The Most Trusted Forex Brokers List

Exness
Trading Platform:
MT4, MT5, App
Max Leverage:
1:Unlimited
Markets:
Forex, CFDs, Crypto
Regulations:
FSA, CySEC, FCA, FSCA, CBCS
Min Deposit:
$10
Open an account
VT Markets
Trading Platform:
MT4, MT5
Max Leverage:
500:1
Markets:
Forex, CFDs, Crypto
Regulations:
ASIC, CIMA
Min Deposit:
$100
Open an account
RannForex
Trading Platform:
MT4/5, WebTrader
Max Leverage:
1:500
Markets:
Forex, CFDs, Crypto
Regulations:
N/A
Min Deposit:
$0
Open an account
Degiro
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stocks, CFDs, Options, Crypto
Regulation:
AFM, DNB
Min. deposit:
0
Open an account
Robinhood
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stock, ETF, Options, Crypto
Regulation:
FINRA
Min. deposit:
$0
Open an account
FreeTrade
Trading Platform:
Custom Mobile
Max Leverage:
1:1
Instruments:
ETFs, Stocks
Regulation:
UK FCA
Min. deposit:
0
Open an account
BUX
Trading Platform:
BuxApp
Max Leverage:
1:30
Instruments:
Stock, ETF, Forex, CFDs, Options, Futures
Regulation:
FCA, HSE
Min. deposit:
€50
Open an account
Interactive Brokers
Trading Platform:
MT4, MT5
Max Leverage:
1:888
Instruments:
Stock, ETF, Forex, Fund, Bond, Options, Futures, Crypto
Regulation:
FCA, FINRA
Min. deposit:
$0
Open an account
XTB
Trading Platform:
MT4, xStation 5
Max Leverage:
1:500
Instruments:
CFDs, FX, Crypto, Stock and ETFs*
Regulation:
FCA, CySEC, IFSC
Min. deposit:
$250
Open an account
TD Ameritrade
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stock, ETF, Forex, Fund, Bond, Options, Futures
Regulation:
SEC, FINRA
Min. deposit:
$0
Open an account
United Traders
Trading Platform:
Aurora
Max Leverage:
1:20
Instruments:
Stocks, IPOs, ICOs, Crypto
Regulation:
CBR
Min. deposit:
$300
Open an account
AvaTrade
Trading Platform:
MT4/5,
Max Leverage:
1:400
Instruments:
Forex, Crypto, Stock CFD, Indices CFD, Commodities CFD
Regulation:
CBI, ASIC, FSCA, FSA, BVI
Min. deposit:
$100
Open an account

Choosing the right Forex broker can impact the quality of your trading experience and ultimately lead to profitability or loss. In this article, we compare and review the best and most reliable brokers serving investors and market speculators globally.

AvaTrade XM Exness VT Markets Key To Markets HYCM
Trading Platform MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade MetaTrader 4, MetaTrader 5 MetaTrader 4, MetaTrader 5, Exness Terminal MetaTrader 4, MetaTrader 5 MetaTrader 4, MetaTrader 5 MetaTrader 4, MetaTrader 5
Max Leverage 400:1 1000:1 Unlimited 500:1 500:1 500:1
Markets Forex, Stock CFDs, ETFs, Commodities, Indices, Cryptocurrencies Forex, Forex, Cryptocurrencies, Stock CFDs, Turbo Stocks, Commodities, Equity Indices,
Precious Metals, Energies and Shares
Forex, CFDs on stocks, Indices, Commodities, Cryptocurrencies Forex, Commodities, Indices, Shares as CFDs Forex, Commodities, Indices, Cryptocurrencies, Shares as CFDs Forex, Stocks, Indices, Cryptocurrencies, Commodities
Regulations Australia, British Virgin Islands, Ireland, Israel, Japan, South Africa, UAE Australia, Belize, Cyprus, UAE, UK British Virgin Islands, Curaçao, Cyprus, Kenya, Mauritius, Seychelles, UK Australia, South Africa, St. Vincent and the Grenadines Mauritius, UK Cayman Islands, Cyprus, UAE, UK
Min. Deposit 100 USD 5 USD 10 USD 100 USD 100 USD 100 USD
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Finding a trustworthy Forex broker is crucial to the success of any FX trader. Here are some key factors to consider when looking for a trustworthy broker, including:

