Best broker forex

Customer support. It’s a very important option, especially for beginners, but it’s hard to check it without directly contacting the support.

Huge forex bonuses

Best Forex Brokers 2021, best broker forex.

User interface. Everything should be simple and predictable in order to help you to make quicker decisions and be a better trader.

Best forex brokers 2021

Forex is one of the most liquid financial markets that attract more investors year by year. By 2019, the total daily turnover is equivalent to $5 trillion, having grown from $1 trillion twenty years ago. This knowledge makes it one of the most liquid and attractive financial markets with 24/7 availability. For successful forex trading, a trader needs to choose a “service provider”, namely a brokerage company. This choice should be approached thoughtfully and thoroughly. The correctness of this choice in the future will depend on your financial success. During this year we have written many articles in which we paid attention to the specifics of the work of brokerage companies. We worked for this score for a long time and now we would like to bring it to your attention.

Cysec (cyprus)

ASIC (australia)

FCA (united kingdom)

Bafin (germany)

CNMV (spain)

ACPR (france)

AFM (netherlands)

Leverage up to 1:888

No commissions

No fees on deposits and withdrawals

Negative balance protection

Wide range of accounts

Inactivity fee

Doesn’t offer services to residents in the USA, canada, israel, and iran

Easy to start system

Very solid and welcome customer support service

Many deposit methods are available

High leverage

Offers zero spread account

Inactivity fee

Fees on some withdrawal methods

No bonus offers are available

High withdrawal fee for bank transfers

FCA (UK)

ASIC (australia)

FSB (south africa)

FINMA (switzerland)

DFSA (united arab emirates)

MAS (singapore)

JFSA (japan)

Stop-loss system

Well-designed platform

Over hundreds of markets to trade

Retail clients are not allowed to trade on interbank

Support & sales teams are willing to force you to fund an account immediately

There are various fees are present

FSCA (south africa)

FCA (UK)

ASIC (australia)

JFSA (japan)

BVIFSC (british virgin islands)

Over five certificates from the solid regulators

Multi-languages support (15), the user interface is available on 20+ languages

Social trading features

The US investors are not allowed

No NFA’s certificate

Various fees system

There are not enough trading features

Lack of deposit methods

NFA (US)

FCA (UK)

ASIC (australia)

FSA (japan)

IIROC (canada)

CIMA (cayman islands)

SFC (hong kong)

MAS (singapore)

The US-based regulation

8 regulators’ certificates

Very solid app and PC interfaces

Great variety of currency pairs

Lack of deposit methods

Little leverage

High fees

The limited list of products

High level of the minimum deposit

Low level of the leverage

Withdrawing from PAMM before the period comes will charge additional fees

FSA (denmark))

FCA (UK)

FINMA (switzerland)

ASIC (australia)

DFSA (united arab emirates)

MAS (singapore)

SFC (hong kong)

JFSA (japan)

8 regulators’ certificates

High level of the max leverage

Huge amount of currency pairs

Min. Deposit over $500

Specific trading platform

Inactivity fee, high forex and other fees

FCA (UK)

KNF (poland)

IFSC (belize)

CNMV (spain)

ACPR (france)

Bafin (germany)

High leverage

Relatively fast deposit and withdrawal

Good user interface

FCA (UK)

ASIC (australia)

IIROC (canada)

FMA (new zealand)

MAS (singapore)

High leverage

No minimum deposit requirements

Popular among traders broker

Huge amount of currency pairs (over 300)

20+ years online

Low level of min. Deposit

Exclusive features in charting

The most common option in choosing forex broker

Every brokerage company has some criteria and average features to be compared. Let’s take a look at the main of them:

Affordability. Each brokerage company sets its minimum deposit threshold value for funding. Typically, this amount starts at $100. Novice traders must make a balanced decision for themselves on how much they can afford to lose. At the same time, you should pay attention to whether the broker fits for you, or whether you should choose another one that is more suitable, but with a higher minimum level of the first deposit.

Deposits and withdrawing. This option is no less important than the previous one. You, as a trader, should easily manage your funds and, if necessary, withdraw them quickly and without high commissions. The broker’s money returning duty determines its decency and reliability.

Market coverage. You have to check the availability of trading needed currency pairs.

Trading terms and trading fees. This option is very important because the appetites of forex brokers can vary dozens of times. Before you get started, you should calm down and calculate how much you’ll give to the brokerage company from the moment you start trading until withdrawing your money in a way that is convenient for you.

Trading platforms. There are many of them. They’re a sword and shield of yours. Depends on features that you allow to customize and working speed you’ll be able to experience which one suits you the best. Personal presets are a huge part of your trading success.

Mobile app. A lot of people prefer fully-automated trading robots. Their performance can be checked without a PC. It’s an important option that allows you not to work on a PC and be mobile.

Customer support. It’s a very important option, especially for beginners, but it’s hard to check it without directly contacting the support.

Reputation. It’s an important part because trading is all about trust. If you see people angry at the company, so, you can entrust your funds and feel that your money is in safety.

Regulation. Before getting started, you have to check how the brokerage company works with your country’s laws. A lot of them have got some restrictions. If you skip this step, you’ll probably be able to fund the account, but you’ll have a huge problem with withdrawing.

The base of knowledge. The solid brokerage company provides a lot of courses, as well as, literature and material to let you get a smoother start in forex trading.

User interface. Everything should be simple and predictable in order to help you to make quicker decisions and be a better trader.

