Even The Top Professional Traders Depend On Forex Broker Reviews For Their Trading. Find Out Why!

It is true that the Forex market has spawned numerous millionaires and billionaires over the past few decades, but currency transaction in itself is risky and subject to market fluctuations. Currency pairs are mainly transacted to support the dynamics in the market, which is determined by the supply and demand. However, when it comes to speculation, a substantial majority of traders are looking for ways to profit from the movements without losing their entire trading capital in one large swing. Apart from the risks in the market, brokers also play a dynamic role in the success or failure of a trader. If you consider all the top names in the Forex industry, you will find that almost all investors have access to the best seat in the market by partnering up with leading Forex brokers that can ensure a fair and transparent trading environment.

Forex broker reviews allow even the novice trader to understand the pros and cons of individual companies without actually investing with them. Of course, reading through reviews cannot offer in-depth information about the characteristics of a company without actually investing in them, but FX reviews are popular means to understand all the aspects of a broker to help traders to prepare themselves for what lies ahead. Different types of online FX broker reviews have different information and varying inferences that may lead to an absolute sense of confusion. Therefore, at FXBrokers.net, we have devised this guide to help you to sift through online Forex broker reviews to find the best information that will assist you in your trading career. We have also compiled our own detailed reviews of popular Forex brokers in the market, which are designed to give you all the important features of a broker at one place.

Forex Brokers Comparison List

Our Forex brokers comparison list offers you access to some of the leading FX trading companies that are guaranteed to provide you high-quality brokerage services without compromising the safety of your funds. We rate brokers according to different parameters that contribute to an overall score that gives you an idea of how one FX broker compares to another. Not all companies are created equal, and it is common for traders to become confused due to the sheer range of options available in the market. Sometimes, traders may find it difficult to pinpoint an exact broker that satisfies all of their requirements, which is why we have summarized every individual characteristic of a broker to provide you with all the vital information at a quick glance.

List of the Best Forex Brokers
Broker Regulation Bonus Min. Deposit Details Action
yes $30 No Deposit Bonus* $5
  • offers MT4 & MT5 platforms for all popular operating systems
  • licensed by the FCA, ASIC and CySEC
  • can trade Forex, Stock Indices, Commodities, Stocks, Metals and Energies
Trade NowXM Group Review
yes 100%* $50
  • tight spreads from as low as 0.1 (EUR/USD)
  • trade Forex, Indices, Commodities & CFDs
  • technical analysis by experts Trading Central
Trade NowHotForex Review
yes 40%* $100
  • 200+ instruments to trade, including Commodities, Indices and Stocks
  • desktop, tablet, mobile and web based trading with AvaTrader & MetaTrader 4
  • regulated in Europe, Australia, Japan, British Virgin Islands and South Africa
Trade NowAvaTrade Review
yes N/A $100
  • free time-unlimited demo trading platform
  • low spreads between the buy and sell prices
  • fund your account by credit card, PayPal, Skrill or bank transfer
Trade NowPlus500 Review
yes up to $5000* $100
  • trade all major markets with comfort and security
  • over 40 years of operational history
  • multiple trading platforms
Trade NowHYCM Review
yes up to $1000* $50
  • simple to use trading platforms
  • provide a myriad of tools to guide customers throughout their first steps as a trader
  • offer a wealth of training courses to help turn new customers into traders
Trade NoweToro Review
yes $123 FREE $1
  • trustworthy, continuously developing broker
  • thousands profitable orders executed daily
  • regular contests and advantageous promotions
Trade NowFBS Review
yes 50%* $200
  • dealCancellation, undo your losing trades up to 60 minutes
  • a range of trading instruments
  • free trading signals and SMS alerts
Trade NowEasy Markets Review
List of the Best Forex Brokers
Broker Regulation Bonus Min. Deposit Details Action
yes $30 No Deposit Bonus* $5
  • offers MT4 & MT5 platforms for all popular operating systems
  • licensed by the FCA, ASIC and CySEC
  • can trade Forex, Stock Indices, Commodities, Stocks, Metals and Energies
Trade NowXM Group Review
yes 100%* $50
  • tight spreads from as low as 0.1 (EUR/USD)
  • trade Forex, Indices, Commodities & CFDs
  • technical analysis by experts Trading Central
Trade NowHotForex Review
yes N/A $250
  • tight spreads from as low as 0.1 (EUR/USD)
  • trade Forex, Indices, Commodities & CFDs
  • mobile platform app
Trade NowHotForex Review
yes 40%* $100
  • 200+ instruments to trade, including Commodities, Indices and Stocks
  • desktop, tablet, mobile and web based trading with AvaTrader & MetaTrader 4
  • regulated in Europe, Australia, Japan, British Virgin Islands and South Africa
Trade NowAvaTrade Review
yes N/A $100
  • free time-unlimited demo trading platform
  • low spreads between the buy and sell prices
  • fund your account by credit card, PayPal, Skrill or bank transfer
Trade NowPlus500 Review
yes up to $5000* $100
  • trade all major markets with comfort and security
  • over 40 years of operational history
  • multiple trading platforms
Trade NowHYCM Review
yes up to $1000* $50
  • simple to use trading platforms
  • provide a myriad of tools to guide customers throughout their first steps as a trader
  • offer a wealth of training courses to help turn new customers into traders
Trade NoweToro Review
yes $123 FREE $1
  • trustworthy, continuously developing broker
  • thousands profitable orders executed daily
  • regular contests and advantageous promotions
Trade NowFBS Review
yes 50%* $200
  • dealCancellation, undo your losing trades up to 60 minutes
  • a range of trading instruments
  • free trading signals and SMS alerts
Trade NowEasy Markets Review
*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd. T&C’s apply to each of the offers. Click “Trade Now” for more details!

