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Best Forex brokers 2023
Foreign exchange, commonly referred to us as Forex, can be as simple as converting one currency to another currency, or as sophisticated as trading currency in the Forex market. The Forex market accounts for over $5 trillion in terms of volume being traded every day, making it the largest and most complex financial market in the world. Since the currency market is a huge and decentralized over-the-counter (OTC) exchange, one has to practice due diligence in selecting a Forex trading broker to understand the nitty-gritty of currency trading.
Forex brokers list
When considering how to choose the best Forex broker in 2023, one must understand the currency pair offering, account details (initial deposit, deposits/withdrawals, commissions/spreads, leverage, and margin), customer service, regulatory compliance, and trading platforms. Before selecting the best Forex broker, one should also invest time in reading reviews from that broker’s previous and current clients to have a sense of gauging how they fared when providing Forex services to people. Trading with the right broker is vital for successful currency trading.
For this year’s edition of the best Forex Brokers 2023, the team behind TopBrokers.Com spent hours of rigorous data gathering and consolidation to curate the list of leading brokers. In particular, the multi-functional table below provides a detailed comparison of Forex brokers which can be adjusted to a person’s preference.
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| Company | # | Logo | Forex broker | Founded | Regulated | Reviews | Payment systems | Broker type(?) | Min. Deposit | Max. leverage | Live spreadEUR/USD | Live spreadGBP/USD | Live spreadUSD/CHF | Live spreadUSD/CAD | Live spreadUSD/JPY | Live spreadAUD/USD | Live spreadNZD/USD | Live spreadEUR/AUD | Live spreadEUR/CAD | Live spreadEUR/CHF | Accepting US traders? | Account | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 1 | | Forex.combest broker | 2001 | 47 | ECN, MM | 100 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 2 | | eToro | 2008 | 60 | NDD, STP | 50 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 3 | | TD Ameritrade | 1975 | FINRA, SIPC | 7 | DMA | 2000 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | |||
 | 4 | | Saxo Bank | 1992 | 26 | ECN, STP | 10000 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 5 | | IG | 1974 | 17 | DMA, MM | 0 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 6 | | LMFX | 2015 | - | 26 | NDD | 50 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 7 | | OANDA | 1996 | 25 | - | 0 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 8 | | CMC Markets | 1989 | ASIC, FCA | 34 | NDD, STP | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 9 | | Interactive Brokers | 1977 | 13 | MM | 10000 $ | 1:40 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1 | ||||
 | 10 | | ActivTrades | 2001 | FCA, CNMV | 149 | NDD | 100 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 11 | | City Index | 2001 | ASIC, FCA | 16 | NDD, ECN | 250 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 12 | | XM.COM | 2009 | 80 | MM | 5 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 13 | | FxGlory | 2012 | - | 20 | NDD, MM | 1 $ | 1:3000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 14 | | AXITrader | 2007 | ASIC, FCA | 14 | NDD | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 15 | | XTB.com | 2002 | FCA, CNMV | 6 | NDD, STP | 250 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 16 | | RoboMarkets | 2012 | CySEC | 56 | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 17 | | RoboForex | 2009 | IFSC | 37 | 0 $ | 1:2000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 18 | | Forex4you | 2007 | FSC | 33 | NDD, STP | 20 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 19 | | NordFX | 2008 | SEBI, VFSC | 106 | 0 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 20 | | Plus500 | 2008 | 42 | NDD | 100 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 21 | | HYCM | 1977 | FCA | 191 | MM | 100 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 22 | | FBS | 2009 | IFSC, NAFD | 107 | ECN, STP | 1 $ | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 23 | | FxPro | 2006 | 185 | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||||
 | 24 | | EXNESS | 2008 | FCA, CySEC | 98 | 0 $ | 1:2000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 25 | | Swissquote | 1996 | FINMA | 41 | STP | 1000 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 26 | | FP Markets | 2005 | ASIC, CySEC | 21 | DMA | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 27 | | FXCM | 1999 | ASIC, FCA | 23 | NDD | 0 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 28 | | AVATrade | 2006 | 67 | NDD | 100 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 29 | | Admiral Markets | 2001 | FCA, CNMV | 25 | NDD, ECN | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 30 | | IQ Option | 2013 | FSA | 26 | NDD | 10 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 31 | | FxGiants | 2015 | FCA | 43 | 50 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 32 | | Vantage FX | 2009 | ASIC | 18 | ECN | 200 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 33 | | Instaforex | 2007 | RAUFR | 99 | NDD, ECN | 1 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 34 | | Alfa-Forex | 2016 | CBR | 18 | NDD | 0 $ | 1:40 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 