Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

10 Top Regulated Forex Brokers & Trading Platforms

By Huzefa Hamid
Reviewer Adam Lemon
Fact-checker DailyForex.com Team

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

With many hundreds of Forex / CFD brokers to choose from globally, finding the right broker for you can seem an impossible challenge. That’s why we at DailyForex keep our team of industry analysts at work, to make choosing the best broker easier for you.

1
5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Ultra-low trading fees & price improvement technology
Fast order execution & transparent trading statistics
2
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
12-plugin MT4/MT5 upgrade, Trading Central, & Autochartist
Competitive ECN/DMA pricing model, VPS hosting & MAM/PAMM accounts
3
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Capitalise AI for code-fee automation of trading strategies & Cryptocrusher
Low trading fees & swap rates on leveraged overnight positions
74-89 % of CFD traders lose
4
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
NDD order execution & deep liquidity pools.
VPS hosting for 24/5 low-latency Forex trading.
5
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Excellent asset selection & competitive cost structure
FIX API & VPS hosting for algorithmic traders
6
4.6/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Compliant with nine regulators & a spotless operational history
Balanced asset selection, including options & Ava Social/DupliTrade for copy traders
7
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
16 payment processors in 16+ currencies, including several cryptocurrencies.
High-quality research and educational content for beginners & 24/5 customer support.
80% of retail CFD accounts lose money
8
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
One of the best platforms for CFD traders.
Trailing stop losses
9
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Highly-competitive cost structure
24/7 customer support
10
4.4/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
a Swiss Bank and a broker

Forex Brokers Reviews at a Glance [year]

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • Eightcap, Competitive pricing + excellent daily videos.
  • Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform..
  • BlackBull Markets, Best ECN trading environment, with scalping and hedging.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • ACY Securities, Swap-free trading with the MT5 trading platform.
  • Plus500, multi-asset and CFD broker.
  • Octa, A commission-free broker with a proprietary copy trading service.
  • Dukascopy, a Swiss Bank and a broker.

Best Forex Trading Brokers Comparison

Regulators
CMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CMA, CySEC, FSCAASIC, CySEC, FCA, SCBASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBFMA, FSA
Year Established
20112005200920102014
Execution Type(s)
ECN/STP, Market MakerECN/STPECN/STP, Market MakerNo Dealing Desk, NDDECN/STP, No Dealing Desk
Minimum Deposit
$200
$100
$100
500 GBP
$0
Average Trading Cost EUR/USD
0.1 pips1.2 pips1.0 pips1.1 pips1.3 pips
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.2 pips1.4 pips2.0 pips
Average Trading Cost Gold
$0.18 $0.16$0.12 $0.15$0.90
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, Trading ViewOther, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+MetaTrader 4, MetaTrader 5, cTrader, Trading View
Islamic Account
Negative Balance Protection
N/AN/A

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Read more on FXTM »
5.0/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

FP Markets

In Summary ECN trading with leverage up to 1:500

fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.

Read more on FP Markets »
4.8/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

Eightcap

In Summary Competitive pricing + excellent daily videos

Eightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.

Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.

Read more on Eightcap »
4.8/5 in this category

Pros & Cons

  • Low minimum deposit and high leverage of up to 1:500
  • Competitive cost structure
  • Excellent technology infrastructure and seasoned management team
  • Daily research and quality educational content
  • Limited leverage in some areas

Pepperstone

In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.

Pepperstone ranks among the best Forex brokers offering Capitalise AI, enabling algorithmic trading in a code-free environment. It also upgrades MT4 with the 28-plugin Smart Trader Tools package and Autochartist. The well-balanced asset selection of 1,500+ assets includes Forex, Forex indices, and cryptocurrencies. Commission-based fees start with raw spreads from 0.0 pips for a commission of $7.00 per 1.0 lot. A volume-based rebate program can lower trading fees.

Traders get ultra-fast order execution with average speeds of 30 milliseconds, and MT4, MT5, cTrader, Myfxbook Autotrade, DupliTrade, and TradingView, plus a proprietary mobile trading app for copy and mobile traders.

Read more on Pepperstone »
4.7/5 in this category
Get Started
74-89 % of CFD traders lose

Pros & Cons

  • Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
  • Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
  • Leverage of up to 1:400 depends on jurisdiction and superb trade execution
  • Demo accounts have 60-day time limits

BlackBull Markets

In Summary Best ECN trading environment, with scalping and hedging

BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.

Read more on BlackBull Markets »
4.7/5 in this category

Pros & Cons

  • ECN/NDD execution model with deep liquidity
  • Institution-grade pricing for retail traders via proprietary price aggregation
  • ZuluTrade and Myfxbook for social trading
  • Leverage of up to 1:500
  • Limited deposit options

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.