  • Regulation: Make sure your broker is regulated. All of the brokers that we have picked are licensed in various countries. Regulation ensures that the broker operates within the guidelines set by the regulatory body, which includes maintaining segregated client accounts, offering negative balance protection, and keeping client funds safe.
  • Trading platforms: Make sure that your broker offers reliable and user-friendly software. The platform should have advanced charting tools and features, technical analysis indicators, and real-time market data. It should be mentioned that some traders prefer to use different software for charting and trading. On the other hand, when trading using high-frequency trading strategies, it’s very difficult to use various platforms simultaneously.
  • Trading fees: Ensure that your broker has low trading fees and no hidden costs. A trustworthy broker should offer transparent and competitive pricing. Trading fees might seem low at first glance, but they accumulate, especially if you are a high-frequency trader.
  • Trading instruments: Before opening an account, make sure that the broker offers trading assets that you are interested in.

To aid in finding the broker that best suits your needs, we’ll compare features of the top trusted Forex brokers in each category and provide you with a brief review of each broker.

Best trusted Forex broker with tight regulations

Regulations for Forex brokers vary by country and jurisdiction, but they generally require brokers to meet certain standards, such as minimum capital requirements, client fund segregation, and regular reporting and audits. These regulations are designed to protect investors by ensuring that brokers are financially stable, transparent, and accountable.

Brokers that are authorized and regulated by reputable financial regulators are considered to be trustworthy and reliable, as they are subject to strict supervision and high standards.

Regulator country AvaTrade XM Exness VT Markets Key To Markets HYCM
Australia (The Australian Securities and Investments Commission)
BVI (British Virgin Islands Financial Services Commission
Ireland
Israel (the Israel Securities Authority)
Japan (the Financial Services Agency)
South Africa (the Financial Sector Conduct Authority)
United Arab Emirates
Belize (the International Financial Services Commission (IFSC))
Cyprus (the Cyprus Securities and Exchange Commission (CySEC)) 
UK (the Financial Conduct Authority (FCA))
Curaçao
Kenya
Mauritius (Financial Services Commission)
Seychelles (Financial Services Authority)
St. Vincent and the Grenadines
Cayman Islands
Sign Up Sign Up Sign Up Sign Up Sign Up Sign Up

 

Top trusted Forex brokers with low trading fees

Traders that are looking for ways to reduce their trading costs are attracted to brokers with low fees. Here are some of the things to know before deciding on the broker:

  • Brokers typically offer commission-based and spread-based fee accounts. Some brokers charge a commission on trades instead of adding a markup to the market spread. Commission-based trading is especially beneficial for frequent traders. On the other hand, speculators and investors that trade less often prefer a spread markup-based fee system.
  • Some brokers have hidden fees. You need to make sure you pick the broker that fully explains the fee structure to you in a clear way. It should be noted that some charge traders with inactivity fees and fees on deposits and withdrawals, while others do not have such fees.

Let’s take a look at the comparison table below to find the best trusted Forex broker with the lowest fees.

AvaTrade XM Exness VT Markets Key To Markets HYCM
Trading fees on Forex pairs From 0.3 pips From 1.6 pips From 0.3 pips From 1.2 pips From 1 pip From 1.2 pips (Raw account EUR/USD fees start from 0.1 pips. The commission is 4 USD per round turn
Trading fees on CFDs on Stocks From 0.13% From 0 From 0.1 From 0 From 0.01 From 0.6%
Trading fees on Shares N/A From 0 N/A N/A N/A N/A
Trading fees on Crypto derivatives From 0.20% (Commissions on BTC/USD start from 0.20%) From 0.0017 From 4.2 N/A From 0.01 From 0.00162 pips
Trading fees on Indices From 0.03 From 0.22 From 3 From 0.1 From 0.01 From 0.02
Trading fees on Commodities From 0.0015 From 0.003 From 2 From 0.056 From 0.001 From 1.5 pips
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Trusted FOREX brokers with a wide range of tradable instruments

Forex brokers that offer various asset classes such as FX, shares, commodities, indices, and cryptocurrencies, are also known as multi-asset brokers. There are many advantages to trading with a multi-asset broker, including:

  • Diversification: Traders can spread their investments and diversify their portfolios by trading different asset classes, and in turn, that can help reduce risks.
  • More trading opportunities: Trading various assets enables traders to take advantage of opportunities that are unique to certain markets. For example, commodity markets become very popular during high inflation periods, as precious metals are viewed as a hedge against inflation.
  • Trading with a multi-asset broker can be convenient and less pricey. When your broker offers everything you are looking for, you do not have to open accounts with multiple brokers.

