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Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets. You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market. And, you need to work with the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the best forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.

Top recommended and the best forex brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as commodity futures trading commission (CFTC), national futures association (NFA) and financial conduct authority (FCA in UK), among many others. This is because regulated brokers are more reliable than their non-regulated counterparts. Further, your hard earned money remains safe with such brokers for two reasons: they will be appropriately capitalized and they maintain segregated accounts for theirs as well as traders’ funds.

#2: forex trading platform

The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable.

#3: customer support services

Customer support is a key aspect that you need to evaluate. Best fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. During the course of trading forex on an online broker’s platform, there will be times when you need certain time sensitive clarifications. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. It is, therefore, recommended that you evaluate the brokers’ customer support service both by speaking to their representatives on telephone and by communicating with them through email.

Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher. Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.

Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects discussed above and those that are discussed below suit your needs.

#6: deposits and withdrawals

It is important that you understand the brokers’ policies related to deposits and withdrawals. The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others. Further, it makes sense to go through all other written policies in detail.

Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:

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.

Best stock trading forex brokers for 2021

Below you will find a list of forex brokers that offer hundreds and occasionally thousands of stocks for trading. Modern stock market, also known as equity market, connects buyers and sellers of shares with use of electronic networks that spread all around the world. Nowadays, you can purchase some securities without leaving your home or even using a phone to place an order. Most brokers providing specific trading platforms (such as CQG, L2, sterling trader, rhino trader, trading station etc.) offer direct access to US, UK and EU stock markets. Open an account, verify it, deposit some funds and you are all good to start trading.

Who are stock forex brokers? These are forex brokers that offer contracts for difference (cfds) on stocks of companies from around the world. Most stock forex brokers offer stocks that are listed on US exchanges with additions from other major stock indices from around the world, especially from the UK, germany and japan. You may ask: what is the difference between the stocks listed on the platforms of stock forex brokers and stocks that are listed on the platforms of conventional stock brokers? Here are some of them:

What is traded as stocks on the platforms of stocks forex brokers are actually contracts that mirror the price movements of the underlying stock assets.

No stocks are exchanged or owned by the trader when trading the shares listed on the platforms of stock forex brokers. In conventional stock exchanges, trades involve actual transfer of stocks from one trader to another.

In terms of the dealing parties, trading stock cfds involves the trader and the broker/dealer, with the dealer acting as the counterparty to the trader’s positions. In conventional stock exchanges, the brokers do not usually act as counterparties. Rather, they serve to bring together the buyers and sellers of stocks.

Stock cfds are always traded using leverage, whereas conventional stocks are usually traded using cash only.

Contract specifications for trading stocks on forex broker platforms

Stock cfds are offered by forex brokers all over the world. Therefore, you will see brokers in the UK, EU, australia and offshore locations offering these assets. The only forex brokers who do not offer stocks as a result of regulatory restrictions are US forex brokers. CFD trading on the retail end of the market is prohibited by the CFTC, so you will not see stocks cfds being offered for trading. The location of the forex broker will determine the contract specifications for the listed stocks.

A) leverage

One major specification that will be affected is the leverage. In 2018, the european securities and markets authority (ESMA) reduced the leverage limit for trading of all assets on UK and EU forex brokerages, and stocks cfds were hit with a severe leverage restriction. Presently, cfds on stocks can be traded with a maximum leverage of 1:5, which translates to a margin requirement of 20%. What this means is that if a trader buys 100 units of a stock CFD and this trade costs $2,000 to execute, the trader is expected to come up with a margin of $400 as collateral for the trade. However, some of the offshore brokers listed on our website offer various leverage amounts for stocks cfds. If the trade example mentioned above was to be executed on one of these offshore platforms with a leverage of 1:100 (i.E. 1% margin), then the trader would only need $20 to execute a trade that costs $2000 to execute.

B) spreads

When it comes to spreads, there are differences from one stock forex broker to another. Spreads on stocks cfds, especially those of the big stocks, are usually higher than you would get in major currencies. Therefore, traders need to be aware of the cost implications of trading certain cfds on stocks. Many traders trade stocks on an intraday basis. When day trading stocks CFDS, minute reductions in the spreads on these assets can translate into significant cost savings in the long run.

C) exchanges covered

On most stock forex broker platforms, the stock CFD assets usually featured are pooled from the US exchanges (dow jones, nasdaq100 and S&P500). However, stocks from exchanges in japan, china, UK and eurostoxx may also be featured. As a rule, you would like to choose platforms that feature stocks that you are familiar with.