Read more on AvaTrade »
4.6/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

ACY Securities

In Summary Swap-free trading with the MT5 trading platform

ACY Securities upgrades MT4/MT5 with Capitalise AI and 15 quality plugins. Capitalise AI supports algorithmic trading in a code-free environment and is the most advanced trading tool available, making ACY Securities one of the best Forex brokers. Low-latency 24/5 market access exists via VPS hosting. Copy traders may use the embedded MT4/MT5 services or diversify via Signal Start and SoFinX.

The commission-based trading accounts offer competitive trading fees with raw spreads from 0.0 pips for a commission of $6.00 for ProZero and $5.00 for Bespoke. Traders also benefit from fast order execution under 30ms via 46 liquidity providers.

Read more on ACY Securities »
4.5/5 in this category

Pros & Cons

  • Large repository of daily analysis and educational content
  • Low spreads starting at 0 pips in the Spread Zero account
  • 16 payment processors, including cryptocurrencies
  • Competitive trading fees in its commission-based accounts
  • Only 1 regulator

Plus500

In Summary multi-asset and CFD broker

Plus500 is an Australian company founded in 2008, with main offices located in Sydney. The company’s sophisticated trading platform features over 2000 instruments, and allows clients to trade on movements in the price of shares, indices, forex, commodities, cryptocurrencies, ETFs and options without having to buy or sell the underlying instrument. For the Australian market, Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546). Plus500 Ltd is listed on the London Stock Exchange’s Main Market for Listed Companies, with de facto headquarters located in Haifa, Israel. In its original form, the Plus500 trading platform was only available to PC users. However, in 2010, Plus500 launched a new web-based trading platform update, which allowed clients to trade using Windows PC, Mac, Linux, as well as most smartphones operating on either iOS or Android. Since its launch in 2008, Plus500 has placed considerable emphasis on its technological development through continuous innovation to obtain a technological edge in the market. In 2021, Plus500 opened a new R&D centre in Tel Aviv, Israel, aimed at increasing its scope, particularly in mobile trading technologies. Plus500AU Pty Ltd holds all client money in a segregated trust account, and offers users the option of a demo account for trial purposes.

Read more on Plus500 »
4.5/5 in this category
Get Started
80% of retail CFD accounts lose money

Pros & Cons

  • Broad asset selection in equities and options
  • Free and unlimited demo account
  • Advanced free-of-charge analytical trading tools
  • Global and regulated fintech platform
  • Sub-standard trading platform without support for automated or social trading

Octa

In Summary A commission-free broker with a proprietary copy trading service

Founded in 2011, Octa is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, Octa aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.

Octa offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.

Octa is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. Octa offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. Octa additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.

Asset selection remains the distinct weakness at Octa, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.

Read more on Octa »
4.5/5 in this category

Pros & Cons

  • Quick withdrawals and deposits
  • 0% commission and no overnight charges
  • Space with personalised trading ideas
  • Customer Support 24/7
  • Mobile copy trading services available only for Android

Dukascopy

In Summary a Swiss Bank and a broker
Read more on Dukascopy »
4.4/5 in this category

Pros & Cons

  • Quality trading tools and in-house research
  • Banking services and trading as a bundled service
  • Competitive trading fees with volume-based discounts
  • Excellent STP/NDD/ECN trading infrastructure
  • Account verification requires a video call

How Do I Choose the Best Forex Broker & Trading Platform?

Making a deposit at a Forex / CFD broker is something you should take seriously.

Your first step in seeking the best Forex brokers is to restrict your shortlist to include only the brokers you feel comfortable trusting as a custodian of your money. Ideally, you should only be looking at regulated Forex brokers, and it is advisable to consider the stronger financial centers such as brokers regulated in the U.S.A.., brokers regulated in Cyprus or brokers regulated in the U.K . Consider also whether you would be in a stronger position choosing a Forex broker regulated in the same country in which you live.

Your second priority should be determining whether a broker gives value for money to its customers in return for the services it provides.

Below is a list of the factors worth using to assess any Forex broker.

Broker Regulation & Reputation

A quick google search can determine if a broker has ever been fined by their regulator for a breach of rules, and which rules were breached. Are they a public company? Does their financial position look healthy? Have they been in business a long time?

Minimum Deposit

Most brokers require minimum deposits to open a real money account, usually at affordable amounts. Some brokers ask for higher minimum deposits for their accounts with the best trading conditions. Typically, the more you can deposit up to $10,000, the better the trading conditions (including fees) you will be able to access.