We compared the number of available instruments in each asset class to make it easier for you to find the broker that fits your needs the best. XM offers the widest selection of tradable instruments, but Exness provides access to trading the most FX pairs.

AvaTrade XM Exness VT Markets Key To Markets HYCM
Number of Forex pairs 64 55 98 49 65 71
Number of CFDs on Stocks 629 1300 100 800 65 153
Number of Shares N/A 99 N/A N/A N/A N/A
Number of Crypto derivatives 19 58 35 N/A 4 29
Number of indices 30 20 10 24 15 28
Number of commodities 17 8 13 22 7 20
Total 1250+ 1553+ 256 1000+ 156 301
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It should be mentioned that different asset classes require different skills and knowledge to trade profitably. Some traders fail to become FX traders, while successfully trading shares or indices, and vice versa. Another advantage of opening an account with multi-asset brokers is that beginner traders can test their interests and skills in various markets.

Exness
Min deposit: $10
Deposit to Qualify
$800
ECS
EAs discounts
Exness
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume. 

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commision Compensation Fund and keeps clients’ money in segregated accounts.

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help. 

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system. 

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets
Min deposit: $100
Deposit to Qualify
$800
ECS
EAs discounts
VT Markets
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and  the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions. 

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker. 

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms. 

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency. 

AvaTrade
Min deposit: 100
Deposit to Qualify
€800
AvaTrade
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
8
Open an account

AvaTrade

AvaTrade was founded in 2006 and since then has experienced tremendous growth. Nowadays the company has more than 400,000 registered users around the world and more than two million traders are processed each month. The broker offers Retail and Professional account types to its clients. Trading fees are low, however, it should be noted that there are inactivity fees of 50 USD/EUR/GBP per month after 3 months of inactivity. Traders can open live accounts in the following currencies: USD, GBP, EUR, or ZAR. Do note that, by opening an account in the currency that you use the most, you will save a lot on conversions. 

AvaTrade is a global company with multilingual customer support and offices in Paris, Dublin, Milan, Tokyo, and Sydney. The main administrative headquarters are located in Dublin, Ireland. The broker has earned more than 30 reputable industry awards since 2009. Overall, AvaTrade is a great broker.

XM
Min deposit: $5
Deposit to Qualify
€600
XM
Deposit Bonus, Live Education
Sponsorships Remaining
10
Open an account

XM

XM is a global CFD and Forex broker accepting clients from all over the world. The broker was founded in 2009 and is based in Cyprus. Currently, the broker has more than 10 million registered users from 190 countries. XM offers a wide range of instruments, including FX pairs, commodities, indices, more than 100 shares for long-term investing, and CFDs on stocks. 

The customer support of XM is available 24/7 via live chat, email, and phone. Customer service is provided in more than 30 languages.  XM is a well-regulated broker in multiple countries. XM Global offers its customers Micro, Standard, and XM Ultra Low account types. In addition, a dedicated Shares account is also available. 

XM provides a range of educational resources and market analysis tools, including webinars, seminars, and daily market reviews.

Overall, XM is a reputable and highly respected broker with a range of trading instruments, competitive trading fees, and conditions. 

Key to Markets
Min deposit: $100
Deposit to Qualify
€800
Key To Markets
1:500 Leverage for EU traders
Sponsorships Remaining
8
Open an account

Key To Markets

Key To Markets is a global CFD and Forex broker established in 2010. The broker is authorized and regulated by a top-tier regulator, namely the Financial Conduct Authority of the UK. In addition, the broker is also licensed in Mauritius. Key To Markets offers Standard and Pro account types and low trading fees. Both spread-free and commission-free accounts are available with this broker and high and low-frequency traders can easily find the best trading conditions. 

It should be noted that the broker doesn’t provide financial services to residents of the USA, Iran,  North Korea, and a few other countries where restrictions apply. To get the full list of restricted countries, you can contact the broker. Customer service is available in English, Spanish, and Portuguese. 

