List of brokers forex

General overview of true ECN and STP brokers

Similar price rates

Fxdailyreport.Com

Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets.

No deposit forex bonuses

List of brokers forex, list of brokers forex.

You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market. And, you need to work with the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the best forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.

Top recommended and the best forex 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
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as commodity futures trading commission (CFTC), national futures association (NFA) and financial conduct authority (FCA in UK), among many others. This is because regulated brokers are more reliable than their non-regulated counterparts. Further, your hard earned money remains safe with such brokers for two reasons: they will be appropriately capitalized and they maintain segregated accounts for theirs as well as traders’ funds.

#2: forex trading platform

The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable.

#3: customer support services

Customer support is a key aspect that you need to evaluate. Best fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. During the course of trading forex on an online broker’s platform, there will be times when you need certain time sensitive clarifications. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. It is, therefore, recommended that you evaluate the brokers’ customer support service both by speaking to their representatives on telephone and by communicating with them through email.

Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher. Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.

Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects discussed above and those that are discussed below suit your needs.

#6: deposits and withdrawals

It is important that you understand the brokers’ policies related to deposits and withdrawals. The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others. Further, it makes sense to go through all other written policies in detail.

Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:

Do they offer fixed or variable spreads?
What is the average and maximum spread for the currency pairs that you are planning to trade?
What spreads are offered when the volatility is very high?
Do you have to pay any commission for each trade apart from the spread?

Before buying a car, you always go for a test drive. Similarly, look for forex brokers that offer demo accounts. This helps you to open a practice account. You can try out their platform and find out for yourself as to which of the shortlisted brokers is best suited to your requirements. Most brokers offer practice accounts these days. So, it is easy for you to get a feel of the brokers’ platform before committing to depositing money and trading.

#9: other parameters for identifying the best forex brokers

The forex brokerages that offer very low account minimums can be considered for evaluation under the category “best forex brokers”. This is good because you don’t have to deposit large amounts of money in order to trade forex. Minimum account balance can be as low as $5 in the case of some of the reliable forex brokers.

Online forex brokers often try to snatch business through promotions. Do not fall prey to their sales gimmicks. Best forex brokers would never make unbelievable and unachievable promotional offers. It is true that cash and prizes form part of the game, but they should be reasonable.

Another aspect to look for when evaluating online forex brokers is the educational services offered by them. This helps you to master the art of forex trading. Brokers that provide you with a variety of educational tools for assisting you in assessing the forex market are the best forex brokers to work with.

Why expert traders trade with regulated forex brokers

If you’re looking to become a successful forex trader, then working with a skilled and trustworthy broker is very crucial. In the forex market, the two main types of brokers you’ll get include the regulated and the non-regulated brokers. Obviously, the former typically operates under regulations stipulated by a forex regulator. Regulated forex brokers must also be fully licensed and registered in their country of operation, unlike their non-regulated counterparts.

Role of regulation

Of course, the role of regulation in forex market cannot be underestimated. Regulation ensures that all players in this booming industry are strictly supervised. This way, merchants are protected from the many unscrupulous traders out there looking to swindle them off their hard earned money. Another thing, regulation also builds trust between merchants and their brokers, since most merchants don’t have enough time to monitor every investment.
Let’s take a quick look at some of the leading regulatory agencies:

CFTC and NFA: commodity futures trading commission and national futures association, regulate the financial services sector in united states of america (USA).

Cysec: the cyprus securities and exchange commission is the regulatory watchdog within the cysec domain. It offers services to the EU member states.

FCA: the financial conduct authority regulates the operations of over 56,000 financial services and companies in the UK.

ASIC: the australian securities and investment commission regulate the financial services sector in australia.

FSB: the financial services board is a south african agency which oversees functioning, regulation, and licensing of south african forex brokers.

Bafin: bafin is a financial supervisory authority providing its services to forex companies in germany.

Advantages of regulated forex brokers

With regulated brokers, you’ll always have some peace of mind when carrying out your real-money transactions. To expound more, here are the main reasons why expert traders prefer regulated brokers:

1. Credibility

It’s an open secret that most of us like to deal with trusted organizations, especially when money is involved. That being said, the credibility of any forex broker is greatly enhanced if the company is regulated by the relevant agencies. Remember that all regulated forex brokers are mandated to follow some strict rules put in place by their respective regulatory bodies. Furthermore, their regulatory bodies expect them to regularly present a copy of their audit report. Therefore, if a broker is listed on its regulatory body list, then it’s safe to say that the forex broker has fully complied.

2. Compensation

Getting compensated in case of any unfortunate scenario is arguably the best reason why most expert traders opt for regulated brokers. With most regulated brokers, you can rest assured that all your hard earned money will be refunded in case your brokerage firm goes down. For example, brokers operating under cysec are required to remit their contribution to the ICF (investor compensation fund). This pool of funds is to help settle any form of customer claims in case of any eventuality.

3. Effective customer service

Before choosing a forex broker, it’s always recommended that you settle for one who can effectively and immediately resolve all customer issues. In this case, most regulated brokers are always competent enough when dealing with technical support or account issues. In addition, they are very helpful and kind during the whole account opening process.

4. Quick deposits and withdrawals

Any reputable forex broker will allow their merchants to make deposits and withdrawals without any hassle. A regulated broker should have no reason whatsoever to make your earnings process difficult because they don’t have control over your funds. All they have to do is to facilitate the platform to make it convenient enough for you to trade.