Fees

The most important fees charged by brokers are spreads and commissions applied to every trade you make, but there are other, more hidden fees as well, such as swaps (overnight financing) inactivity fees, and withdrawal fees.

Trading Conditions

A good Forex broker should offer consistently good liquidity and smooth execution without requotes or slippage, which are the mainstays of smooth trading conditions.

Choice of Markets

Will you be able to trade everything you want? If you are only interested in the major Forex currency pairs, that will be easy, but if you really want to trade individual stocks and shares, or the less common commodity offerings, you will find that not all brokers offer them, although most offer some of them wrapped as CFDs.

Does the Broker Suit My Trading Style?

Some brokers offer better conditions for longer-term traders than short-term traders, or vice versa. This is because short-term traders will pay nearly all their trading costs in spreads, while longer-term traders will likely pay more in overnight financing fees (also known as swaps).

Suitable Account Types

Traders with smaller deposits may want a micro account, where position sizes as low as 0.01 lots (1 micro-lot) can be traded.

Ease of Deposits and Withdrawals - A broker that will not speedily send you funds which you have requested and are in your account, raises a big red flag, and is to be avoided at all costs.

Execution Method

Forex brokers typically advertise themselves as one of the following:ECN brokers, STP brokers, or market-makers. Some brokers claim they are a hybrid of two of these. Some traders are very keen to deposit with ECN brokers because they think the cost of trading will be less or that this model makes the broker more honest somehow. The truth is more complicated: each execution method has both potential advantages and disadvantages.

Choice of Trading Platforms

The best Forex trading platforms are widely held to be MetaTrader 4 and cTrader, although many brokers have their own unique proprietary platforms that are arguably as good. MetaTrader 5 is usually seen as acceptable and eay to use too.

Demo Account

Almost all brokers offer one, and any broker which does not should be questioned.

Maximum Leverage

If you want higher leverage than 30:1 on Forex currency pairs, you will need to find a broker regulated somewhere that allows a higher maximum leverage.

Order execution types

There are two especially worth checking which can be especially useful for some trading styles: trailing stop, and OCO (“one order cancels the other”).

Best Forex Trading Platform Comparison

MT4
MT5
cTrader
Ninja Trader
eSignal
Pro RealTime
Trading Station
Automated Trading
Yes
Yes
Yes
Yes
No
Yes
Yes
Advanced Charts
Yes
Yes
Yes
Yes
Yes
Yes
Yes
One-Click Trading
Yes
Yes
Yes
Yes
No
No
Yes
Technical Analysis
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Fundamental Analysis
Yes
Yes
Yes
Yes
Yes
Yes
Yes
User-Friendly Interface
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Trading Alerts
Yes
Yes
Yes
No
No
No
Yes
Broker Availability
Yes
Yes
Yes
No
No
No
No
Beginner Friendly
Yes
Yes
Yes
No
No
Yes
Yes
Demo Version
Yes
Yes
Yes
No
No
Yes
Yes
Desktop Client
Yes
Yes
Yes
No
Yes
Yes
Yes
Mobile Application
Yes
Yes
No
No
No
Yes
Yes

What is Forex Regulations?

  • Forex regulation is a set of rules by an authority with enforcement powers that ensures Forex / CFD brokers treat customers fairly.

  • Forex regulation also enables the financial health and stability of the system and provides a mechanism for dispute resolution. In some cases, an investor compensation fund in case of bankruptcy by a broker exists.

  • Not all regulators grant equal protection and enforcement.

  • I highly recommend that traders always trade with one of the thousands of regulated Forex brokers. While it cannot guarantee against fraud and malpractice, as well-documented cases in the US and Cyprus have shown, regulation offers a layer of protection and security that can benefit traders. 

  • When a regulator finds a Forex broker guilty of treating clients unfairly, the broker is often fined, and the fine becomes public knowledge. So, it is a good idea to make a google search for “regulator fines *broker name*” when you are considering making a new deposit with a broker. Some brokers have incurred fines but continue to cater to clients. It shows that an attempt to take advantage of unknown retail traders was made, but the regulator caught them.

Why Should You Choose a Regulated Broker?

  • Regulated Forex brokers must adhere to financial regulations and maintain a certain amount of capital reserves before receiving a license to operate.

  • Frequent audits ensure that client deposits and earnings reflect the accurate value, and regulated Forex brokers must segregate client funds from corporate ones.

  • The processing times of financial transactions are generally faster and more transparent at regulated brokers.

  • Regulation helps ensure the protection of confidential information provided by traders during the registration process.

  • Regulated Forex brokers must satisfy know-your-client (KYC) and anti-money laundering (AML) stipulations, adding another layer of security.

