List of forex trading companies
As there is a pretty large competition on the forex broker market and multiple companies provide forex trading to customers all over the world, brokers are looking for ways to attract new customers, while also trying to keep their existing ones.
Free forex bonuses
The respective financial authorities of every countries provide licences under which forex brokers are allowed to operate and offer their services to citizens of that particular country.
Top 10 forex brokers and trading platforms to trade online
Forex is a portmanteau word consisted of the words foreign exchange and forex trading signifies the trading of currencies. Currency trade has existed for many centuries, even millennia, in fact it can be said that it is as old as money and trading in general. The international forex market is massive, in fact, it is the largest market in the world in terms of volume of trading. Currency trading is essential for international businesses and forex trading is very useful for companies that import or export products and/services.
Below is information that you will require to know while deciding to go with forex trades at any of the top forex brokers site we have listed out below.
Here you will check out each of the sites that are more popular in currency trades. They have been provided here in addition to the other valuable information which will permit you in making your own decision on the forex broker that you will be making use of the services.
Deposit: $10 leverage: 1000:1
Deposit: $100 leverage: 1:30
Deposit: $50 leverage: 1:1000
What are forex brokers
In the past, only large international financial institutions were allowed to trade currencies, but with the introduction of online forex brokers, i.E. Forex trading platforms, individuals are also given an opportunity to invest and increase their capital by trading currencies. Basically, a forex broker is a company which provides a platform for individuals who like to engage in speculative trading of currencies. This type of forex trading, where individuals get to trade via a platform is also known as ‘retail forex trading’, a term used to distinguish it from the more traditional type of forex trading. Even though it appeared only about 20 years ago, online forex trading is now a huge market and recent reports show that the daily trading turnover in 2016 was over $280 billion. There are numerous forex brokers that offer forex trading services to individuals all over the world.
The basic definition of the word broker is ‘someone who sells products or services on behalf of other people’. And that is pretty much true for forex brokers. They buy and sell currencies on your behalf. Unlike conventional brokers that you’ve surely seen in wall street themed movies, you don’t have to call this brokers and they don’t have to be at a particular place in order to trade.
How to choose a forex broker
There are more than few forex brokers that operate online, in fact there are dozens of them.
Choosing the best online forex broker, isn’t always easy, especially since almost every forex trader seems to be the bets. But, you shouldn’t worry, as there are ways to determine which forex broker is trustworthy and reliable.
Licencing
The legal aspect is primary here. You definitely can’t trust a forex broker which isn’t licensed and regulated. Even if their offer looks good and everything seems appealing, you shouldn’t trust a company that lacks appropriate certification. Different countries have different legislation and standards which are applied to forex brokers and their operations. The first step for every trader is to make sure that the forex broker has the appropriate licence and is completely legal.
Currency pairs
There are multiple currencies in the world, but not all of them have the same reputation and not all of them are equally traded. Typically, the american dollar is one of the most interesting currencies.
In addition to the american dollar, there are 7 other currencies which are rated highly:
- Euro (€) – EUR
- Pound sterling (£) – GBP
- Australian dollar ($) – AUD
- New zealand dollar ($) – NZD
- Canadian dollar ($) – CAD
- Swiss franc (fr) – CHF
- Japanese yen (¥) – JPY
A pair consisted of one of the currencies listed above and the USD is called a major. The majors are the most frequently traded pairs and these pairs constitute 85% of the total forex trading on the market. Other, lower-rated currencies are usually paired with the USD and such a pair is called a minor. When a lower-rated currency is paired with the currency other than the US dollar, that pair is called a currency cross, or just a cross.
The number of currency pairs which are offered by a forex brokers is one of the key criteria for establishing the reputation of the brokers. Brokers that offer a larger number of currency pairs should be preferred over ones that offer fewer pairs. Most brokers offer all majors, as well as a number of minors and crosses. If you’re looking to trade a particular pair, then you should definitely check whether the broker in question offers that pair. On the other hand, if you’re looking to trade only the majors, there are other things which you should take into consideration.