5. Updated trading platform

Most regulated brokers are mandated by their respective regulatory authorities to provide their clients with the latest, powerful, and easy-to-use trading platforms. In fact, most of their platforms will readily provide you with all that you need to begin trading immediately. You’ll get a lot of educational materials including webinars, videos, articles, seminars, and e-courses at no extra charge. It goes without saying that regulated brokers also offer their clients free demo accounts to help them sharpen their skills before going live.

6. Legality

All over the world, governments are struggling to deal with issues concerning money laundering. Some of them have even gone ahead to pass very strict anti-money laundering laws. So to be on the safe side, you should always trade with a regulated broker. Most regulated forex brokers will ask you to provide some of your personal identification documents such as proof of address and photo ID. This might sound tedious to you but it’s always safe to be part of a regulated organization that can prove your money is being used in a legal way.

To sum it up, regulated forex brokers are always the best as well as the safest option to trade with. This is because they are always ahead in terms of legality, security, and safety of your funds. All in all, you can manage your risks better if you opt for a regulated forex broker.

Understanding true ECN vs STP broker

The foreign exchange market, also known as currency market, is a universal decentralized market that provides traders an opportunity to trade currencies. It is a market which incorporates all aspects of buying, selling, and exchanging currencies at the present-day or determined rates.

There are different kinds of forex brokers that you can choose to trade forex with. However, though all the brokers in forex are intended to provide a similar basic solution, the way they operate behind the scenes is different. Different types of brokers have varying techniques of operation, and the specific broker you cooperate with can significantly determine your success rate as a forex trader. Here are some crucial factors that will enable you determine which broker between a true ECN and STP broker is the best one to trade forex with:

Understanding true ECN vs STP broker

True ECN i.E. Electronic communications network brokers operate without their individual dealing desk. These brokers provide an electronic trading platform where professional market makers at monetary organizations such as banks, and other online trading participants including traders can enter bids and offers through their particular systems.

STP i.E. Straight through processing brokers are brokers without a dealing desk also. These brokers apply some of the techniques utilized by market makers to provide their particular clients with trading conditions which are more flexible. By STP brokers hiring some of the tactics of market makers, they are able to bypass the limitations connected to trading exclusively within the interbank market.

General overview of true ECN and STP brokers

Use of scalping techniques

True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.

True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided. These brokers have no control on spread offered since it’s the liquidity provider that determines the spread which is to be provided.

Though true ECN and STP brokers can add markups when necessary, they cannot in any way take it further down than the amount provided.

Difference between true ECN and STP brokers

Commission charged

On true ECN accounts, as a trader you will be required to pay a fixed commission to open and close trades. The spreads offered on true ECN accounts are determined by the rates of liquidity providers.

When using STP accounts as a trader, you will not be required to pay any commissions.

Pros of trading forex with a true STP broker

Cannot bankrupt themselves

True ECN brokers cannot trade against their specific clients to bankrupts themselves.

Similar price rates

If you are a forex trader, trading with a true ECN broker means you are guaranteed of price rates that are similar to those of the interbank market.

Negative balance protection

As a trader utilizing the trading account of a true ECN broker, the broker will be accountable for any dues with liquidity providers should your account read negative as a result of any reason beyond their control.

Cons of choosing a true ECN broker

Dealing with a true ECN broker will require you to pay rollover fees and commission at times.

Pros of trading forex with an STP broker

Their rates and the interbank prices are same

They provide their clients low entry capital requirements

Cons of choosing an STP broker

Choosing an STP forex broker means when you enter a trade you’ll not be informed what spread to expect.

Most true ECN and STP brokers are linked to several liquidity providers at the same time period. Despite both true ECN and STP brokers having incredible trading solutions which can meet your needs as a trader, their terms of operation vary. Whether you will choose a true ECN or STP broker, the rule of thumb is always ensuring you minimize losses and maximize profits as much as you can when trading forex. Ensure you compare carefully the terms of service of both a true ECN and STP broker before you choose one to handle your trading needs.

Best forex brokers for 2021

Brokerage companies are scattered all over the world and have many differences in trading conditions, products and services. Some companies are regulated, others are not. Some have been around for decades, others are rather young. Certain brokers work as market makers and have fixed spreads, others provide STP or ECN accounts with direct market access and offer a much larger selection of underlying assets for trading. This site was created to help you find the best forex brokers for your specific needs and requirements. There are several sections and filters in the menu on the left. These can be used to create a custom list of entities with preferable parameters and characteristics. If you find a certain broker you are currently trading with or have used before, feel free to share your experience about it in the comments section meant for forex broker reviews.

The forex brokerage business has undergone a lot of evolution in the last decade. The global financial crisis of 2008 and the events that happened thereafter have reshaped the industry. At about the same time, new technologies came up and also contributed to the evolution of the forex market and forex brokerage business. It is important for traders to understand what forex brokerage is all about and how it will affect their trading ventures. Before we get to meet the best forex brokers for 2021, it is pertinent to identify the role that forex brokers play in a trader’s career and why it is important to go with a forex broker that can match your circumstances and aspirations.

