Brokers list

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

Free forex bonuses

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?

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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:

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.

Best forex brokers – top 10 brokers 2021 in ukraine

How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.

The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.

But we can help you choose…

Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.

Forex brokers in ukraine

How to find the best forex broker

The main criteria for finding the best forex brokers in ukraine 2021 are these – we will expand on each area later on in the article:

Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

Accessibility and affordability – beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.

Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

Company background and history – knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.

Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

Account opening / registration – is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been problematic in the past.

Broker costs

The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.

The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.

The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

Besides the spread, a commission is charged as well. This commission is based on the amount you trade.

Spreads

Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.

The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.

A currency market and spread go hand in hand.

Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.

The lowest spreads suit frequent traders.

Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.

What is the rollover rate?

Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Forex pairs traded

While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?

If you are trading major pairs (see below), then all brokers will cater for you.

If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.

Majors

The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf

That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.

Such flexibility is obviously a major asset, positively impacting the overall quality of the service.

What about crypto?

Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.

The massive volatility associated with these products makes scalping a viable strategy for profitable trading.

Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro accounts

Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.

Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.

Note however that the spreads/commissions on such micro accounts tend to be quite adverse.

It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.

Trading platforms

Forex trading platforms are more or less customisable trading environments for online trading.

They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.

Metatrader 4 or 5

Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.

Trading view

Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.

Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.

While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want scalping, see if your broker is a forex broker for scalping.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.

They lack all the advanced analysis and market research features, and as such, are hardly useful.

Tools & features

From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.

Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.

Deposits and withdrawals

There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.

At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.

Otherwise, the payment process largely hinges on the accepted money transfer methods.

It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.

Education

Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.

A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!

Payment methods

The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.

Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.

We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.

Proper forex brokers always provide a local-specific payment solution to their target countries.

Customer feedback

Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.

You have to take this type of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.

Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.

That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.

The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.

Regulation

Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.

ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:

ESMA have jurisdiction over all regulators within the EEA

The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).

Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).

Outside of europe, the largest regulators of trading accounts and brokers are:

These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.

Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.

Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.

Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.

Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.

Security

Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.

Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.

A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.

Demo accounts

Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.

Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).

FX leverage

For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.

In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.

Just note that higher leverage increases potential losses, just as it does potential profits.

Company history

A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.

What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

Bonus

From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.

Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.

Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.

Additional account details

When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.

Order execution types

Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.

Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.

If you are looking for this method specifically, you will need to seek out an ECN forex broker.

Ecns are great for limit orders, as they match buy and sell orders automatically within the network.

Some other options that your forex broker can use are:

Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.

Broker reporting

Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.

Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.

This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.

If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.

These examples yet again showcase the importance of a proper regulatory background.

Account types

From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.

Micro accounts might provide lower trade size limits for example.

Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.

So research what you need, and compare it to what you are getting.

Scams

Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;

Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.

If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.

With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.

We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!

Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.

Difference between A broker and A market maker?

A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.

A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.

The conflict of interest in this setup is obvious, but it does happen.

The bottom line

Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.

Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.

Forex broker reviews

Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.

If we can determine that a broker would not accept your location, it is marked in grey in the table.

The best list broker services of 2021

By kiely kuligowski,

Successful marketing campaigns require accurate data. Using a list broker, your small business can gain access to a wide target audience. Whether you're conducting an online campaign or sending a promotion throughв direct mail, with the help of a good list broker, you can target your ideal audience through demographics data and up-to-date lists.

To help you find the best list broker service, we researched 25 different broker companies and considered factors like the services they offer, how they source and verify their contacts, and whether you're required to sign a contract to use their information.

Find the right list broker for your business

Compare our best picks

В	В leadsplease	caldwell list company	В listgiant
updates	monthly	monthly	twice monthly
list accuracy	consumer lists are 95% accurate. Business lists are 93% accurate.	Consumer lists are 92% accurate.	Direct mail lists are 94% to 99% accurate. Email lists are not guaranteed.
Rent/buy	buy	rent	buy

Our reviews

Leadsplease: best list broker overall

Leadsplease is the best overall list broker service due to its many features and comprehensive list-generation options. The company offers postal and email lists for consumers, businesses or any number of specialty needs. We were impressed with how frequently leadsplease updates their data and their exceptional guarantees.

