Forex broker list
This table is created for English-speaking traders worldwide. Here you can find best Forex brokers of 2016-2017 with the most favorable trading terms and services. Our rating is based on a set of top characteristics including latest reviews from our visitors.
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You are able not only to choose a Forex trading company in our rating by filtering and ordering the list as per your criteria, but also to compare top of them between each other. In addition, this best multi-functional table allows to leave an independent review for any brokerage house. You can also do this by viewing the appropriate Forex broker profile.
- Forex Brokers
- Binary Options Brokers
- CFD Trading Brokers
- MT4 Forex Brokers
- MT5 Forex Brokers
- Mobile Forex Brokers
- Spread Betting Brokers
- UK Forex Brokers
- Swiss Forex Brokers
- Australian Brokers
- PAMM Brokers
- ECN Brokers
- US Forex Brokers
- Cent Account Brokers
- Scalping Brokers
- Lowest spread Forex Brokers
- VPS Forex Brokers
- Segregated Accounts Brokers
- 5 digit Brokers
- Hedging Brokers
- Banks with Forex Traiding
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What standards should a TOP FOREX broker meet in 2017?
The above list is quite long, but surprisingly, it doesn’t even begin to display all of the Forex brokers who are out there. So why didn’t we add all Forex brokers in the world to the list? Simple, most of them don’t meet the required standards. Keep in mind, these are our standards, they would certainly disagree with the statement, but we’ll explain why.
Before that, we feel it would be prudent to explain how these online brokerage firms made it to our list – our standards. Here are the key factors to look at when selecting a Forex broker presented by TopBrokers.com:
Just like all other companies, Forex brokers need a license in order to operate and advertise their business. The license needs to come from the financial regulator within the region where the broker is domiciled. For example, the Financial Conduct Authority (FCA) oversees all financial services in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, etc. You can find the complete list of Forex regulators in the link at the top.
Regulation is key when selecting a top Forex broker because the regulator makes sure the online brokerage business toe the line. First, the very act of licensing a company means that the regulator finds their operation up to standard. This covers everything from a partnership with a liquidity provider to the company’s infrastructure – basically all the tools a broker needs to provide adequate service to their clients. Then, after the license is issued, the brokers need to report to the regulator so that the regulator can monitor them. The key is to ensure the broker is not running a scam, and believe us, there have been plenty of those in the past. Finally, in the case of a dispute, the regulator oversees the case and mediates to ensure a fair conclusion.
There are many other roles played by the financial regulators, but it is very important to select a well-regulated broker. We say well-regulated because not all regulators are made equal – some are… less than competent. Unscrupulous Forex brokers are always coming up with new ways to scam their clients while evading the regulators, and it takes a really good regulator to prevent this from happening. The most trusted and effective regulators are found in Australia, the US and UK. CySEC is trying to improve their services, but that’s a whole other argument we can’t get into too much detail right now. The point is, only work with well-regulated brokers.
The broker’s reputation
Reputation is a tricky thing to establish, and this will require quite a bit of research on your end. Briefly, though, a reputable broker is one who has been successful for a greater deal of their existence. You may have already noticed where the tricky part comes in – success and existence.
By success here, we’re not looking at the company’s profitability, that is often a misconception. In fact, some of the worst Forex brokers turned out to have made a lot of money from swindling their clients. Then what about existence? Forex brokers are being established every year, probably every month, with some of them being great and others, not so great. It is possible for a company to be successful even if it was only founded last year, thus, don’t get too caught up on the year a brokerage was founded. It may be true that a bad firm may not survive long, but if you do your due diligence, you will find some very successful scammers who just kept changing the name of the company while keeping the scam going.
So, what are the definitive markers of success during a broker’s existence? Client reviews. There’s no one better poised to tell you about a broker’s reputation like someone who has worked with them, just like a tailor’s previous customer is better suited to tell you about their service. Fortunately, TopBrokers.com has it's very own Forex broker reviews page right here on this website where our members - traders of the Forex Market - can leave their personal reviews and comments.
We also know that the unscrupulous brokers do hire marketers to leave positive comments in order to boost their profiles, which is why we have some security measures to prevent these reviews from being posted or affecting our rating. Naturally, we can’t tell you how because… well, that would be like handing over the cheat codes. Suffice it to say, all the broker reviews you find are completely honest.
