairs, and assist international business with the conversion which is known as the interbank market.

Therefore, in order to trade fx you should be authorized dealer to do so, as well as operate a quite sufficient amount so before forex brokers were introduced to retail traders and global community it was not possible for trade markets. For this reason, forex trading brokers are the companies or agent if you like that gives retail forex traders access through its platform to operate forex market and trade various markets including commodity futures, indices, bonds, etc.

Do I need license to trade forex?

So this is another pleasant and great opportunity which is given by forex brokers, as you may access trading without financial or dealer license. Moreover, there are hundreds of opportunities with a relatively small investment which allows you to trade forex, do technical analysis and analyze markets almost instantly.

Are forex brokers regulated?

And now we will check the most crucial question if forex broker can be regulated, since the market is decentralized, and is it safe to trade forex? Obviously, this is the biggest trump you may fall as a retail trader if you choose a non-reliable, mainly non-regulated or offshore firm without a proper license you may easily fall into a scam and lose money.

So due to increasing demand and mainly that traders got no easy access to trading or financial education, the world countries established particular organizations or authorities in order to oversee the market proposals and regulate forex broker firms. So yes, forex brokers are regulated while holding a license from a local authority alike world known FCA in the UK, ASIC in australia, commodity futures trading commission CFTC in the USA, MAS in singapore and more.

What does a regulated broker mean?

The whole concept of regulation is to oversee forex business in a particular country or region, protect clients and ensure safe conditions while trading forex. So in simple words, regulated broker means a safe and legit broker that is compliant to various rules and criteria set by the international authority with the purpose to provide secure trading and good customer service. So its trading environment and provided services like technical analysis, education and tools are also aligned to the best practices.

In addition to its constant check on the service providing, authorities protecting clients throughout compensation schemes and other security checks, however, these conditions may vary from the regulator to another.

How do I know if my forex broker is regulated?

In order to check if broker is regulated or not, you should verify this information through the official brokers’ website first, as regulated companies always provide its licenses. And the next step is to verify a license through the official regulatory website. However, in our forex broker review you will find all the necessary information and license check as well.

It is a fact, unscrupulous brokers may easily fake information and assure you of its license while its not true, so always verify information through the official source. As well, adhere to trade with brokers regulated in serious jurisdictions, not the offshore once, as they luck of strong regulation, requirements and necessary safety measures. Read more by the link why avoid brokers from st vincent & the grenadines.

How to choose best forex broker?

Security of funds is always first in forex trading, for that reason, we recall your attention to open an account with regulated brokers only. Making it simple, regulated broker means that you will trade forex with proper security of funds and investment itself, so first of all good broker is a sharply regulated broker.

Further on, you should also check the necessary conditions and select offer suitable for you and trading strategy you deploy.

For this reason, we assist your selection and provide an assortment of efficient regulated brokers with updated on a weekly basis in-depth forex broker list. A professional detailed analysis with trading fees account overview, platform breakdowns while sorted by regulation, country or trading conditions, along with traders comments so smarter decision is easier now.

Fxdailyreport.Com

Best Forex Brokers For Trading Currency in 2021

As a forex trader, finding the right broker is the most important aspect of your trading journey. Your broker can make your trading life much easier if you do it right. You can never truly predict the financial market completely, but a broker can help you gain the knowledge and expertise for a successful trading experience. When choosing a broker, you need one that genuinely cares about you and doesn’t just see you as their client or customer. It’s also recommendable to choose a regulated broker, just to be sure. In this article, we’ll be talking about tips for finding the best forex broker in 2021.

1. Your broker should be regulated

There’s a reason why choosing a regulated broker is important – it ensures security and reliability on your end. If you end up going for an unregulated broker, they can easily break the laws and take advantage of you. Unregulated brokers don’t comply with any rules whatsoever and they’ll behave in any manner they please. This is dangerous as if a serious issue arises with your broker, you can’t bring up the legality with an unregulated broker since they aren’t under any laws in the first place. If your money turns up missing or if any financial complications happen against your broker, you can’t sue them since they’re unregulated. While they’re not illegal, choosing unregulated brokers isn’t exactly a wise choice. To ensure both your safety and security, it’s best to go with a regulated broker instead. Before choosing a specific broker, make sure to do your research on whether they’re regulated or not.