With many list brokers, obtaining an exact price requires that you call the company's sales department. Leadsplease, though, posts pricing on its website.

For postal lists with 1,000 consumer leads, leadsplease charges $99.50. For 1,000 business records, it charges $99.75. For 5,000 leads, expect to pay approximately $325 for household leads and $600 for business leads; 10,000 leads had a $400 and $800 price tag, respectively. The above prices are estimates.

For 1,000 household email leads, leadsplease quotes a price of $125; email business leads cost $170. For 5,000 household email addresses, the price quoted was $500, while that same number of business leads cost $600. Household and business lists with 10,000 entries cost $900 and $800, respectively.

Using accurate data is paramount for your company's marketing campaigns. Leadsplease updates their databases every 30 days. The company checks postal addresses against U.S. Postal service-approved software, and emails undergo electronic confirmations. For certain databases, like the ones used for new movers and new homeowners, data is updated weekly.

In addition to providing up-to-date lists, leadsplease offers businesses special features that are designed to streamline the list generation process and make it more convenient. For example, leadsplease can provide generated lists in PDF, excel/CSV format and as preprinted mailing labels.

Leadsplease offers the best guarantee with their postal lists among the services we researched. For consumer, new mover and new homeowner postal lists, the company guarantees a 95% or higher accuracy rate. Leadsplease guarantees its business postal lists have an accuracy rate of 90% or higher if you use the list within 30 days of purchasing it. If, however, the percentage of undeliverable addresses exceeds the company's guarantees, leadsplease will refund your costs for those addresses. (the company does not, however, reimburse printing or postage costs.)

While there were many things we liked about leadsplease, we found the company's minimum order rule – each order must have at least 1,000 records – restrictive.

Caldwell list company: best broker for consumer lists

Caldwell list company is our pick for the best list broker for consumer lists. It's a family-owned company that's been in business for over 45 years; caldwell offers years of experience and a personal feel, providing recommendations and tips along with their consumer lists. Caldwell sells compiled and response lists from multiple sources, and prides themselves on knowing from experience which lists are the most responsive based on each customers' parameters.

Every caldwell customer is assigned a list specialist, who is dedicated to improving your response, and you can get your lists any way you want, including online or by phone.

Caldwell's service, with respect to its consumer lists, exceeds other list brokers we reviewed in just how precise you can segment your lists. You can sort contacts by age, income, homeownership status, parent status, children by age, renters and many other categories to help you effectively segment your mailing.

Caldwell takes it a step further with its life event lists вђ’ these are highly specific lists based on things like new births, new homeowners and new movers. Caldwell also offers hobby and interest lists.

All caldwell lists are updated monthly, checked against the national change of address (NCOA) system and are CASS certified for address verification. Caldwell has a 92% delivery rate for its postal mailing lists.

Caldwell's pricing varies, particularly for their specialty lists. We recommend that you contact caldwell for a precise quote based on your business's list needs.

We found caldwell list company to be a great vendor with a strong commitment to customer service. The main drawback of caldwell is the lack of clear pricing on their website.

Listgiant: best broker for email lists

Thanks to mobile devices, people are never too far away from their email inboxes. An email list from listgiant, our pick as the best broker for email lists, can help get your brand instantaneously in front of countless people.

With more than three decades of experience in the list broker industry, listgiant's email lists and marketing options help small businesses stay connected to their audience digitally. Every email address the company collects and sells has opted into the service. Listgiant's email lists comply with U.S. And canadian privacy laws.

During our testing, we posed as a small business owner looking to purchase email and postal addresses for both businesses and consumer households. After telling the customer service rep the general demographic we wanted to advertise to, we received the following price quote:

For 5,000 consumer leads, the cost was $600.

For 10,000 records, the price was $1,000.

For 5,000 business leads, listgiant quoted a price of $1,100, and for 10,000 records, the cost was $2,000.