D) trading hours

Stock markets are not 24-hour markets. They are only open for a few hours a day, and these hours are the only times you can trade stock cfds. The market hours for each national exchange are different and you need to consult the contract specifications page of your preferred broker to know what the trading times for your preferred stock cfds are.

E) minimum tick size and lot size

The minimum tick size will indicate by how many points the stock will move when there is a change in price by a single tick. It is also important to know the monetary value of a single tick move. Obviously, the contracts traded as stock cfds are very different from what obtains in the forex market. In forex, a standard lot trade will cost $100,000 to setup and is expressed as a trade volume of 1.0. In stocks, a standard lot is equivalent to 100 units of a stock, which is actually the value of a full stock CFD contract. However, due to the wide variation in the pricing of the various listed stocks, the monetary cost of a full contract will differ from stock to stock. For instance, the cost of setting up 1 contract for tesla will be different from the cost of setting up 1 contract for alcoa. The only way you can get accustomed to these variations is when you practice trading stocks cfds on demo accounts.

F) rollover fee

If you intend to hold a position on a stock CFD beyond the same trading day, you will incur a fee known as the rollover fee or the swap fee. Traders who hold islamic accounts are exempted from paying this fee. Again, it must be pointed out that the rollover fee differs from one stock CFD to another. You would do well to get this information from any of the brokers in our list.

G) the platforms

If you scan through the stock forex brokers on our list, you will realize that nearly all of them feature the metatrader 4 or metatrader 5 platforms. A few of the brokers also offer proprietary platforms. You need to study these platforms to understand how to make certain stock CFD assets available or unavailable for trading. There are also certain nuances to get a good grasp of; some of these include how orders are placed, how to set durations for pending orders (good till cancelled or good till day), or how trade sizes are displayed (lot sizes or number of units).

A number of stock forex brokers on our list also offer proprietary platforms which are different from the MT4. If you decide to work with some of these brokers, you should study these proprietary platforms to see how you can get the best out of their stock CFD trading features.

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.

Fxdailyreport.Com

Top recommended and the best forex brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

#2: forex trading platform

#3: customer support services

#6: deposits and withdrawals

#9: other parameters for identifying the best forex brokers

Why expert traders trade with regulated forex brokers

Role of regulation

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

2. Compensation

3. Effective customer service

4. Quick deposits and withdrawals

5. Updated trading platform

6. Legality

Understanding true ECN vs STP broker

General overview of true ECN and STP brokers

Use of scalping techniques

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

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.

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Best Forex Brokers For Trading Currency in 2021

As a forex trader, finding the right broker is the most important aspect of your trading journey. Your broker can make your trading life much easier if you do it right. You can never truly predict the financial market completely, but a broker can help you gain the knowledge and expertise for a successful trading experience. When choosing a broker, you need one that genuinely cares about you and doesn’t just see you as their client or customer. It’s also recommendable to choose a regulated broker, just to be sure. In this article, we’ll be talking about tips for finding the best forex broker in 2021.

1. Your broker should be regulated

There’s a reason why choosing a regulated broker is important – it ensures security and reliability on your end. If you end up going for an unregulated broker, they can easily break the laws and take advantage of you. Unregulated brokers don’t comply with any rules whatsoever and they’ll behave in any manner they please. This is dangerous as if a serious issue arises with your broker, you can’t bring up the legality with an unregulated broker since they aren’t under any laws in the first place. If your money turns up missing or if any financial complications happen against your broker, you can’t sue them since they’re unregulated. While they’re not illegal, choosing unregulated brokers isn’t exactly a wise choice. To ensure both your safety and security, it’s best to go with a regulated broker instead. Before choosing a specific broker, make sure to do your research on whether they’re regulated or not.

Top regulated forex trading brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

2. Your broker should have no transaction fees

One of the significant aspects of choosing the best forex brokers 2021 is payment transactions. The last thing you should worry about is how you’re going to get payments to and from your bank, card, or whichever method you most prefer. Unfortunately, some brokers charge a certain percentage or fee with every deposit or withdrawal fee so it’s best to choose those that don’t charge you for these. The right forex broker should encourage you to do transactions without much complications and hassle on your end. The specific reason brokers hold your funds is to facilitate your entire trading experience so there’s no reason to make transactions more complicated than it is – or charge a high amount with every deposit or withdrawal you make. We’ve mentioned above that your broker is supposed to make your trading life easier, not harder, and the same concept applies to the deposit and withdrawal aspect. You should also note that some brokers charge for inactivity fee for your account, so also be wary of those brokers.