35 | | FIBO Group | 1998 | FSC, CNMV | 37 | NDD, MM | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 36 | | Alpari | 1998 | 42 | ECN | 0 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 37 | | Markets.com | 2006 | CySEC | 14 | NDD | 100 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 38 | | FXOpen | 2005 | ASIC, FCA | 111 | 1 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 39 | | GrandCapital | 2006 | - | 18 | STP | 10 $ | 1:2000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 40 | | AMarkets | 2007 | FSA | 87 | 100 $ | 1:3000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 41 | | Dukascopy Bank SA | 1998 | FINMA | 17 | ECN | 1000 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 42 | | Dukascopy Europe | 2010 | FCMC | 20 | ECN | 100 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 43 | | Just2Trade | 2006 | CySEC | 60 | ECN, STP | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 44 | | DeltaStock | 1998 | BNB | 23 | 100 $ | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 45 | | IFC Markets | 2006 | FSC, CySEC | 42 | STP | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 46 | | HotForex | 2010 | CySEC, FSC | 94 | NDD | 5 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 47 | | IC Markets | 2007 | ASIC | 33 | NDD, ECN | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 48 | | FXDD | 2002 | MFSA | 10 | NDD, ECN | 250 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 49 | | AAFX Trading | 2014 | ASIC, FSA | 241 | NDD, ECN | 100 $ | 1:2000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 50 | | LiteFinance | 2005 | - | 43 | ECN | 50 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 51 | | BCS Forex | 2006 | FSA | 17 | 1 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 52 | | ForexMart | 2015 | CySEC | 26 | ECN | 1 $ | 1:5000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 53 | | Fortrade | 2013 | 25 | - | 100 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 54 | | EasyMarkets | 2001 | ASIC, CySEC | 14 | MM | 100 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 55 | | Orbex | 2010 | CySEC | 33 | ECN | 500 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 56 | | Hantec Markets | 2009 | FCA | 16 | NDD | 1000 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 57 | | ForexChief | 2014 | VFSC | 127 | ECN, STP | 1 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 58 | | ICM Capital | 2009 | FCA | 6 | - | 200 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 59 | | Octa FX | 2011 | FCA, FSA | 30 | ECN | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 60 | | Fort Financial Service | 2010 | IFSC | 4 | 5 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 61 | | FreshForex | 2004 | KROUFR | 86 | NDD, MM | 0 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 62 | | NPBFX | 1996 | IFSC | 25 | NDD, STP | 10 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 63 | | BMFN | 1988 | 13 | NDD, DMA | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 64 | | Core Spreads | 2014 | FCA | 20 | NDD | 1 $ | 1:240 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 65 | | City Index Singapore | 2006 | MAS | 5 | MM | 100 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 66 | | Degiro | 2008 | BaFin | 10 | NDD | 0 $ | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 67 | | GO Markets | 2006 | ASIC | 17 | NDD | 200 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 68 | | Yadix.com | 2010 | FSC | 66 | ECN, STP | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 69 | | Forex.ee | 2004 | FSA | 9 | 10 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 70 | | Tickmill | 2014 | FCA, SIBA | 12 | NDD | 25 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 71 | | FXPRIMUS | 2009 | CySEC, VFSC | 13 | STP | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 72 | | Swiss Markets | 2012 | CySEC | 4 | STP | 200 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 73 | | PSB Forex | 2016 | 8 | NDD | 1500 $ | 1:40 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 74 | | ICE FX | 2015 | - | 11 | STP | 30 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 75 | | FriedbergDirect | 2008 | IIROC | 12 | NDD, STP | 0 $ | 1:33 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 76 | | TrioMarkets | 2014 | CySEC | 12 | ECN, STP | 500 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 77 | | iOCBCfx | 2004 | MAS | 9 | NDD | 1000 $ | 1:35 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 78 | | UOB Kay Hian | 2000 | MAS | 8 | NDD | 0 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 79 | | KGI Futures | 2001 | MAS | 8 | NDD | 1000 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 80 | | KE Forex | 1972 | MAS | 10 | NDD | 0 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 81 | | Pepperstone | 2010 | ASIC | 17 | ECN | 200 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 82 | | Haitong | 2010 | MAS | 10 | 0 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 83 | | FXCitizen | 2010 | VFSC | 12 | NDD, ECN | 10 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 84 | | Land FX | 2013 | 12 | NDD, ECN | 300 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 85 | | PhillipCapital UK | 1975 | ASIC, FCA | 9 | NDD | 200 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 86 | | Ak Investment | 1996 | SPK | 13 | 1000 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 87 | | InvestAZ | 2010 | FSP, SPK | 10 | ECN | 100 $ | 1:1000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 