These costs reflect a generic list of contacts; they may not reflect the price you are quoted for the demographic you are targeting.

Besides supplying you with email contacts for your small business, listgiant comes with some welcome features that should help your marketing campaign run smoothly.

In the world of email marketing lists, up-to-date information is paramount. Since email addresses can be changed easily, good list brokers update their databases frequently. In our research, listgiant updated their lists the most frequently. Their sales rep stated that their email lists are updated two to three times per month, with additional checks for other issues that may crop up. Listgiant also states that every list they sell complies with existing privacy regulations.

Our interactions with listgiant's customer service were positive. During our conversations, we were given multiple options and never felt like we were being upsold on anything we didn't need.

Listgiant is an exemplary vendor, but we did note a couple of drawbacks.

First, the company does not guarantee the accuracy of its email lists. There is a 94% to 99% delivery rate guarantee on its postal mailing lists, but listgiant's sales rep informed us that they do not guarantee email records because of the nebulous nature of email. For small businesses, spending upward of $1,000 represents a significant expense, and some assurance from the company would be welcome.

Second, while the prices we received were comparable with those quoted by other brokers, the prices for their higher count lists were more expensive than other vendors we looked at.

List broker service pricing

Since list brokers use a custom approach based on a company's needs, it's rare for them to post their pricing online. Pricing is dependent on your search criteria.

When coming up with a new list, you need to decide on a few factors. Chief among them is where you want to focus your search. Most brokers will ask you to select a specific area, like a state, county, or city, before they ask for specifics about the demographics you want to target.

For consumer lists, data points like the number of people in a household, residents' ages and occupations help you zero in on your target audience. If you're targeting businesses, you may want to include businesses with a certain number of employees or within a certain industry. In this instance, most searches will be through the use of a government-defined standard industrial classification (SIC) code.

Based on your selected criteria, the list broker can draw up a list that meets your needs. Prices will vary depending on the number of business or consumer leads included in your lists.

While the specific prices varied among the list brokers we evaluated, based on our research, most services charged 6 to 36 cents per entry. The more entries we requested in a list, the lower the individual cost would go.

Prices also depended on whether the entries were email or postal addresses, and if they were for a business or consumer list. In every instance, email lists and business lists cost more per entry than postal and consumer lists. We found prices as low as $75 for 1,000 entries and as high as $3,600 for 10,000 entries.

Buying guide

What is a list broker?

A list broker is a person or a company that collects specific, targeted lists of contacts (consumers and businesses) based on certain criteria that businesses then use for their marketing campaigns. List brokers help with data acquisition, integration and evaluation of marketing lists, and can provide valuable insight and assistance throughout the process.

Using a good list broker, your small business can get a tailored list of names, mailing addresses, phone numbers, email addresses and other contact information to send your message to.

While obtaining a person's contact information from a third party may feel likeв digital intrusion, the information sold by brokers comes from several legitimate sources. Professional list brokers get their information through extensive databases that have compiled consumer and business contacts from phone books, public records and surveys.

With a list broker's help, you can take this raw data and narrow the list down to the households or businesses you want to target based on numerous demographics. Some of the lists can be very specific, so you can maximize your business's return on investment by only reaching out to the parties likely to be interested in your brand.

A mailing list provided by a good list broker can boost public awareness of your business and get new customers through the door, whether you're looking to sell directly to businesses or to households.

How do direct mail list brokers work?

Direct mail, which includes mailers like letters and brochures, is still one of the most common forms of marketing today. If you choose to use a list broker to send your direct mail campaigns, you will first provide the list broker with criteria, such as locations or ages, that you are targeting with your campaign. The list broker then sends you a list of up-to-date names and addresses to use for your campaign.

Questions to ask about list broker services

When you're choosing a list broker service, ask the following questions:

Does the company specialize in consumer or business lists?В

How current are the lists?В the best list brokers update their databases regularly. Most vendors run their postal list through the U.S. Postal service's national change of address file, while email addresses are checked electronically. Most services check their lists every 30 days, though you can request that the service run a check again before providing you with the final list.