  • Some regulators operate compensation funds to help protect against any unexpected financial failure of the broker, which remains dependent on the jurisdiction.

  • Regulated Forex brokers are more likely to act in the best interest of clients and stay clear of manipulating prices or stop-loss hunting.

  • Regulators require brokers to submit trade execution and financial data and command minimum capital requirements before granting an operating license.

Forex Trading Scams

Unfortunately, the Forex industry has historically suffered from scammers setting up unregulated or extremely lightly regulated brokers. These scam brokers tended to use a range of tricks to make their clients lose money, or to make it very difficult for clients to withdraw any funds they deposited.

I have taken care to ensure the brokers listed do not fall into this category.

There are also various scams which unscrupulous brokers may run quietly to maximize their clients’ losses where possible. You may find a broker which is well regulated and which will return your deposit, but which quietly engages in unfair manipulation.

FAQs

What Does a Regulated Broker Mean?

expand.png

A regulated broker satisfied requirements by the supervising authority to receive an operating license. It includes financial stability, staff training, support infrastructure, risk management, and compliance.

Are Forex Brokers Regulated?

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Many Forex brokers have an operating license from one or multiple regulators, but numerous brokers operate as unregulated entities, including subsidiaries, from well-known brokers.

Are Forex Brokers Reliable?

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Some Forex brokers are reliable, and some are unreliable. The easiest and best way to tell whether a broker is reliable is to check whether they have secured regulatory approval in a major financial center with a good regulatory reputation.

What is the Best Website for Forex Trading?

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Forex brokers offer trading in Forex, not Forex websites, although all brokers have websites. The best Forex broker for you will depend upon how much money you want to deposit, what you want to trade, how often you want to trade, and your overall risk tolerance. Your country of residence and citizenship can also play a role in answering this question.

How Do I Choose the Best Forex Broker for Me?

expand.png

Consider what assets you want to trade, what style of trading you want to do (long or short-term), and how much money you wish to deposit. These factors are the most important considerations and applying them will enable you to create a shortlist from brokers which are well-regulated and have good reputations. You can then make your final choice on the nice-to-have factors.

What is the Minimum Deposit for Forex?

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Many Forex brokers require a minimum deposit of $100 or the equivalent, but it is becoming more common to find brokers requiring only $10 or even stipulating no minimum at all. Remember though, that it is very difficult to trade safely with even a micro account unless you deposit at least $100.

How Do I Know if My Forex Broker is Regulated?

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You can tell very easily whether a Forex broker is regulated, as brokers will almost always publish this information prominently on their websites, as it is good marketing to potential customers. You do not have to take a broker’s word that it is regulated by a particular regulatory authority – you can and should check the regulator’s website to ensure the broker in question is listed there as having secured their regulatory approval.

What platform do Forex traders use?

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Most Forex traders use the MT4 trading platform, which is offered by almost every Forex broker, and became the cornerstone of the online Forex trading industry.

Can I trade Forex with $10?

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While some brokers offer trading accounts from $10 or less, sufficient to maintain one micro position, it is not enough to trade Forex.

Is trading Forex worth it?

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Forex trading is worth it if new traders approach it with the same mindset as any other demanding profession. The failure rate, as high as 85%, confirms that most do not take it seriously or have misplaced and unrealistic expectations. Misleading marketing campaigns take partial blame for it.

Who is the largest Forex broker?

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The largest Forex broker by volume traded is currently IC Markets.

Who is the best Forex broker for small accounts?

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FXTM is a Forex CFD broker offering micro accounts and requires a minimum deposit of only $10 or a currency equivalent.

Who is the number 1 Forex trader?

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The person who has made the most money from Forex trading, and who has made some famously profitable Forex trades, is George Soros.

What platforms do professional Forex traders use?

expand.png

Bank traders and other institutional traders will typically use platforms such as Bloomberg terminals and bank to bank software, as they are going to be trading with other banks. However, there are private Forex traders making a living from their trading who are using retail platforms such as MetaTrader 4, MetaTrader 5, or cTrader, but they probably are also using technical add-ons, a VPN, and may be looking at other data such as depth of market (DOM) and related futures and other market data.

What is the best regulation for Forex brokers?

expand.png

The best regulation for Forex brokers depends on what you think is the best regulation – do you want the strictest, or a more flexible approach that might allow the brokers to offer customers a bit more risk and potential reward? If you want the strictest regulation, look at tier 1 jurisdictions like Australia, Canada, the European Union, Hong King, Japan, Singapore, New Zealand, Switzerland, the United Kingdom, and the United States.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.