As a trader, your top priority would be to shortlist a group of brokers to find the ones that suit your requirements. It is possible that you may find more than one FX broker, in which case, you should always trade with them on a demo account or an account with a small equity for an extended period, before investing your entire trading capital. A reliable and genuine broker should be able to deliver on their promises, and it is proven that most trustworthy companies do provide their clients with the best services.

Why Are There Two Extremes In Forex Broker Reviews Online?

  • Licensed by CySEC, ASIC & FCA
  • Min Deposit $5
  • Offers different MT4 platforms
  • Does not accept Paypal
  • Does not offer EFTs

As a trader, you might have come across different Forex company reviews that may sound both positive and negative for a particular broker. Sometimes, brokers are known to receive huge praise from one sector of traders, while other reviewers leave negative reviews on the same brokers mentioned above. The difference in disparity is down to the perception of trading services by different types of traders, and the market dynamics that concentrates on paid reviews left by third-party service providers.
Existing customers of a company may leave reviews on FX brokers based on their actual experience with the broker, but more often than not, some resentful clients may use online review platforms to vent their frustration against a broker to compensate for their losses. Although genuine customers are more honest in their approach, there are instances where traders might choose to spread negativity in order to ‘get back’ at a company for their losses. It is not to say that all of these negative reviews are left by frustrated traders, as there is a significant probability for traders to leave genuine reviews for the benefit of other traders in the market.

The strength of advertising also plays a major role in the different types of FX reviews that are compiled online, where companies may employ reviewers and independent services providers to leave positive reviews for a broker. Some of these brokers might also pay their service providers extra money to leave negative reviews for their competitors, in the hope of gaining an edge in the market by way of a higher rating. Regardless, most online review forums and customer testimonial websites have various filters in place to prevent abuse, which is further monitored by actual human editors to prevent companies from gaining an undue advantage.

Parameters Used To Compare Forex Brokers & How Do We Review Them?

Our rating process is extensive, and we compare Forex brokers according to a standard reference point that should satisfy almost all trader requirements. We are professional traders that have worked with different categories of brokers in the market, and we have enough exposure in the marketplace to determine the reliability of a company by analyzing its service offerings. We have had both positive and negative experiences with the companies that we have traded with, which ensure that we will only provide precise and high-quality information to our readers to make sure that you don’t invest your hard-earned money into a fraudulent Forex broker. Here is a list of the most important factors that we consider while comparing Forex brokers and reviewing them:

Location & Regulation of a Forex broker

We believe the location and regulation of a Forex broker to be a pretty significant factor, and give them a fair weight while compiling a thorough Forex broker review. Brokers from established countries such as the US, Europe, Australia, and leading economies of Asia such as Japan and Singapore earn a fair amount of respect among investors due to their excellent regulatory organizations and strict rules enforced on financial companies. Our preferred regulators include the CFTC & the NFA of the US, the FCA of the UK, the ASIC of Australia, and other European regulators such as the CySEC of Cyprus and the BaFin of Germany. Forex brokers from Switzerland also have excellent regulatory guidelines that require brokers to set up their brokerages as banks and offer direct market access to their traders with tremendous volatility.
Brokers from other countries such as Central America and the Caribbean do have some amount of issues concerning their regulatory policies, which may seem to be more supportive of a company, rather than the traders. Nevertheless, there are reliable companies operating out of these regions that do provide top-quality services without affecting the traders in any way. Therefore, while we give priority to the most established regulators and countries, we also consider the positives of brokers from other regions while reviewing them.