Is the data available categorized as compiled or responsive?В compiled data is largely gathered through open records, including phone books, government records and credit files. The household or business contacts on these lists can be further sorted by geographic locations, gender, ethnicity, income and age. Responsive lists are based on contact information that was volunteered in some way. They are usually gathered through sources like magazine subscriptions, catalogs and previous direct marketing responses. List broker sites often refer to these as "opt-in" lists, meaning the contacts may be more receptive to your message, but opt-in records are usually more expensive and harder to come by.

Do the lists come with any guarantees?В addresses and contact info, especially with large lists, are always in flux, so there are bound to be delivery errors and bounced mailers. Many list brokers offer a deliverability guarantee and refund your costs for items that are returned by the U.S. Postal service. However, a broker is not responsible if your campaign does not attract new customers.

Are the lists sold or rented out?В when you buy a list, it's yours to keep and use. Broker companies sometimes rent lists for temporary use. When you rent a list, you're given a set number of times that you can use the list. You enter into an agreement with the list broker that you will only use the list for the agreed-upon number of uses. Often, the rented list contains seed addresses that alert the broker if you use the list beyond the number specified in the rental agreement, which can result in fees and penalties.

Does the broker offer additional, direct marketing services?В some brokers design your mailers (or emails) and send them for you. Their experience can save you money and a lot of potential headaches. Of course, you can always purchase a list and use aв direct mail serviceв for fulfillment and mailing. If you are renting an email list for one-time use, most brokers typically send emails on your behalf, which also ensures their list stays private. List broker services can help you find new customers. With the help of a list broker, you can easily connect to a larger audience and open new doors for your business.

Benefits of using a purchased list for your direct marketing campaigns

Direct marketing is a method businesses have used to reach new audiences for decades. It involves reaching out to a specific target audience by mail, email, or phone in hopes of converting them into customers or clients. There are three distinct advantages to including a direct marketing campaign with your company's marketing strategy.

It boosts your customer base.

The success of your marketing efforts depends on several factors, including your message and call to action, but to get your message to these people in the first place, you need contacts. A big factor in the success of your campaign is the quality of those contacts. Not only do list brokers provide you with lists of potential customers, but they can help you determine the audience that will be most receptive to your message.

Direct marketing expands your customer reach.

With a purchased list, you have the opportunity to expand your reach to new customers that you may not have found on your own. The list broker provides you with lists tailored to your exact specifications, ensuring that your marketing campaigns go to new customers who are interested in seeing what your business offers.

It saves you time.

It can be tedious and time-consuming to track down potential new leads. Using a purchased list service can save you serious time, which you can then devote to more important things, like fine-tuning your campaign or analyzing results.

Types of list broker services

There is a variety of list broker services that cater to different marketing needs. The most common types of list broker services are:

Consumer

Business

Direct mail

List brokers, list managers and list compilers

There are three types of vendors in the mailing list industry: list brokers, list managers and list compilers.

List brokers are intermediaries between you and the owner of the list you are interested in purchasing. Brokers recommend the best lists for your marketing campaign; they handle mailing dates and order the lists. Brokers also negotiate for the best lists and deals for your campaign.

List managers work to generate the most revenue for a list. They promote their lists to brokers and marketers for future campaigns. Managers also maintain lists, ensuring they are accurate and up to date.

List compilers produce the lists. They are familiar with the sources they get their data from and generally deal in bulk listings of hundreds of thousands of entries.

How to choose a list broker

It can be difficult to choose which list broker service is right for you and for the marketing campaign you're running. There are many factors to consider, such as your marketing goals and the type of lists the service specializes in.

Your starting point, first and foremost, is to decide what kind of list you require: consumer or business. Many broker services offer both, and some specialize in one or the other. Next, which channel are you using for your campaign: direct mail or email? Third, try to pinpoint your target customer. What is their age? Is there a specific location you have in mind? What is their gender? Segmenting your list based on specific criteria can boost your chances that your marketing efforts go to leads who have the potential to become customers.

