Due to the popularity of forex trading over the past decade, hundreds, if not thousands, of new forex brokers have flooded the market, all seeking your patronage. Our desire is to help you find out exactly which one of these brokers is the right one for you, thereby avoiding a potential nightmare from ever happening before you even get started.

Broker Features Regulator Platforms Next Step
Number One Broker ForexTime Logo Founded: 2011

- Over 400k Account Registered
- More than 250 Trading Instruments
- MT4, MT5 and Web Trader Platforms
- Full ECN Trading Model

CySEC, FSB, IFSC MT4 & MT5 for PC, Mac, iPhone/ iPad, Android. FXTM WebTrader (MT4)
AvaTrade Logo Founded: 2006

- Active 10+ years
- 40% New Member Bonus
- Very well regulated

ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
FxPro Logo Founded: 2006

- Support in 18 languages
- Negative balance protection
- 24/5 Support

CySEC, DFSA, FCA, FSB, SIA MetaTrader4, MetaTrader5, cTrader, FxPro Edge
eToro Logo Founded: 2007

- Social Trading Platform
- 24/5 Customer Support
- Beginner Friendly

CySEC, FCA eToro OpenBook, eToro WebTrader, eToro Mobile Trader

    View Additional Suggested Brokers Here

    Forex brokers range widely from the highly reputable and well regulated firms like FXTM or AVA, handling many accounts honorably, to those engaging in questionable pricing and order execution practices, to outright fraud in some cases, like Refco, a highly publicized bankruptcy of a forex and commodities broker that attempted to hide $430 million in bad debts from investors and clients. Customer accounts were not held in segregated bank accounts and suddenly reverted to paying down other creditor claims. In other words, traders lost their money before they were able to make their first trade.

    Consequently, it is basic common sense that all traders should take their time when choosing their most significant business partner, the one that will support their trading aspirations going forward – their forex broker. The process is called “due diligence” or “vetting a vendor” or whatever name you may wish to assign to the task, but urgency should not be a factor. When it comes to money, there is a criminal element in our society that will go to great lengths to deceive you. Significant research in advance will pay rewards. Take your time to find a forex broker that is worthy of your trust, before you ever send them any money.

    There are many websites that can help you in your search process. The staff at Forextraders.com has reviewed many capable brokers and reduced the group down to a list of worthy candidates. The selection process begins by choosing a minimum of three possible brokers, and then following with an evaluation of each and whether they meet your needs. Even after you narrow the group down to one final candidate, you may want to start off slow with a small deposit and small trade positions to validate your initial findings. There is no reason to rush. There will always be trading opportunities around the corner.

    Step 1: Choose a trusted forex broker

    Of course, the first and most important consideration when selecting a forex trading broker involves determining whether or not your funds will be secure in the broker’s hands.

    There are four aspects you want to examine to make sure your money is safe: Domicile, Regulation, Reputation, and Funding.


    If the domicile of your forex broker is in a major country with well-developed financial regulation, this legal infrastructure can often help you recover your funds if problems arise. Make sure to double-check the domicile of the company even if the address looks reputable. Sending your money to an online forex broker based in less well-regulated places like the Bahamas or Panama may not be in your best interests. Trying to exert your legal rights in a foreign jurisdiction can be a daunting task, especially if there is no regulatory oversight in the background to support your effort. Avoiding forex brokers with a dubious base of operations will actually help narrow down considerably the search for a reputable broker! And you want to save time, right?


    The second security signal to check is whether the broker is regulated or not. You should be aware that opening an account with a forex broker who has taken the trouble to register with a regulatory agency – while a very good idea – will still not guarantee that the company is legitimate or that your trading funds are safe.

    Nevertheless, by having a regulatory agency involved, a certain amount of recourse exists for a broker’s clients if the company files for bankruptcy or if other problems develop that put the return of your trading funds at risk. To conclude, you should always choose a regulated broker.


    The third point to check out is the broker’s reputation. Be sure to check the Internet for either favorable testimonials or continuing complaints about the brokers you have chosen for consideration. Especially look for reviews and comments where traders have had difficulties in withdrawing their funds. If you see evidence of this, don’t waste any more time on this broker.