Leverage and lot size
Leverage in forex trading is used as a means to provide higher profits which are derived from the changes in the exchange rates of the two respectively paired currencies. In fact, it might be simplest to describe it as a loan provided by the broker to the investor. The leverage may vary, it can be 50:1, 100:1 or even 200:1. Higher leverage provides you with a chance of earning more money through trading, but it also means taking larger risks. Traders that have a higher understanding on the market will be looking for higher leverage.
As you don’t buy the actual currency units, but you actually invest in the expected fluctuation of how two currencies are paired against each other, the traders actually trade larger unit blocks, called lot sizes. A lot size is the number of currency units which are traded. The lot size may be 100, 1,000 or even 10,000 units of the second currency in the pair. It would be wiser to look for a forex broker that offers a variety of lot sizes, including smaller ones which are perfect for traders who are new to forex trading and don’t want to risk large amounts of money.
Market spread
Forex brokers allow you to trade the currency pairs you want and make a profit. The have to make a profit as well, though. Most forex brokers don’t charge any fees, so that you won’t have any initial expenses, but they make their profit through the market spread.
- The spread is the difference between the two positions, which are the buy (bid) and the sell (ask) position. Higher spreads allow brokers to make bigger profits, but they are less favourable for the traders.
The spread percentage is very important, and if you’re looking for a forex trader, it would be wise to choose one that offers lower spreads.
Sometimes, forex traders don’t offer the same spread on different currencies. Usually for large currencies, that take are traded more frequently, the spread will be lower, whereas for smaller currencies, and currencies with a larger volatility the spread will be higher.
Trading platforms
We have already mentioned that the emergence of forex trading was enabled by the internet. Forex brokers may offer different sorts of trading platforms, downloadable, web-based and from few years ago mobile trading platforms. It all boils down what is more convenient for you as a trader.
Some mobile apps for example, include only some of the features that are offered in the desktop version, whereas other include more options. Moreover, some forex traders offer more than one platform, and each of them may include different elements. It is best to look for a forex broker that offers both a platform for traders who aren’t very experienced. Those platforms are usually easier to use and a lot more user-friendly.
Payment methods
Forex brokers usually offer their customers more than one payment method that will enable them to fund their trading accounts. Some brokers charge fees on deposits and/or withdrawals, whereas with others no extra fees will be charge, other than the ones applied by the provider of the financial service. The deposit and withdrawal limits may differ. The principle here is simple, the brokers that provide more methods and don’t charge any fees have a definite advantage over those that offer a limited amount of payment methods and charge fees on deposits and withdrawals.
Bonuses, training materials and support
As there is a pretty large competition on the forex broker market and multiple companies provide forex trading to customers all over the world, brokers are looking for ways to attract new customers, while also trying to keep their existing ones.
- Bonuses
- Training materials
- Customer support
These three are also very important parts of the overall offer of every forex broker, in conjunction, of course, with the pairs, leverage and market spread.
The types of bonuses that are offered may vary. Many brokers offer a welcome bonus, where traders get additional funds, on top of the ones that they deposited. Some brokers offer bonus funds even before the traders make their first deposit.
Some traders are new to forex trading and that is why it is only fair for brokers to provide them with the necessary learning materials that will help them improve their understanding of the market fluctuations and forex trading as a whole. Many brokers allow traders to open a demo account, which will allow them to simulate forex trading without any risk of losing real money. In addition, e-books, videos and even webinars on forex trading are also provided.
Customer support is an important aspect for every service industry and forex brokers aren’t excluded. Help is provided via phone, email and live chat and most brokers’ websites have an FAQ section which provides answers to specific questions.
Why trade forex online?
There are many reasons why you should seriously consider placing forex trades online, and if you are new to this environment it can often be something of a confusing forex trading environment at first, as there are many different currencies that can be paired together and lots of different trading platforms to choose from.
However, do remember that if you do decide to trade forex online then at no point in time are you having to actually buy the two currencies you are trading against each other and therefore your costs of becoming a forex trader are massively reduced.