Role of forex brokers

Forex brokers have several roles to play in the market. These roles have also evolved over time, as traders demand a lot more from their trading providers. Forex companies now perform the following roles:

A) access to the market

This is the core role of the forex broker. The forex market is a virtual market with no physical location. At the centre of forex market operations is the interbank market, where the big banks offer various currency pairs for sale. Professional and individual traders therefore do not have to proceed to a physical location to trade, but rather have to have a means of accessing the interbank market. They can only gain access to the interbank forex market using software known as platforms. These platforms are provided by the forex brokers. So without the brokers, nobody can get access to the forex interbank market to trade.

Access can be provided directly using the ECN/STP platforms (also known as direct market access platforms), or indirectly using the market maker platforms that route orders to the broker’s dealing desk. Traders should as much as possible, try to understand the implications of getting direct access to the FX market on one hand, and getting indirect access on the other. The type of access granted will determine factors such as amount of capital to start with, as well as the trading styles and processes to be adopted.

B) trader education

This is gradually but surely becoming a very important element of the forex broker’s functions. Research has shown that 90% of retail traders will lose 90% of their accounts in 90 days. This is a well-established market statistic. Majority of the losing traders (if not all) are traders who are uneducated about the market and who do not understand how to trade profitably. These will end falling by the wayside. No broker wants to spend money acquiring clients, only to have them quit the market after decimating their accounts in 90 days. With brokers realizing that such an arrangement is not good for business in the long run, many of them are now investing significantly into trader education. Videos, articles and webinars are the common means by which beginner traders are given an introduction into the forex market.

C) market research

Once traders get established on the platforms using trader educational resources, their trading activities can be sustained via the provision of market research tools, analysis and news feeds. Many brokers have incorporated this into their offerings as well. For the trader, this is a good thing.

Criteria to consider in choosing a forex broker

The criteria for choosing a forex broker have evolved over the years. While there are still some elements that are critical to the choice and which have remained constant over time, there are other parameters which have emerged and which will be considered below.

1. Spreads/commissions

Spreads are the primary cost to the trader. Lower costs mean that the trader will have a chance to retain more profits, or at least reduce the losses that may be incurred. Competitive spreads are now a factor used in broker selection. It may not be immediately obvious how much savings on spreads can translate to, but high volume traders such as scalpers know that when up to 300 trades are placed in a month, then savings from reduced spreads can be substantial.

2. Leverage

Leverage in forex is now a big deal. What started off in 2010 when leverage caps were introduced in the US by the commodities and futures trading commission (CFTC), has now been extended into the united kingdom and europe. Retail traders in the UK and EU have seen leverage caps reduced from as high as 1:500, to just 1:30 for major forex pairs. Minor pairs and cfds have even tighter leverage limits. This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who were caught out by ESMA’s decision. Some of the UK/EU brokers have also opened international divisions, where their international client accounts are being migrated to. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones.

3. Regulation

Regulation will continue to remain a key factor in broker selection. Regulation ensures that traders are protected and that the trading environment is transparent and secure. The brokers presented on this site are regulated in their respective areas of operation, which ensures that traders who open accounts with them are assured of safety of their funds.

4. Broker type

A mention has earlier been made about direct and indirect access to the interbank market. As a trader, you need to know how each type of access will affect you. Market makers provide indirect access because they buy positions from the interbank market and resell them to their clients using a dealing desk. Market makers usually require smaller amounts of starting capital, provide fixed spreads, and tend to have more slippages and requotes. They provide a low barrier for market entry.

ECN brokers on the other hand, provide direct market access. They require large amounts as initial capital, provide variable spreads, but do not have slippages and requotes. However, they charge commissions on trades in addition to spreads. At the end of the day, the trader’s financial capacity will determine if a market maker or an ECN broker will be selected for the trading venture.

5. Trading resources

Trading resources are generally tools that are provided by a broker to enhance the trading experience and potentially improve a trader’s trading outcomes. More is not always better. In this case, it is about finding the broker that has the right mix of trading resources that cover analysis, news and market insight.

6. Customer support

Customer support can now be offered using a variety of means that were not in existence 10 years ago. Social media channels such as facebook and twitter, as well as messaging apps such as telegram can now serve as channels for receiving near-immediate responses from a broker’s customer support desk. Choose a broker with a diversified customer support structure which deploys these new means of communication.

Our list of forex brokers

The list below features best forex brokers selected by us for 2021 year. This list has been prepared after due consideration of all the factors mentioned above. In this list, you will find many brokers that are offshore brokerages with high leverage, or offshore divisions of EU/UK brokerages that can provide high leverage trading platforms to their clients. Feel free to read our forex broker reviews and make an informed choice based on the contents of this website.

List of brokers forex

Forex trading can be very rewarding, if you do it right. How do you do it right? By being disciplined, by sticking to your trading plan, and by using the right broker. Not just any broker but a top forex broker.

After practicing with a demo account and backtesting your strategy, it is now time to get a real account and start making money. You must choose a broker that has your best interests at heart, a broker that is regulated and has a track record of reliability.

Here we will be sharing a list of top forex brokers to help you achieve success in your trading career.