    The fourth and last point when it comes to choosing a trusted broker involves the financial security of the broker. Your money will always be more secure in the hands of a forex broker with great financial backing. The broker should be well funded, or have a trusted owner or parent company. These supporting relationships are often disclosed on the broker’s official web site on tabs like “About Us” or “Press Releases”. Although all the top forex brokers represented here should be well funded, it is always a good idea to make sure one extra time. You may also want to visit the website for the regulatory body in the region. Regulators often publish annual statistics on the capital funding for their licensees and whether they are adequate or not. You will also want your broker to hold your funds in segregated accounts at Tier-One banks. Safety and soundness are key factors when dealing with a broker.

    Use the chart below to compare forex brokers. Here you will find our top choices of brokers that you can trust with your money.

    Top list of most trusted forex brokers

    Broker Features Regulator Platforms Next Step
    Number One Broker ForexTime Logo Founded: 2011

    - Over 400k Account Registered
    - More than 250 Trading Instruments
    - MT4, MT5 and Web Trader Platforms
    - Full ECN Trading Model

    CySEC, FSB, IFSC MT4 & MT5 for PC, Mac, iPhone/ iPad, Android. FXTM WebTrader (MT4)
    AvaTrade Logo Founded: 2006

    - Active 10+ years
    - 40% New Member Bonus
    - Very well regulated

    ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
    FxPro Logo Founded: 2006

    - Support in 18 languages
    - Negative balance protection
    - 24/5 Support

    CySEC, DFSA, FCA, FSB, SIA MetaTrader4, MetaTrader5, cTrader, FxPro Edge
    eToro Logo Founded: 2007

    - Social Trading Platform
    - 24/5 Customer Support
    - Beginner Friendly

    CySEC, FCA eToro OpenBook, eToro WebTrader, eToro Mobile Trader
    MexGroup Logo Founded: 2005

    - Well regulated in over 3 continents
    - 24/5 multilingual Customer Support
    - Tightest spreads in the market
    - 15% new account opening bonus
    - MT4, MT5 and mobile trading platforms

    ASIC, BaFin, CIMA, FSC MetaTrader 4, MetaTrader 5
    Plus500 Logo Founded: 2008

    - Multi Asset Trading Platform
    - No Time Frame for Demo Accounts
    - Very well regulated

    ASIC, CySEC, FCA Plus500
    Forex.com logo Founded: 1999

    - Trusted Global Market Leader
    - Online FX & CFD Trading
    - 180+  Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
    - Forex, Indices, Commodities, Equities & Bitcoin

    CFTC, CIMA, FCA, FSA, IIRO, NFA FOREXTrader & MT4 for PC, MAC, iPhone, iPad and Android
    IronFX Logo Founded: 2010

    - 1 Million GBP Insurance by Lloyds of London
    - ECN Real Raw Spreads, 0.2 EUR/USD
    - Scalping allowed

    ASIC, CySEC, FCA, FSB Metatrader, Webtrader
    ATFX Logo Founded: 2014

    - Well Regulated
    - MiFID Compliant

    CySEC, FCA Web Trader, MT4
    easyMarkets logo Founded: 2001

    - Active since 2001
    - 300+ markets can be traded

    ASIC, CySEC MT4, Web platform & easyMarkets Trading App
    Markets.com logo Founded: 2008

    - Beginner friendly
    - Leverage 1:300

    CySEC, FSB Markets.com Platform
    OctaFX Logo Founded: 2011

    - Up to 1:500 leverage with micro-lots (0.01 size) available for everyone
    - Scalping, hedging, trading on the news, and EAs are permitted.

