Regulation — Protect Your Investments with the Help of Leading Regulatory Organizations Only choose a regulated broker because there will be several mandatory measures that must be followed to ensure the safety and security of clients. Additionally, all the online Forex brokers presented here are reviewed by traders. Withdrawal is the process of taking out your money including deposits, profits, and bonuses from your trading account. Limit entry order — Orders are filled above or below a certain price Stop loss order — Closing positions at predetermined price Good till cancelled order — Pending order to open a position at strike price until cancelled by trader One cancels the other order — Order where one position cancels the other pending order. The top rated Forex brokers are those that offer the lowest spreads and commissions in the industry.
Find A Broker
Finding the best Forex broker among hundreds of online companies is not an easy task. When looking for a broker, you have to pay attention to the following aspects:. To help you answer these questions, EarnForex offers a complete set of tools for you to search, analyze, and compare existing FX firms. Additionally, all the online Forex brokers presented here are reviewed by traders. Also, some of the brokers' representatives answer to the questions and problem reports mentioned in these reviews, providing some exclusive first-hand information to our visitors.
You will find brokers listed in the table below. This is a full list of retail Forex brokers that offer online currency trading services. Click on the broker's name to get more details about it and read traders' reviews. Speculative currency trading through a retail FX broker is not the only way to participate in the foreign exchange market. You should be considering to open an account with one of the online Forex brokers if:. If you are not interested in the above-listed features, you may consider contacting your local bank or joining a currency futures exchange e.
However, their requirements to customers are usually much stricter than those of online Forex brokers. In addition, their trading conditions may not be as favorable as those of the brokers listed in the table above. Please disable AdBlock or whitelist EarnForex.
When looking for a broker, you have to pay attention to the following aspects: Is the broker reliable? Is it regulated by a solid authority? What country is it based in? Will it be easy for you to get compensated in case things do not go as planned?
How fair are the broker's trading conditions? Are spreads and commission low? Does it offer leverage on fair conditions? Are overnight interest rate payments distributed honestly? How fast and seamless is the broker's order execution?
Does the broker offer all currency pairs you would like to trade? These measures are not set out by the broker, but are laid down by specialist agencies in charge of regulating such companies. These agencies are created by the Government of a particular country or by other specific state authorities, and may act as either independent authorities or as a Government linked agency.
Additionally, countries such as the US also have specific FX trading regulatory organizations such as the Commodities and Futures Trading Commission CFTC , which dictates the rules and guidelines for investing in the markets.
These agencies take care of all the licensing aspects of a broker, which is an essential requirement for brokers to be officially listed in their primary market. If a broker or any financial company operates without a license, they may well be a scam broker, or might not be as reliable as the other licensed entities in the market.
Make sure your broker has a valid license and suitable regulation from a reliable regulatory organization. A good Forex broker should have a positive reputation in the market. However, many of these ratings may be submitted by real traders, who are existing or past customers of specific trading platforms.
Or by anonymous reviewers who wish to discuss the pros and cons of a particular service in open forums. Review forums may also contain ratings and discussions performed by experts that may include paid reviewers , who have the necessary qualities and experience to comment on the official performance of the various trading websites. The Forex market caters to the needs of a global community of traders, with access to varying amounts of trading capital.
Not all traders are endowed with a large amount of trading capital. Which is one of the reasons why Forex brokers now offer different types of trading account to suit the varying levels of investment by clients.
The accounts can also be classified according to the tradable lots, which may include Micro accounts and Standard accounts. Micro accounts give the freedom to start trading from 0. Standard accounts typically involve trading contracts that start from 0. A solid trading platform is a must for any broker to be worth your time. Of course, the main priority for an experienced and professional trader is to check the reliability of the trading software before actually opening a live trading account.
However, this is not the only factor to bear in mind. Today, most traders prefer to choose from an array of different trading platforms. Including those that not only offer comprehensive support for desktop trading, but also offer the option of an excellent and intuitive mobile trading platform for unabridged mobile access to their trading accounts.
In most cases, this is possible when the broker has either an official mobile version, or provides specially tailored apps for tablets and mobile platforms. Mobile trading is beneficial to traders because it provides them with the chance to trade on the go. There are plenty of traders that prefer mobile trading over the traditional desktop experience due to their hectic lifestyles and busy schedules. This necessitates the need for brokers with a good reputation to offer excellent mobile apps along with the traditional desktop platforms.
This is where different trading options can be involved. For instance, beginners will look for a broker that offers a user-friendly learning center, market research, and automatic trading signals. More experienced and advanced traders prefer a site where live streaming channels show the latest news and detailed market analytics. A high payout ratio and availability of all trading assets such as stocks, foreign currency pairs, indices and commodities are also important.
As well as educational material and other modern account features that enhance the security of trading. The Forex market allows a trader to invest in virtually any currency pair in the world. There are more than widely traded currencies in the world, and each currency can be pegged against another currency, which is then floated freely in the market.
The buying and selling of currency pairs ensures there is sufficient volatility in the market, which is taken advantage of by short-term traders and investors.
While most Forex trading brokers try to incorporate as many instruments as they can into their trading accounts, some FX companies may limit the number of available instruments to a minimum.
In order to offer a less complicated trading account. In other cases, brokers may offer a comprehensive range of financial assets, including stocks, bonds, and indices, to take the total count to more than 10, instruments through a single trading account. Therefore, always consider your investment strategies and risk-appetite, before choosing a Forex brokerage firm and investing in the different financial assets. Trading protocols are defined as the mode of connection between a trader and the markets.