Picking the best forex brokerage company: completed guide

Let’s describe more detailed some of the most important brokerage company’s features.

Market regulators

Here we go “regulation”. In our opinion, this is the most important and fundamental option in the broker’s work, directly related to how much investors will trust it with their money. Regulators are interested in the stability of the forex market and the transparency of financial transactions. Due to the huge volume of assets (more than $5 trillion), there is always a risk that drug dealers, arms dealers, corrupt officials, and other dishonest people and organizations want to use forex as a laundry machine for their capital.

We would like to note that there are several regulatory organizations. As a rule, the more solid and successful the broker, the longer it operates on the market and the more capital traders manage through it, the more organizations assign it an appropriate level of security and transparency.

The list of the most influential regulators look like:

NFA (the national futures association) in the united states;

ASIC (australian securities and investments commission) in australia;

Cysec (cyprus securities and exchange commission) in europe;

FCA (financial conduct authority) in the united kingdom.

There are other regulators, such as those based on offshore islands. We believe that companies that have received certificates in offshore jurisdictions cannot be as reliable as brokers who received them from our listed regulatory authorities.

Types of the provided accounts

There are few types of account brokers can offer.

The first type is a live account. You fund it and trade for real money. Everything you do on the account becomes your gain or loss.

The second type is a demo account.

Most demo accounts are designed to let new traders try the service, see how a brokerage company works and can test the application of various strategies before investing in real money in trading.

Platform for trading

Choosing a trading platform you’re most comfortable working with is no less important than choosing a broker. The main thing for the trader is not only that the platform lets you easily manage every day’s duties, but also the broker supports the work with this platform.

Ctrader and metatrader are the most popular across the traders’ platforms. Metatrader provides two versions of it: metatrader 4 and metatrader 5. These platforms are quite complicated for beginners. Ctrader is a wise simpler one and fits for every skill of traders from professional ones to brand new investors.

You should also pay attention to how convenient and fast the android or IOS based applications. It can be either a proprietary application from a broker or a metatrader one.

Forex broker types

There exist several types of brokers: market maker brokerage companies and direct market access ones. DMA brokers separated into two types ECN and ECN/STP.

Electronic communication network (ECN) brokers allow you to trade only between other traders. So if no liquidity is on the market, your trades will get slippage, and you get a requote. ECN system removes the base of the potential conflict of interests between a trader and brokerage company.

Using ECN allows you to trade throw large financial institutions or global banks. The traders got access to the interbank market directly to see a clear picture of what’s happening in markets.

ECN/STP. Straight through processing is the technology used by ECN brokers for placing trades on the market. FIX (financial information exchange) protocol uses to place orders to the counterparty.

The FIX protocol is needed to decrease the needed time for performing trades, reduces slippage and make sure that traders get the best possible price. Some of these brokers can prevent requoting and reduce slippage.

Depending on trades and trader account the system decides what performing method is the best for the customer.

STP is applied when there’s enough liquidity to a particular trade. If there’s a lack of it, ECN takes liquidity from the inner network.

ECN/STP combination allows traders to perform their deals faster.

Market makers (dealing desks). It’s a type of brokerage companies where the company becomes a market maker the brokerage company always provides needed liquidity but, as well as, always trade against its customers that can be a reason for a conflict of interests.

Conditions for trading

Leverage is necessary so that traders with small capital can benefit from trading. This capital gives loans to a liquidity provider through a forex broker directly to a trader to expand trading volumes. The trader himself or herself is fully responsible for these funds and their return. Leverage is usually displayed in a ratio format, for example, 100:1, which means that one unit of trader’s money for one hundred borrowed units. This also means that trading volume will increase one hundred times. Using large leverage significantly increases the risk of trading. In turn, many regulators can limit the maximum allowable leverage that a broker can offer its clients.

Spreads are measured in pips and show the difference between buying and selling one currency to another in a currency pair. This is a kind of brokerage commission for access to the market. You can also get a lot of very important information from the spreads.

For example, the closer the buy and sell prices are, the more profitable it’s for a trader to work with this broker for these currency pairs. That’s why, often, traders choose different brokers for different currency pairs.

Trading assets

The better than the average broker has got over 40-50 forex pairs to trade.

The hedging option is designed to have insurance in case of adverse market conditions. One of the most common strategies is direct hedging. Brokers themselves do not always support this option for their clients.

Scalping strategy

The scalping strategy allows the trader to profit from quick, usually associated with news, price changes. This strategy is designed to make a profit in a short period of time until the market calms down. Traders applying this strategy usually trade during the day and close all their deals in the evening.

Frequently asked questions

What should I do the first looking for the forex brokerage company?

First of all, you have to take a look at the amount and availability of demo accounts. The new investor has to know what’s going on in the market, how to customize metatrader or one of the other platforms. It takes some time before you get ready to fund the first real account of yours. Usually, demo accounts expire quickly, so you’ll be able to renew it (them) to practice more. During this period you have to read some books about trading strategy and you should pick one that fits you the best. As well as, books there are infinity video courses and various webinars from educational to “the next week trading goals” ones.

How do I know the brokerage company is good for me?

So… it’s the complicated question to answer to. First of all, if you’re a beginner, check the availability of demo accounts. The second one is the fees. It’s very important to know exactly from the start how much money you’ll have to pay from each, as an example, $1000 profit from the moment of having this amount of money on the account for withdrawing it by the payment system that fits you the best. The third one, check the broker’s certificate. You’d better start working with the forex broker that has got a certificate provided by the regulator from your area, where your country from in order to not mess up with financial regulators, as well as, the texas department.