88 | | Corner Trader | 2012 | FINMA | 10 | MM | 1 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 89 | | Abshire-Smith | 2011 | FCA, FSCS | 11 | STP, DMA | 500 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 90 | | ArgusFX | 2000 | CySEC | 11 | STP | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 91 | | Ayondo | 2008 | FCA, BaFin | 11 | NDD | 100 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 92 | | Bacera | 2009 | ASIC | 12 | MM | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 93 | | BogoFinance | 2006 | CySEC | 12 | NDD | 100 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 94 | | Capital Index | 2014 | 5 | NDD, STP | 100 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 95 | | Core Liquidity Markets | 2012 | ASIC, FSA | 11 | NDD | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 96 | | CMG | 2015 | ASIC | 20 | - | 250 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 97 | | Colmex Pro | 2010 | CySEC | 16 | NDD, ECN | 2000 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 98 | | Darwinex | 2012 | FCA | 11 | STP, DMA | 500 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 99 | | eTrader | 2014 | CySEC | 12 | NDD | 100 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 100 | | Flatex | 1999 | BaFin | 11 | NDD, MM | 0 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 101 | | Fullerton Markets | 2015 | FSP | 19 | ECN, STP | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 102 | | FX88 | 2016 | CySEC | 3 | ECN | 100 $ | 1:50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 103 | | FXCC | - | FCA, CySEC | 163 | 100 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 104 | | FX Choice | 2010 | IFSC | 8 | NDD | 100 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 105 | | FxGrow | 2008 | CySEC | 7 | ECN, STP | 100 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 106 | | GMG Markets | 2015 | FCA | 4 | NDD, STP | 200 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 107 | | HMS Markets | 1972 | - | 4 | NDD | 1000 $ | 1:40 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 108 | | Infinox Capital | 2009 | FCA | 11 | ECN, STP | 100 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 109 | | iTrader | 2012 | IFSC | 5 | NDD | 250 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 110 | | Mex Exchange | 2012 | ASIC | 5 | NDD, ECN | 200 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 111 | | FXPCM | 2007 | 3 | NDD, ECN | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 112 | | Rakuten Securities Hong Kong | 2002 | SFC | 3 | NDD, STP | 0 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 113 | | RietumuFX | 1992 | FCMC | 9 | NDD | 1000 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 114 | | TFI Markets | 1999 | CySEC | 5 | NDD | 50 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 115 | | Tradealot | 2010 | FCA | 9 | STP | 2000 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 116 | | FinmaxFX | 2017 | CROFR, VFSC | 24 | MM | 250 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 117 | | CommSec | 1998 | ASIC | 5 | DMA, MM | 10 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 118 | | MultiBank Group | 2005 | ASIC | 4 | ECN | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 119 | | Finam Forex | 1994 | 5 | NDD, DMA | 0 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 120 | | AMP Global | 2018 | 8 | STP | 100 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 121 | | Ingot Brokers | 2004 | ASIC | 9 | ECN | 100 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 122 | | Alvexo | 2014 | CySEC, SIBA | 12 | ECN | 0 $ | 1:300 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 123 | | AETOS | 2007 | ASIC | 8 | NDD | 250 $ | 1:200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 124 | | Arum Capital | 2017 | CySEC | 6 | ECN, STP | 0 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 125 | | ATFX | 2015 | FCA | 18 | NDD | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 126 | | Key to Markets | 2010 | 9 | ECN | 100 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 127 | | Trading.com | 2018 | FCA | 7 | ECN | 5 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 128 | | BDSwiss | 2012 | 14 | ECN | 0 $ | 1:400 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | ||||
 | 129 | | ATC Brokers | 2005 | - | 4 | ECN | 2000 $ | 1:100 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 130 | | ACY.com | 2011 | ASIC, VFSC | 5 | ECN, STP | - | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
 | 131 | | Milton Prime | 2015 | CySEC, SIBA | 3 | NDD | 0 $ | 1:500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||
| 132 | - | Capex | 2018 | 4 | DMA, MM | 50 $ | 1:30 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | |||||
 | 133 | | TopBrokers | - | - | 0 | - | - | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
What to Look For in a Best Forex Broker in 2023?
Those considering venturing into the elaborate Forex market may be wondering if currency trading can make a person wealthy. Some experts may say “no”, while others may respond “yes,” but with reservations. Forex trading with a broker requires pouring out money, doing thorough research, being courageous to take risks, and picking the best partner. The Forex market is not the perfect place for would-be billionaires. Just like any other job, becoming a successful Forex trader entails hard work, dedication, discipline, diligence, perseverance, patience, and time management.