Top regulated forex trading brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

2. Your broker should have no transaction fees

One of the significant aspects of choosing the best forex brokers 2021 is payment transactions. The last thing you should worry about is how you’re going to get payments to and from your bank, card, or whichever method you most prefer. Unfortunately, some brokers charge a certain percentage or fee with every deposit or withdrawal fee so it’s best to choose those that don’t charge you for these. The right forex broker should encourage you to do transactions without much complications and hassle on your end. The specific reason brokers hold your funds is to facilitate your entire trading experience so there’s no reason to make transactions more complicated than it is – or charge a high amount with every deposit or withdrawal you make. We’ve mentioned above that your broker is supposed to make your trading life easier, not harder, and the same concept applies to the deposit and withdrawal aspect. You should also note that some brokers charge for inactivity fee for your account, so also be wary of those brokers.

3. Your broker should have efficient customer service

Out of all aspects, customer service is the one aspect that determines if your broker genuinely cares about you and your success as a forex trader. Brokers aren’t perfect and they also make mistakes, which is why customer service plays an important role in choosing the right broker. Brokers with a fast response time and efficient customer service will make your life so much easier, especially when responding to your concerns, inquiries, and questions. The competence of forex brokers dealing with your concerns and complaints reflects how efficient they are as your broker. Even if it’s as simple as asking for help with transactions, your broker should make your life easier by responding to your question immediately and with accurate information. There are even brokers that would call you and personally welcome you as their broker, which is an admirable feature if you find a broker like that. It makes you feel welcomed and supported, despite the uncertainty as a forex trader.

4. Your broker should offer flexible leverage

While there can be certain advantages with fixed leverage, flexible leverage allows you to change it accordingly, whether you’re going for low-risk or high-risk trades. High leverages are great as it allows you to trade several trades at once in your account, but it comes with the risk of losing discipline. It’s easy to overtrade with high leverage because you’re assuming that you can enter all the trades you want with your high leverage. Low leverage, on the other hand, gives you the discipline to enter just a few trades, but you can only enter a certain number of trades. If you choose a broker with flexible leverage, you control the leverage you set for your trades and not your broker. If you want to switch from high leverage to low, you can do that accordingly. Along the way, you’ll learn that leverage is a double-edged sword, which makes it a disadvantage if you choose a broker with fixed leverage because you have no control over that.

5. Your broker should offer several instruments

Not all brokers offer the same range of instruments, and this is something you’d want to be particular about if you want to expand your trading experience. Certain brokers are restricted to currencies and cfds, while other brokers offer a wide array of instruments such as futures, cryptocurrencies, indices, and the like. A wide variety of instruments will give you the flexibility you need as a forex trader. As you go along in your journey, you’ll realize that currencies are the least volatile you can trade within the financial market, which makes them perfect for beginners. However, you may want to start trading other instruments and with the right broker, you can do this. If instruments are that important to you, it’s best to choose a broker that gives you that wide range and most importantly, charges low to no commission for each trade. You’d also want to check the spreads as choosing the best forex broker is one with low spreads.

6. Your broker should have smooth execution

A broker with smooth and efficient execution will ensure your success as a forex trader. Under the assumption that you have a stable internet connection and the market operates under normal conditions, the exact price you enter your trades is exactly where it should be – not a moment before or after. This is specifically crucial when you’re a scalper or someone who enter trades with a short-term goal in mind. Scalpers normally enter trades for just a minute or two and then exit their trades as quickly as they entered. When your broker has poor execution of trades, this may lead to losses instead of profits since your entry point is another defining factor in succeeding as a trader. One wrong entry point could lead to a loss instead of gain – and this is what you’ll learn as a forex trader. When you click buy or sell on a specific currency, the point you entered in should be your exact entry point.