These three are must follow criteria.

How often a brokerage company trades against me?

It’s the wrong question. The broker will be trading against you only if you’re willing it choosing a brokerage company with market maker type. If you’re not okay with that, ask the broker’s support to know what kind of the brokerage company they really are.

Where is a broker’s profit?

How we told before market makers get money trading against you. If we talk about all trading companies in general, all brokerage company makes money from the difference between buying and selling prices, as well as, for charging fees and commissions.

May I deposit my account by bitcoin?

Brokerage companies are interested in providing various payment methods for their customers. Usually, bitcoins are acceptable, but other cryptocurrencies are not. Don’t forget most of the brokerage companies allow withdraw only by the payment method you fund the account for avoiding money laundering.

Fxdailyreport.Com

Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets. You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market. And, you need to work with the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the best forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.

Top recommended and the best forex brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as commodity futures trading commission (CFTC), national futures association (NFA) and financial conduct authority (FCA in UK), among many others. This is because regulated brokers are more reliable than their non-regulated counterparts. Further, your hard earned money remains safe with such brokers for two reasons: they will be appropriately capitalized and they maintain segregated accounts for theirs as well as traders’ funds.

#2: forex trading platform

The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable.

#3: customer support services

Customer support is a key aspect that you need to evaluate. Best fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. During the course of trading forex on an online broker’s platform, there will be times when you need certain time sensitive clarifications. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. It is, therefore, recommended that you evaluate the brokers’ customer support service both by speaking to their representatives on telephone and by communicating with them through email.

Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher. Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.

Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects discussed above and those that are discussed below suit your needs.

#6: deposits and withdrawals

It is important that you understand the brokers’ policies related to deposits and withdrawals. The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others. Further, it makes sense to go through all other written policies in detail.

Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:

Do they offer fixed or variable spreads?
What is the average and maximum spread for the currency pairs that you are planning to trade?
What spreads are offered when the volatility is very high?
Do you have to pay any commission for each trade apart from the spread?

Before buying a car, you always go for a test drive. Similarly, look for forex brokers that offer demo accounts. This helps you to open a practice account. You can try out their platform and find out for yourself as to which of the shortlisted brokers is best suited to your requirements. Most brokers offer practice accounts these days. So, it is easy for you to get a feel of the brokers’ platform before committing to depositing money and trading.

#9: other parameters for identifying the best forex brokers

The forex brokerages that offer very low account minimums can be considered for evaluation under the category “best forex brokers”. This is good because you don’t have to deposit large amounts of money in order to trade forex. Minimum account balance can be as low as $5 in the case of some of the reliable forex brokers.

Online forex brokers often try to snatch business through promotions. Do not fall prey to their sales gimmicks. Best forex brokers would never make unbelievable and unachievable promotional offers. It is true that cash and prizes form part of the game, but they should be reasonable.

Another aspect to look for when evaluating online forex brokers is the educational services offered by them. This helps you to master the art of forex trading. Brokers that provide you with a variety of educational tools for assisting you in assessing the forex market are the best forex brokers to work with.

Why expert traders trade with regulated forex brokers

If you’re looking to become a successful forex trader, then working with a skilled and trustworthy broker is very crucial. In the forex market, the two main types of brokers you’ll get include the regulated and the non-regulated brokers. Obviously, the former typically operates under regulations stipulated by a forex regulator. Regulated forex brokers must also be fully licensed and registered in their country of operation, unlike their non-regulated counterparts.

Role of regulation

Of course, the role of regulation in forex market cannot be underestimated. Regulation ensures that all players in this booming industry are strictly supervised. This way, merchants are protected from the many unscrupulous traders out there looking to swindle them off their hard earned money. Another thing, regulation also builds trust between merchants and their brokers, since most merchants don’t have enough time to monitor every investment.
Let’s take a quick look at some of the leading regulatory agencies:

CFTC and NFA: commodity futures trading commission and national futures association, regulate the financial services sector in united states of america (USA).

Cysec: the cyprus securities and exchange commission is the regulatory watchdog within the cysec domain. It offers services to the EU member states.

FCA: the financial conduct authority regulates the operations of over 56,000 financial services and companies in the UK.

ASIC: the australian securities and investment commission regulate the financial services sector in australia.

FSB: the financial services board is a south african agency which oversees functioning, regulation, and licensing of south african forex brokers.

Bafin: bafin is a financial supervisory authority providing its services to forex companies in germany.

Advantages of regulated forex brokers

With regulated brokers, you’ll always have some peace of mind when carrying out your real-money transactions. To expound more, here are the main reasons why expert traders prefer regulated brokers:

1. Credibility

It’s an open secret that most of us like to deal with trusted organizations, especially when money is involved. That being said, the credibility of any forex broker is greatly enhanced if the company is regulated by the relevant agencies. Remember that all regulated forex brokers are mandated to follow some strict rules put in place by their respective regulatory bodies. Furthermore, their regulatory bodies expect them to regularly present a copy of their audit report. Therefore, if a broker is listed on its regulatory body list, then it’s safe to say that the forex broker has fully complied.

2. Compensation

Getting compensated in case of any unfortunate scenario is arguably the best reason why most expert traders opt for regulated brokers. With most regulated brokers, you can rest assured that all your hard earned money will be refunded in case your brokerage firm goes down. For example, brokers operating under cysec are required to remit their contribution to the ICF (investor compensation fund). This pool of funds is to help settle any form of customer claims in case of any eventuality.