Even the most successful investors, like Warren Buffett, Carl Icahn, Benjamin Graham, Peter Lynch, and George Soros have lost large amounts of money and committed trading mistakes at some point in their careers. No investor is spared from investing blunders but everyone can learn more from failures than successes. It is important to reiterate, Forex trading is not the easiest way to amass riches, as one has to be prepared to take the plunge before reaping the fruits of the labor. Success with Forex trading will not happen overnight. There are no shortcuts to Forex trading. Not even the heavens can guarantee claims of a get-rich-quick scheme as one would think.
Finding the best Forex trading broker in 2023 has never been, is, and will never be an easy feat. Conducting thorough research before picking the right Forex broker is critical. Going through all the brokers in the market can be a daunting task and entrusting currency trading to any entity requires a tremendous amount of trust and confidence.
TWO KINDS OF FOREX BROKER
Electronic Communications Network (ECNs) is an alternative trading system that digitally links market participants to buy or sell currencies, stocks, and other financial instruments with one another. Today there are many excellent ECN brokers on the Forex market. ECNs flash orders through a consolidated quote system which the public can view. Such entities rule out tapping a third party to facilitate transactions aside from helping investors make immediate and automatic transactions beyond trading hours.
Conversely, Market Makers display buy and sell rates for a guaranteed number of shares in a move to compete directly for customer order flows. To stay in the game, Market Makers Forex brokers must keep both bids and ask prices within a predetermined spread. Specifically, a market surfaces when the designated market maker sets the bidding price and offers over time, to make sure there are ample buyers and sellers for every market order. Market makers act as catalysts in the secondary market for beefing up liquidity and, subsequently, long-term growth in the currency market.
FOUR SPIN-OFFS OF ECN AND MM
- Of course, some may have heard about:
- Non-Dealing Desk (NDD)
- Direct Market Access (DMA)
- Dealing Desk (DD)
- Straight-Through Processing (STP)
DD provides an avenue for easy access to the interbank market, a market for trading foreign currencies. This is a venue for currency dealers at a bank or financial institution to do business. Banks and financial firms also have DDs to facilitate trades in securities and other financial instruments outside the currency market. It is typical to have many DDs across the globe.
DMA is an electronic trading venue that allows investors to utilize financial instruments and order books of an exchange that processes securities transactions regularly. Sell-side entities usually offer this type of market, which requires using intricate technology. Although trades are swiftly made, an intermediary Forex trading brokerage company handles the transaction. In the 1990s, brokerage firms shifted to using DMA instead of market-making quotes for trade processing. Review the full list of the best DMA Forex companies to compare them.
NDD states that, if no dealing desk system is available, positions are immediately offset and then sent to the interbank. Unlike DDs, NDDs have floating spreads, and liquidity allows providers to set the price. You can find all NDD Forex brokers on TopBrokers.com. In simple terms, NDDs, either an STP or ECN, are a mere bridge between two parties as brokers do not transmit their clients’ orders via DDs.
STP is a process embarked on by financial firms to boost the processing time of any transaction without any human involvement. The use of STP dates back to the early 1990s.
BEST FOREX BROKER'S OFFERINGS AND SERVICES
As mentioned earlier, currency pair offering, account details (initial deposit, ease of deposits/withdrawals, commissions/spreads, leverage, and margin), customer service, regulatory compliance, and trading platforms are some important points to consider when making what is considered one of the most difficult decisions in Forex trading: finding the best Forex broker.
Currency Pair Offering
Forex market participants may select from a wide range of currency pairs. Experts advise traders, especially new ones, to pick and concentrate on certain currency pairs.
The most common currency pairs used by traders are categorized as major pairs. These are the EUR/USD, which is the most famous among traders, GBP/USD, USD/JPY, and USD/CAD. The minor pairs include EUR/AUD, GBP/JPY, EUR/GBP, and CHF/JPY. There’s also what we call the cross currency or exotic pairs which consist of a major currency and a developing country’s currency. A few samples are USD/HKD, EUR/TRY, and the NZD/SGD
Although there are many currency pairs available, starting with one or a few pairs at a time can make trading easier. This allows traders to be more focused on analyzing data for a given pair.
Account Details
Account offerings of FX brokers vary depending on initial payment methods for deposit and withdrawal, commissions/spreads, leverage, and margin.
Initial Deposit – When it began, only big banks, companies, and wealthy investors had access to the FX market. But today, for as low as $50, anyone who aspires to succeed in trading can take part in it. Forex companies offer several types of trading accounts as well. The micro account, which is recommended for newbies, requires a minimum deposit of $50, the standard account’s required initial deposit is $500, and, lastly, the VIP account starts at $10,000.