Minimum deposit: $5

Max.Leverage 1:200

Spread from 0.6 pips

Head office: cyprus,UK

Minimum deposit: $100

Max.Leverage 1:500

Spread from 0.2 pips

Head office: cyprus

Minimum deposit: $100

Max.Leverage 1:2000

Spread from 2 pips

Head office: st.Vincent

Minimum deposit: $200

Max.Leverage 1:500

Spread from 0.1 pips

Head office: australia

Minimum deposit: $10

Max.Leverage 1:500

Spread from 0.4 pips

Head office: st.Vincent

Minimum deposit: $1

Max.Leverage 1:3000

Spread from 0.1 pips

Head office: belize

When choosing a broker, there are some key factors you must first consider. Factors like the trading fees, regulating body, reliability, customer service, trading resources available, and so on. We will go over the key factors now.

Qualities of top forex brokers

Trade execution

What you want is a broker that fills your orders as quickly as possible. This way your orders get filled at the exact price you want.

Regulation

To put this plainly, stay away from non-regulated brokers. Regulated brokers are secure because if any issues arise, the regulating body will take up the case and get you your money.

Tight spread

Go for a broker that offers tight spreads and charges little commission. The trading fees make a significant impact on your bottom line especially as a new trader.

Customer service

You need a broker that is available 24/7 to reply to your queries. Top forex brokers have excellent customer service and are always willing to help their clients iron out any kinks.

Markets offered

As a beginner, you probably won’t be trading so many instruments in various markets. However, as time goes on, you will want to diversify into other markets. Choosing a broker that allows you to trade as many instruments as possible is key.

Types of top forex brokers

In general, forex brokers can be grouped into 2 broad categories; a dealing desk broker, and a non-dealing desk broker. Non-dealing desk brokers can further be divided into straight-through processing (STP) brokers and electronic communication networks (ECN) brokers.

Dealing desk brokers (market makers)

Market makers are brokers that trade against you. This means that if you place a buy, they place a sell. If you place a sell, they place a buy. If you lose, they win. Despite how this may sound, market makers are not ‘bad guys’. In fact, opening a forex account with a market maker is sometimes beneficial to beginner traders.

Non-dealing desk brokers

Straight through processing. This type of broker routes your orders to liquidity providers who are connected to the interbank market. These brokers make money by increasing the spread a little bit.

Electronic communication network

This type of broker sends your orders directly to the ECN, where it can be filled by other players in the ECN. ECN brokers make money by charging you are commission.

These 3 types of brokers all have their advantages and disadvantages. We will help you sort out the best from the rest. Check out our top list of forex brokers.

UK forex brokers

broker	country	regulation	platforms	min.Deposit	review
	cyprus, UK, mauritius	cysec, FCA, FSC, FSCA	MT4, MT5, web	$10	review website
	UK, australia, south africa	FCA, ASIC, FSCA, cysec	MT4, trading station, ninjatrader	$50	review website
	UK, cyprus, UAE, south africa	FCA, cysec, DFSA, FSB	MT4, MT5, fxpro markets, ctrader	$100	review website
	cyprus, UK, south africa, UAE	cysec, FCA, FSCA, DFSA	MT4, MT5, web	$5	review website

UK is a global financial hub and is home to some of the top brokers in the forex industry. To mention just a few FXTM, FXCM, fxpro, hotforex, tickmill and trading.Com have all offices there and are regulated by the local financial conduct authority (FCA), which supervises over 59 000 financial services firms, ensuring that consumers get a fair deal while trading the financial markets.

Is forex trading legal in the UK?

Trading in the UK is perfectly legal and as we already noted the market is pretty well regulated.

The financial conduct authority, established back in 2013 as a successor the financial services authority, is an independent public body funded entirely by the fees paid by the supervised firms, and accountable to the UK treasury and the parliament.

€730 000 minimum capital requirement

Тhe requirements set by the authority are comprehensive and are even tougher compared to many other jurisdictions. For example UK forex brokers have to maintain net tangible assets of no less than 730 000 EUR, with which to ensure all outstanding payments towards clients.

£85 000 guaranteed by FSCS

All clients’ funds should be kept in a segregated, protected from creditors, trust account and to be covered by the financial services compensation scheme, which basically insures the first 85 000 GBP in your trading account, so that even if your brokers happens to be insolvent you will still be paid back.

For example, the FSCS paid a total of £527 million in compensation to 258,119 clients of firms who went bankrupt during 2019/20 fiscal year. The statutory lifeboat fund is trying, where possible, to recover the funds directly from the failed companies in order to reduce the burden on the industry.

Negative balance protection

On top of that clients of UK regulated brokers get a negative balance protection, meaning that they can not lose more money than they have deposited.

Also, the requirements of the markets in financial instruments directive (mifid) of the european union, apply to all UK brokers and will remain in place even after the UK finally leaves the EU.

UK forex brokers	EU forex brokers
client funds segregation	✓	✓
compensation scheme	up to £85 000	up to €20 000
leverage restriction	up to 1:30	up to 1:30
minimum capital requirement	€730 000	€730 000
client orders reporting	✓	✓
negative balance protection	✓	✓
bonuses	banned	banned

Globally, the FCA has also been highly influential in setting standards, through the european securities and markets authority (ESMA), and through its chairing and co-chairing of the international organisation of securities commissions (IOSCO) and financial stability board (FSB) committees.

Which are the best forex brokers in the UK?

As we noted, UK is home to some of the top brands in the forex industry. Those are state of the art brokers, offering exceptional trading conditions and top notch trading platforms. Here are some details about the most popular UK brokers.