3. Effective customer service

Before choosing a forex broker, it’s always recommended that you settle for one who can effectively and immediately resolve all customer issues. In this case, most regulated brokers are always competent enough when dealing with technical support or account issues. In addition, they are very helpful and kind during the whole account opening process.

4. Quick deposits and withdrawals

Any reputable forex broker will allow their merchants to make deposits and withdrawals without any hassle. A regulated broker should have no reason whatsoever to make your earnings process difficult because they don’t have control over your funds. All they have to do is to facilitate the platform to make it convenient enough for you to trade.

5. Updated trading platform

Most regulated brokers are mandated by their respective regulatory authorities to provide their clients with the latest, powerful, and easy-to-use trading platforms. In fact, most of their platforms will readily provide you with all that you need to begin trading immediately. You’ll get a lot of educational materials including webinars, videos, articles, seminars, and e-courses at no extra charge. It goes without saying that regulated brokers also offer their clients free demo accounts to help them sharpen their skills before going live.

6. Legality

All over the world, governments are struggling to deal with issues concerning money laundering. Some of them have even gone ahead to pass very strict anti-money laundering laws. So to be on the safe side, you should always trade with a regulated broker. Most regulated forex brokers will ask you to provide some of your personal identification documents such as proof of address and photo ID. This might sound tedious to you but it’s always safe to be part of a regulated organization that can prove your money is being used in a legal way.

To sum it up, regulated forex brokers are always the best as well as the safest option to trade with. This is because they are always ahead in terms of legality, security, and safety of your funds. All in all, you can manage your risks better if you opt for a regulated forex broker.

Understanding true ECN vs STP broker

The foreign exchange market, also known as currency market, is a universal decentralized market that provides traders an opportunity to trade currencies. It is a market which incorporates all aspects of buying, selling, and exchanging currencies at the present-day or determined rates.

There are different kinds of forex brokers that you can choose to trade forex with. However, though all the brokers in forex are intended to provide a similar basic solution, the way they operate behind the scenes is different. Different types of brokers have varying techniques of operation, and the specific broker you cooperate with can significantly determine your success rate as a forex trader. Here are some crucial factors that will enable you determine which broker between a true ECN and STP broker is the best one to trade forex with:

Understanding true ECN vs STP broker

True ECN i.E. Electronic communications network brokers operate without their individual dealing desk. These brokers provide an electronic trading platform where professional market makers at monetary organizations such as banks, and other online trading participants including traders can enter bids and offers through their particular systems.

STP i.E. Straight through processing brokers are brokers without a dealing desk also. These brokers apply some of the techniques utilized by market makers to provide their particular clients with trading conditions which are more flexible. By STP brokers hiring some of the tactics of market makers, they are able to bypass the limitations connected to trading exclusively within the interbank market.

General overview of true ECN and STP brokers

Use of scalping techniques

True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.

True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided. These brokers have no control on spread offered since it’s the liquidity provider that determines the spread which is to be provided.

Though true ECN and STP brokers can add markups when necessary, they cannot in any way take it further down than the amount provided.

Difference between true ECN and STP brokers

Commission charged

On true ECN accounts, as a trader you will be required to pay a fixed commission to open and close trades. The spreads offered on true ECN accounts are determined by the rates of liquidity providers.

When using STP accounts as a trader, you will not be required to pay any commissions.

Pros of trading forex with a true STP broker

Cannot bankrupt themselves

True ECN brokers cannot trade against their specific clients to bankrupts themselves.

Similar price rates

If you are a forex trader, trading with a true ECN broker means you are guaranteed of price rates that are similar to those of the interbank market.

Negative balance protection

As a trader utilizing the trading account of a true ECN broker, the broker will be accountable for any dues with liquidity providers should your account read negative as a result of any reason beyond their control.

Cons of choosing a true ECN broker

Dealing with a true ECN broker will require you to pay rollover fees and commission at times.

Pros of trading forex with an STP broker

Their rates and the interbank prices are same

They provide their clients low entry capital requirements

Cons of choosing an STP broker

Choosing an STP forex broker means when you enter a trade you’ll not be informed what spread to expect.

Most true ECN and STP brokers are linked to several liquidity providers at the same time period. Despite both true ECN and STP brokers having incredible trading solutions which can meet your needs as a trader, their terms of operation vary. Whether you will choose a true ECN or STP broker, the rule of thumb is always ensuring you minimize losses and maximize profits as much as you can when trading forex. Ensure you compare carefully the terms of service of both a true ECN and STP broker before you choose one to handle your trading needs.

Brokers

Regulated forex brokers

When viewing the forex broker or a trading platform, it is the paramount priority to choose from the hundreds the most reliable one and the best forex provider, as it will determine the whole trading experience. Indeed, doing research and compare the vast number of forex brokers with many aspects to consider, maybe not an easy choice, as well time-consuming. So here we are ready to assist your selection and answer the most common questions.

Can I trade forex without a broker?

This may be the first question you would ask, as indeed forex market, FX or currency market is the largest global non-centralized exchange where trading process performed electronically via networks. While main forex participants are international banks and financial institutions operating huge volumes through a need to exchange currencies, presented as currency pairs, and assist international business with the conversion which is known as the interbank market.