Deposits/Withdrawals – Forex trading Brokers have varying policies for deposits and withdrawals. Of course, any deposit or withdrawal made into an account will require a fee payment. Debit and credit card payments are common, as well as online payment systems such as PayPal, Skrill, and Neteller. Clients may use the same method for both deposits and withdrawals.
Commissions/Spreads – How do brokers generate money in the Forex market? Through commissions and spreads. A commission is a fee levied by a Forex broker, while the difference between the bid and ask price is called the spread. Some Forex brokers insist that they solely rely on spreads to earn profits. Spread can either be floating or fixed. To lure clients, most Forex brokers claim that their spreads on major pairs are fixed.
Leverage – Leverage allows traders to expand their trading power. In essence, brokers lend a certain amount to bolster their potential gain. It is often dubbed as a two-edged sword, as it can either boost or diminish one’s account. Hence, investors are advised to utilize this investment strategy with vigilance and caution.
Margin – A relatively new concept for Forex investors, a margin account is akin to equity markets. It is a brokerage account wherein the customer borrows money from its broker to continue currency trading. Trade size sets an investor’s margin requirement.
PAYMENT METHODS OF FOREX COMPANIES
In addition to flexible and competitive trading conditions, traders today are after ease and convenience when depositing and withdrawing funds. A good Forex broker provides clients with various payment options, allowing them to choose the one that suits their needs. Debit and credit cards, as well as bank wire options, are just a few of the default payment options used by traders. Again, thanks to technological advancements, several electronic payment systems have emerged. PayPal, Skrill, Neteller, and Webmoney are the most commonly used methods.
When selecting a payment option, consider the commission or fee charged by the mentioned payment systems. It is also vital that the safety and security of funds are taken into consideration. Forex trading brokers, at times, may waive any deposit fee to encourage their clients to cash in more money.
CUSTOMER SERVICE
To establish trust and loyalty, the best FX companies have also focused on the importance of having a very good customer service department. Whether handling an inquiry or a complaint, they should be able to provide a quick response and resolve the matter as soon as possible. The majority of online best Forex brokers are now stepping up and providing 24-hour customer support.
Given the complexity of the currency market, it’s easy to get confused when clients bombard customer service staff with too many questions. To meet the needs of their clients well, and to achieve maximum customer satisfaction, Forex brokers meticulously train their customer agents for weeks. This allows the customer service representatives to respond to a client’s inquiry regarding currency trading or a broker’s product or service in a quality and timely manner. The customer service representatives should be very knowledgeable about Forex trading, and the products or services being offered, to successfully deal with problems encountered by a client and suggest possible solutions.
Aside from remaining composed and organized, one must also be a good listener to be a good Forex customer service representative. Many customer service representatives are merely trained to “go through the script,” and they may forget that they need to truly listen. They should not interrupt the client in the middle of a call. A good rule of conversation is to let the customer do all the talking at first. Then the representative can assume the role of a troubleshooter by asking the right questions about the concern and figuring out how it can be solved.
Brokers should ensure that it is easy for a customer to call (or in some instances, send an email) to a customer service agent, and it should not involve too much time just to get through to an agent. Clients tend to be impatient, especially when they have questions or concerns. The key to shortening and making a customer’s waiting time more bearable for them lies in strengthening the customer support group, responding promptly to queries via email or social media accounts, and attending to their inquiries as soon as possible. It would be a bonus if the Forex broker could provide some sort of entertainment to kill boredom while customers are waiting to be attended to.
REGULATORY COMPLIANCE OF FOREX TRADING BROKERS
The best Forex broker in the 2023 year should be a registered and licensed entity before it begins to operate and advertise its business in a specific area. Governments, through financial regulators, have different sets of rules and regulations, which a licensed or registered entity should comply with. These “watchdogs,” as some would call them, basically supervise and regulate banks, Forex and stocks brokers, financial companies, and investment firms. This oversight is in place to protect the public, and to maintain the financial system’s integrity. Regulators secure the global market by inspecting companies and firms, and probing illicit activities, if any. Forex brokers indicate on their corporate website which regulator and entity supervise their activities.
Below are some of the most well-known financial regulators:
National Futures Association and Commodity Futures Trading Commission
Established in 1982, the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) serve as the regulating bodies for Forex brokers that intend to operate in the United States. The NFA is in charge of creating guidelines and programs to protect the public and maintain the US financial system. It also provides education to industry players for they to be more knowledgeable about their duties and all regulations.
The futures and options markets in the U.S. are monitored by CFTC. Formed in 1975, the commission oversees financial firms involved in derivatives markets. Their mission is to maintain transparent, competitive, and financially sound markets to protect the public from fraud and manipulation.