When you chose to trade at any of our top 10 forex brokers you are only going to be placing a trade on which way you think one currency is going to move against another, and as such your leverage is far greater online.
Imagine the fuss and hassle involved with having to first buy one currency, and then if it moves in the direction you want it to then finding somewhere to sell that currency to and then buy the other one! Those days are long gone now and you really are going to be amazed at all of the next generation of forex brokers listed and fully reviewed throughout this website!
The respective financial authorities of every countries provide licences under which forex brokers are allowed to operate and offer their services to citizens of that particular country.
Forex trading is legal in most countries of the world, even if the country doesn’t have a financial authority who issues licences.
Yes, forex brokers are able to offer services outside the country they’re based in. Some countries would require a broker to obtain a licence, others will allow them to operate under a licence issued elsewhere. It really depends on the local laws.
Many forex brokers also offer contract-for- difference (CFD), commodities, as well as stocks and indices and it is possible for traders to use one account for all of them.
They are usually open the whole time, but when it comes to trading, it is offered monday through friday. The starting hour on monday and the closing hour on friday depends on the pair in question.
Most forex brokers have a deposit limit. The specific limit depends on your choice of currency, but usually it isn’t very high.
Licenced forex brokers comply with all financial standards and security measures that are employed by the world’s leading financial institutions. Encryption technology is used to ensure that no third parties will be allowed to access customers’ financial information and the customers’ details are not handed to third parties. Most reliable companies, keep their customers’ trading funds in a separate account, to ensure that they won’t be lost no matter what.
Some forex brokers allow their customers to open multiple trading accounts, but they are advised to use the same personal details for each of them.
Yes, all forex traders require customers to provide identity verification documents, either when they register or when they’re about to make their first withdrawal. Most forex brokers would require you to present a proof of identity and a proof residency, so they can confirm that you are who you claim to be and that you are legally allowed to trade forex.
Yes, there are no legal limits on the number of forex trading accounts that may be opened in your name. As long as you are legally allowed to have one account, you are also able to have as many as you want.
Yes, you can trade any of the forex pairs that are offered by the broker, not just pairs that include your preferred currency/ the currency of your country.
Best forex brokers for 2021
Brokerage companies are scattered all over the world and have many differences in trading conditions, products and services. Some companies are regulated, others are not. Some have been around for decades, others are rather young. Certain brokers work as market makers and have fixed spreads, others provide STP or ECN accounts with direct market access and offer a much larger selection of underlying assets for trading. This site was created to help you find the best forex brokers for your specific needs and requirements. There are several sections and filters in the menu on the left. These can be used to create a custom list of entities with preferable parameters and characteristics. If you find a certain broker you are currently trading with or have used before, feel free to share your experience about it in the comments section meant for forex broker reviews.
The forex brokerage business has undergone a lot of evolution in the last decade. The global financial crisis of 2008 and the events that happened thereafter have reshaped the industry. At about the same time, new technologies came up and also contributed to the evolution of the forex market and forex brokerage business. It is important for traders to understand what forex brokerage is all about and how it will affect their trading ventures. Before we get to meet the best forex brokers for 2021, it is pertinent to identify the role that forex brokers play in a trader’s career and why it is important to go with a forex broker that can match your circumstances and aspirations.
Role of forex brokers
Forex brokers have several roles to play in the market. These roles have also evolved over time, as traders demand a lot more from their trading providers. Forex companies now perform the following roles:
A) access to the market
This is the core role of the forex broker. The forex market is a virtual market with no physical location. At the centre of forex market operations is the interbank market, where the big banks offer various currency pairs for sale. Professional and individual traders therefore do not have to proceed to a physical location to trade, but rather have to have a means of accessing the interbank market. They can only gain access to the interbank forex market using software known as platforms. These platforms are provided by the forex brokers. So without the brokers, nobody can get access to the forex interbank market to trade.
Access can be provided directly using the ECN/STP platforms (also known as direct market access platforms), or indirectly using the market maker platforms that route orders to the broker’s dealing desk. Traders should as much as possible, try to understand the implications of getting direct access to the FX market on one hand, and getting indirect access on the other. The type of access granted will determine factors such as amount of capital to start with, as well as the trading styles and processes to be adopted.
