Most Trusted Forex Broker

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5 Most Trusted Forex Brokers

Finding a Forex broker with proper tools and sufficient knowledge in the industry can be challenging, but there are some helpful tips to help get started. After researching a wide range of online brokerages, we’ve identified the most trusted Forex brokers who can meet the needs of investors. We’ve reviewed their costs, services, and investment offerings to help you choose the right home for your prized investments. Our researchers compared numerous data points to help find the lowest cost brokers with the broadest financial service offerings and investments.

Top 5 Gold Trading Brokers
Regulators
ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC
ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC
BaFin, CySEC, DFSA, SCB, CMA, ASIC, FCA
ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC
ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC
Average Trading Cost EUR/USD
$0.02
$0.02
$0.02
$0.02
$0.02
Execution Type(s)
ECN/STP
ECN/STP
ECN/STP
ECN/STP
ECN/STP

Average Trading Cost
GBP/USD

Content

Content

Content

Content

Content

Average Trading Cost Gold
0.1 pips
0.1 pips
0.1 pips
0.1 pips
0.1 pips
Trading Platform(s)
MetaTrader 4, MetaTrader 5, cTrader
MetaTrader 4, MetaTrader 5, cTrader
MetaTrader 4, MetaTrader 5, cTrader, Tradingview
MetaTrader 4, MetaTrader 5, cTrader
MetaTrader 4, MetaTrader 5, cTrader
Year Established
2005
2005
2010
2005
2005
Minimum Deposit
$5
$50
$0
$50
$50
Islamic Account
YES
YES
YES
YES
YES
Negative Balance Protection
NO
YES
YES
NO
NO
Reviews

4.8/5

4.75/5

4.7/5

4.3/5

4.2/5

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How To Choose The Right Forex Broker?

There are some important factors to consider when choosing the best online broker. Although there is no surefire way that guarantees investment returns, there is a way you can quickly set yourself up for more success by choosing an online broker who best suits all your investment needs. In this guide, we’ve broken down all you need to consider when finding a perfect brokerage.

Investment Options

The most crucial aspect for any Forex broker is the selection of investment options it offers. It’s important to ensure your online broker offers products and securities you really want to invest in, whether they are index funds, bonds, and individual stocks. Technically, you’ll be much better off if you choose a broker offering a broader selection. However, it’s always important to consider the costs.

Cost

Different online Forex brokers charge different account and trading management fees. Although the most recent trends have recently dropped the fees they charge, not every company has gone to the same lost fee level. Some companies might provide proprietary products such as ETFs, exchange-traded funds, or mutual funds at lower costs. Therefore, it’s important to compare every company’s proprietary offerings when picking an online broker. Remember to watch out for account maintenance fees, and try avoiding any company that charges them. If you really think you need help managing the account, it’s important to find what the company’s fees and management options are.

Test The Online Broker’s Platform

Although any brokerage might have a very decent description of what kind of resources and tools the trading platform offers, at times the best way through which you can evaluate the platform is by test-driving it. For online brokers that allow clients to open an account for free, it will be important to check out the registration process just to properly evaluate the trading platform.

Research

Whether you’re an experienced Forex trader, or you’re completely new to Forex trading, you’ll definitely need access to investment and market research to help choose and manage your investments. Brokers will usually provide market research free of charge, but it’s important to try and find out how exclusive it is. You’d probably need market commentary as well as analyst reports on various investments. You should find out whether the online broker has extra research and ensure you know whether the broker will always keep you informed on all market developments that impact share prices.

Security

Brokerage companies should have the best Self Regulatory Organization (SRO) to monitor all the activities. The Financial Industry Regulatory Authority (FINRA) is the largest SRO. The SRO usually oversees different aspects of exchanges and brokers such as membership requirements, lot size, policies and procedures, and documentation. Moreover, FINRA offers a website where you can keep a close eye on all the broker deal activity. It periodically audits brokers dealers and also files complaints against any individual or firm who might stray from the right trading path.

References

You can ask how other clients might have been treated by that particular brokerage. This will help guess the kind of service and treatment you can also get from the brokerage firm.

Customer Service

Ask the broker what the company does in order to support its clients. Does the company return all calls promptly? Does the firm provide valid solutions whenever something goes wrong? Follow common advice that’s often given by financial experts, if your accountant does not return your calls, you should fire him or her. Traders and investors should always remember this when choosing the right online broker.

Conclusion

Overall, choosing the best Forex broker is about what kind of investor you want to become in the future. Although competition has most recently pushed many brokers to offer services at very low costs, for the most commonly traded assets, investors assessing these trading platforms will still find huge differences in the account features, trading technology, and usability. We’ve put all these trusted Forex brokers through a rigorous view process, meaning you will get the best experience if you choose any of them.

Top 8 Forex Brokers offers comprehensive insights into Forex trading, for your added convenience.

FAQs

The foreign exchange market is a favorite amongst highly experienced traders. It’s a decentralized Over Counter (OTC) market for trading foreign currencies. The market usually determines the exchange rate for all currencies. This includes different aspects of exchanging, selling, and buying currencies, both at current and determined prices. The Forex trader is usually an intermediary. This broker provides Forex traders with the platform for undertaking Forex trading. The transactions are always comprised of a pair of 2 currencies.

Every Forex trader needs a Forex trader. Forex trades are usually managed on international exchanges and only members of these exchanges and brokers can conduct the trades. As a Forex trader, you need a broker to have a good platform for trading Forex.
A specialized Forex broker is an individual who solely focuses on Forex. If you’re really interested in Forex, a specialized Forex broker is a great choice. On the other hand, a non-specialized Forex broker is a broker that you can use to trade and invest in the local stock market. Having a Forex broker is more convenient, both monetarily and technologically, to have your platforms and money with the same Forex broker.

Transaction Costs
You might be the most skilled Forex trader in the foreign exchange world, but the transaction costs can still put an unwarranted dent in your wallet and reduce your potential. The Forex broker’s transparency about their commissions and fees says a lot.
Deposits And Withdrawals
The hassle-free and timing nature of withdrawals and deposits is a very important aspect of a Forex broker. You want your funds fast. The Forex market is a pretty fast trading environment, and you cannot wait for weeks to have your deposit processed. The quick and effortless deposits are better.
Platform Technology
Most Forex brokers offer users a downloadable platform. You can easily download it on your PC or Mac, and the platform offers you unlimited access to the data, research, and markets. You’d be much better off if you choose a high-tech platform. The broker, who provides enough research, data, and commentary, whether self-generated or outsourced, is a great selection. Also, brokers may offer web or mobile trading for all interested customers.
User Experience
The execution of trades should be transparent, hassle-free, and fast. As a result, you need to check out the quality of the platform before you choose a specific Forex broker. You do not want to be frustrated with a trading platform because it’s always underperforming.
Customer Service
Essentially, customer service is a crucial indicator of trading quality. The customer service that’s upfront and responsive is the sign of a great Forex broker. Superb customer support service can make a huge difference and it’s an important factor if you wish to keep your customers loyal.
Regulation
Regulation is very important. Regulatory bodies like the National Futures Association (FTA) and the Commodity Futures Trading Commission (CFA), watch for misconduct amongst Forex brokers. These regulatory bodies offer protection to users. Every country has its licensing bodies; the CFA and FTA are the Americas.

The top Forex trader lists its regulation at the bottom of the site. If it isn’t located at the bottom of the website, it might be in the company’s information hyperlinks. You can read reviews of the Forex brokers to find out whether they are regulated.

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