Therefore, in order to trade fx you should be authorized dealer to do so, as well as operate a quite sufficient amount so before forex brokers were introduced to retail traders and global community it was not possible for trade markets. For this reason, forex trading brokers are the companies or agent if you like that gives retail forex traders access through its platform to operate forex market and trade various markets including commodity futures, indices, bonds, etc.

Do I need license to trade forex?

So this is another pleasant and great opportunity which is given by forex brokers, as you may access trading without financial or dealer license. Moreover, there are hundreds of opportunities with a relatively small investment which allows you to trade forex, do technical analysis and analyze markets almost instantly.

Are forex brokers regulated?

And now we will check the most crucial question if forex broker can be regulated, since the market is decentralized, and is it safe to trade forex? Obviously, this is the biggest trump you may fall as a retail trader if you choose a non-reliable, mainly non-regulated or offshore firm without a proper license you may easily fall into a scam and lose money.

So due to increasing demand and mainly that traders got no easy access to trading or financial education, the world countries established particular organizations or authorities in order to oversee the market proposals and regulate forex broker firms. So yes, forex brokers are regulated while holding a license from a local authority alike world known FCA in the UK, ASIC in australia, commodity futures trading commission CFTC in the USA, MAS in singapore and more.

What does a regulated broker mean?

The whole concept of regulation is to oversee forex business in a particular country or region, protect clients and ensure safe conditions while trading forex. So in simple words, regulated broker means a safe and legit broker that is compliant to various rules and criteria set by the international authority with the purpose to provide secure trading and good customer service. So its trading environment and provided services like technical analysis, education and tools are also aligned to the best practices.

In addition to its constant check on the service providing, authorities protecting clients throughout compensation schemes and other security checks, however, these conditions may vary from the regulator to another.

How do I know if my forex broker is regulated?

In order to check if broker is regulated or not, you should verify this information through the official brokers’ website first, as regulated companies always provide its licenses. And the next step is to verify a license through the official regulatory website. However, in our forex broker review you will find all the necessary information and license check as well.

It is a fact, unscrupulous brokers may easily fake information and assure you of its license while its not true, so always verify information through the official source. As well, adhere to trade with brokers regulated in serious jurisdictions, not the offshore once, as they luck of strong regulation, requirements and necessary safety measures. Read more by the link why avoid brokers from st vincent & the grenadines.

How to choose best forex broker?

Security of funds is always first in forex trading, for that reason, we recall your attention to open an account with regulated brokers only. Making it simple, regulated broker means that you will trade forex with proper security of funds and investment itself, so first of all good broker is a sharply regulated broker.

Further on, you should also check the necessary conditions and select offer suitable for you and trading strategy you deploy.

For this reason, we assist your selection and provide an assortment of efficient regulated brokers with updated on a weekly basis in-depth forex broker list. A professional detailed analysis with trading fees account overview, platform breakdowns while sorted by regulation, country or trading conditions, along with traders comments so smarter decision is easier now.

Best forex brokers and online trading sites for beginners 2021

Top rated:

So, you’re about to embark on the world of forex trading and you’re looking for the best forex brokers and the best resources for beginners, right?

We know very well what it means, we have been there.

In this post I didn’t (purposely) insert dozens of brokers or sites.

The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).

“simplicity” is the key word.

Few sites, few resources, few choices, but of course, they are only among the best possible.

And hey… don’t forget we have our own forex market guide for beginners, that will explain with super easy words how this market works. Check it out.

Best forex broker and trading platforms for beginners 2021

The first thing you need is a good forex broker. Among our personal list of the best forex trading platforms for beginners we have.

1. Etoro

Want to try something different from the classic brokers? Then etoro may be right for you. Etoro is the best social trading network in the world.

Basically, with etoro you don’t simply open a normal trading account, but you enter directly into a real social network, populated only by investors, many of whom are professionals.

You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.

The only thing you don’t have at your disposal is an efficient platform like the MT4, but you can only use the etoro webtrader, which is still a good product. Added to this, you have an unlimited opportunity to practice with the etoro demo account which is unlimited and functions just like the real thing.

The other really positive point when it comes to trading on the etoro platform is that it is well renowned as being one of the most user-friendly social trading platforms in the business.

Next on our list of top forex brokers for beginners is another huge name in the industry. XM has been around for many years and is an instantly recognizable top brand in the sector. This brand recognition alone can help in attracting a diverse range of new traders.

There is also plenty to be attracted to with XM. They offer a range of account types, several of which are designed with new traders in mind including the XM micro account. This can be opened with as little as $5 minimum deposit. This means it offers a really easy way to get started with forex trading and you can also use their unlimited demo account.

On top of this, there are great swap-free options if you require an islamic trading account and an abundant education section to keep you learning, with a selection of webinars, videos, and informative tutorials.

3. Avatrade

Avatrade is another top name and well-trusted in the industry. The irish headquartered broker boasts regulatory oversight from a number of the different top bodies in the industry around the world and this is music to the ears of any new trader. They are also one to offer fixed spread trading from 1.3pips so you always know your trading costs.

Their demo account is top quality and available for a 21 day period and with a minimum deposit starting from just $100 then you don’t have to worry about the high start up costs. Negative balance protection from the broker also means you can never lose more than your account balance. Added to that and perfect for learning the ropes, is the avaprotection feature. This, when enabled, actually protects you from losses for a certain period. Ideal for when you are first starting or the market is volatile.

4. FBS

FBS is next to feature on our listing of the best forex brokers if you are new to trading. Again FBS is a broker that allows you access to great value when starting out in the industry. This is showcased by their cent account that can be opened for just $10 minimum deposit and still with the excellent trading conditions you would expect from a top broker.