B) trader education
This is gradually but surely becoming a very important element of the forex broker’s functions. Research has shown that 90% of retail traders will lose 90% of their accounts in 90 days. This is a well-established market statistic. Majority of the losing traders (if not all) are traders who are uneducated about the market and who do not understand how to trade profitably. These will end falling by the wayside. No broker wants to spend money acquiring clients, only to have them quit the market after decimating their accounts in 90 days. With brokers realizing that such an arrangement is not good for business in the long run, many of them are now investing significantly into trader education. Videos, articles and webinars are the common means by which beginner traders are given an introduction into the forex market.
C) market research
Once traders get established on the platforms using trader educational resources, their trading activities can be sustained via the provision of market research tools, analysis and news feeds. Many brokers have incorporated this into their offerings as well. For the trader, this is a good thing.
Criteria to consider in choosing a forex broker
The criteria for choosing a forex broker have evolved over the years. While there are still some elements that are critical to the choice and which have remained constant over time, there are other parameters which have emerged and which will be considered below.
1. Spreads/commissions
Spreads are the primary cost to the trader. Lower costs mean that the trader will have a chance to retain more profits, or at least reduce the losses that may be incurred. Competitive spreads are now a factor used in broker selection. It may not be immediately obvious how much savings on spreads can translate to, but high volume traders such as scalpers know that when up to 300 trades are placed in a month, then savings from reduced spreads can be substantial.
2. Leverage
Leverage in forex is now a big deal. What started off in 2010 when leverage caps were introduced in the US by the commodities and futures trading commission (CFTC), has now been extended into the united kingdom and europe. Retail traders in the UK and EU have seen leverage caps reduced from as high as 1:500, to just 1:30 for major forex pairs. Minor pairs and cfds have even tighter leverage limits. This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who were caught out by ESMA’s decision. Some of the UK/EU brokers have also opened international divisions, where their international client accounts are being migrated to. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones.
3. Regulation
Regulation will continue to remain a key factor in broker selection. Regulation ensures that traders are protected and that the trading environment is transparent and secure. The brokers presented on this site are regulated in their respective areas of operation, which ensures that traders who open accounts with them are assured of safety of their funds.
4. Broker type
A mention has earlier been made about direct and indirect access to the interbank market. As a trader, you need to know how each type of access will affect you. Market makers provide indirect access because they buy positions from the interbank market and resell them to their clients using a dealing desk. Market makers usually require smaller amounts of starting capital, provide fixed spreads, and tend to have more slippages and requotes. They provide a low barrier for market entry.
ECN brokers on the other hand, provide direct market access. They require large amounts as initial capital, provide variable spreads, but do not have slippages and requotes. However, they charge commissions on trades in addition to spreads. At the end of the day, the trader’s financial capacity will determine if a market maker or an ECN broker will be selected for the trading venture.
5. Trading resources
Trading resources are generally tools that are provided by a broker to enhance the trading experience and potentially improve a trader’s trading outcomes. More is not always better. In this case, it is about finding the broker that has the right mix of trading resources that cover analysis, news and market insight.
6. Customer support
Customer support can now be offered using a variety of means that were not in existence 10 years ago. Social media channels such as facebook and twitter, as well as messaging apps such as telegram can now serve as channels for receiving near-immediate responses from a broker’s customer support desk. Choose a broker with a diversified customer support structure which deploys these new means of communication.
Our list of forex brokers
The list below features best forex brokers selected by us for 2021 year. This list has been prepared after due consideration of all the factors mentioned above. In this list, you will find many brokers that are offshore brokerages with high leverage, or offshore divisions of EU/UK brokerages that can provide high leverage trading platforms to their clients. Feel free to read our forex broker reviews and make an informed choice based on the contents of this website.