Type Of Market Access

Forex and CFD trading involves trading currency pairs, commodities, metals, and even stocks and indices through different market access protocols. FX trading can be broadly classified into the market maker and the direct market access protocols, which form the majority of financial transactions in the speculative markets. Market maker protocols are followed by brokers that offer FX products to its clients by matching client orders internally. Market makers have internal dealing desks that will pass positions and orders between their clients, or sometimes even choose to take the opposite end of their clients’ orders. Market maker brokers are more suitable for smaller traders that trade in micro, mini, or small standard lots.
Direct Market Access (DMA) protocols offer traders an opportunity to take advantage of the incredible liquidity in the FX markets by connecting their platforms directly to a liquidity provider. DMA access is facilitated through Electronic Communications Network (ECN) or through Straight Through Processing (STP) protocols, which are either built into a trading platform or connected through a dedicated bridge. Direct market access brokers have no role in filling their clients’ orders, as all positions are sent directly to a liquidity provider, where orders are filled according to available volumes and current market prices. ECN accounts are considered to be far more suitable for larger traders, in particular for those who trade a higher number of lots in the market.
In our Forex reviews, we advise traders to open their accounts at DMA brokers that offer better liquidity and reduced conflict of interest. However, there are large market maker brokers that do not have any conflict of interest with their clients, which make it easy for traders to rest assured about the security of their trading funds. Some brokers also provide hybrid market protocols that use both market maker and DMA conditions through automated dealing desks. These brokers have some of the best trading conditions for the lowest conflict of interest and reduced cost of trading.

Leverage Or Trading On Margin

calendarForex brokers have popularized the concept of margin trading by offering insane leverages that allow traders to increase their market exposure up to 1:3000. Leverage is a simple concept of being able to hold a large position in the market using a small amount of capital. For a trading account with 1:100 leverage, traders can open a $10,000 position using just $100. On the upside, using higher leverage reduces capital outflow and increases profit, but on the downside, even a small movement against a trader’s position can induce massive losses. Several leading regulators such as the CFTC in the US have put a cap on the maximum leverage of 1:50 for US Forex traders, while other jurisdictions such as the UK and Cyprus do not have any maximum leverage restrictions.
Although it is impossible for smaller traders to trade the markets without leverage, brokers might use skillful promotions and other tactics to entice traders into using high leverage. Higher leverage is indeed a recipe for disaster, where market maker brokers that trade against their clients can make huge profits from their losing clients. If a trader opens a position in the market using a leverage of 1:2000, he can lose his entire trading capital with a small movement of 5 pips against his position. As we are aware, some major currency pairs have spreads that can cost an average of 5 pips, which means that a trader will receive a margin call as soon as he opens his trade.
We carefully screen brokers to learn more about their leverage offerings, and to understand whether they trade against their clients. From a regulatory perspective, it is currently illegal for brokers to open orders against their clients, but there are no major restrictions against offering high leverage, except the CFTC ruling in the US. We try to list brokers that offer manageable leverage and only promote companies that have effective mechanisms in place to prevent negative balances. A margin call policy is designed to protect a broker, as well as a trader, from incurring a negative balance, as it is common for wild swings in the markets to take away a significant chunk of the equity in a trading account.

Finding Whether A Broker Is Suited For Retail Or Institutional Investors And Types Of Accounts