Overall, Key To Markets is a transparent, ECN broker with no dealing desk, and no market-making practices. Opening a live account is easy as the minimum initial deposit required is as low as 100 USD and traders get free VPS service.

HYCM
Min deposit: $100
Deposit to Qualify
€800
HYCM
1:500 Leverage for EU traders
Sponsorships Remaining
8
Open an account

HYCM

HYCM is also known as Henyep Capital Markets and is licensed by various regulators. The broker was founded in 1997 and acquired its first license from the Financial Conduct Authority of the UK in 1998, and over the years they have received 15 global awards of excellence. 

Henyep Capital Markets has 5 offices in the world’s leading financial centers and serves clients from more than 140 countries. 

Traders can choose between FIXED, CLASSIC, and RAW account types, and as the names of the account types suggest, the broker enables traders to trade with fixed spreads, classic spreads, zero commissions, or with raw spreads. The account types are suitable for all types of traders. 

Overall, we can safely say that HYCM is an amazing broker with solid experience and a good level of safety. 

What Does a Trusted Forex Broker Look Like?

The top trusted Forex brokers will share several common features including the regulation, trader guarantees, Negative Balance Protection, segregated accounts, KYC/AML guidelines, and GDPR compliance. At the same time, they will provide opportunities for low-cost trading on the Forex market with tight spreads and low or no commission fees, flexible leverage and margin requirements, promotional campaigns or other traders’ benefits, and free educational packs and trading tools. Some of these features are crucial to the successful trading performance of an individual and should never be overlooked. We will discuss the significance of each of the mentioned characteristics of a trusted broker in greater detail below.

 

License & Regulation

 

The most trusted Forex brokers have essentially regulated brokerage companies. In the Forex industry, regulation is the only guarantee that traders can get for safe trading and the security of their trading capital. These Forex brokers will take extra measures to protect you against various frauds, market crashes, cyberattacks, and even your inexperience. Most of them achieve the safety standard levels by offering Negative Balance Protection, segregated client accounts, GDPR Compliance, commission-free or low-cost trading, etc.

These brokers are regularly audited and monitored by their respective regulatory authorities meaning that in case of non-compliance with regulations and safety standards brokers will face legal consequences. Furthermore, with the best trusted Forex brokers, traders also get investor protection against the losses caused by force majeure situations. In case of any complaints with the legal performance of the broker, traders can always file against the company within the regulatory body itself.

Since it takes a lot of time and energy to look up the best brokerage companies that can be trusted in the Forex industry, we regularly search for them and provide detailed information on their services, availability, prices, benefits, and educational opportunities. The article below will serve as a guide on how to find the most reliable Forex broker today.

You will not be able to find any trusted Forex brokers in the US who do not have licenses or are not regulated by the local authorities such as the Commodities Futures Trade Commission (CFTC) or the National Futures Association (NFA). Similarly, there are dozens of regulatory authorities within different jurisdictions across the globe that monitor the performance of individual Forex brokers. Therefore, it is highly recommended to trade with a broker that holds a regulation from your regional market regulator.

In Europe, the main market regulators are Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority in the United Kingdom (FCA). If you come across a European broker with no licenses from any of these two regulatory bodies it is better to avoid trading with the broker. The most trusted Forex brokers list in Europe will feature only FCA or CySEC regulated companies.

The same applies to other regions, as well. In Asia, the notable regulatory authorities are the Financial Services Agency in Japan (FSA), the Dubai Financial Services Authority (DFSA), the Monetary Authority of Singapore (MAS), the Securities and Exchange Board of India (SEBI), etc. On the other hand, Africa and Australia are two regions with a single renowned regulatory authority for each. The brokers based in South Africa should hold a license from the Financial Services Conduct Authority (FSCA) of South Africa and the Australian-based brokers must be regulated by the Australian Securities and Investments Commission (ASIC). The most trusted Forex brokers list in the world will feature brokers that are regulated in multiple jurisdictions by several regulatory authorities.

 

Trader Guarantees

 

Trader guarantees are usually the protections from the losses that are caused by anything else other than the trading performance of an individual. No one can guarantee that you will profit from your trades. However, the brokers will offer investor protection programs that cover any losses arising from the company’s insolvency or financial crisis-induced losses. The best thing is that traders do not have to pay any fees for their fund’s protection. If the broker is a member of any protection fund whatsoever, the program automatically covers eligible losses.