7. Your broker should provide accurate materials

As mentioned earlier, the best forex broker should care about your success as a forex trader. Your broker should provide resources and education to help both your technical and fundamental analysis for a more accurate trade. In fact, it’s best if they provide news and current events for your fundamental analysis. These resources and education will help you gain more knowledge and strategies as a trader, which you can apply to your trades. Some brokers will even email you a weekly update on the movement of certain currencies you’re eyeing, whether it’s basic currencies or metals. Providing a wide array of materials is how you ensure your broker not only cares about you, but they want you to succeed. Some brokers will also hold live seminars and platform tutorials for a more effective coaching session on how to make it as a forex trader. A lot of people want to succeed as a trader, but few will have the right knowledge to make it through. Choosing the right broker will make sure that you have the necessary tools and materials to be equipped with the knowledge to succeed.

8. Your broker should have low spreads

For most traders, spreads are the defining factor in choosing a broker. When you choose a forex broker that provides low spreads, this simply means you’ll spend less with trades. Spreads are the determining factor between the given price and bid price so a high spread broker would mean that this will cost you higher with each trade. Low spreads also determine lower volatility so as a beginner, choosing a broker with low spreads is the best option for you so you won’t feel as overwhelming when entering the financial market. Lastly, low spreads set you up with the low-risk trades for a more successful forex trading experience.

In conclusion, I hope this article was able to help you gain insight into the best forex broker to choose in 2021. Being a forex trader isn’t easy, which is why choosing the right broker will make your life a whole lot easier. With the right resources, education, low spreads, and adjustable leverage, you can have a smooth trading experience that will lead you to more profits than losses. It’s a bonus if your broker genuinely cares about your journey as a forex trader. With these tips, hopefully, you’ll choose the best forex broker in 2021.

The 11 best UK CFD and forex brokers in 2021

Etoro - the #1 broker

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Forex and CFD brokers are responsible for facilitating trades on the foreign exchange market, essentially by providing a platform through which traders can buy and sell a wide range of currency pairs.

Forex is the largest financial market in the world; as such there are many brokers operating in this field. Figuring out which one is right for you is a confusing but vital process, since your choice of broker can be influential to your success; choosing the wrong one could be financially devastating.

This article looks at the key points to consider when making your choice, before offering our list of the 11 best forex brokers in the UK.

We also recommend you view this list of FCA regulated UK forex brokers created by the team at compareforexbrokers.Com.

Key considerations when choosing a forex or CFD broker

A broker that suits one trader is not necessarily right for another, and it’s important to conduct thorough research to find the right one for you.

Considerations should be relevant to your personal circumstances, but here are a few key points that you’ll need to keep in mind:

Is it regulated?

The primary consideration when choosing a forex or CFD broker is safety.

You’re entrusting it with monetary funds and personal information, and will want a guarantee that both are protected.

You’ll also want confidence in your chosen broker’s reputation and credentials; essentially ensuring that it's not likely to go out of business, or worse, scam you out of profits.

The best forex and CFD brokers in the UK will be regulated by the financial conduct authority (FCA). This means it is obliged to operate to the highest standards with fairness and transparency.

Regulation information should be clearly visible on a broker’s website and its FCA registration number listed.

What is its trading costs?

The next thing to consider when choosing a forex or CFD broker is cost.

While some work on commission, most make money through spreads.

The spread is the difference between the buy and sell price on a currency pair and, depending on the type of trader you are, can have a significant impact on your profit margin.

Look at the average spreads each broker offers to find one that works best for you.

In addition to spread, you’ll also need to consider the minimum deposit required and any other fees the broker may apply, such as rollover costs (a charge to hold an open position overnight), interest rates and withdrawal charges.

Be sure to read the small print of each broker's service agreement to avoid unexpected costs. Also remember that the cheapest option is not always the best. Look for value for money rather than the lowest cost.

What trading platforms does it use?

The trading platforms offered by a forex or CFD broker are extremely important, since it’s through them that you’ll conduct all trading activity.

You’ll want a platform that’s intuitive, easy to navigate, suitable for your level of experience and that comes with a range of useful features to help inform the best trading decisions.

Many of the best forex or CFD brokers in the UK offer the popular metatrader 4 (MT4) platform as well as their own platforms, most of which you can try out before making any commitment with a free demo account.

Does it offer good customer service?

A broker doesn’t provide you with a one-off service. It supports you throughout your trading career, so it’s vital it provides good customer care.

A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance. Check out customer reviews of each potential broker on your list to see how they stack up.

When considering customer service, also keep in mind the level of support each broker offers through educational tools and resources. The best forex or CFD brokers want you to turn a good profit and will often provide video tutorials, articles and webinars, most of which are free to access for account holders.

