Best Forex Broker is mediums between the buyer and the seller in the realm of currency transactions. In other words, traders who are working both as sellers and buyers are linked together by the channel that the brokers have created. It means that, when a trader is buying a currency pair in the Forex market, the other trader is selling this pair of currency. Forex is the short form of foreign exchange and it is the global foreign exchange market which is known as the most actively traded financial market in the world.
Table of Contents
Best Forex Broker
| Logo | Broker Name | Founded | Regulated | Type | Min. Deposit | Max. Leverage | |
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Roboforex | 2009 | IFSC | NDD, ECN | 0 | 2000 | Visit Broker |
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Alpari | 1998 | IFSC, NAFD | ECN | 0 | 1000 | Visit Broker |
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AMarkets | 2007 | FSA | NDD, ECN | 100$ | 1000 | Visit Broker |
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LiteForex | 2005 | CIF | ECN | 10$ | 500 | Visit Broker |
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IFC Markets | 2006 | FSC, CySEC | STP | 0 | 400 | Visit Broker |
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FIBO Group | 1998 | FSC, CNMV | NDD, MM | 0 | 500 | Visit Broker |
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Capital Xtend | 2019 | FinaCom | NDD, ECN | 100$ | 500 | Visit Broker |
Further Reading:
All the wise traders of the foreign exchange market are aware of the importance of Forex brokers in the success of their transactions; but, there could be a tiny problem right after that you decide to use one of them. Furthermore, finding the best brokers for forex not only might be challenging for beginners but also the experienced traders look for them carefully. In this article, many efforts are done to introduce you the best brokers with their main features to help you to find the right one more quickly. However, it is better to know the features that you must look for it before choosing one of the Forex brokers.
Five Tips for Selecting the Best Forex Broker
Choosing the best brokers for Forex is not an easy task and you need to make huge efforts with a great amount of endurance. You must search carefully and analyze different aspects of the broker’s qualification. To make it simple, here are five tips for choosing a big-time Forex broker that you must consider in your research; so that, you are going to increase the chance of your success in the currency trading market.
1- Security
The first thing that you must consider in finding the best broker of Forex is to check its security; because you are going to invest a huge amount of your money in a broker which is claiming that it is one of the most reliable ones. Check this matter by yourself and before choosing a broker, do not rely on their claims easily. Usually, a safe broker is a member of one of the organizations below:
- United States: National Future Association of NFA and Commodity Futures Trading Commission CFTC
- UK: FCA Financial Conduct Office and PRA Regulatory Authority
- Australia: Australian Securities and Investment Commission (ASIC)
- Switzerland: Swiss Federal Banking Commission SFBC
- Germany: BaFIN Federal Financial Supervision Authority
- France: Autorité des Marchés (AMF)
- Canada: Autorité des Marchés (AMF)
2- Best Forex Broker transaction costs
No matter what kind of currency you have chosen for your transactions, trading has always its costs. Apart from these types of expenses, you need to pay commission or spread to the broker. Certainly, it is crucial to look for a Forex broker which present services as affordable as possible; therefore, you are going to find more relief and enjoy the profits of transactions more.
3- Immediate execution of trader orders
It is necessary to find a broker who follows your buying and selling orders at the best price. When everything is under normal conditions and no important news or unexpected events affect the economy, there is no reason not to click on the exact price that you set the goals. This is especially important for scalpers; because, a few differences in the price of pips can make things very difficult for you.
4- Customer Support Services
It is deadly impossible to find a broker that is without any flaws. The definition of the best broker is quite relative and depends on several elements. In this sense, you must find one of those brokers who are supportive in facing problems and do their best to find a solution. In other words, a perfect Forex broker cares about their clients and spreads their services by having an altruistic manner.
5- Forex trading platform
Trading platforms are the online place for trading in the Forex market, whether you are buying or selling; so, the trading platform provided by your broker should be user-friendly and of course, have a lot of stability. In your research for finding the best broker for Forex, look for its trading platform. The most popular Forex brokers use the MetaTrader 4 platform and the MetaTrader 5 platform.
The Best Brokers for Forex
Nowadays, there are a lot of Forex brokers that may confuse you about which one is the best. In this sense, here are the three best brokers for Forex which have gained a reputation in forex marketing and there is also a brief introduction for each of them; so that, you can make up your mind better in choosing one of them.
1- CMC Markets
CMC markets are best for overall Forex broker and range of offerings. It is founded in 1989 and it has been one of the well-established, publicly traded, and highly regarded U.K. forex brokers. CMC markets provide services for all types of traders and it is ranked as the winner for Investopedia’s Best Overall Forex Broker as well as Best Forex Broker for Range of Offerings in 2020.
2- London Capital Group (LCG)
This broker is best for beginners and it is founded in 1996 and it is regulated by FCA (U.K.). London Capital Group (LCG) is the company is ranked as the winner of Investopedia’s Best Forex Broker for Beginners in 2020. Some of the other important features of the company is providing excellent protection, availability of account and trading incentives, and the emphasis on customer service.
3- Saxo Capital Markets
The company is the best option for advanced traders and it offers a variety of brokerage services. Saxo Capital Markets is founded in 1992 and it is regulated by FCA (U.K.). In addition to the extensive range of offerings, the other benefits of Saxo Capital Markets are the industry’s best research, superior user interface, and protecting client accounts.
Best Forex Broker ; Final Thought
Forex brokers have provided a good opportunity for all those traders who want to gain a huge fortune in buying and selling foreign exchange; therefore, finding the best one is so important. In looking for the best broker for Forex, you must be careful and follow some instructions and analyze the brokers that seem the right ones for your trading policies.
