- Simple Way to Trade Global Markets
- Best Forex Brokers
- Is the Forex Market Legal?
- Best Forex Brokers - Top 10 Brokers -
Identifying the most cost effective forex brokerage solutions from the best providers is an important step in laying solid foundations for a successful trading account. This often means comparisons between a wide range of different options to determine the optimum, which in turn creates a further research burden for traders to endure.
Nevertheless, taking the necessary steps to research and sort the best options available can pay dividends in terms of saving money both now and in future, and in guaranteeing a stable, legitimate broker partner for your forex trading. Most forex traders have their own system in place for accessing the markets, which will be either proprietary or delivered by a third party, and the look and feel of these applications can vary along with the range of orders and options available for traders to execute.
At the same time, online platforms are where traders will spend most of their time and where they will execute their market orders, so it pays to find an application that seems intuitive to use and fits in with the demands of your chosen trading strategies. Through the use of demo accounts, it can be possible to trial a number of different platforms, especially for beginners, to identify which are most effective and most suited to your trading style.
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What Am I Paying For? Is Forex Market Regulated? Which Broker Should I Choose?
Simple Way to Trade Global Markets
What Should I Look For? We use cookies to ensure we give you the best experience on our website. By clicking the OK button you agree to the use of cookies as per our Privacy Policy. Go to Top. But comparing costs is tricky in forex trading: While some brokers charge a commission, many advertise no commissions, earning money in the bid-ask spread — the difference between the price a broker or dealer is paying for the currency the bid and the price at which a broker or dealer is selling a currency the ask. Brokers essentially roll their fees into that spread, widening it and pocketing the excess.
Best Forex Brokers
Another is that there are a variety of brokers, many of them unregulated or regulated in countries outside of the U. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission. Thinking you want to dive out instead? Trading stocks might be more your speed — here are the best brokers for that. One suggestion: All of these brokers offer free demo accounts so you can test the market with virtual dollars.
Dip a toe in with some play money before using your own cash. Commission: 0. Currency pairs: Commission: Spread markup. Commission: Choice of spread markup or commission account. Commissions charged round turn. Disclosure: The author held no positions in the aforementioned securities at the time of publication. All backed by tons of nerdy research.
Is the Forex Market Legal?
Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We collect data directly from providers, and conduct first-hand testing and observation through provider demonstrations. Our process starts by sending detailed questionnaires to providers to complete. The best Forex trading platforms are widely held to be MetaTrader 4 and cTrader, although many brokers have their own unique proprietary platforms that are arguably as good.
Almost every Forex broker offers the use of the MetaTrader 4 trading platform , although cTrader is less common. It is a fact that choice of trading platform is not really that important, although traders will have their favorites based mostly upon the intuitive usability of the platform. If it is a deal-breaker for you and you are set on one of the less common Forex trading platforms, this could restrict your choice of broker, so you would be well-advised to try to be flexible here in this case.
The most important fees charged by brokers are spreads and commissions applied to every trade you make, but there are other, more hidden fees as well. If you will be keeping positions open regularly past 5pm New York time, you will probably be charged a small fee based upon an interest rate and the size of your open trade.
Unfortunately, these fees fluctuate in line with money markets so they can be difficult to assess, but you can compare the rates charged on the same day by different brokers and see which one offers a better deal. Some brokers publish these rates on their websites and update them daily as they change.
Best Forex Brokers - Top 10 Brokers -
Others are less transparent, but you can typically find the rates in their trading platforms, although demo accounts may not reflect the true rates offered. A few brokers also charge account inactivity fees, and some charge withdrawal fees in addition to the cost of the withdrawal method which may apply.
It is worth considering how often, how much and how long you expect to be trading, to get some idea of the total fees you will be paying each broker you are considering depositing with. We have published a listing of the best international Forex brokers. There is no reason to choose a broker just because it might have the very best customer service. Having said that, if the level of customer service is really important to you, we know that FXTM excels in this area as a result of conducting random test calls.
Their customer service representatives are prompt and responsive, and they offer support in a range of languages which is almost unparalleled by any other Forex broker.
Practically every Forex broker offers a trading app so you can trade with them from any mobile or handheld device with internet or 4G connectivity. Some apps are especially popular as trading intelligently from a portable device can be challenging in that user environment. Of the five brokers listed here, the apps that are seen as most helpful and therefore get the best reviews tend to be FXTM and AvaTrade. Day traders do not have to worry about swaps overnight financing fees because day traders rarely hold positions open over 5pm New York time when they are generally charged or paid.