    FCA MT4 and cTrader
    TradeFred Logo Founded: 2016

    - Owned by the BetFred Group
    - Trade in 50 currency pairs

    ASIC, CySEC, VFSC MetaTrader 4
    XM Logo Founded: 2009

    - $30 + Deposit Bonus up to $5,000 (t&c apply)
    - Very well regulated
    - 24 hour support

    CySEC, FCA MT4 Terminal, MT4 for Mac, Web Trader, iPhone/iPad Trader, Droid Trader, Mobile Trader
    HotForex Logo Founded: 2008

    - 100% FTD Bonus(only non-EU)
    - Social Trading Features
    - Available in 25 languages

    BaFin, CySEC, FCA, FSB, FSC MT4
    Libertex Logo Founded: 1997

    - Well Established
    - 700 employees
    - Their own platform

    CySEC Libertex
    City Index Logo Founded: 1983

    - Well established
    - Beginner friendly
    - Free Webinars

    ASIC, FCA, MAS Advantage Web, AT Pro, MT4
    CFD Global Logo Founded: 2016

    - 24/5 customer support on live chat and telephone.
    - Educational trading material.
    - Tight spreads and zero commissions.
    - More than 2000 instruments.

    CySEC WebTrader, MetaTrader5
    FxGiants Logo Founded: 2015

    - FXGiants has a proprietary interface to make its account funding process easier, fast and secure.
    - Very well regulated

    ASIC, CySEC, FCA MetaTrader
    Trade.com Logo Founded: 2009

    - Attractive bonus promotions
    - Dedicated account manager
    - Various FTD bonuses

    CySEC Metattrader4, Webtrader, and mobile support platforms supported
    BDSwiss Logo Founded: 2013

    - Forex pairs and CFD trading
    - Tight spreads as low as 1.2 pips
    - Over 130 assets

    CySEC MT4 & SpotOption
    USGFX Logo Founded: 2005

    - Withdrawal request approved within 24 hours
    - Negative balance protection

    ASIC MT4
    FXPrimus Logo Founded: 1999

    - 24/5 Customer support
    - Well established
    - Well regulated

    CySEC MT4
    24option logo Founded: 2010

    - Dedicated Account Manager
    - Well Established
    - Leverage 400:1

    CySEC, MiFID MT4
    Trio Markets Logo Founded: 2014

    - Very well regulated
    - BONUS: $4 cashback per lot traded till the end of the year

    ASIC, FCA MT4 & Sirix
    FPMarkets Logo Founded: 2005

    - Phone and live chat support
    - PAMM Accounts Available

    ASIC MetaTrader 4
    Pepperstone Logo Founded: 2010

    - Well regulated by FCA and ASIC
    - Well established and large broker
    - Offers Education

    ASIC, FCA MetaTrader 4, MetaTrader 5, cTrader
    Swiss Markets Founded: 2016

    - Good Leverage
    - Many Deposit and Withdrawals options

    CySEC MetaTrader 4
    CM Trading Logo Founded: 2011

    - Automated mirroring service
    - One on one training
    - 24x5 customer support

    FSB MT4 & Sirix
    XTB Logo Founded: 2002

    - Forex Pais and CFD Trading
    - Cash back loyalty bonus. Earn up to £1.80 cash back per lot.
    - Tight Spreads as low as 1.2 pips

    BaFin, CMB, FCA, KNF xStation, MT4, Mobile
    Alvexo Logo Founded: 2014

    - Trading Academy
    - No withdrawal fees
    - Three trading platforms

    CySEC MetaTrader4, MT4 Mobile Web, iPhone/iPad, Social
    iTrader Logo Founded: 2012

    - Order slippage on stop losses is generally minimal
    - Trade in over 50 currency pairs
    - No fees for deposit or withdrawals

    CySEC MT4, WebTrader, Mobile
    Formax Logo Founded: 2014

    - CopyMaster social trading platform
    - Permits scalping hedging, EAs

    FCA MT4, CopyMaster
    IQ Option Logo Founded: 2013

    - Well established.
    - Does both binary and forex.
    - Low minimum deposit

    CySEC, FCA IQ Option
    ThinkMarkets Logo Founded: 2010

    - EAs, hedging and scalping allowed
    - ECN shop with the backing of several liquidity providers
    - Bilingual customer support 24x6

