A reputable forex broker must have some rules, services and programs to protect the market integrity. They must also protect the public from manipulation, fraud, and also abusive practices that relate to the future options and sales as well as encouraging to open stable and competitive option and future markets. Below is a list of top rated forex brokers.
Best Forex Brokers List
|Broker Name||Min Deposit||Regulation||Review||Open Account|
|FBS||$1||CySEC (Cyprus), IFSC (Belize)||read more||visit broker|
|FXTM||$5||CySEC (Cyprus), FCA (UK)||read more||visit broker|
|XM||$5||CySEC (Cyprus), ASIC (Australia), FCA (UK)||read more||visit broker|
Forex broker is classified as firms which provide some traders of currency with trading platform access that allow them to sell and buy foreign currencies. The broker in currency trading is also well-known as broker or retail forex broker. They handle a little volume portions belong to general foreign exchange market.
You may wonder why forex traders need some forex brokers. Here, a forex broker will act as an intermediary between the two parties which involve in a transaction of forex: the seller and the buyer. Whilst it may be possible to sell or buy currency directly throughout banks or other financial institutions, the forex brokers generally offers services which are generally benefit forex traders like charting platform, leverage access and analysis tools.
How to Choose the Right Forex Broker
When you are entering the world of forex, you will need a broker to provide everything that you need to trade. Choosing the right broker is not an easy thing at all because sometimes if you are not careful, your broker can lead you to your own destruction. So, below are several things you must pay attention to when you choose a broker.
- Security, Customer Support, and Account Types Variation
Make sure that your broker can make you feel secure. To make you sure that your broker is not a fraud, check the regulation and the licensed. A good and well-trusted broker must have at least the license from local regulatory authorities. A professional broker must also have customer support. There will be email address and phone number that you can contact whenever you want. There will be online rap that is available on live chat so that the traders can contact the broker easily. Not all traders are already professionals. So, a good broker must have many options of account types for the trader. A good broker can also provide variations of accounts based on the amount of money the trader has.
- Initial Deposit, Charges and Fees, and Leverage
When you choose a good broker, you have to choose one that can support your financial condition. Choose the broker that can get you an account with the minimum deposit you can afford. If you do not have the cash, choose the broker that accepts credit cards and bank wires as well. Choose a broker that will not financially burden you with high charges and fees. Make sure the charges and fees are negotiable and they are not too high so that you can still afford them. Choose a broker that can provide you with the most reasonable amount of leverages. That way, you do not have to risk your chance in the forex market to get a profit. A good broker will also help you with the leverages to avoid a major losing.
- Spreads, Free Demo Account, and Currency Pairs Options
Choose a broker that can offer you the best type of spread so that you as a trader can make as many profits as possible. Before you use real account to trade, you need a demo account to do “trial” first. A good broker can provide you with a free demo account. Choose a broker that can offer all major currency pairs so that you can have as many options as possible.
- Trading Platform, Education Materials, and Bonuses and Promotions
A good broker will provide you a secure trading platform. The broker will also help you with the consideration of placing your trade and many more. If you choose a broker, choose one that not only supports you but also gives you knowledge. The broker must inform you the daily analysis, tell you what you do good and what you shouldn’t do next, and also mentor you when you place your trade. Choose a broker that can appreciate the traders by giving them bonuses and promotion. The traders will be both feeling flattered and motivated to do even better in the forex market.