As you check the reviews from real Forex traders, you’re looking for the brokers with the least number of complaints launched against them. There will always be some bitter clients who lost money from their own ignorance, but you can always tell these apart from genuine complaints. A good broker should have very little negative reviews. Also check the reviews on a variety of sources, even if that takes away from our own web traffic, we want to make sure you get all the information you need.
Besides the reviews, you should also check out the company itself. Where is it located exactly? Is it the actual company or is there a parent company above it? By the way, it’s fine if the broker is only a subsidiary, but check the parent company’s other subsidiaries too for their reputation. There are also several Forex events held each year where the brokers advertise their services at booths. Go to one of them if you can, and there will always be takeaways after each event mentioning the represented brokerage companies. Find out if your broker ever attends these events and whether they have received any awards. A scammer would not want to be seen at these public events, and it’s a great way to weed out some bad brokers from the pack.
Fortunately, for you, your search is partly done because we. team of TopBrokers.com have already vetted all the brokers in the above list. Feel free to conduct your own research, in fact, we encourage it and accept criticism and input from all our visitors.
What to look for in a broker?
At this point, we assume you have narrowed down your search to a few brokers who have met your own judgement, now it’s time to narrow the options. These will be those aspects of a broker’s services that fit you in particular because a broker may be great on paper but not what you’re looking for.
There are 2 basic types of a Forex broker: ECN (Electronic Communications Network) and MM (Market Makers). You may have heard of other initials like NDD (Non-Dealing Desk), DMA (Direct Market Access), DD (Dealing Desk) and STP (Straight-Through Processing); but these are all just spinoffs from the 2 basic types.
The ECN FX brokers are the true companies by definition; they just connect your trades to the liquidity provider or other traders like yourself. A broker is not supposed to be associated with the trading, and ECN brokers aren’t; they just make money from the spreads applied.
On the other side are the market makers who literally create the markets, meaning that you’re trading against the broker. When you buy, let's say, the euro, the broker is selling it to you and not a third party. In this relationship, you gain profits as the broker loses and vice versa. Obviously, this is not a good relationship and it presents a conflict of interest. Anyone can see this, so these brokers have automated the system, creating the other initials mentioned before.
With the DMA, NDD and DD systems robots make the trades on Forex automatically. Essentially, a robot should be impartial and not be unfair to the clients, but brokers have been known to manipulate the robots in their favour. This was the reason FXCM was kicked out of the US. Then there’s STP which is a hybrid of the ECN and MM systems. Profitable Forex traders who lose the broker money in an MM environment are transferred to the ECN network so that they can profit off the liquidity provider instead of the company. However, if you lose consistently, the top Forex broker will keep you on in the MM environment so that they can profit from your losses rather than earn the spreads only.
There are benefits to both systems, and we’ve covered the pros and cons of each in one of our articles. Afterwards, you will know which broker will be best suited for you for Forex trading.
These cover all the seemingly minor details you will experience in the day-to-day trading activities. For example, how are you going to deposit your money before trading? There are various ways to do this, but maybe you have a preferred method you’re more comfortable with. Find that cmpmany that will provide you with that particular system of funds transfer.
Other considerations should include:
Accounts vary from standard with standard lots to mini and micro accounts with mini and micro lots. The standard lots require a larger capital, but so are the risks and rewards. Mini and micro accounts are a good place to start once you’re over the demo trading phase because you’re not risking too much capital on Forex. The account type will also determine the minimum required capital, so you can choose the broker who can accommodate the amount you have to trade.
Forex Trading platforms
Whether you like the platform’s features or just the colours, it’s important that the broker offer you what you prefer. So, make sure the broker you’re considering has that platform you’re most comfortable using. There are some brokers who even allow you to place orders through a phone call which, can be very cool.
For every transaction, there will be a spread imposed that may reduce your profits. Short-term traders will prefer to have the lowest spreads and vice versa. Those who trade during news announcements may prefer to have fixed spreads. Others will be comfortable with the lowest spreads with a commission on top. Decide which method of charging you want and select the top Forex broker who will give you that. There’s no escaping the trading charges, just identifying what you prefer.
The amount of leverage you want will depend on your risk appetite and the size of your account balance. When your capital is limited, a higher leverage can be awesome in giving you a better chance. However, it does increase the risk of higher losses, so you do have to think about this carefully. Whatever you decide, make sure the broker can deliver and you won’t have to adjust your trading strategy.
In all these considerations about Forex trading conditions, it is important to remember that you don’t have to compromise your own comfort. There are a lot of brokers available that you can always find exactly what you need. Besides, these are the issues you will have to deal with daily, so it’s best you find what you’re most comfortable with. Trading is already stressful enough to be compounded with avoidable problems.