Another great addition is that of FBS copy trading through their own proprietary platform that can be fantastic for following the trades of others if you are not confident in being out on your own. This is not yet available to european traders though. In that case, you could try the 30-day extendable demo account for an extremely accurate practice with no risk.

FBS is one of the best choices if you want a top named broker with a very low deposit starting point.

5. Oanda

Oanda is the next top broker for beginners to make our collection. There are a number of reasons why this canadian broker can be considered one of the best around. Among these is the fact they bring a huge wealth of experience. From 23 years in the industry, they have also continued to adapt so they remain one of the most user-friendly brokers around. Another hugely attractive point for new traders is that oanda do not have any minimum deposit requirement at all. This and allowing positions lower than $1 to be opened is a great way to manage your risk.

At your disposal here you will also have an unlimited demo account you can open, and if you are non-european then you can link your oanda account with zulutrade to enable a range of copy trading possibilities.

They are perfect if you want to trade with one of the industries biggest brokers at very low risk levels.

6. Hotforex

Next up for consideration as a top forex broker if you are a beginner is hotforex. Like all the names on our list, they are a household name to traders in the industry and a broker with international links around the world. You will be welcomed here with an unlimited demo account providing all the same tools as real trading, and a variety of account types starting from a minimum deposit of $5 -$50. Al round great value for a new trader.

You will have several trading platform options here too from metatrader, though a very popular choice among new traders is the user-friendly and intuitive copy trading platform from hotforex. They also provide a really supportive learning environment with video tutorial, webinars, and more to help you improve as well as keeping your balance safe with negative balance protection employed around the world.

7. IC markets

IC markets also makes the list as a top australian forex broker and a fantastic choice for new traders in the industry. They provide for lightning fast trade execution through their ECN systems and a trading cost that is hard to beat with spreads from 0 pips. All of this is available with a zero minimum deposit, ideal to get you started.

If you are into copy trading, then you can also link your zulutrade account here, but perhaps most importantly for new traders, the educational structure is really great. There are stacks of information available including videos to help you learn and grow in forex trading. You can implement some of these ideas with the unlimited IC markets demo account and even take advantage of the low spreads that are perfect for learning about forex scalping.

8. NAGA trader

Another social trading network, this time of different concept, is naga trader.

Naga trader is defined the “tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.

Naga trader, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.

Basically, being a beginner, you can easily find other traders with whom to share experience and advice. This works as a fantastic alternative to etoro for many new traders in the industry. One of the biggest benefits is the fact that together with having no minimum deposit, cryptocurrency deposits are also allowed.

This can be perfect if you already have a crypto balance or are looking for another top alternative to etoro.

9. FXTM

With FXTM we again have one of the top ECN forex brokers in the world. They have a major name and presence in forex trading worldwide but cater especially well to traders in africa. When you arrive here as a new trader, you will find a huge selection of 6 account types available. This includes a cent account with a $10 minimum deposit, ideal for starting out.

When you are ready, the fast order execution ECN trading account is available with a $500 minimum and you can also choose to try out the FXTM copy trading platform if that is more your thing. The broker is well supported by a solid educational system to help you keep learning and its support of african traders and base currencies in NGN and others make it the best choice for new african forex traders.

10. Instaforex

Last but not least to feature as a top forex broker for beginners is instaforex. Again, they are active around the world but particularly popular with asian traders. An unlimited demo account is immediately available here to help you learn the ropes as a new trader, and even then, the minimum deposit starts from an amazingly low $1. If you already are working with zulutrade then you can link your accounts with instaforex if you are a non european trader too.

Increasing the appeal of this broker is the fact that if you are a new trader to them, you can access a full trading course to continue your development. This could be invaluable to your trading future and make instaforex a great choice for asian traders and other beginners alike.

Best online forex trading sites and resources for beginners

Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.

You need information, and you need top quality.

1. Babypips

You won’t find anywhere else on the web with a better beginners course than the babypips one, called school of pipsology.

Here you can find everything from the very basics, from what forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.

If you want a summarized version of the first part of the school of pipsology, you can consult our guide how forex market works.

2. Investopedia

The forex market is part of a much larger and complex world, the world of financial markets in general.

On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the function of.

Don’t worry, investopedia has ALL the answers to your doubts. You will see what we mean when you use google to search for information and you always find investopedia among the first positions.

3. Forexfactory

The experience of participating in a forum is a very important helping hand in your path of growth, from beginner to expert.

In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.

The forexfactory forum is definitely the biggest and most populated one in the world of forex. Here you can really find some great resources. Sign up and utilize it as much as possible.

Choosing a forex broker for beginners: 5 tips

Armed with all the best information and training, here are five final tips to remember when choosing your first forex broker:

1. Demo account service

Opening a demo account is the best way to get a true feel for both a broker and the trading platform. It is completely no risk practice with virtual funds only, though demo accounts function just like the real thing so it is ideal.

For a complete forex beginner, look for a broker with an unlimited demo account to give you the most practice time. If you are feeling confident, then 30-90 days may be fine. When you feel you have the hang of it, you can open a real account, but remember that opening a demo account does not oblige or tie you to that broker in any way.

2. Low minimum deposit

Typically, the standard minimum deposit with many top forex brokers is $200. With that said, the market is very competitive so you can now find some brokers as above, with no minimum deposit at all, or one that is very low. This means, lower risk for you and is something you should be on the lookout for.