Owned by forextime UK limited, FXTM is regulated by the financial conduct authority and offers UK traders tight spreads, fast execution and cash rebates, with a comprehensive selection of forex pairs, crypto currencies, indices, oil, gold and stocks, professional trading platforms like the metatrader4 and the metatarder5 and a choice between a standard, ECN and a cent account, where the minimum deposit is just 10 USD, and which is particularly beneficial to traders who use capital demanding strategies like martingale or grid trading.

FXTM accepts credit cards like VISA and mastercard, and some popular e-wallets like skrill, neteller, perfect money and webmoney. For retail clients in the UK leverage is capped at 1:30, as is the requirement in the broader EU as well. If you are a professional traders, however, and you can prove it, FXTM will offer you leverage as high as 1:1000.

On top of that, to its UK clients FXTM offers a loyalty program, where the trading cost of each trade is reduced in accordance to the account balance and the size of the trade.

With over 20 years of experience FXCM is one of the most popular brands in the UK. It has an office in london and offers traders lots of stocks, forex pairs, crypto currencies, indices, oil and gold with zero commissions and tight spreads.

What is more, FXCM is an award winning brokers, which offers a choice between several trading platforms – the industry standard metatrader4, and two proprietary platforms - ninjatrader and trading station – a highly customizable platform, with intuitive design and the option to place and manage trades directly from the charts.

Ninjatrader on the other hand is specialized in custom system development through a specially designed strategy builder and a proprietary ninjascript programming language.

Take a note as well that FXCM accepts payments with all popular credit and debit cards, as well as skrill, neteller and china union pay. For professional traders FXCM offers leverage as high as 1:400, while for retail traders the leverage levels are caped at 1:30 to limit the associated risks.

Fxpro is yet another top broker with an office in london and over 70 international and UK awards. Apart from their FCA license fxpro is also regulated in cyprus, south africa and UAE.

Fxpro are proud of their ultrafast execution – 99,9% of all trades are said to take place within 50 ms and their no dealing deck trading environment.

Payment methods include VISA, mastercard, paypal, neteller, skrill and china union pay, and while there is no specified minimum deposit requirement, fxpro advices their clients to deposit at least 500 USD to ensure better flexibility of their trading strategies.

And fxpro offers three professional trading platforms - metatrader4, metatrader5 and ctrader, which is especially suited for NDD environment as offered by fxpro. Professional traders at fxpro can enjoy leverage as high as 1:500, while retail traders will have to do with 1:30.

Trading.Com is a brand of trading point group, especially tailored for the UK market. (trading point group also operates XM - one of the leading brokers in the forex industry.)

With their ultra-low account, trading.Com grants you easy access to over 1250 markets, including precious metals, energy and agricultural commodities, stocks, indices and over 60 forex pairs, all in one place. The trading conditions are rather attractive, with spreads starting as low as 0,6 pips and no trading commission applied. Leverage is capped at 1:30 in accordance with the regulatory policy of the financial conduct authority.

Trading.Com will let you start trading with as little as 5 USD and you can open your trading account in a number of currencies - EUR, USD, GBP, CHF,‎ AUD, PLN and HUF.

Your payment options are credit cards like VISA and mastercard, neteller, skrill and bank wire transfer. The broker offers metatrader5, equipped with over 80 analytical tools and available both as a web trader and as an app for PC, iphone and android.

Hotforex is another award winning forex broker with a presence in the UK. Their london office was opened in january 2019, when they acquired their FCA license. Apart from that hotforex is authorized to operate across the european union, south africa and UAE.

Hotforex offers four account types with attractive spreads, access to over 150 trading instruments and the metatrader4, available for PC, ipad, iphone, android, a web terminal and a multi terminal, which allows traders to manage multiple accounts simultaneously.

The minimum deposit requirement is 100 USD and the payment methods include VISA, mastercard, sofort, ideal, neteller and skrill.

And hotforex also offers weekly webinars in english, covering a wide range of strategies, which can greatly enhance your trading skills.

As with other UK brokers leverage is capped at 1:30, except for professional traders, who can enjoy higher leverage.

Tickmill is an award winning UK broker, based in london and regulated by the financial conduct authority. They offer exceptional trading conditions with three account types and leverage as high as 1:500 available for professional traders – as a matter of fact this year they have been awarded in the best trading experience category of the annual forex brokers awards.

Their spreads look rather attractive, starting as low as 0,6 pips, if we add up the minimal trading commission of 4 USD per lot. And their selection of forex pairs is also comprehensive – well over 60, complementing the numerous cfds on indices, precious metals and bonds, available on a metatrader4 platform.

The minimum deposit at tickmill is just 100 USD and you have the option to pay with VISA, mastercard, bank wire, skrill, neteller, dotpay, paysafe card, SOFORT and rapido.

How much do I need to start trading forex in UK?

Most UK brokers will ask for an initial deposit of about 250 USD, but as we already discussed many of the big players like FXTM, trading 212, trading.Com and fxpro will allow you to start trading with virtually a few pounds.

And some UK brokers will allow you to trade with micro lots – 1000 base currency units – an option, which is rather convenient if your deposit is relatively small. Others, like FXTM are offering cent accounts, where all deposits, profit and loss are measured in cents, instead of dollars, which works pretty well if you are using the grid trading or the martingale strategy, where traders double the trading amount after each loss.

What are the most popular payment methods in the UK?