Does it fit with your trading style?

The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well what it offers fits with your trading style.

If you’re a scalper, opening and closing trades to accumulate small profits several times a day, you’ll need a broker that offers tight spreads and does not insist on a minimum time frame between entering and exiting the market.

If your strategy is focused on the carry trade, where you intend to hold positions over time to profit from interest rate differentials, you’ll want to look at a broker’s rollover pricing and swap rates.

In addition to the above, you should also keep in mind things like:

Available leverage

The types of accounts on offer

The range of currency pairs available for trade

Ultimately, choosing a good forex or CFD broker comes down to thorough research. The following list of the best forex and CFD brokers in the UK should give you a good starting point.

11 best forex and CFD brokers in the UK

There are numerous brokers available and we would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.

Although we have listed several brokers below, it should be noted that this is through online research, not personal experience.

At wikijob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

1. Etoro

Recommended for: beginners

Founded in 2007, etoro is considered a very low-risk broker as it is highly regulated by the financial conduct authority (FCA) in the UK and many other regulatory bodies elsewhere.

Opening an account is free and you can access a $100,000 demo account to test the system.

It offers 47 currency pairs for trading. Spreads for forex trading have recently been significantly reduced and range from a very competitive 1 to 3 pips for major currency pairs.

Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip.

You can see the full list of spreads on the etoro website.

You’ll need to deposit a minimum of $200 for copy trading, etoro's standout feature which allows you to follow other traders and copy their trades.

This forex broker is great for beginners due to its user-friendly interface and app and 24-hour customer support. It allows you to trade currencies, stocks and cryptocurrencies in one portfolio and the copy trading system is a great way to learn.

The company also offers trading courses and features a learning lab which houses a variety of tools to support clients with their trading experience.

2. Pepperstone

Recommended for: social copy trading

Founded in 2010, pepperstone has been quick to adapt to the social copy trading trend, providing plenty of tools for traders to share and mimic trading styles.

With over 60 currency pairs, it offers two account types:

Standard – the standard account comes with market average spreads and zero commission

Razor – this account operates on a commission basis but with exceptionally low spreads

Pepperstone does not have its own platform but offers the complete MT4, MT5 and ctrader solutions, as well as supporting zulutrade, myfxbook and metatrader signals for copy trading.

There is no minimum deposit required but pepperstone recommends a minimum of £500.

3. Trading212

Minimum deposit: $1
regulations: FCA, FCS

Although its spreads are not as competitive as some others, trading212 does work on zero commission, so it is well worth considering your potential profit margins with this broker.

Its proprietary platform comes with a custom-built mobile app designed specifically for on-the-go trading. With a clean user interface and several analytical tools and features, it is a valuable solution for those wanting a mobile trading experience.

Be aware, though, that if you are a more experienced trader looking for advanced functionality, you may find the simplicity of trading212’s mobile app somewhat limiting.

Another benefit of trading212’s service is that you can easily switch between active and demo accounts, allowing you to test out new styles and strategies risk-free.

4. FXCM

Recommended for: high volume trading

Another well-established broker, FXCM has served forex traders since 1999.

It offers a comparatively low range of currency pairs, with just 39 available, and its spreads are a little above the market average. However, for those looking to trade often and at high volume, its active trader account provides very competitive pricing.

FXCM also offers multiple trading platforms, including MT4, ninjatrader, zulutrade and its proprietary platform, trading station.

Leverage is available up to 30:1 on many major pairs, and a minimum deposit of £300 is required for standard accounts. The active trader account requires a minimum deposit of £25,000.

5. City index

Recommended for: competitive spreads

A well-established and highly regarded UK forex broker, acquired by parent company GAIN capital in 2014.

It currently offers 84 currency pairs across major, minor and exotics, with spreads on many majors standing around 0.8 when trading through its proprietary platform. You’ll need to deposit a minimum of £100 to start trading.

City index provides several platforms, with its web trader and advantage apps aimed at beginner or casual traders, and MT4 and its own AT pro platform for more experienced users.

6. Plus500

Recommended for: experienced traders

First on our list of the best forex and CFD brokers in the UK is plus500, providing an easy-to-use and accessible service.

