The best forex broker for you is obviously the one who will keep your money safe and will offer you lower spreads. Most brokers use the MetaTrader platform, so the only differences between them are the spreads and swaps they charge you.
You can start forex trading with $10,000 demo on a custom platform.
It is not always easy to find a good forex broker because there are so many shady brokers located in offshore countries who work like casinos. They operate unregulated and lure new customers with higher leverage and sign-up bonuses.
Because of the limited leverage, which the regulated brokers must apply, many forex brokers choose to work unregulated, creating an unhealthy environment for retail traders.
Dealing with regulated brokers, despite the limited leverage and the higher fees, is always recommended.
IQ Option is a popular forex broker, offering CFDs on over 400 assets to retail traders via a powerful web platform. The broker provides trading on over 80 currency pairs. You can also trade over 10 cryptocurrencies, such as BTC, LTC and ETH.
The company is regulated for the European market by CySEC and offers leverage up to 1:30 for all EEA countries. IQ Option has developed the best trading platform, which provides Spot Forex, FX Options and Crypto Trading.
The platform has a cool, easy to navigate layout, which makes it easy to switch between assets. Traders can fully automate their trading with just a few clicks on the web platform.
Fortrade is a STP forex broker based in the UK and regulated by the Financial Conduct Authority (FCA). The broker is also regulated in Australia by ASIC. Traders can enjoy a custom platform that executes trades in a timely fashion at the price they want.
With Stop loss and Take profit levels, traders can easily automate their trading. Fortrade uses its own trading software with over 70 currency pairs and 4 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Dash.
The company provides the best banking options with a number of e-wallets, bitcoin payments and PayPal. You can trade with leverage up to 1:200 and deposits start at $100.
eToro is the best social trading platform. You can copy traders from all around the world and make profit on their trades. You just need to make a deposit and choose which trader to follow. The platform will automatically execute trades on your account.
You can put daily limits on your investments and a limit per trade. Thus, you will keep your balance safe, and you will not worry when you are not monitoring the account. It is important to follow a good and profitable trader, so first, check the top charts.
eToro is fully regulated in a number of countries, including the UK, Australia and Europe.
Good forex brokers should provide market access and liquidity to retail traders. In a business model as market maker, the forex broker might take the opposite side of your trade, which obviously creates a conflict of interest. The ECN broker, on the other hand, will pass your order to the interbank market and will match your trade with other traders.
The best business model is called Straight Through Processing (STP). The STP forex brokers will pass your orders instantly to liquidity providers without any delay. Traders will benefit from the highest speed on all orders and lower spreads.
The brokers offer different types of accounts with different trading conditions. You can usually choose between fixed fees per trade or variable spreads. The size of spreads depend on market liquidity, which means the larger brokers can offer lower spreads.
As a forex trader, you are obviously interested in paying low fees and low spreads, and it is up to you to investigate any broker you are willing to trade with. Making a phone call and negotiating your trading conditions with a representative who works for the broker is recommended.
Your money is most important, and the broker has to be best in class. You want your money to be safe and withdrawals to be instant. Don’t deal with brokers who will ask you to wait days for withdrawal approvals. Some forex brokers require up to five business days for a withdrawal, which is ridiculous.
Most brokers work with e-wallets, which are the best way to deposit and withdrawal money. The money transactions via e-wallets are instant and the fees are lower, making them preferable for many traders.
As a forex trader, you might want to escape from the market makers and choose an STP broker who will instantly pass your orders to the market. With an STP broker, you can benefit from fast order executions on a straight through processing platform. Since you are also interested in paying low fees and low spreads, you should choose your forex broker wisely.