Retail traders comprise a majority of investors in the speculative markets, which are alone responsible for more than 90% of retail Forex broker transactions. Therefore, when we compare Forex brokers, we try to understand their account options and determine the type of brokerage according to traders’ requirements. Some brokers are reserved exclusively for large institutional traders that invest millions of dollars in the FX market, which have several trading restrictions that are out of bounds for a regular trader. On the other hand, some brokers have dedicated their entire brokerage model to serve small retail traders, which should offer fantastic trading conditions such as low capital requirements and high leverages.
Brokers usually allow traders to open an account without stipulating any minimum deposit conditions, as traders can invest in the markets with just $1. However, average investments start from $100 for regular trading accounts, while high-end DMA accounts may require a minimum investment of $250. There are exceptions to these rules, as we have personally reviewed Forex brokers that only require a $1 minimum investment requirement for a real ECN account. On the other hand, brokers may specify higher deposit requirements such as $10,000 for VIP accounts, which give access to premium account status with dedicated account managers, reduced trading costs, and other bonus options. Incidentally, our Forex broker comparison list is also designed to reflect the minimum deposit option available at our preferred companies.
Other account parameters include access to features such as VPS, trading signals, news updates, tradable products, and other account options that are detrimental to trading the markets. We compare different financial products on offer from different companies to choose the best features that can provide a favorable environment for successful trading. Mainstream Forex brokers are known to launch innovative new products to gain an edge over their competition, which can help traders to improve their trading strategies and try out different options while investing their money.

Cost Of Trading Such As Spreads, Commissions, & SWAPs

The cost of FX trading might not seem to be substantial for beginner traders, mainly when the costs are denoted as spreads and commissions included in every trade. For instance, trading a standard lot on the GBPUSD pair with 3 pips spread will cost a trader $30 per trade. Continuous trading on the GBPUSD pair accumulates a pretty significant sum over a trader’s entire career, which is considered as one of the primary sources of revenue for Forex brokers. High-frequency traders and scalpers are further known to transact larger volumes, even opening as much as 5 to 100 orders per day, which will eventually result in higher costs. Automated trading programs and EAs are also notorious for their high-frequency trading strategies, which can open and close positions multiple times during a 24 hour period.
There are additional costs of trading such as SWAPs, deposit/withdrawal fees, and subscription cost for other services. The SWAP is an overnight interest rate paid/received for an open position on a currency pair that is held live after the closing time of New York financial markets. Although SWAP is considered as an integral part of FX trading, Islamic traders do get the convenience of Zero SWAP accounts due to their religious beliefs, where paying or receiving interest is disallowed.
Transaction fees, on the other hand, is a convenience fee charged by a broker as a percentage of your deposit or withdrawal amount. The fees for transactions are entirely dependent on the payment option, with online payment processors and credit card transfers being the least expensive option. There might be other costs for services and subscriptions, such as VPS rent, signal fees, and charges related to using the trading platform or account inactivity fees. All companies in our Forex brokers comparison list are honest in their approach by stating accurate costs of trading without overcharging their clients with hidden costs.
It is pretty usual for investors to spend far more money in FX trading than their initial deposit, as the cost of trading can run up to hundreds of thousands of dollars over a lifetime. The cost of trading is more prominent for traders that have a profitable strategy, as they are known to conserve their trading capital by minimizing their losses and extending their gains. Therefore, all of our FX broker reviews are designed to offer you a fair representation of all the associated cost of trading, including spreads, commissions, SWAPs, and fee for other services.

Payment Options & Security Of Funds

pen-paperForex trading, due to its online nature, accepts multiple payment options to facilitate easy deposits and withdrawals. All brokers accept credit/debit card payments and bank wire transfer as standard, with a majority of other brokers offering other online and offline payment options such as Skrill, Neteller, PayPal, Bitcoins, and Western Union. Forex brokers ensure the protection of their clients’ sensitive financial data against prying eyes by offering state-of-the-art payment channels that are protected by the latest in SSL security encryption. Top regulatory agencies from the US, the EU, and Asia-Pacific also stipulate stringent guidelines that dictate brokers into safeguarding their clients’ funds by keeping them in segregated accounts, and by offering protection to traders against broker insolvency or liquidation through investor compensation funds. Regulated brokers are banned from using their client funds to meet their debt obligations, which ensures that clients can be assured of the fact that their funds will be secure in their trading account.
We only recommend brokers that have to undergo a strict scrutinizing procedure such as periodic financial auditing by a certified auditor, supervising of financial activities by a top regulator, and maintaining the integrity of the clients’ investments through a proactive approach. If we find a broker to be promoting any sub-par service offerings, we will state the obvious to our readers to help them make an informed decision based on their own findings.