25 best UK forex brokers for 2021
The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
Trading forex (currencies) in the united kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the financial conduct authority (FCA), which is the financial regulatory body in the UK. The FCA's website is FCA.Org.Uk. We recommend UK residents also follow the FCA on twitter, @thefca.
The FCA was formed out of the financial services act of 2012, effectively replacing its predecessor, the financial services authority (FSA). For a historical breakdown, here's a link to financial conduct authority webpage on wikipedia.
Best UK forex brokers for 2021
To find the best forex brokers in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their trust score. Here is our list of the top UK forex brokers.
- IG - best overall broker 2021, most trusted
- Saxo bank - best for research, trusted global brand
- CMC markets - best web platform, most currency pairs
- Interactive brokers - great for professionals and institutions
- City index - excellent all-round offering
- XTB - best customer service, great trading platform
- FOREX.Com - great all-round offering
- Etoro - best copy trading platform
Best forex brokers UK comparison
Compare UK authorised forex and cfds brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.
Forex broker | accepts GB residents | authorised or regulated by the FCA | average spread EUR/USD - standard | minimum initial deposit | trust score | overall | visit site |
---|---|---|---|---|---|---|---|
IG | yes | yes | 0.745 | £250.00 | 99 | 5 stars | visit site |
saxo bank | yes | yes | 0.800 | $10,000.00 | 99 | 5 stars | visit site |
CMC markets | yes | yes | 0.740 | $0.00 | 99 | 5 stars | N/A |
interactive brokers | yes | yes | N/A | $0 | 94 | 4.5 stars | visit site |
city index | yes | yes | 1.100 | £50.00 | 93 | 4.5 stars | visit site |
XTB | yes | yes | 0.860 | $0.00 | 92 | 4.5 stars | visit site |
FOREX.Com | yes | yes | 1.400 | $100.00 | 93 | 4.5 stars | visit site |
etoro | yes | yes | 1.00 | $200 | 91 | 4 stars | visit site |
swissquote | yes | yes | N/A | $1000.00 | 99 | 4 stars | N/A |
FXCM | yes | yes | 1.400 | £300 | 92 | 4 stars | N/A |
avatrade | yes | 0.910 | $100.00 | 93 | 4 stars | visit site | |
FP markets | yes | 1.140 | $100 AUD | 81 | 4 stars | visit site | |
plus500 | yes | yes | 0.600 | €100 | 98 | 4 stars | N/A |
pepperstone | yes | yes | 1.160 | $200.00 | 90 | 4 stars | N/A |
IC markets | yes | 0.800 | $200 | 83 | 4 stars | visit site | |
tickmill | yes | yes | 0.530 | $100.00 | 81 | 4 stars | visit site |
fxpro | yes | yes | 1.510 | $100.00 | 89 | 4 stars | visit site |
vantage FX | yes | yes | 1.350 | $200 | 79 | 3.5 stars | N/A |
moneta markets | yes | yes | 1.300 | $200.00 | 79 | 3.5 stars | N/A |
HYCM | yes | yes | 2.00 | $100 | 84 | 3.5 stars | visit site |
eightcap | yes | $100 | 69 | 3.5 stars | N/A | ||
VT markets | yes | 1.30 | $200 | 79 | 3.5 stars | N/A | |
blackbull markets | yes | 0.76 | $200 | 70 | 3.5 stars | N/A | |
octafx | yes | 1.100 | $5 | 59 | 3.5 stars | N/A | |
hotforex | yes | yes | 1.20 | $50 | 83 | 4 stars | N/A |
easymarkets | yes | 0.900 | $100.00 | 81 | 3.5 stars | N/A |
How to verfiy FCA authorisation
To identify if a forex broker is licensed to operate in the united kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker's UK homepage. For example, here's the key disclosure text from IG's website,
Both IG markets ltd (register number 195355) and IG index ltd (register number 114059) are authorised and regulated by the financial conduct authority."
Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG markets limited.
Summary
To recap, here are the best UK online forex brokers.
More forex guides
Methodology
For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex risk disclaimer
"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.
About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
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IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.
OANDA - cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
Plus500uk ltd is authorised and regulated by the financial conduct authority (FRN 509909).
Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.
Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While forexbrokers.Com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by forexbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.
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22 best forex brokers cyprus for 2021
The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
Trading forex (currencies) internationally is popular among traders. Before any fx broker in cyprus can accept forex and CFD traders as clients, they must become authorised by the cyprus securities and exchange commission (cysec), which is the financial regulatory body in cyprus. Cysec's website is cysec.Gov.Cy. We recommend cypriot residents also follow cysec on twitter, @cysec_official.
Cysec was formed in 2001, and in 2004 the country became a member of the european union (EU), which made cysec part of mifid regulation. For a historical breakdown, here's a link to the cyprus securities & exchange commission's webpage on wikipedia.
Best cyprus forex brokers 2021
To find the best forex brokers in cyprus, we created a list of all cysec authorised brokers, then ranked brokers by their trust score. Here is our list of the top forex brokers for cyprus.
- Saxo bank - best for research, trusted global brand
- XTB - best customer service, great trading platform
- Etoro - best copy trading platform
- Avatrade - multiple trading platform options
- XM group - well-rounded offering
- FP markets - excellent pricing, great for metatrader
- Plus500 - best for beginners 2021
Cyprus forex brokers comparison
Compare cypriot authorised forex and cfds brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.
Forex broker | accepts CY residents | regulated by cysec | average spread EUR/USD - standard | minimum initial deposit | trust score | overall | visit site |
---|---|---|---|---|---|---|---|
IG | yes | 0.745 | £250.00 | 99 | 5 stars | visit site | |
saxo bank | yes | yes | 0.800 | $10,000.00 | 99 | 5 stars | visit site |
XTB | yes | yes | 0.860 | $0.00 | 92 | 4.5 stars | visit site |
etoro | yes | yes | 1.00 | $200 | 91 | 4 stars | visit site |
avatrade | yes | yes | 0.910 | $100.00 | 93 | 4 stars | visit site |
XM group | yes | yes | 1.600 | $5-100 | 84 | 4 stars | visit site |
FP markets | yes | yes | 1.140 | $100 AUD | 81 | 4 stars | visit site |
plus500 | yes | yes | 0.600 | €100 | 98 | 4 stars | N/A |
pepperstone | yes | 1.160 | $200.00 | 90 | 4 stars | N/A | |
IC markets | yes | yes | 0.800 | $200 | 83 | 4 stars | visit site |
tickmill | yes | yes | 0.530 | $100.00 | 81 | 4 stars | visit site |
fxpro | yes | yes | 1.510 | $100.00 | 89 | 4 stars | visit site |
vantage FX | yes | 1.350 | $200 | 79 | 3.5 stars | N/A | |
moneta markets | yes | 1.300 | $200.00 | 79 | 3.5 stars | N/A | |
HYCM | yes | yes | 2.00 | $100 | 84 | 3.5 stars | visit site |
VT markets | yes | 1.30 | $200 | 79 | 3.5 stars | N/A | |
blackbull markets | yes | 0.76 | $200 | 70 | 3.5 stars | N/A | |
hotforex | yes | yes | 1.20 | $50 | 83 | 4 stars | N/A |
easymarkets | yes | yes | 0.900 | $100.00 | 81 | 3.5 stars | N/A |
How to verify cysec authorisation
To identify if a forex broker is regulated as a cypriot investment firm (CIF) by cysec, the first step is to identify the register number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from fxpro's website,
Fxpro financial services limited is authorised and regulated by the cyprus securities and exchange commission (licence no. 078/07) .
Next, look up the firm on cysec's website to validate the CIF register number is, in fact, legitimate. Here is the official cysec page for fxpro.
More forex guides
Methodology
For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex risk disclaimer
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Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
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Best forex brokers in nigeria for 2021
We compared & then selected the 8 best forex brokers in nigeria that are regulated with FCA (UK), cysec & FSCA.
Forex trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.
In a rapidly developing country such as nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated nigerian forex brokers and avoid the bad ones.
In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept nigerian investors.