Investment Industry Regulatory Organization of Canada
Established in 2008, the Investment Industry Regulatory Organization of Canada (IIROC) governs all investment dealers and trading activities on the country’s financial marketplaces. Anchored on fairness, integrity, and transparency, this non-profit organization is tasked to enforce guidelines on business conduct among investment dealers in Canada. It is under the umbrella of the Canadian Securities Administrators (CSA).
Financial Conduct Authority
A regulating entity in the United Kingdom, the Financial Conduct Authority (FCA) supervises almost 60,000 financial services firms and institutions in the country. Founded in 2013, this independent regulator is responsible for safeguarding customers, maintaining the market’s stability, and cultivating competition among players. Check out the best FCA Forex brokers on our website.
Australian Securities and Investments Commission
The mission of the Australian Securities and Investments Commission (ASIC) is to regulate financial firms and organizations in Australia. Created in 1998, the ASIC serves as the corporate, markets, and financial services regulator mandated to enforce laws and beef up a healthy financial system for investors and individuals in Australia.
Financial Market Supervisory Authority
Financial firms and institutions are monitored by FINMA, the Swiss government body. The regulator is tasked to supervise banks, insurance companies, dealers, and exchanges in Switzerland. FINMA was instituted in 2007 by the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA) which shall guarantee the efficiency of the country’s financial markets for the sake of customers and players.
Financial Services Agency
Since its inception in 2000, the Financial Services Agency (FSA) has been directed to fortify the integrity of Japan’s financial system through the management of banking, insurance, and securities and exchange. The FSA handles the oversight of private entities, the development of rules and policies, the creation of standards, and compliance with guidelines.
TRADING PLATFORMS OF THE BEST FOREX BROKERS
A Forex trading platform is where FX traders place trades, and read trading data. Simply put, a trading platform serves as the bridge between traders and the Forex market. A good trading platform should be easy to navigate, can provide details including charts, pricing, and trading analysis, and has an interface where traders can enter orders which will be processed by the Forex broker. Also, the software can usually be installed with various operating systems such as Linux, Mac, and Windows, although some firms offer web-based trading platforms which can be run using Java, a high-level and widely used computer programming language.
Thanks to advancements in technology, and Forex brokers that step up their game, trading platforms have adjusted better to the fast-paced world. These platforms, which are usually offered by Forex brokers for free, serve as an avenue for traders to open, close, and manage positions via an intermediary.
An ideal platform must be easy to comprehend, visually appealing, and present numerous tools available to traders. It should also enable investors to place orders with ease, as well as include charting instruments, the latest quotes, and relevant news feeds. Some brokers integrate premium research and even have a “panic” button, in case one has to close all open positions. Lastly, the user must be able to easily configure settings in that platform.
Forex brokers typically offer free demo accounts before a client opens an account and dives in into the actual currency trading, which allows one to get the feel of using that software before beginning to trade. It is highly advised to do a “dry run” of Forex trading before investing. It is essential to be acquainted with the features and how to use the trading platform without risking any money while learning the basics. Practice makes perfect.
Best trading platforms available in the Forex market
The most common trading platforms are MetaTrader 4 and 5 (MT4 and MT5, respectively). Introduced in 2005, both are programs developed by MetaQuotes Software for trading currencies via the Internet. In addition, MT4 Forex brokers and MT5 Forex brokers offer more platforms to clients as well. Every platform has its configuration but all of these have nearly the same features such as Forex prices, technical analysis instruments, drawing tools, news feeds, and charts.
Before getting into the currency market, it is important to know if the broker offers the trading platform free of charge, (otherwise, there will be an additional rate for utilizing the program). Learn more about the platform, to understand if it allows chart trading, if the order interface presents options, if data can be easily accessed through the software, if strategy backtesting is permitted, and if it has an API enabling a trader to incorporate more programming or install more software.
Don’t forget to carefully check for news articles or blog posts that cover the best trading platforms available in the currency market. This can help you be sure about what is offered and how the broker serves its customers. And, remember to not immediately believe everything you read online, it is important to double-check the accuracy of the information read in these online articles.
REPUTATION OF TOP FOREX BROKERS MATTERS IN 2023
The broker’s reputation in the Forex market in 2023 is the most important thing to take into account. Is that broker reliable or unscrupulous? Is the broker legally operating in a country or merely out to take their clients’ money and run away?
Many forum posts, site reviews, articles, or social media accounts may have been written sponsored by a particular broker, which means, that it’s possible, that these comments or reviews are unbiased. As certain brokers may attempt to use these methods to attract more clients into the company or hire marketing people to boost their image to potential customers, you should always do very thorough research.