Trading Platforms, Mobile App Support

Our comparison of different brokers involves performing a deep analysis of the different trading platforms offered to traders. Most leading brokers often choose to adopt the highly popular third-party trading solutions in the market such as the MetaTrader and the cTrader. A few mainstream companies, on the contrary, also choose to develop their own proprietary interfaces that are designed to offer custom-tailored platforms according to a particular business’s strategic objectives. Once again, trading platforms and their performance are directly related to the speed of the trading servers and the market access protocols, as direct market access brokers have higher performing platforms when compared to market maker platforms. The MT4, which is the most popular trading platform in the market, connects traders to an ECN provider through ECN bridges, which may be slightly slower in performance than its rival cTrader platform, which was developed as a dedicated ECN platform.
Due to the popularity of mobile trading among new traders, most trading platforms are now designed for both desktop and mobile trading. Traditional desktop trading platforms are available for Windows and Mac devices, while mobile apps are developed for Android, iOS, and Windows devices. Almost all smartphones and tablets running the Android, iOS, and Windows operating systems can access the popular trading interfaces such as the MT4 and the cTrader from their respective app stores. Brokers also provide an easily accessible web page to help traders to find the right trading platform according to their preferences.

Support For Social Trading, Automated Trading Bots, & Money Managers

At FXBrokers.net, we keep abreast of all the latest innovations in the field of FX trading and try to inform our readers about all the new concepts that are available to increase their chance of winning in the markets. Nowadays, traders have the option of investing their money in social trading accounts or assigning money managers to manage their trading capital for a small share of the revenue. Traders can also opt for automated trading strategies such as trading bots or Expert Advisors, which take on the responsibility of opening and closing trades according to a predetermined set of trading conditions.
Most modern brokers are open to the idea of money management and social trading, but some brokers clearly resent the idea of traders using an edge to win in the markets. Mostly, dishonest brokers prevent traders from using social trading strategies or trading robots with their trading accounts, mainly because it takes out the human emotion of trading that is so detrimental to increasing the number of losing traders. Losing traders contribute to a broker’s bottom line if the broker is known to hold positions against their clients, which can be the main reason why brokers disallow traders from using any automated trading strategies.
Sometimes, brokers may also prevent traders from using automated trading bots due to the broker’s inability to fulfill orders at market price. Market maker brokers may face liquidity issues during low-volume sessions, which may result in a large number of requotes and order cancellations. Automated trading strategies mostly work in DMA conditions, where traders can revel in the incredible amount of liquidity offered by global liquidity providers. Therefore, we rate brokers according to their compatibility with modern social trading tools, automated trading programs, and the availability of money manager accounts.

Customer Service

Finally, all traders should enjoy the best in customer satisfaction by receiving timely support from their brokers. Traders can only be reassured of their investments if a broker is responsive by tending to customer complaints and feedback in a timely manner. Therefore, while reviewing brokers, we pay attention to several customer service factors such as mode of customer support, availability, language support, email responsiveness, and the attitude of the customer service representatives. Customer support channels are usually available as live chat, phone numbers, emails, and web contact forms, while some brokers offer a call-back feature. A trader must have access to the top team of professionals that are knowledgeable in their field of expertise and can offer friendly assistance when it matters. Forex brokers are also required to take care of customer complaints as part of their regulatory compliance, as most regulators have dedicated help desks to ensure that investors can contact higher authorities if the need arises.
The best Forex brokers in the market usually have the top customer support channels that give traders unhindered access to professional support at the click of a button. All of our recommended Forex brokers will treat their customers with respect and integrity, so as to ensure that traders get the attention that they deserve.

Top Recommended Forex Brokers
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4
  • Plus500 Review
  • Founded: 2008
  • Min. Deposit: $100
  • N/A
  • MaestroMasterCardVISABank WirePayPalSkrill
5
*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltt. T&C apply
Top Recommended Forex Brokers
1
2
3
  • 24option Review
  • Founded: 2009
  • Min. Deposit: $250
  • N/A
  • American ExpressMaestroMasterCardVISABank WireWebMoneySkrillNetellerPayPal
4
5
  • Plus500 Review
  • Founded: 2008
  • Min. Deposit: $100
  • N/A
  • MaestroMasterCardVISABank WirePayPalSkrill
6
*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd. T&C apply.

How To Stay Away From Potentially Harmful Information

If you come across any potentially conflicting information, always make sure to do your research and only choose information that you believe to be from the right source. It is always imperative for you to verify all data with official websites, as there are several placeholder pages might mislead you into erroneous information. Read through multiple reviews to choose the best FX broker in the market. Don’t feel rushed into opening an account, as there are plenty of options available traders. Always take your time and make sure that you make the right choice, which not only guarantees the safety of your funds but also helps you in enjoying a great trading environment.