One of the most popular payment methods in the UK is paypal and a number of UK brokers like trading 212 and fxpro do work with it. Other e-wallets like neteller and skrill, which are particularly popular in europe, are also offered by many brokers, as are credit cards like VISA, mastercard and american express.

And some brokers might even suggest that you pay with bitcoins or other digital currencies. Our advice however, is to stick with more conventional payment methods like credit cards, paypal and skrill, because that way you have the option to reverse the payment if you realize you are dealing with scammers. Crypto currency payments on the other hand are irreversible and are more or less anonymous.

Certainly you can use a bank wire transfer as well, which usually takes up to 3 working days if it is an international transfer and between 2 and 4 hours if it is domestic for the UK. All other payment methods are instant.

We should note as well that all brokers in the UK offer accounts in british pounds.

What leverage is available in the UK?

Back in 2018 the european securities and markets authority (ESMA) capped the maximum leverage allowed for retail traders to 1:30 and so did the financial conduct authority in the UK. The move was a coordinated attempt to minimize the risks for the trading community. Remember, the higher the leverage the higher the risk for your funds when the market happens to be volatile.

Similar steps are made by the regulatory authorities in the canada, japan and the U.S., where the leverage cap is set at 1:50.

Which are the best forex trading platforms in the UK?

Benchmark platforms like metatrader4 and metatrader5 are offered by most brokers in the UK like FXTM and fxpro, but others like FXCM offer proprietary trading solutions as well.

Metatrader5 and metatrader4

Developed by metaquotes, metatrader5 is a state of the art trading platform equipped with a built- in editor and compiler, which allows trader to easily modify their market indicators and trading robots to better fit their automated trading sessions. On top of that, traders have a free access to a software library contributed by other users, which graetly increases your options for custimisation.

The same features are available with metatrader4, but there is a difference – on a MT4 all market indicators and trading robots, also known as expert advisors, are developed on a proprietary scripting languages called MQL4, while for the metatrader5 all the software is written on MQL5, which makes the MT4 trading bots incompatible with metatrader5.

That is the reason why metatrader4 is still more popular of the two platforms, and also why some brokers like hotforex offer metatrader4 instead of metatrader5 – the huge quantity of expert advisors developed especially for metatrader4.

And while both the platforms come with an excellent set of advanced charting tools, metatrader5 is the more powerful of the two, as it allows the execution of orders in a number of different financial markets and stock exchanges through a single trading account.

Ctrader is another great platform, which is offered by some brokers like fxpro, as it is especially suitable for a no dealing desk (NDD) trading environment. Similarly to metatrader5 and metatrade4, ctrader has its own market indicators and trading robots called cbots, which will also enable you run algorithmic trading sessions. Another ctrader perk is that the take- profit and stop- loss options can be adjusted directly on your chart using drag and drop boxes.

Here you can find a list of more brokers, based in the UK.

Crypto CFD trading in UK

In its latest move to curb potential loses for retail investors in october 2020 FCA banned the sale of crypto currency derivatives, arguing that they are ill-suited for retail traders and have no value when it comes to ordinary investors.

According to the estimates of the institution, after the ban comes into force on 6th of january 2021, it will prevent some 53 million pounds in losses for retail investors annually.

FCA introduced leverage limits for all cfds on crypto assets back in 2018 and proposed a full ban on crypto derivatives back in july 2019. The current ban, however will not apply to trading crypto currencies like bitcoin and ethereum themselves, because they are not regulated by the FCA.

Over £78 million lost to clone firm scams in 2020, FCA warns

The UK’s financial conduct authority has recently issued a press release detailing a troubling trend, noticed in figures from 2020 – the rise of clone firms. UK citizens have reportedly lost over £78 million to the scammers. Read more

UK’s FCA warns crypto investors to prepare to lose everything

The financial conduct authority (FCA) in the UK said in a stark warning to crypt investors that they should be prepared to lose all of their money. Read more

FCA UK crypto CFD ban now in effect

Cryptocurrency derivatives – crypto cfds for example - are now not accessible to retail traders on the UK markets, as a ban introduced by the country’s financial conduct authority (FCA) in october 2020 went into effect yesterday, on the 6th of january. Read more

FCA allows crypto companies pending approval extension of grace period

The UK, which recently banned the provision of cryptocurrency cfds to retail clients, has allowed crypto-dealing companies that have submitted documentation for the acquisition of a license and are pending approval to continue providing their services well into next year – up to the 9th . Read more

UK treasury department sets plan for financial services’ future

On monday the UK’s treasury department announced that they are “starting a new chapter in the history of financial services”, as well as reestablishing the leading role of UK markets. Read more

Best crypto trading forex brokers for 2021

Below you will find a list of forex brokers that offer cryptocurrency trading instruments (e.G. BTCUSD, ETHUSD, LTCUSD) and allow account funding with major crypto coins. In most cases, these are bitcoin, etherium and litecoin, although certain companies provide more options. Blockchain technologies made crypto transactions very simple and highly anonymous. Hence, some forex brokers don’t even require to undergo an account verification process before you can deposit or withdraw some funds in the form of cryptocurrency.

Who are crypto forex brokers? These are forex brokers that also list cryptocurrency assets on their platforms, usually in combination with fiat currencies to form a crypto-fiat pairing. Examples of crypto-fiat pairs include BTCUSD, DASHUSD, ETHUSD and LTCUSD. These cryptocurrency assets are CFD instruments and do not warrant owning the actual cryptocurrencies in itself.