    ASIC, FCA MT4, Mobile
    Tradeo Logo Founded: 2012

    - Bonus available(t&c apply)
    - Their own platform and MT4

    CySEC MetaTrader4, Tradeo Platform
    FXGlobe Logo Founded: 2013

    - No dealing desk executions
    - Account management for traders on varying experience levels

    CySEC, MiFID MT4, FXGlobe Web Trader
    HYCM Logo Founded: 2011

    - Up to $5,000 Welcome Bonus (T&C Apply)
    - Very well regulated

    FCA, MiFID MetaTrader4
    LCG Logo Founded: 1996

    - No minimum deposit
    - Very well established
    - Daily emails with market commentary

    FCA LCG Trader, MT4
    Oanda Logo Founded: 1996

    - No Minimum Deposit
    - Very well established
    - 24/5 Customer Support
    (Your capital is at risk. Losses can exceed investment. Leverage trading is high risk and not for everyone)

    AxiTrader Logo Founded: 2007

    - 24 hour support
    - Well established

    FCA MetaTrader 4
    Orbex Logo Founded: 2010

    CySEC MetaTrader 4 Client Desktop, MetaTrader 4 Multi Terminal, Windows Mobile Trader, Android Trader, MT4 iPhone and iPad Trader, MT4 Mac OS Trader
    ForTrade Logo Founded: 2014

    FCA MetaTrader 4
    ForexMart Logo Founded: 2015

    CySEC, FCA, MiFID MetaTrader 4
    NordFX Logo Founded: 2008

    MFSC MetaTrader 4, MetaTrader 5
    NSFX Logo Founded: 2012

    MiFID MT4, MT4 ECN, NS-Trader

      If you want to get some more basic information on brokers, and more information on different regulatory bodies that provide oversight for forex brokers as well as articles that dig deeper into the different aspects on choosing a forex broker that we talk about on this page, you will find that in our forex broker tips section.

      Step 2: The broker’s offer and services

      After you have found a broker that you think you can trust with your money, it is time to look at the offer and services you should expect from your broker.

      My top list of things to check out include the following:

      1. Spread Margins
      2. Execution of orders
      3. Trading Platform
      4. Support

      1. Spread Margins

      Forex brokers usually charge a commission on deals by taking part of the bid offer spread, so the tighter their spreads, the more money the trader saves. If your preferred trading strategy is more active than most, then spread margins will be more important for you.

      2. Execution of orders

      Speed is really important when it comes to execution of orders. You should test his speed and effectiveness with a demo account with the broker you have chosen. More on demo accounts later. In some cases, the demo account may not be a good barometer. You should also check other online reviews to find out if there are “slippage” problems or constant re-quotes from the broker. If the speed and effectiveness is not there, then choose another broker!

      3. Check out the trading platform

      You need to determine the ease of use and reliability of the broker’s trading platform, in addition to the quality of the online market information offered by the broker to its clients. Does the platform need to be downloaded, as with Metatrader4, the most popular and widely used platform on the market? Some downloads are easier than others. Is the platform a proprietary design? This situation may be good or bad. Demo testing can help here, as well. It is not always easy to decide the best forex trading platform since it depends on your needs. Are you on the go and need to access your account via an iphone or Android device? Some brokers support mobile trading. Others do not.

      4. Support

      Remember, the forex market is open 24 hours a day almost 6 days a week, if you count from the opening of the week in Sydney Monday morning until closing in NY Friday afternoon. See the forex market opening times. Different time zones can impact the accessibility of customer support services. If the broker’s support crew is on one side of the globe and you are on the other, you might need support from your broker on a 24-hour basis. We highly recommend that you choose a broker with 24-hour support.

      These were our four most important points to review when accessing the capabilities of your prospective broker. It also helps to be aware of the pitfalls that can occur in the forex industry. Here are a few tips that could alert you to the possibility of questionable business practices and help you to easily discard prospective brokers on your short list.

      Step 3: What to watch out for

      Beware of Unusual Trading Rules

      Beware of forex brokers with arcane trading rules, such as giving you a minimum time to hold a position or denying you to “pip hunt”.