List of 8 best regulated forex brokers in nigeria for 2021
There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage offered, minimum deposit, funding & withdrawal methods and time taken etc.
Our below vetted list is created especially for nigerian traders; it will quickly allow you to compare the key features that you need to look for in any reputed forex broker.
Best forex brokers in nigeria
Here’s our updated list of the 8 best performing forex brokers in nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):
1. FXTM – best forex broker in nigeria (instant order execution, low deposit & easy withdrawals)
Overall rating 9/10
- Fees: 1.9 pips average spread for EUR/USD with standard account. And 0.3 pips (plus $0.4 per mini lot) with ECN MT5 account.
- Account minimum: ₦2000 or $10 (cent account)
- Leverage: 1:1000
- Promotion: no deposit bonus available currently
Ranks #1 forex broker in nigeria
Forextime or FXTM is the best forex broker in nigeria, and they are one of the few forex brokers that has local office & phone number in nigeria. They are safe for nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, cysec in cyprus, FSCA and FSC of mauritius. FXTM is our recommended forex broker for nigerian traders.
FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a top tier regulation, so we consider them to be a safe broker. They offer various account types, all of them can be funded in USD or naira & have very low minimum deposit requirements starting from just ₦2000 with the cent account. This makes FXTM a very good choice for nigerian traders.
Apart from forex trading, FXTM also offer other instruments such as cfds on commodity futures and cfds on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded its range of currencies & now offer 57 major & minor currency pairs.
Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.
FXTM broker offers local customer support in english & has 19 deposit & withdrawal options which includes many methods for nigerian traders including bank deposit & card payment. Even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.
- FXTM is a highly regulated forex broker, so trading with them is safe. They are regulated globally with 3 top tier regulators i.E. FCA(UK), FSCA & cysec.
- You can start trading with ₦2000 deposit, making them a good option for new traders.
- Low spreads for most major & minor currency pairs including EUR/USD with ECN MT5 account.
- Fast withdrawals in nigeria.
- Live chat support is available 24/5 & for few hours during weekends. Their support overall is quite good.
- FXTM has bit higher spread with their standard accounts compared to other brokers. For ex. Their typical EUR/USD spread with standard account is around 1.9 pips on average, but its still competitive.
2. Hotforex – best regulated forex broker with low spread & 100% deposit bonus
Overall rating 9.0/10
- Typical fees: 1.2 pips spread for EUR/USD with micro account & 0.3 pips with zero account. This would be variable depending in the market conditions.
- Account minimum: $5 (₦2000)
- Leverage: 1:1000
- Promotion: get 100% bonus on new deposits with at-least ₦30,000 deposit required.
Ranks #2 forex broker in nigeria
Hotforex is our recommended low cost broker for nigeria. They have a local office & phone support in nigeria & are a highly regulated broker (FCA, FSCA & cysec). They are a 100% STP broker which ensures very fair dealing. Plus they offer very good order execution on all trades, have really low spreads for EUR/USD & other majors, and very good customer support as well. We highly recommend hotforex for beginner traders looking for a well regulated low cost broker in nigeria.
Hotforex was established in the year 2010. They are regulated with FCA (UK), cysec & even financial sector conduct authority (south africa), so we find them to be a trusted broker for nigerians.
They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with zero account (1.2 pips with premium, micro accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).
Further, hotforex offers trading on various platforms that can be accessed from android, iphone and desktop. You can trade on the metatrader 4 or metatrader 5 platforms, both of which are the most widely used trading platforms in the world.
Hotforex also offers local bank withdraw and deposit methods for nigerian traders, and there are many wallet options as well. Plus, hotforex have ongoing deposit bonus promotion available for traders in nigeria.
- Hotforex is a highly regulated broker, as they are regulated by 3 top-tier regulatory authorities FCA, FSCA & CYSEC. This ensures very fair dealing.
- Low minimum deposit requirements of $5.
- Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0.3 pips typical spread for EUR/USD with their zero account.
- Very attractive 100% sign up bonus for new customers & good loyalty program for existing customers.