For instance, the top ten trusted Forex brokers in Canada will provide trader guarantees under the Canadian Investor Protection Fund (CIPF). The CIPF covers up to 1 million US dollars for all general accounts registered with its member broker under its coverage policy. Hence, those individuals trading with a CIPF member broker will have guaranteed protection of the funds in case the company goes broke or there is a financial market crash.

NBP – Negative Balance Protection

Negative Balance Protection is a relatively new concept that became a strong requirement of numerous regulatory authorities after the financial crisis of 2008-2009. Many traders were losing much more financial resources than they had available in their account balance due to the rapidly moving market against their trades. Not all Forex brokers provided NBP back then. Hence, these traders were burdened by heavy loans eventually.

Negative Balance Protection ensures that no matter how strong the market movement is against your trades your account balance will not enter a negative zone. On the person’s loss-making trades as the balance of the account rapidly falls, margins call will save the trader from going into debt. The margins will automatically close such trades. NBP is a strong requirement for the regulated Forex brokers in many jurisdictions globally.

Account Segregation

The notion of segregated client accounts also came into light quite late in the Forex industry. However, nowadays all the companies on the list of trusted Forex brokers have segregated client accounts. The regulatory authorities oblige brokerage companies to hold the funds of their customers on separated accounts from the company’s account. Account segregation ensures that the financial resources of a client deposited on a broker’s account remain untouched no matter how the broker performs financially. Even if the brokerage company goes broke and goes into liquidation the funds on client accounts will be returned to traders.

Account segregation is one of the first signs of the reliability of the brokerage company. Furthermore, it will be impossible to find any regulated Forex broker that does not keep traders’ funds on a separate account. All the brokers from the top 100 Forex brokers list keep company accounts separate from the traders’ accounts.

KYC/AML Guidelines

KYC and AML are the most important guidelines that regulated and trustworthy Forex brokers implement. KYC stands for the ‘Know Your Customer concept, whereas AML is a term for Anti-money Laundering. These two concepts carry different meanings and purposes but remain integral parts of Forex trading globally. KYC is important for verifying the identity of the trader to avoid identity theft or related crimes. Whereas AML is a requirement of regulatory authorities which employ legal processes to avoid cyber-crimes and scam schemes.

Both AML and KYC have to be in place to prevent the unlawful usage of financial services by various individuals or organizations. Hence, the top 10 Forex trading platforms will feature AML and KYC during the registration procedures. During the registration, the brokers will require the trader to upload supporting documents verifying the identity of the individual (such as IDs, Driver’s licenses, or Passports). Whereas AML procedures (placement, layering, and integration) are carried out independently not involving the trader.

GDPR Compliance

GDPR is a General Data Protection Regulation which was enforced in the European Union in 2018. It became a requirement for Forex brokers to comply with GDPR. The regulation covers everything related to the digital safety of the users from e-privacy to data encryption. The most trusted forex brokers in the UK, for example, follow the best-practice guidelines provided by the NIST cybersecurity framework. This framework operates with five pillars of identifying the risk, protecting against the potential events, detecting incidents quickly, responding to the occurring cyberattacks, and recovering seamlessly.

GDPR is an extensive 88-page guide on how to protect the private data of clients. All Forex brokers must comply with GDPR since the traders provide the most sensitive private information online such as the bank account or card details, personal identification documents, information on private equity, etc. Hence, be it trusted Forex brokers in Nigeria, the Philippines, or the United States the company must have GDPR compliance in place.

 

Industry Standard Features

 

The Forex industry is the largest financial sector in the world. Therefore, the competition between the participating companies is extremely high. This competition has a very positive effect on the quality of the brokerage services available on the market. It sets out certain market standards that the brokers are obliged to follow to attract customers and retain the existing ones on their trading platforms. However, it also causes a significant diversity on the market in terms of various fee structures, available financial instruments, account types of the brokers, and trading platforms offered to the clients.

Some brokers will be operating with commissions, while others will implement the cost within the spreads. The best Forex broker for beginners, for instance, would offer commission-free trading on special Micro, Cent, or Ultra-low trading account types. Furthermore, they will be providing free educational resources, promotional campaigns, flexible trading conditions, and other trader benefits, which we will cover below.