      Beware Outrageous Marketing Claims

      There are unscrupulous brokers that will attempt to attract your interest with marketing claims that seem too good to be true. In most cases, be suspicious of claims of high returns, super tight spreads, and professional support that will help you make a fortune in forex trading. Competition is high, and many brokers will say anything to get your initial deposit. Be wary and skeptical. You are your first line of defense when it comes to preventing fraud.

      Avoid Brokers That Requote

      Requoting is the situation where your trading platform shows a certain price, and then when the trader goes to deal on it, the platform makes them wait, and then shows them another often worse price.

      Excessive slippage on stops

      Slippage occurs when an order, usually a stop loss, is not executed by a forex broker at the rate at which it was placed. Instead, the order is filled at a rate that is usually worse than originally intended by the trader.

      Front running orders

      Front running means that the broker may be holding an order for an especially large commercial transaction and might trade it ahead of or “front run” the order to make money at the client’s expense.

      Step 4: Other considerations

      You will want to read the prospective broker’s official website and any documents thoroughly to get clear on both their terms and operational rules of the road.

      We also suggest you give their customer support a test call. You will want to assess the helpfulness and market expertise of the customer service department when assisting you in getting started trading or in case a problem arises. Brokers that fail to answer questions or that put you on hold when you try to call in are best avoided.

      Withdrawals and Deposits

      Make sure that the forex broker’s withdrawal and deposit policies agree with you. Some brokers charge exorbitant fees for bank or wire transfers, while some will even take PayPal.

      Also, some brokers can make you wait an agonizingly long time to withdraw your funds. Make sure you have this information before you give them your money.

      Make use of bonuses

      Make sure to check out the prospective broker’s bonus offering. Often they will provide you with some kind of extra bonus with your first deposit. Some of them also offer other types of bonuses for you as a loyal customer. Make sure to understand the terms and conditions connected to the bonus.

      What type of account to use?

      There are demo trading accounts and live trading accounts. We always recommend that you start trading with a demo trading account to check out the trading platform. But you need to understand that there are differences between demo and live trading.

      When you are ready to open a live account we recommend that you start trading with a micro account first.

      Step 5: Checklist of features

      The following list presents many of the more desirable features and services offered by forex brokers. We have already covered many of these in the above discussion, but not all. This list will help you prioritize your personal needs.

      • Competitive dealing spreads
      • Fast and reliable executions
      • Mobile phone trading support
      • Automated trading support
      • Dependable order execution on stop loss orders
      • Minimal slippage on stops
      • Easy deposits and withdrawals
      • Sign up bonuses and promotions
      • Trading in a wide array of currency pairs
      • Trading in other markets such as gold, silver and crude oil
      • Low initial deposits
      • Instructional material for novice traders
      • Personalized trading strategy and market advice
      • Economic calendars
      • Reuters or AP/Dow Jones financial newswires
      • Forex expert market commentary
      • Calculators and trading tools
      • Technical analysis tools
      • Charting software
      • Size of dealing lots
      • High leverage accounts
      • Competitive rollover fees

      Most of these services can be obtained through a variety of online retail forex brokers, so it is up to you to determine what services you consider important for your personal trading needs. Your goal is to select the broker that best suits your personal trading needs.

      Concluding Remarks

      As you might expect, the larger the forex broker, generally the more services the broker can make available to their clients, the tighter their dealing spreads, the more reliable their trading platform and the faster their transaction executions are likely to be. Thus, in general we recommend that you choose one of the larger brokers.

      Any qualified forex broker will provide you with a reliable trading platform, 24-hour customer support during forex trading hours, charting and technical analysis tools, access to quality forex news and commentary, competent order execution, competitive dealing spreads and a wide choice of currency pairs to trade. Brokers offering any less than this basic package should not be considered in the selection of a forex broker, since today’s market offers a broad blend of online retail forex brokers for your consideration.

      Performing adequate due diligence on the front end on your prospective forex broker, before making your first trade, can literally save you thousands of dollars and prevent nightmares from ever happening down the road. Finding the right broker for you and your trading needs is your top priority. Invest the time that this task requires, and you will never regret it.

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