What crypto assets are offered by crypto forex brokers?

Assets that are offered by crypto forex brokers include various pairings between cryptocurrencies and fiat currencies. Popular cryptos used in these pairings are bitcoin (BTC), ethereum (ETH) and litecoin (LTC). However, other cryptos such as DASH, ripple, NEO and stellar lumens have emerged as crypto assets that are making their way onto platforms featured by crypto forex brokers. Fiat currencies which are used as the counter asset in these pairings are US dollar (most popular), euro and british pound. So you get to find pairings such as BTC/USD, ETH/USD, LTC/USD, DASH/USD, BTC/EUR, etc. The exact combinations will differ from broker to broker. These crypto assets are usually listed on popular platforms such as the MT4, where they can be traded just like any other currency pair of CFD asset. You can use market or pending orders to setup trades, or trade with the regular lot sizes featured on the platforms to setup your trades.

Account opening with crypto forex brokers

Opening an account with a crypto forex broker is quite simple, and follows the regular process of account opening, which involves filling an online form. Account verification is also easier, especially if you are going to use a crypto-only account, or if you will use cryptos for deposits and withdrawals. This is because cryptocurrency transactions are basically anonymous and do not require verification of the identities of the individuals involved in the transaction. So if you opt for a crypto transaction method for deposits and withdrawals, your account will most likely be opened for trading without verification.

Depositing/withdrawing funds on crypto forex broker platforms

Some crypto forex brokers require that you open a dedicated account that can be used to trade cryptocurrency assets, while others allow you to use the same regular trading accounts used to forex and cfds. In the last few years, some crypto forex brokers have opened up new payment channels that allow their clients to deposit and withdraw their holdings in cryptocurrencies. Bitcoin and ethereum are the popular cryptocurrencies used for such deposits and withdrawals. To be able to use these cryptos for deposit and withdrawal transactions, there is a need to get a wallet to be able to hold your assets. These wallets are usually provided by the crypto forex broker. Making a deposit in cryptocurrencies will require you to obtain BTC or ETH from a third party source exchange, store this in an external wallet, and transfer what you want to trade with to your wallet on the crypto forex broker platform. Withdrawals will also follow the same route. The advantage here is that the cryptos used in conducting your deposit transactions are held in a cold wallet and are not accessible to hackers, unlike the ones held in exchanges which are hot wallets and are vulnerable to theft by hackers. Brokers like simplefx typify an emerging trend where crypto forex brokers are increasingly dispensing with fiat deposit methods and replacing these with more crypto-based methods. Presently, simplefx allows users to deposit and withdraw funds in cryptos such as bitcoin, bitcoin cash, ethereum, dash and litecoin. It also offers e-wallets such as fasapay, skrill and neteller. You really would not even find the bank wire or card options here.

For other brokers, you will also be able to use conventional means of payment to transact on your account. This includes the use of bank wires, credit/debit cards and e-wallets such as skrill, neteller and webmoney.

More consistently, you will find that some of the crypto forex brokers in our list offer both fiat and cryptocurrency deposit and withdrawal methods. Thinkmarkets is an example of this hybrid transaction model, as it offers the fiat methods just mentioned as well as the bitcoin method using the bitpay wallet.

How were crypto forex brokers on this list selected?

Certain factors were considered in compiling the list of the best crypto forex brokers you can use today. These factors include leverage/margin requirements, security of transactions and spreads.

Leverage/margin requirements

Trading cryptocurrencies on forex broker platforms in europe and the UK has become very expensive, no thanks to the 1:2 leverage cap imposed by the european securities and markets authority (ESMA). Ordinarily, spreads on some cryptocurrency assets such as BTC/USD are quite high, and margin requirements as well as the inherent volatility of some of these assets may overwhelm most traders’ financial capacity. In compiling our list of the best crypto forex brokers, one of the criteria used for selection was to seek for platforms that had friendlier leverage provisions. The leverage provided by many of the brokers on our list for trading cryptocurrency assets ranges from 1:2 to 1:100. In terms of cost implications to the trader, what does this mean?

Trading LTC/USD with a leverage of 1:2 means that setting up a $100,000 position on this asset will require a margin of $50,000. But on a crypto forex broker platform like that of primexbt (one of the brokers found on our list), the leverage provided for trading this asset is 1:100. This means that you can trade a standard lot with a margin of $1000. Look at the difference in the two positions: $50,000 margin (UK/EU broker) as opposed to $1,000 margin (our broker). It goes without saying that this represents significant cost savings and using our brokers will make crypto trading on a forex platform cheaper.

Security of transactions

For those who opt to use the crypto-based funding and withdrawal methods, a key advantage of using crypto forex brokers is the safety of transactions. Rather than expose your crypto holdings in exchange-based hot wallets, you can use the same holdings in secure cold wallets to fund your account and trade the same assets as cfds. This represents a far more secure way to trade and enables the trader to have immense peace of mind. It should also be mentioned that most crypto forex brokers mentioned here are regulated, and so there is accountability in how business is conducted on those platforms. Using exchanges which are unregulated always carries risks, as users of cryptopia and quadrigacx have found out the very hard way.

