Forex is a market in which investment, trade and mainly foreign exchange transactions are carried out. Everyone can start trading in this market: for this purpose it is enough to have access to electronic networks. At the same time, brokers provide significant assistance to traders.
What Does The Broker Do?
Brokers – some of the key participants in the Forex market, and their competence is more than the reduction of the buyers and sellers of foreign exchange. Forex Brokers actually give traders access to market operations. The top ones provide a wide range of services and have a range of financial assets, including currency, raw materials, shares and CFD contracts.
Access To Trade
The activities of different brokers are based on different platforms. In any case, the trader must have a special application – a trading terminal provided by the brokerage company.
The volume of trade in the foreign exchange market is measured by lots. One lot is 100,000 standard currency units. For example, in the currency ratio of dollar to Japanese yen, the base currency is the US dollar, which means that one lot in this ratio is 100 thousand US dollars. This is the amount that someone who intends to enter the Forex market as a buyer should have.
Of course, far for every ordinary person has such means available. However, many want to succeed in the foreign exchange market. Those that cannot enter the market with the goal of playing a whole lot, just helped by brokers. They provide customers with margin trading opportunities.
Success Of Forex Brokers
For the most part, intermediaries make successful transactions at the expense of spread – that is, due to the difference between the best prices of buying and selling at the same time in a particular currency exchange. The spread is considered a commission set by the broker for opening the position. At the same time, the price that the buyer is able to pay is called «Ask», while the price that the seller agrees to set is called «Bid». Spreads are not calculated by money as usual, but by points.
Ratings Broker Companies
The success of trading in the market depends largely on how well the brokerage company is chosen, as well as the conditions it has to offer. In order for the risk to be minimal, the firm to be approached must be large, have appropriate experience and a positive reputation.
Forex brokers can have different advantages, and they can be evaluated with ratings. At the same time, the key criteria here are the following: the term of withdrawal of funds, financial condition, the range of offered financial assets, investment opportunities. In addition, you should learn about fees, online transaction conditions, minimum deposit, and so on.
– TOP 10- Forex Brokers
From the hundreds of forex brokers that you will find online, we chose only the best. Find below our top choices and select the one that suits your trading needs best.
Which Forex Broker Is The Best?
...Ava is a global company with offices in Paris, Dublin, Milan, Tokyo, Sydney, New York and is regulated by the Central Bank of Ireland and other local institutions around the world. Avatrade was previously known as Ava Fx.
AvaTrade have their own proprietary platform and also a vast array of platform variations including their own social trading platform, possibility to connect ZuluTrade, web based platform also for Macs and mobile platforms. Company provides four trading instruments and investment products, including retail trading in the Forex market, CFDs, options and cryptocurrencies.
Pros
Full list of Forex, CFDs, Crypto
24/7 cryptocurrency trading
A lot of educational material
Fixed spreads
24h customer support
Exclusive market news and analysis
Cons
Demo account limited to 21 days
No scalping allowed
Not available for USA traders
Inactivity fee on stagnant accounts
Slow withdrawal of funds
Occasional stability issues
...CityIndex is a leading Forex, CFD and Spread Betting broker, providing professional trading services to retail and small institutional clients around the world. CityIndex is part of GAIN Capital and is regulated by the Financial Conduct Authority. In the United States, the broker is regulated by the National Futures Association. The company has offices in London, Dubai, Sydney, Shanghai, Hong Kong and Singapore, among several other areas.
CityIndex helps traders grow, giving them the tools they need to improve their trading skills. They provide services at fair and transparent prices, and provide the best customer support as well as extensive educational resources and market news.
Pros
High quality research tools
Winner of numerous awards
Tight spreads & low margins
Fast execution speed
Segregated client bank accounts
Access to more than 12,000 markets
Cons
Limited payment options
No Swap free accounts
Broker does not provide bonuses
Inactivity fee after 12 months
No social platform and copying
Metatrader 5 not yet available
...Forex.com is managed and maintained by GAIN Capital Group, one of the largest companies in the Forex market. The Broker offers many options for Forex and CFD traders through its affiliates, registered all over the world. Thanks to its full-featured platforms, a variety of trading tools and comprehensive research, this broker is suitable for traders with any level of experience.
The services of GAIN Capital are in great demand among many large investors, professional dealers, financial managers, consultants and experienced traders from more than 140 countries. GAIN Capital Group offers private investors access to a trading terminal, which is recognized as one of the best on the market in combination with professional services on Forex.com.
Pros
World Forex market leader
Fast execution of orders
Access to a huge range of assets
Security of information and cash
Great and reliable customer support
Narrow spreads and low commissions
Cons
Lengthy registration process
Limited account types
Demo account is available for 30 days
Absence of social trading features
Delays in the withdrawal of funds
Limited set of trading instruments
...Plus500 is one of the biggest names in CFD trading. CFDs, including 50+ Forex CFDs, are the only products that Plus500 offers. With customer service available 24/7 and a full web-based platform, this is a good provider for those starting out who want to keep it simple.