Here are some warning signs to watch for to avoid using the wrong Forex broker:
Website
If the Forex broker’s website is too flashy and overly persuasive, likely, this entity is not licensed or registered with a financial regulator in their service area. Clients themselves can check the credibility of a broker by visiting the site and noting its affiliation or membership normally found in the “About Us” section.Trading
Forex trading brokers should always let the client handle their own Forex trading. If the Forex trading broker determines or limits the amount of money a client can take, this is a red flag that they may not be a reputable or honest broker. What if that client has a margin account and sustained losses because prices went too steep? If the trader has no power over his account, the broker can simply liquidate the position on a margin call at a lower price. This can lead to sudden drops in capital that are out of the trader’s control.
Illegal actions
Certain acts are illegal in Forex trading, such as sniping and hunting. These acts involve a broker by purchasing or selling close to preset points ahead of time. This illicit activity is difficult to detect, so it is vital to talk to other traders to prevent this from happening. Currently, there is no list containing the names of brokers that commit sniping and hunting, so it is another important reason to do careful research.
Criminal
If the Forex broker is engaged in other criminal acts, such as corruption, money laundering, or the sale of illegal arms or drugs, this is a broker to avoid. Should a Forex broker be caught by law enforcement, all money invested with that broker could be seized and all investments would be lost.
CUSTOMER RATINGS AND REVIEWS OF FX BROKERS
There has been a growing number of Forex rating and review websites available online in 2023-2023. As mentioned earlier, due diligence is essential before beginning any kind of investment. No one has ever wanted to have their hard-earned money disappear. However, sadly, this has been the case in the FX market for quite a while now. The number of Forex companies entering the market is climbing in 2023, and many of them are not entirely trustworthy. They hype their products and services through marketing and advertising and wait for their targets to fall into their trap. Those new to the Forex trading market are the usual victims, and this is what TopBrokers.com wants to put a stop to. By providing only top-quality and reliable reviews, TopBrokers.com has become the best go-to place for aspiring traders. The team behind our portal carefully selects the Forex companies that are included on their list.
In addition to providing basic details about account types, trading platforms, payment methods, and regulatory compliance, reviews from seasoned traders are also available on their website to provide newbies with helpful insights about the essential qualities of a Forex broker. TopBrokers.com assures visitors that each customer review submitted to their website is being checked thoroughly and is subject to administrative approval. You can check all customer reviews of Forex brokers in 2023 on our website. The team is aware that, for a long time, it has been a practice of some Forex companies to hire people to write fake and misleading reviews. Users who create spam reviews will receive a warning and possibly be banned from posting to the website.
FOREX BROKER PROMOTIONS
As you shop around for the best Forex brokers, you may want to explore some of the great Forex broker bonuses that are available. From offering no fees for initial deposits or withdrawals, giving traders special bonuses (sometimes up to 30%), offering incentives for being a more active trader, providing free tips with membership, offering additional financial products and services, and more, some brokers can offer an advantage. But, be cautious when temptation hits, because you still need to ensure that you are working with a highly reputable and trustworthy Forex broker and not being blinded by certain perks that may be offered. It can be smart to get outside financial advice from a trusted advisor before diving into Forex trading. Make sure that you are properly equipped with knowledge about investing, specifically with Forex, and that you are not jeopardizing your financial health and your personal goals.
FOREX BROKER “UNDERWATER ROCKS”
Unfortunately, any time you invest, success is not guaranteed. You cannot base your expectations of great success on past performance or trends of any currency, advice, or even a broker’s stellar reputation. What you can do is equip yourself and be prepared, and fully understand the benefits and risks of Forex trading. A top Forex broker will help you to avoid many of the potential pitfalls, and this should be evident in any reviews that you find in your research.
There are some major “underwater rocks,” or unexpected problems that can arise with Forex trading, especially for new traders. New traders need to be especially careful about ensuring their trading is stable, being properly disciplined to closely follow the market, making trades at the right times, and not overly trusting automated systems that may be making your trades - make your trades manually rather than using some of the automated technology until you learn the intricacies that will protect you. You can minimize the risks, or “underwater rocks” by being careful to work with a trusted Forex broker.
Your broker should be helping you to keep your money safe. Trades should be executed promptly and accurately. When you learn more about how brokers keep liquidity high and keep the market active, you will begin to understand the best times for trades, how to watch for widening spread, and how to manage your investment to keep it as stable--and growing--as possible. Your broker should demonstrate that you are valuable as a client and you should feel that you can trust your Forex broker to help you protect and grow your investment.