You’ll find over 60 CFD currency pairs with competitive spreads, no commission and available leverage of up to 30:1.

Although metatrader and ctrader are not available, plus500’s own platform is very user-friendly. It comes with a range of intuitive risk management features and is available on web and mobile.

Plus500 requires a minimum deposit of £100 if using a credit or debit card, and £500 if using bank transfer.

Plus500 UK ltd authorized & regulated by the FCA (#509909).

76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

Availability subject to regulations

7. Think markets

Recommended for: range of markets

Think markets was founded in 2010 in new zealand. Now headquartered in australia, in a short space of time it has become a preeminent, multi-regulated broker providing access to a broad range of markets and CFD products.

Think markets provides access to a range of markets including shares, forex, commodities (energy and agricultural), metals, equities and etfs, indices, futures, and cryptocurrencies.

It has over 38 currency pairs, 9 indices, 10 cryptocurrencies and 1,200 shares to choose from.

It offers three trading platforms – its proprietary platform, think trader, as well as the popular meta trader 4 and the new meta trader 5.

Traders can set up a demo account and practice trading for free with $25,000 in virtual funds.

A standard account can be opened without putting down any cash, allowing traders to explore their live account before they trade.

With a standard account, you can trade with a maximum leverage of 30:1. If you qualify as a professional trader, you can trade with 500:1 leverage.

There is also a think zero account for forex trading, which offers tight spreads from as low as 0 pips. There is no broker mark-up, only a small commission involved.

Think markets has 24/5 customer support via web or phone.

8. Fxpro

Recommended for: trading with metatrader

Compared to others in our brokers list, fxpro is a relative newcomer, having launched in 2006.

With around 70 currency pairs on offer, and several accounts available with differing spreads and commission rates, it is perhaps not the best option for first-time traders.

However, if you have experience and an established trading style, fxpro is a good choice.

It is one of two brokers on our list to currently offer the full metatrader suite, with MT4 and metatrader 5 (MT5) available. It also offers ctrader and its own platform, fxpro edge.

Fxpro recommends a minimum deposit of £500, though you can start trading with just £100.

9. XTB

Recommended for: customer service

The last of our best brokers in the UK is XTB, founded in 2002 with an excellent reputation for customer service.

It has 48 currency pairs available to trade through two account types:

Standard – offering market average spreads

Pro – offering much tighter spreads but with added commission

XTB supports the full MT4 suite, and its proprietary platform, xstation 5, offers a user-friendly, intuitive solution that works well on desktop, web and mobile.

You’ll need a minimum deposit of £250 to start trading and you’ll find that several educational resources are available, including XTB’s trading academy.

10. CMC markets

Recommended for: range of currency pairs

Established in 1989, CMC markets was one of the first UK brokers to provide online forex trading.

It offers over 300 forex pairs, with spreads as low as 0.7 on majors, including EUR/USD and USD/JPY, and leverage up to 30:1 on many major pairings.

Its award-winning proprietary platform, next generation, is available on both web and mobile, offering an intuitive interface suitable for users of all experience levels. MT4 is also available.

There is no charge to open an account and no minimum deposit required to start trading, making CMC one of the most accessible of the best forex brokers in the UK.

11. IG

Recommended for: great all-round broker

Founded in 1974, IG is the longest-standing firm in our brokers list and a popular choice with retail and professional traders alike.

It offers highly competitive spreads on many majors, such as an average 0.7 on EUR/USD, and has over 90 currency pairs available for trade.

IG’s proprietary web-based platform is renowned for its speed, reliability, functionality and ease of use, whilst its mobile app offers a highly comparable experience. MT4 is also available.

You can start trading with IG with a minimum £250 deposit.

Final thoughts

All of the above firms are regulated by the FCA which, as mentioned, is a primary consideration when choosing a forex or CFD broker.

Of course, this list is not exhaustive and is not intended to inform any final decision made on your part. Instead, use it as a reference tool to guide your research and find a broker that best suits your trading style and personal circumstances.

Wikijob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

ESMA risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

So, let's see, what we have: out of the hundreds of brokers in the world, finding the best forex broker is challenging. Read an extensive guideline for top forex brokers. At best broker of forex