The company operates through several regulated subsidiaries, including in the UK, Cyprus, Singapore, Australia, and Bulgaria. Interestingly, Plus500 is listed on the London Stock Exchange, which suggests that the broker is transparent.
Pros
Well regulated broker
No commission
User-friendly trading platform
Platform desktop, web and mobile
Wide range of currency pairs
Cons
Less resources for new traders
No telephone customer support
Platform limited to regulated jurisdictions
Limited product portfolio, only CFDs
Absence of social trading features
...Saxo Bank is a Danish financial services company in the European and Asian stock markets. The company is regulated by the Regulatory Danish Financial Supervision Authority (DFSA) and also adheres to the European Directive on Financial Instrument Markets (MiFID).
Among clients there are hundreds of traders from around the world - the geography of distribution of company services reaches 100 countries. Saxo is headquartered in Copenhagen, with 12 branches in the world's megacities. An important achievement of Saxo Bank is a system of stable business partnerships under various programs.
Pros
Global regulatory licenses
Wide variety of trading assets
Professional work platform
Availability of investment service
Award-winning brokerage
Cons
High inactivity fees
High cost of trading accounts
Limited payment methods
No bonuses and no shares
Delay in withdrawing funds
...eToro is the worlds leading social trading platform that gives you the option to invest in stocks, cryptocurrencies, ETFs, currencies, commodities, and indices. It features a huge set of tools (over 1,000), a social trade service, crypto trade, greater age (over 10 years) and regulation by European watchdog bodies. It has mandatory verification and a relatively high entry threshold.
The trading platform provides an innovative interface and its features are displayed according to each trader's experience. Its wide range of features includes an easy to use user interface, instruction manuals, research tools and an online community of over 4.5 million traders.
Pros
Global regulatory licenses
Availability of training area
Ability to interact with other traders
Ability to copy other traders
Wide range of markets
Low minimum deposit limits
Cons
High fees for any cash transactions
No scalping allowed
No support MetaTrader
Limited cryptocurrency options
No phone customer service available
Spreads are higher than average
...Tickmill is a Forex and CFD trading provider offering the best trading conditions for trading. Today, the broker is actively developing as a high-tech ECN broker, providing the entire range of services for online trading in the international foreign exchange market. The broker offers its customers low spreads, fast execution of orders and guarantees complete transparency of relationships with traders.
The Group of specialists has experience in the field of trade since 1994 and is actively involved in the financial markets and also holds licenses for financial services in the UK (FCA), Cyprus (CySEC), South Africa (FSCA) and operates an offshore entity in Seychelles.
Pros
Professional customer support
Spreads starting at 0 pips
Very low trading fees
Possible automated trading
No requotes and high liquidity
Cons
Limited platform options
No CFDs on individual stocks
No cryptocurrency trading
MetaTrader 5 not available
Does not accept US traders
...Dukascopy is an EU-registered investment brokerage whose main office is in Switzerland and which is 100% owned by Swiss Forex bank Dukascopy Bank SA. Gives customers direct access to the planet's liquid markets.
Together, the Dukascopy can be considered one of the largest companies in the market, which has made a name for itself by providing Forex broker services, and now still expands the arsenal for its clients through binary options.
Pros
Trading system «Swiss FX Marketplace»
Narrow spreads from 0.1 pips
Instant performance of orders
Over 500 CFD markets
Access to professional analysis and news
Deposit insurance up to 100,000 CHF
Cons
All services are focused on professionals
For some customers difficult verification
Complex structure of the official site
Higher than average fees
Not available for USA traders
Payment methods are limited
...IG Markets is a safe and legitimate broker. The main activity is trading currency pairs, CFDs, metals and signals. It offers itself as a secure, reliable, and trustworthy broker. Not only is it regulated by one of the most trusted regulators in the world, but it's also a brand under a public company. That provides an extra layer of safety for investors.
Overall, if you are a CFDs trader or a trader who wants security, albeit, for a price, trading with IG Markets is more than the right choice. It's a brand that is definitely worth the shot, and we believe thousands of traders have made the right decision with this broker.
Pros
One of the oldest brokers
ECN/STP for FX trading
Well regulated broker
No deposit and withdrawal fees
British regulation & deposit protection
Cons
High inactivity fees
Limited payment methods
Limited account types
Not available for USA traders
Slow withdrawal of funds
...Markets.com online Forex and CFD broker is a very popular broker among traders. In addition to the Markets.com trademark, the company is a serious Forex broker that has been in operation since early 2000. Being one of the early leaders in the retail space, Markets.com has evolved to become one of the well known and reputable Forex brokerages with over 18 years of successfully running the Forex brokerage.
In customer service expressions, Markets is recognized as a leader and offers its customers a best service in more than a dozen heterogeneous languages. The platform has also won awards from London Investor Show Forex and Finance Review & Global Banking, which provides recommendations on the quality of its services.
Pros
Well regulated broker
Low trading fees
Account open is seamless and fast
Innovative research tools
Options for different trading platforms
Website design is really professional
Cons
Limited product portfolio, only CFDs
Not available for USA traders
No deposit in cryptocurrency
No support on weekends
Website could confuse new traders
Higher than average swap rates