3. Your broker should have efficient customer service

Out of all aspects, customer service is the one aspect that determines if your broker genuinely cares about you and your success as a forex trader. Brokers aren’t perfect and they also make mistakes, which is why customer service plays an important role in choosing the right broker. Brokers with a fast response time and efficient customer service will make your life so much easier, especially when responding to your concerns, inquiries, and questions. The competence of forex brokers dealing with your concerns and complaints reflects how efficient they are as your broker. Even if it’s as simple as asking for help with transactions, your broker should make your life easier by responding to your question immediately and with accurate information. There are even brokers that would call you and personally welcome you as their broker, which is an admirable feature if you find a broker like that. It makes you feel welcomed and supported, despite the uncertainty as a forex trader.

4. Your broker should offer flexible leverage

While there can be certain advantages with fixed leverage, flexible leverage allows you to change it accordingly, whether you’re going for low-risk or high-risk trades. High leverages are great as it allows you to trade several trades at once in your account, but it comes with the risk of losing discipline. It’s easy to overtrade with high leverage because you’re assuming that you can enter all the trades you want with your high leverage. Low leverage, on the other hand, gives you the discipline to enter just a few trades, but you can only enter a certain number of trades. If you choose a broker with flexible leverage, you control the leverage you set for your trades and not your broker. If you want to switch from high leverage to low, you can do that accordingly. Along the way, you’ll learn that leverage is a double-edged sword, which makes it a disadvantage if you choose a broker with fixed leverage because you have no control over that.

5. Your broker should offer several instruments

Not all brokers offer the same range of instruments, and this is something you’d want to be particular about if you want to expand your trading experience. Certain brokers are restricted to currencies and cfds, while other brokers offer a wide array of instruments such as futures, cryptocurrencies, indices, and the like. A wide variety of instruments will give you the flexibility you need as a forex trader. As you go along in your journey, you’ll realize that currencies are the least volatile you can trade within the financial market, which makes them perfect for beginners. However, you may want to start trading other instruments and with the right broker, you can do this. If instruments are that important to you, it’s best to choose a broker that gives you that wide range and most importantly, charges low to no commission for each trade. You’d also want to check the spreads as choosing the best forex broker is one with low spreads.

6. Your broker should have smooth execution

A broker with smooth and efficient execution will ensure your success as a forex trader. Under the assumption that you have a stable internet connection and the market operates under normal conditions, the exact price you enter your trades is exactly where it should be – not a moment before or after. This is specifically crucial when you’re a scalper or someone who enter trades with a short-term goal in mind. Scalpers normally enter trades for just a minute or two and then exit their trades as quickly as they entered. When your broker has poor execution of trades, this may lead to losses instead of profits since your entry point is another defining factor in succeeding as a trader. One wrong entry point could lead to a loss instead of gain – and this is what you’ll learn as a forex trader. When you click buy or sell on a specific currency, the point you entered in should be your exact entry point.

7. Your broker should provide accurate materials

As mentioned earlier, the best forex broker should care about your success as a forex trader. Your broker should provide resources and education to help both your technical and fundamental analysis for a more accurate trade. In fact, it’s best if they provide news and current events for your fundamental analysis. These resources and education will help you gain more knowledge and strategies as a trader, which you can apply to your trades. Some brokers will even email you a weekly update on the movement of certain currencies you’re eyeing, whether it’s basic currencies or metals. Providing a wide array of materials is how you ensure your broker not only cares about you, but they want you to succeed. Some brokers will also hold live seminars and platform tutorials for a more effective coaching session on how to make it as a forex trader. A lot of people want to succeed as a trader, but few will have the right knowledge to make it through. Choosing the right broker will make sure that you have the necessary tools and materials to be equipped with the knowledge to succeed.

8. Your broker should have low spreads

For most traders, spreads are the defining factor in choosing a broker. When you choose a forex broker that provides low spreads, this simply means you’ll spend less with trades. Spreads are the determining factor between the given price and bid price so a high spread broker would mean that this will cost you higher with each trade. Low spreads also determine lower volatility so as a beginner, choosing a broker with low spreads is the best option for you so you won’t feel as overwhelming when entering the financial market. Lastly, low spreads set you up with the low-risk trades for a more successful forex trading experience.

In conclusion, I hope this article was able to help you gain insight into the best forex broker to choose in 2021. Being a forex trader isn’t easy, which is why choosing the right broker will make your life a whole lot easier. With the right resources, education, low spreads, and adjustable leverage, you can have a smooth trading experience that will lead you to more profits than losses. It’s a bonus if your broker genuinely cares about your journey as a forex trader. With these tips, hopefully, you’ll choose the best forex broker in 2021.

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