Instead, day traders need to be especially concerned with swaps and commissions , because day traders will often be making a relatively large amount of trades. The best brokers for day traders tend to be those that do not impose minimum trade times over which any open trade must be held — this can be shocking, but some brokers do this, so check the small print on their sites carefully. Finally, brokers suiting day traders will have no problem with scalping, and will offer very competitive spreads and commissions — very often, these will be ECN Forex brokers.
After safety of deposit, this should be your second or perhaps third consideration in choosing a broker. Your cost of trading will impact your profitability, so this is very important. Choose a broker that offers competitive spreads.
Most brokers today offer trading in Forex with a minimum trade size of only 1 micro lot in a micro account. This is great news for smaller depositors, but they should still be sure to check their favored brokers do allow trading in micro-lots. Most brokers publish on their website a list of all the assets the offer their clients the ability to trade. You will of course always find the major Forex pairs there, but the more minor pairs and crosses, not to mention the exotic currencies, are a little rarer.
There is no reason why Forex trading cannot be profitable with just a handful of major currency pairs. However, some traders may require a very diversified trading style, or might wish to trade particular exotic currencies. Most Forex brokers are not just selling the ability to trade Forex but are also offering trading in CFDs covering commodities and major equity indices, and sometimes also individual stocks and shares. There are even a few brokers, including some of the ones listed here, offering more unusual products, such as the Forex options offered by AvaTrade.
It is practically unheard of for any Forex broker not to offer a demo account. This means that if you are considering opening a real money account with any Forex broker, you can try them out first in something approximating real conditions by opening a demo account with them, in which you trade imaginary funds in real market conditions, albeit without real liquidity and execution issues. Forex brokers invariably offer leveraged trading , meaning a client can trade with more funds that they have actually deposited.
The exact amount of leverage offered is partly up to the broker, although each different regulatory regime imposes different maximums on different types of assets. Basically, the very highest leverage is offered by the least regulated or unregulated Forex brokers, often at to 1 or even higher. This is far more leverage than anyone could ever need.
Forex brokers usually publish the details of the maximum leverage offered. There is no obligation to use it — even if your broker is offering you lots of leverage, you do not need to take it. Traders looking for brokers with unusually high leverage will have to make a point of checking this, but for most traders, it should not become an important issue. Some brokers regulated outside the European Union offer bonuses to new depositors, which usually take the form of adding funds to the account. If this sounds too good to be true, that is because it usually is — read the small print , which generally stipulates that bonuses cannot be withdrawn until the funds have been used to make a large number of trades.
This means that bonuses are mostly not only a marketing device but may be used to encourage clients to over trade and delay withdrawing profits. Almost every Forex broker today offers the full range of order execution types. Some brokers offer a reporting function which can be useful when you are writing your tax return at the end of the year if you have profits or losses to report.
This is probably most useful for U. Traditionally, brokers were either ECN or market-making brokers. Today, many brokers offer a choice between the two as different account types. Many brokers also tend to offer a wide range of different account options, which offer better deals depending upon how much you want to trade, and what trading style you tend to utilize.
Therefore, it is worth reading the various options carefully and considering what best meets your requirements as a trader. Unfortunately, the Forex industry has historically suffered from scammers setting up unregulated or extremely lightly regulated brokers. These scam brokers tended to use a range of tricks to make their clients lose money, or to make it very difficult for clients to withdraw any funds they deposited. We have taken care to ensure the brokers we list do not fall into this category.
The best Forex broker for beginners is one that offers not only competitive spreads and commissions, but also competitive overnight swap rates, as beginners usually find longer-term trading styles more profitable. Offering an intuitive, easy to use trading platform is also a big help to beginner traders. Some Forex brokers are reliable, and some are unreliable. The easiest and best way to tell whether a broker is reliable is to check whether they have secured regulatory approval in a major financial center with a good regulatory reputation. Forex brokers offer trading in Forex, not Forex websites, although all brokers have websites.
The best Forex broker for you will depend upon how much money you want to deposit, what you want to trade, how often you want to trade, and your overall risk tolerance. Your country of residence and citizenship can also play a role in answering this question. Consider what assets you want to trade, what style of trading you want to do long or short-term , and how much money you wish to deposit. These factors are the most important considerations and applying them will enable you to create a shortlist from brokers which are well-regulated and have good reputations.
You can then make your final choice on the nice-to-have factors.