Spreads/Commissions

Spreads and commissions are two main revenue resources of brokerage companies. Therefore, you cannot expect an ultra-tight spread Forex broker to operate completely commission-free. However, most of the brokers have now switched to commissioned trading accounts to attract more traders and their spreads are not inconvenient, as well. For example, you would easily come across trusted Forex brokers in SA that offer spreads from 1 to 3 pips on Forex currency pairs. Some international brokers might even offer spreads starting as low as 0.6 pips on the Forex assets while not charging any commission fees.

When choosing a broker it is important to calculate your trading costs. Several options allow you to trade with 0 pip spreads on currency pairs but if they come with a commission rate of $10 or more per lot per trade, eventually, your 0 spread trading would be much more costly than commission-free with average spreads.

Leverage/Margin

Many regulatory authorities restrict or introduce a leverage cap in the Forex trading industry, or otherwise have strict margin requirements that reflect on maximum leverage available for the traders. For example, in the European Union, there is a regulation that restricts leverage on Forex currency pairs up to 1:30. The cryptocurrencies can be traded with a maximum leverage of 1:2, etc. However, since the top 10 Forex brokers in the world operate in multiple jurisdictions globally they will offer different leverage limits to traders from different countries.

Those brokers with the regulations from the Australian Securities and Investment Commission (ASIC), or the Financial Services Conduct Authority in South Africa (FSCA) will often offer flexible leverages that can go maximum of up to 1:1000. Hence, depending on the region where you are currently residing you might trade with leverage from 1:30 up to 1:1000 on Forex currency pairs.

Bonuses & Promotions

Bonuses and promotions are the favorite part of Forex traders. However, some regulatory authorities restrict the bonus offerings in Forex, as well. The European Union has one of the strictest regulations regarding promotional campaigns. The brokers are not able to offer bonus schemes or encourage and reward traders monetarily in the EU. But it is not the case in every jurisdiction worldwide. For instance, the best Forex broker in South Africa will offer several promotional campaigns which will include deposit bonuses, no deposit bonuses, loyalty programs, performance-based trading contests, rescue or support margin bonuses, referral programs, etc.

However, it has to be noted that these bonus programs come with complex terms and conditions frequently. None of the trading bonuses are withdrawable immediately and instead require traders to satisfy trading volume requirements before they can withdraw any profits generated with bonus money.

Free Education & Tools

Knowledge and experience are some of the key factors that decide the performance of every individual trader. Without education or understanding of market movements, platform functioning, and usability of the tools, Forex trading would very much be like gambling. That is why every company from the top Forex brokers list will put a great effort into developing the educational resources and tools for its clients. Some of the best brokers will provide numerous materials such as eBooks on Forex trading, webinars held by experts in the industry, video tutorials on how to use the MetaTrader or proprietary platforms, glossaries and terms, infographics, and so on.

It is an absolute necessity that the broker provides these educational resources free of charge for its registered clients. That is why frequently you will come across questions related to your trading experience during the registration process with the broker. The absolute best brokers will assess your knowledge and experience in advance to later support you in any way they can.

Frequently Asked Questions on Trusted Brokers

How do I know if a Forex broker is legit?
The legitimacy of a Forex broker is expressed in the regulatory and legal framework of the company. The broker should hold at least one official license or regulation by the official financial authority. You should be able to double-check the license of the broker within the database of a market regulator. Additionally, the broker should be offering legit and the best Forex trading platform, such as MetaTrader 4 or 5 along with access to various exchanges. Some Forex brokers will also have industry awards for their service excellence which is another indicator of the broker’s legitimacy. Don’t forget to read the reviews of individual brokers to be completely safe.
What is a good brokerage fee?
The ideal case scenario is that a broker offers different fee structures on different account types. Some accounts can operate with commissions but ultra-tight spreads, while others should offer commission-free trading with considerably low spreads. Commissionable ultra-tight spread accounts are Zero Spread account types but the commission should not exceed 3.5 US dollars per lot per trade. The Standard or Micro accounts of the most trusted Forex brokers with 0 commissions should offer spreads between 0.6 pips and 1.2 pips on the most popular Forex currency pairs. There should be no deposit or withdrawal fees applicable on payments with the broker and no hidden or administrative fees.

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