BE MINDFUL AND ALERT WHEN TRADING CURRENCIES WITH A FOREX BROKER
Of course, some brokers merely want to gain more profit by employing illegal schemes. But earning more money at the expense of clients is unforgivable. Engaging in any illicit act may put a broker in danger as that perpetrator can face administrative charges or criminal cases or his license may also be revoked by financial regulators. By doing thorough due diligence, a trader can learn to spot and distinguish the differences between respectable and fraudulent brokers. It is important to always find out whether or not any complaints have been filed against the broker. If possible, look into that case and get in touch with the user to verify that complaint.
It is also crucial to read and scrutinize every detail of documents and agreements before signing any contract and opening an account with a Forex trading broker. Contracts are in place to help a potential trader to understand the provisions of the contract and contingencies in case of unfortunate events.
Start small. Many Forex experts encourage clients to begin trading currencies with a small capital. When new traders start this way, withdrawing funds from their accounts after at least a month can help determine if it is wise to continue to conduct transactions with the broker. A delay in withdrawal is sometimes the issue. If this issue does ever arise, the best course of action is to first discuss it with the broker. There are times when it may not be the broker’s fault, but instead related to the trader’s chosen withdrawal method. However, if the same problem continues to occur, it may be time to entrust money to another Forex trading service provider. Make sure you understand the market and don’t try to learn everything through trial and error. Have an investment plan, and stick to it. Make sure your expectations are reasonable.
The currency market is a huge and decentralized exchange as volumes worth more than $5 trillion are being traded regularly, making it the most lucrative financial market in the world. It attracts both good and bad entities. That is why one needs to practice due diligence in choosing the most suitable Forex broker to understand the nitty-gritty of currency trading. Checking the compiled list of TopBrokers.com may aid a little bit in the research part.
A FRIENDLY REMINDER - FOREX TRADING INVOLVES RISKS IN 2023
The team running TopBrokers.com is reminding everyone that currency trading with a Forex broker in 2023 is a highly speculative and complex investment that may not be suitable for everyone. Given its large trading volume, investing any cash may result in either significant gain or substantial loss. Therefore, it is highly advised to have an emergency cushion before investing any amount of money. Never invest more than you can afford to lose. Forex investing is about saving up for rainy days. An individual should not embark on any business venture, or investment, or make long-term financial plans if he or she does not have an emergency fund. Before investing, individuals should set aside a portion of their income, enough to cover daily expenses for three months at the very least, and one year at most, in case of any unforeseen circumstances such as job loss or medical emergency. Again, no emergency fund, and no investment. This is the very step to any investment a client has to make. Think of it as a cushion when a person falls.
FAQ
What Is Forex Broker?
Financial companies offering international currency trading (Forex) services to private traders all over the world. To view the rating of online brokers click here.
What is the Best Forex Broker Rating?
List of the most popular brokerage companies, filtered by reputation, customer reviews, trading conditions, and platform functionality. Open the updated list by clicking here.
Is it Safe Choosing an FX broker?
All brokers, represented on TopBrokers.com have licenses of regulators, including the most authoritative organizations: FCA, ASIC, CySEC. Find the best Forex Broker Listing in our portal.
LATEST FOREX BROKERS REVIEWS
Advantages: Good bonus system and promotions
Disadvantages: There are no special claims to the broker
Comment: Overall, I am satisfied with their offers and bonuses. They regularly hold interesting promotions that allow me to get additional bonuses to my account. I also appreciate their accessibility and transparency regarding bonus conditions. This allows me to plan my investments and use bonuses in the most profitable way. In addition, they offer various loyalty programs that allow me to receive additional privileges and rewards.
Advantages: -
Disadvantages: -
Comment: I am satisfied with this broker. The withdrawal is pretty fast with the Roboforex. Even, if the sum is quite big, they never delay it. Money comes into my account in 1 business day.
Advantages: HYCM excels in providing competitive trading conditions with excellent execution. Their regulatory compliance and strong reputation inspire trust.
Disadvantages: -
Comment: With HYCM's impressive track record, I wonder how they continue to innovate and stay ahead in an ever-evolving market. Could someone with experience shed light on the company's withdrawal processing? Is it quick?
Advantages: They offer so many languages, they have a respectable history in the markets.
Disadvantages: Need more assets, more platforms, more bonuses, cryptos, futures.
Comment: I don't think the platform is really bad, but I think they could work on it quite a lot to make it more competitive with the assets they offer, maybe some competitions and prizes. Because they can have so much more clients that way. So the main idea is, they are fine, but they can get a lot better.
Advantages: a lot of instruments
Disadvantages: null
Comment: Robomarket is my favorite broker. There are a lot of instruments: oil, gold, Forex, CFDs currencies. I trade mostly main currency pairs. They offer very competitive spreads. Withdrawals are easy and great customer service.