3. Risk management services and tools

One of the key things you want to make sure of as a forex trader, is that you are protected. As a new trader, you may not know all the points about each regulation yet. You should know though that things like negative balance protection, segregated funds, and margin stop losses, are all positive features for your protection. These are all mandatory within europe and the UK thanks to ESMA regulations. Outside these areas though, be sure to research the regulator of your broker first.

4. Education section

We never stop learning. Especially if you are new to forex trading, make sure you find a top broker with a great educational infrastructure, and be sure to use it. This means taking the lessons, watching the videos, attending the webinars, and everything they offer. Learn about the platforms too as this can stand you in good stead for the future with many brokers using the same trusted trading platforms like MT4, MT5, and ctrader.

5. User friendliness

Nobody likes a complicated layout when they are learning something new. Look for a broker that makes the process easy to understand and as user-friendly as possible. Etoro, their site, and proprietary platform is a good example of one that is very good in this respect.

Not feeling confident? Try copytrading!

If you still have not built the confidence, or maybe you just want to save time, or sit back and let others do the trading. In that case, why not try copy trading? This allows you to literally copy the trades of others and earn or lose depending on the profit and loss of that person.

There are a variety of ways to copy trade, they may be built into the broker platforms like etoro, or could be offered by third-party brokers like zulutrade. They are one of the best copy trading platforms around.

You can open an account with them and connect it with your regular broker account to start copying other traders as long as you have a balance of at least $100. As you will have seen above, zulutrade has connections to many of the top forex brokers if copy trading is more your style.

Did you know that thanks to social trading you don't have to be a trader to earn like one? OPEN AN ZULUTRADE ACCOUNT AND TRY!
74-89% of retail CFD accounts lose money

Best forex trading brokers in the philippines

Forex trading in the philippines is growing in popularity as a way to supplement income or find alternate streams of income. This philippine broker listing page will outline the country's current economy and explain the various opportunities for forex trading in the philippines. We also provide a list of the best forex brokers in the philippines and explain what each of our recommended brokers has to offer. Read on to see if forex trading is right for you and to find the right broker for your specific needs.

The philippines is an archipelagic country in the pacific ocean, consisting of approximately 7,641 islands. English is one of its two official languages, which fosters swift global communications. The economy is classified as a newly industrialized country, transitioning from agriculture into services and manufacturing. Science and technology play a significant role in the philippines. Forex trading is part of everyday life for many companies and individuals throughout the country, since the philippines relies heavily on export and tourism. The philippine peso (₱) or (PHP) is the currency and FX trading is growing in popularity. International forex brokers do not require a license by the philippine securities and exchange commission (SEC). Many accept traders from the philippines and are eager to provide their services to citizens of the philippines.

While over 45% of the population lives on less than $2 per day, remittances cover the shortfall. They are essential to the domestic economy, surpassing foreign direct investment as a source of foreign capital. Therefore, forex is known to most in the philippines and is practiced monthly. Tourism was outlined by the government as one of the sectors to redistribute wealth and bring more forex opportunities. The younger population is showing a growing interest in forex trading in the philippines. There are no well-established domestic forex brokers, but many international forex brokers cater to philippine traders. Numerous educational companies, mentors, and coaches in the philippines expand the reach of the forex market among the vibrant philippine culture.

Best all-around: high floating leverage + fast execution

Great ECN execution on MT4 platform

Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money

Highly regulated, choice of fixed or floating spreads

Mifid, central bank of ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG - FRSA

Highly regulated, choice of fixed or floating spreads

Great deposit bonus + leverage up to 1:500

Why should you trade forex in the philippines?

Trading forex in the philippines can unlock a sustainable income stream and stabilize your financial situation. While this will require time, dedication, and discipline, the long-term beneficial impact is well worth the effort. Since the philippines continues to grow economically, and with incomes gradually improving, the addition of forex trading will add to the overall financial condition of traders. Since many in the philippines remain indirectly exposed to traditional forex trading via remittances sent from family members overseas, a more direct approach would represent the next step. Technological advancements make forex trading accessible to everyone. Since the forex market operates 24/5, it offers a convenient way to increase your revenues as you can develop a plan around your day job. Almost all international forex brokers accept philippine traders, and you have plenty of choices to find your best forex broker in the philippines.

The highly liquid market and selection of currency pairs create trading opportunities at almost all times. Using leverage, you can increase your buying power and boost your profitability, but you must use it together with risk management. Otherwise, you will likely face losses. The direction of the market does not matter, as you can earn when an asset increases by going long or buying, and if the asset decreases by going short or selling. All that matters to you is to be on the right side of the trade. It offers you flexibility and numerous trading strategies to follow. Those who have less time to trade may also use automated trading solutions – also called expert advisors (eas) by MT4, the leading automated trading platform. Over 20,000 exist on the MT4 infrastructure, with more continuously added. Social trading represents another alternative, together with account management services. The forex markets created numerous avenues for traders to earn money.

Why should you not trade forex in the philippines?

The forex market remains volatile and risky for those without experience. Therefore, you must learn about trading before you can earn from it. Regrettably, there are many scams and frauds in the forex market. The philippines experiences a high volume of those, which prompted the philippine securities and exchange commission (SEC) to issue an advisory in october 2018, labeling forex trading illegal in the philippines. The advisory is no longer available on the SEC website. The aim of the SEC was not to ban forex trading, but to stop the massive degree of fraud against philippine traders. Those who want to inquire about the current status may contact the enforcement and investor protection department (EIPD).