Spreads

Cryptos tend to have higher spreads than any other assets on these crypto forex platforms. For instance, the spread on LTC/USD on simplefx is 14,800 points, or $148 for a standard lot position. But comparatively speaking, the spreads on crypto assets with our crypto forex brokers are lower than what you will get on other platforms. Spreads are the trader’s cost, and for assets that carry wider spreads, this cost simply needs to be kept as low as possible. By offering traders lower spreads, the savings that will be realized over time will prove beneficial for the trader.

All forex brokers list

Check how to find the top forex brokers to trade with

Find below the top forex brokers list

How to find the top forex brokers to trade with

Finding top forex brokers is a matter of perception and changes from one trader to another. Just as in life, some people are happy driving a hyundai car; some are happy driving nothing less than an audi. At the end of the day it is all about whether the car serves your purpose. Similarly, in forex trading you will get different answers when you ask a few traders as to their choice of the best forex brokers.

Many traders generally prefer to go with a forex broker that is widely approved by most of their peers. This can be for different reasons, ranging from peer pressure to going with what the majority is saying. But if you look closer and perhaps even trade with the top forex broker your experience might be different.

There are many reasons why what one trader might consider being the best forex broker will probably not be the best choice for another broker.

To find the top forex brokers a trader must first understand their own trading styles and markets. For starters, it is common to find that the forex brokers who have large advertising capital can often swing the traders’ opinion into deeming them as the best forex broker, especially if they can back it up by offering some good trading conditions. But this can change as not all traders have the same style or behavior.

When you want to choose the top forex broker you are better off having a checklist to narrow down. Here are a few things to look for when searching for the best forex brokers to trade with.

Regulation

How long has the forex broker been operating

Deposit and withdrawal conditions and banking terms

Choice of instruments (forex, metals, commodities, etc)

Trading conditions (execution model, spread, leverage, swaps)

Once you narrow down to a few selected list of the top forex brokers from there on you can research further into the forex brokers, by looking at the allfxbrokers.Com list of the top forex brokers. You can base your opinion from the forex broker’s ratings that other traders have given based on number of factors or independently evaluate the top forex brokers of your choice.

Remember that choosing the top forex brokers is all a matter of individual choice. Therefore take your time to research into the top forex brokers before deciding for one.

Forex broker scam list

List of forex scam brokers

Official website: click to go website

Out of business:

Avoid paying the origin clients fund:

Avoid supporting well and transparent for traders:

Avoid paying the profit of traders and removes them:

Scam level: %

Forex scam brokers

Trading in the forex market has its complexities and challenges. One of the difficulties is choosing a proper forex broker and working with it. In the currency market, there are a number of unprofessional and problematic brokers using subtle and smart ways waiting for achieving traders' capital dishonestly.

What kinds of brokers in pipsafe are known as scam? We, as a forex rebates server, will not cooperate with brokers which are already known as a scam. And also we will stop our cooperation with any brokers which cause problems for traders and we, as a representative, will put them on the blacklist, so traders can stay away from these brokers and avoid trading with them. Therefore, follow our scam broker list.

Forex brokers’ scams, which are on our blacklist, include the following items:

1-forex brokers which have already recognized as scam
2-those brokers which pipsafe announce as scam and have a lot of problems
you must avoid these scam brokers and forget them. Otherwise, you will face a real and significant challenge. We suggest using our trusted brokers because we always keep in touch with other brokers and we can understand any problems like decreasing their quality.

The problems that forex brokers can provide for traders:

Avoid paying the original clients’ funds

Avoid supporting well for traders

Avoid paying the profit and removes them

Changing the price of currencies and use artificial prices

Expanding unusual and too much of spread to limit the traders and their failures.

Select a good forex broker

Every year a lot of new forex brokers come to this world, and they add to this forex lists. Choosing a reliable FX broker along with an excellent facility among all those brokers is a little hard, and it needs an ultimate guide.

Pipsafe will help you, in this case, to avoid you being in fraud forex brokers and also help you not to be insignificant problems. Furthermore, pipsafe helps you to select an excellent and reliable broker. We are as a provider of forex cashback service due to having a close, continuous relation and contacts with other forex brokers which received their representative. What is more, we will analyze them carefully, and you can have the results and know more about it on our website.

Some important points about the regulation of various forex brokers

There are lots of regulatory and financial institutions around the world, which are monitoring the activities of forex brokers so that they have transparent and dynamic activities.

The most popular and prominent regulatory agencies on forex brokers

On the whole, having a valid regulation is essential for forex brokers who show at least condition for their activities in the global area, but there is no particular reason for trusting any brokers.

What is rebate?

When you as a forex trader ,open an forex account via cashbackforex website like pipsafe, the forex brokerage pays pipsafe some part of spread for any trade you make as reward for referring a forex customer to them, than pipsafe share the most of this revenue with you.

Pipsafe score

We are based on various factors grading the brokers credit such as votes of public and votes of our experts. Also we check many things such as the establishment and background of brokers and types of regulations they hold. Grading the quality of the brokers, we will consider some facts like, quality of service, parameter of the quality of a brokers, her/his kindness to the customer and give score to the brokers between 0 and 100 which will be given by our company called pipsafe score. Select the brokers with high scores greatly respected by our customers choice and we are confident that we will always try to update those brokers.

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.

So, let's see, what we have: list of top 25 the best forex brokers in 2021 for buy sell major currency, lets compare our fully regulated online trading company and platforms. At list of brokers forex