Fourth, ask the broker how they compile, maintain and update their lists, since it is vital that the lists you use are accurate. Check to make sure the list broker maintains their lists by:

Removing duplicates

Identifying undeliverable or incorrect addresses

Removing opt-outs regularly

Updating lists at least monthly

Disclosing their list sources

Finally, check whether the service is a CASS-certified vendor. CASS, the coding accuracy support system, is a program created by the USPS to test and improve the accuracy of address-matching software and postal coding. The goal of CASS is to reduce undeliverable, unsortable or difficult-to-deliver mail. A service with a CASS certification has a higher level of accuracy and is more likely to deliver legitimate lists.

You can also check whether the list broker works with the national change of address system to regularly update their lists and ensure all their addresses are as current as possible.

List broker service faqs

How do list brokers work?

A list broker connects you to extensive databases with contact information for consumers and businesses. These databases are assembled from various sources, including phone books, public records and surveys. Records can include names, addresses, phone numbers, and email addresses of people or businesses you're trying to market your products or services to.

List brokers help you narrow your list of consumers or businesses to those likely to be the most receptive to your mailers, emails or telemarketing calls.

What is the difference between a list broker, list manager and list compiler?

In the mailing list industry, there are list brokers, list managers and list compilers.

List brokers recommend the best lists for your marketing campaign, handle mailing dates and order the lists.

List managers promote their lists to brokers and marketers for future campaigns. Managers maintain and update lists while ensuring the lists are attractive to potential buyers or renters.

List compilers produce the lists. They are familiar with the sources they get their data from and generally deal in bulk listings of hundreds of thousands of entries.

Should I rent or buy a list?

Whether you buy or rent a list will largely depend on your needs. Renting a list is usually single use, which means that you pay to use the list once, and do not own the data. If you plan to regularly use list brokers, renting can be expensive, but it is a cost-effective option if you only do it once or twice.

When you buy a list, you own the data and can use it for as long and however you like, as long as you don't resell it.

Our methodology

To find the best list broker services, we started with 25 vendors. We researched each list broker thoroughly, evaluating their pricing, the accuracy of their lists, the services they offered and how often they updated their lists.

We then eliminated vendors that had low guarantee rates, were not U.S.-based, did not categorize their lists or were too expensive. We also eliminated vendors that did not have good online reputations whether from online reviews or the better business bureau.

This narrowed the list to 12 services. We grouped the 12 remaining vendors into the three best pick categories: best overall, best for consumer lists and best for email lists. We reached out to each service's customer support to experience how helpful and responsive they were and asked questions around how lists are sourced, how often the lists are updated, and what the process of buying or renting a list looks like.

Finally, we narrowed down the list to our three best picks based on the above criteria.

Community expert insight

As part of our review, we reached out to our community of small business owners about which list broker services they use and recommend.В here are their recommendations.

Leadsplease

"leadsplease has a winning platform," said ravi parikh, CEO of roverpass. "they offer a leads development structure that can be suited to your specific business needs. You can choose your file format and generate a comprehensive list that is on point."

"leadsplease is very easy to use. The UI is clean and simple and doesn't get in your way, so you can get what you need in various formats and then get out," said jake hill, CEO of debthammer.

Listgiant

"they're very accessible and good for long-term use," said dan bailey, president of wikilawn lawn care. "they're a bit pricier than some of the other options on the market, at least for the high-yield options. We went with listgiant because they had the kind of lists that were most useful to us. They're targeted, focused, and we can use them as many times as we need."

Forex brokers list

The following is a comprehensive forex brokers list. You can rest assured that the broker reviews listed below were conducted with the utmost level of professionalism and objectivity. It is highly recommended that you read them, open a demo account with several different forex brokers, and only then begin trading the forex market.

Still not sure which forex broker is right for you? Our broker matching tool can help you choose the right broker by assessing your location, trading preferences, skill level and other determining criteria. Click here to get help choosing a broker.

You might also be interested in our top brokers list for 2021.

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