Forex trading regulations in the philippines

The philippine securities and exchange commission (SEC) remains the sole regulatory body with oversight of the domestic forex market. International forex brokers do not need a license by the SEC to accept philippine traders, but the rules and regulations change as the country attempts to reign in fraud and scams. Contacting the enforcement and investor protection department (EIPD) can provide clarity, and you can report scam and fraud attempts.

How to verify SEC authorization

The SEC does not maintain a list of authorized forex brokers, but traders can check the website for claimed registration by a company or contact them via e-mail or phone.

Forex trading strategies

After you determine the best forex trading platform in the philippines, and you've spent enough time educating yourself on how to trade forex, it is time to proceed to the next step. You can get an excellent education from one of the many free courses online, via a forex trading philippines guide, or from your forex broker. Funding your account will be simple, but you need to select one trading strategy that suits your style. If you do not have one yet, find one that fits your personality.

Here are five forex trading strategies to consider:

Scalping - this requires raw spreads, which come with a commission cost, as you will trade high volumes on short timeframes to capture a few pips, often single digits. Find a forex broker with a loyalty or reward program for high-frequency traders, as it will lower your trading costs and boost your profits.

Day trading - you will close all your positions during the day, never holding overnight trades. It eliminates swap charges and eradicates the risk of unexpected developments while you are asleep. Trading decisions remain purely based on technical analysis. For diversification purposes, you want a forex broker with a broad asset selection.

News trading - it attempts to profit from the volatility following immediately after an economic release. You will require an in-depth economic calendar and a forex broker with an excellent technological infrastructure to avoid slippage and requotes, which often accompany volatility spikes.

Swing trading - momentum indicators form the backbone of this strategy, together with candlestick patterns. You may hold positions overnight and often trade a few assets, but when you exit one, you will also enter a trade in the opposite direction to capture the reversal. Swing traders usually take continuous trades in range-bounce assets.

Trend trading - this strategy is for long-term traders who follow the trend. You will only trade in well-established trends, analyzing the assets every day, and also pay attention to fundamental developments to gauge a pending trend reversal.

Types of forex markets in the philippines

While your forex broker handles all aspects of trading, you should know the different types of forex markets in the philippines because some brokers offer you a choice. Most retail trading remains confined to derivatives via contracts for difference (cfds).

Here are three types of forex markets:

Spot forex market - it refers to the physical exchange of currency pairs on the spot at the given market rate. Forex trading in the philippines often occurs using spot rates; for example, rates for exchanging currencies at your bank or exchanging at your office. Forex brokers also grant access to spot rates for CFD trading.

Forward forex market - the buyer and seller agree to exchange currencies at a set price in the future or at the forward rates.

Futures forex market - it is similar to the forward forex market, but the contracts are legally binding. The buyer and seller must change the agreed amount of currencies at the specified price.

Conclusion

FX trading in the philippines offers numerous economic opportunities, but traders must remain careful. Given the size of the forex market, there are plenty of scams and frauds, some with very appealing marketing campaigns supporting their claims. They pry on new traders without experience to lure them out of hard-earned capital. Use common sense, and if an offer sounds too good to be true, it most likely is. Remember that professional traders average between 8% to 15% per year. The forex market, given its liquidity, can deliver above that for skilled traders. Rather than wasting your time on social media hypes or making decisions based on cold calls, which no genuine forex broker conducts, your first step to becoming a successful forex-trading philippines member remains education.

There are highly valuable educational courses and trading academies 100% free of charge. You may also find a dedicated forex trading philippine guide and never pay for the education. All the material is available without additional costs. Never rush the educational process, as it will form the backbone of your success. Remember to check the current status of forex trading in the philippines by the SEC by calling the enforcement and investor protection department (EIPD). Almost all international forex brokers accept traders from the philippines. Once you decide that you are ready, open an account with one of the top forex brokers in the philippines, make a small deposit or take advantage of a no-deposit offer, and continue to learn until you achieve consistent profitability. Following that, you can create a deposit plan, grow your portfolio via monthly deposits and trading income, and slowly start on your path to becoming a successful forex trader who can enjoy its benefits. Rushing the process will grant you a place among the 75% to 85% of retail traders that operate portfolios at a loss.

Where can I trade forex in the philippines?

Almost all international forex brokers accept traders from the philippines, and they are not required to hold a philippine SEC license. The regulator did issue two advisories against forex trading, making it illegal amid the high number of scams and frauds committed against philippine traders, and the condition continues to evolve.

How do I start trading forex?

You have to start with education, which can take years, depending on your circumstances and abilities. There is no quick way or fast track to achieving consistent profitability. After you master the basics, you can move on to identifying trading strategies suitable to you, opening a leveraged account with one of the best forex brokers in the philippines, and working on building your portfolio.

How much money do I need to start forex trading in the philippines?

It depends on how much you try to earn, and there is no simple answer. Professional traders average between 8% to 15% per year, while some achieve two to three times that amount. A portfolio below $1,000 will narrow your trading potential. Therefore, start with what you feel comfortable with, and grow your portfolio until the balance can support what you try to earn. It is usually a multi-year process, but those who remain committed to it can frequently enjoy the rewards the forex market has to offer.

So, let's see, what we have: the brand-new and the most extended list of forex brokerage company in 2019 is here! We’d like you to make a correct decision about choosing the brokerage company to work with. We’re always with you in the forex ocean. At best broker forex