- Hotforex offers local deposit options like bank transfers for nigerian customers. You would need to talk to their live chat for the local bank funding options.
- Very good support available via live chat, phone & emails.
- 100% depoit bonus available for every deposit of $250 or higher.
- Their commission per lot of $6 (roundturn) with zero account is higher than other brokers like IC markets, FXTM that offer similar low spread ECN type accounts.
3. Octafx – low spread broker, commission free local deposits, withdrawals & 50% deposit bonus
Overall rating 8.9/10
- Fees: 1.1 pips typical spread for EUR/USD with MT4 micro accounts. And 0.7 pips (plus $0.3 per mini lot) with ECN ctrader account.
- Account minimum: $50 (₦18,000)
- Leverage: 1:500
- Promotion: 50% deposit bonus on all deposits
Ranked #3 forex broker in nigeria
Octafx is a cysec regulated forex broker that also accepts nigerian clients. They offer good trading conditions including competitive spread, fixed as well as variable spread MT4 accounts, local nigerian bank deposit & withdrawal methods, and multiple trading platforms i.E. MT4, MT5 & ctrader for mobile, web, and desktop.
Octafx is a forex & CFD broker that was established in 2011. They have 3 account types i.E: MT4 micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & ctrader ECN account for professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for scalping & hedging.
Their trading instruments on offer are limited though, as octafx offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, and 3 main cryptos (bitcoin, ethereum and litecoin).
Their support is also very responsive in handing issues. Their live chat support is available for 5 week days, and email support is available 24/7. They also have whatsapp text support available. But they don’t have a nigerian phone number currently.
The funding & withdrawal options at octafx are very wide for nigerian traders. They offer instant funding via skrill, neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their gtbank account. Also they offer BTC funding & withdrawal.
- Octafx is a cysec regulated forex broker, so it is considered safe for nigerian traders to trade with them.
- Their spreads for major currency pairs is quite competitive. For ex. Their spread for EUR/USD starts from 0.4 pips even with their beginner MT4 micro account.
- Local deposit & withdrawals options available in nigeria, and they don’t charge any fees with this method. Also instant wallet funding and withdrawals options are available.
- Their support overall is good, as their live chat support is available 24/5, and their email support is available 24/7.
- They have a 50% deposit bonus available for all deposits.
- Octafx has lesser trading assets available as compared to other forex brokers. They have 28 currency pairs, cfds on 4 metals, 10 indices & 3 cryptos (bitcoin, litecoin, ethereum).
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
Broker | 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.
So, let's see, what we have: find list of best forex brokers platforms to trade online by top10forex . Start trading in minutes by joining up to any of our top 10 forex brokers at list of forex trading companies
Contents of the article
- Free forex bonuses
- Top 10 forex brokers and trading platforms to...
- What are forex brokers
- How to choose a forex broker
- Licencing
- Currency pairs
- Leverage and lot size
- Market spread
- Trading platforms
- Payment methods
- Bonuses, training materials and support
- Why trade forex online?
- Best forex brokers for 2021
- Role of forex brokers
- Criteria to consider in choosing a forex broker
- 1. Spreads/commissions
- 2. Leverage
- 3. Regulation
- 4. Broker type
- 5. Trading resources
- 6. Customer support
- Our list of forex brokers
- 25 best UK forex brokers for 2021
- Best UK forex brokers for 2021
- Best forex brokers UK comparison
- How to verfiy FCA authorisation
- Summary
- More forex guides
- Methodology
- Forex risk disclaimer
- 22 best forex brokers cyprus for 2021
- Best cyprus forex brokers 2021
- Cyprus forex brokers comparison
- How to verify cysec authorisation
- More forex guides
- Methodology
- Forex risk disclaimer
- Best forex brokers in nigeria for 2021
- Best forex brokers in nigeria
- 1. FXTM – best forex broker in nigeria (instant...
- 2. Hotforex – best regulated forex broker with...
- 3. Octafx – low spread broker, commission free...
- Fxdailyreport.Com
- Top recommended and the best forex brokers for...
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