Market maker brokers use internal dealing desks and trading platforms to connect orders internally. Which drastically reduces the liquidity in the market, but at the same time increases the conflict of interest between a client and their broker. The best Forex brokers in the market usually offer both types of accounts to their traders, but some brokers may stick to either the market maker model or the DMA protocol to streamline their FX services.
Traders are subjected to different trading costs and fees and these contribute to the overall revenue of a broker and its annual profits. The main types of fee incurred in Forex trading are the spreads and commissions, which are considered to be the most direct form of charging traders for the services rendered. The top rated Forex brokers are those that offer the lowest spreads and commissions in the industry. Average spreads can fluctuate between 1 pips to 5 pips on the major currency pairs, while ECN Forex brokers may offer raw spreads starting from 0 pips.
Forex is an important part of the global financial market. Orders are transacted in incremental lots as per the market conditions. Orders are transmitted through brokers according to different trading conditions, but there are different types of Forex market orders available to traders as per their trading requirements. The most popular market order is an order to buy or sell a currency pair at the best market price, and is carried out instantly according to the liquidity in the market.
Other types of Forex orders include:. Offering a choice in the variety of payment methods, along with great ease, convenience, and security of payments, is often seen as a good quality for a broker.
To commence your trading operations with a broker, you will first need to make an initial deposit. Every broker will have their own minimum deposit requirement. Most brokers usually have no issues with deposits, but making a withdrawal is an entirely different ball game. Withdrawal is the process of taking out your money including deposits, profits, and bonuses from your trading account.
Bear in mind that different brokers have their own requirements for making a withdrawal. Usually, there are restrictions as to the amount of the payment with both maximum and minimum levels, as well as the frequency at which you may claim your profits. In some cases, brokers limit withdrawals within a certain period of time i. Sometimes, there are also fees charged on deposits and withdrawals.
As for the types of payments themselves, the more variety offered on a platform, the better. Thus, the trader is at liberty to choose a payment method that best suits him or her. Payments via debit or credit card, as well as via bank wire transfer are common and can be found as a default payment option with any broker.
The leading Forex brokers in the industry realize the benefits of offering online payment processors, especially since a vast majority of traders opt for e-wallets and online payment systems for making their payments.
The availability of a bonus system is one of the main broker features traders usually consider an important factor when deciding whether a broker is good or bad for their investments.
Although we do not believe that a Forex bonus should be the sole feature you look for when selecting a Forex brokerage firm, we appreciate that it matters for some traders. We mention this because there are many new brokers in the industry that have a bad reputation for scamming new clients.
And it is done by offering giant bonuses in order to attract more sign-ups. The same thing happens when the broker begins losing its reputation and tries to hold on to its current audience.
Brokers may also provide attractive bonuses as well as resorting to paying reviewers to remove the negative feedback that is prevalent in online forums. Forex trading companies usually provide some exclusive promotions without mentioning all the cons of accepting such types of bonuses. Bonuses are great, especially the ones such as the no-deposit bonus or the refer a friend program. But these offers should not be your sole criteria when forming an opinion of a broker, without taking into account the rest of the trading features and conditions that we have outlined above.
Numerous features and trading conditions are compared side-by-side. These comparison tables offer a brief evaluation of the different trading platforms and brokers under scrutiny, by showing both the strong and weak points. If the pros are more substantial than the cons, you can be sure the broker is reliable in offering high-quality Forex trading products.
Always make it a priority to pay close attention to the comparison section of any Forex broker review. Good customer support service is the last thing we would suggest to our readers, as it can serve as a reliable indicator of the best possible Forex brokers. The customer support team should act as your direct connection to the broker. Such a team should be composed of the best customer support representatives and professional account management specialists.
They should be able to effectively communicate with customers during regular market hours, or even during off-market hours such as the weekends and holidays. They are also supposed to respond to you promptly if you have any issues with the financial aspects of their services or their website.
This is because it might require a quick resolution due to the fast-paced nature of the markets. Although 24X7 customer service is an important aspect of a broker, the language, and medium of communication also matter to a great extent. By language, we refer to the list of official languages used by the broker for customer interaction, and the efficiency of the individual customer support services that are provided. Of course, most brokers offer English as the default language for customer support, but the global appeal of Forex trading means there is a chance that a majority of traders might not be proficient in English.
Therefore, a decent broker must take such a factor into consideration and adopt multiple languages into its customer support services channel. Last, but not least, there is something else that matters when it comes to maintaining good customer support services from the best Forex brokers — the primary method of communication between a broker and its clients, also known as customer support channels.
These are different approaches to customer interaction channels. They are developed by a company to enable clients to reach someone from the support team and can be chosen according to individual trader preferences. E-mails and online contact forms may involve a delayed response and tend to take longer when it comes to resolving an issue.
Of course, when it comes to an emergency situation, it would be nice for the Forex trading site to offer the convenience of a live chat option for instant questions and answers. There is an extensive collection of companies from all over the world.
In essence, you have to carefully consider your own priorities. From there you will be able to devise a list of your preferential trading requirements. Which in turn will help you in your quest to find a reliable Forex broker. However, when you are confident about your primary requirements, you can adopt the following when searching for a reputable trading platform, registering a live Forex account, and trading the markets.
Take some advice from good friends, family, or other helpful people in your social or professional circle. Those who already have some form of experience in the Forex markets, either through trading or other activities are the best to approach. Seasoned Forex traders should have many years of trading experience in the market. This will have exposed them to some of the top rated Forex brokers offering the best services in the industry.
Seeking help from people around you is an optimum choice, as it will help you to get reliable and genuine information about a Forex trading company.