Most Forex traders don’t consider customer support while signing up, but it is very important because stuff happens, and you’re going to need urgent support. The best brokers will have 24/7 support, but most will have 24/5 support. What’s even more important is the speed and quality of their service. Test these aspects by asking their agents some questions and gauging how helpful and responsive they are. Some Forex brokers outsource support staff in entirely different locations, and these agents are not able to answer the questions adequately. Imagine trying to launch a complaint to someone who doesn’t even understand the business! We’ve been there, so make sure the customer support is adequate.
With stiff competition for clients, online Forex brokers have had to offer some extras to gain clients; some of these extras are quite nice. Common is the availability of an account manager, to whom you can speak over the phone or by email. They can be quite helpful in tipping you off about market activity since they usually have more information than the traders.
Other extras could include trading signals and expert advisors. These can be quite helpful, even though they have their downsides, but if you prefer automated trading then it is something you should look for. Cash bonuses don’t hurt either, after all, isn’t it better to have more money than less?
If you’ve been reading up to this point, then that means you’re really interested in finding the best Forex broker in 2017. This section was made to help traders like yourself to be more successful because we know, a good broker is the first step to trading success. Even the best forex brokers could not have succeeded if they didn’t have a good partner, because that’s what your broker should be – a partner.
There is a lot more to say about this topic, and you can learn more in the Forex articles section of TopBrokers.com website. We keep posting new videos regularly highlighting many areas of Forex trading as well as successful trading strategies. Make sure to check back regularly even after you have found your ideal broker.
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LATEST FOREX BROKERS REVIEWS
Advantages: They have a lot of instruments in stocks, CFDs, commodities and Forex pairs
Disadvantages: They have not added virtual currencies
Comment: Fxpro is just an average broker with ups and downs, but they are not very dependable. Normally I got good spreads and fast execution speeds, but when there was important news the spreads widened significantly all of a sudden. Plenty of requotes and slippage too when market volatility is high. The number of instruments is also impressive, but you won't enjoy all of them unless you have a huge capital. I assumed that because the stocks and commodities were in the form of CFDs the margin requirements would be favourable, but you need a lot of capital to open these positions. On the positive side, the prices listed were accurate all the time, and they were not manipulating the markets. This is why I found them to be a reliable broker, but they are certainly not the best and which is why I only gave 3-stars.
Advantages: No market manipulation, quick withdrawals
Comment: I am extremely happy to find a broker that did not cheat me my money. I have dealt with FxPro and despite the good reviews here, they were still a bunch of cons. Then I moved to Atom8 which also has good reviews, started small with $200 and I immediately started making money. Just to make sure they will not steal, I asked to withdraw all of the money, and it worked without a problem. Now I have made a bigger deposit and still making money. I trust them to even make another deposit because their trading conditions are so good. Thanks Atom8
Advantages: Many trading instruments, unique features
Disadvantages: Only fixed spreads
Comment: Easymarkets is a very unique broker from any other I have worked with and I love them. Mainly because they have so many unique instruments to trade and also because they have been around for a long time. In all my time, they have never been crooked and I appreciate the excellent services. The fixed spreads are not very good for me but that is my only quarrel because everything else is excellent
Advantages: Good trading conditions, MT5, good name
Disadvantages: There is no bitcoin or ethereum to trade
Comment: When I joined XM brokers about one year ago, it was because of bonus. I did not want to give my money to them because there were many negative reviews about the broker, but they have improved services since then. Now they are the perfect brokers, and have excellent services all round. The bonus is great, $30 but then when you make deposit you also get an account manager. I talk to mine through email, and every day I get trading tips which are very helpful. I also like that the execution speed is excellent even when there is a news announcement and volatility, which is great for me. They also have MT5 but there are only a few assets there compared to the wide variety on the MT4 platform, I guess that's some bad news. And about money, never had a problem when depositing or withdrawing using Skrill
Advantages: Trusted broker, great services
Comment: In 5 years I have not been able to outgrow Saxo Bank, and never even tried another broker because they are perfect brokers. They provide every trading instrument you will ever need and never manipulate the market prices. I also truly believe they are not a dealing desk broker because of their reputation and history. A recent study has showed that they are among the most popular brokers in the world, and I encourage anyone who may have suffered a bad experience to join them. Maybe I sound like an advertiser but I just feel bad when I go through these reviews where people have been conned by their brokers. Give Saxo Bank a try and you won't regret it