Which forex broker is the best

Here's a question that I get asked all the time and if you have been reading this blog for awhile, you know the answer.

Real forex bonuses

Which Broker is the Best Forex Broker, which forex broker is the best.

But for newer traders, I thought I would go over which broker I think is best and why. This is something that should have written about a long time ago and I only recently realized that I have not written a post about it. Trading nano lots for be sure to check for inactivity fees. If there is one, move on…there are better brokers out there..01 per pip will allow you to take a trade with a 100 pip stop in a $100 account and still only risk 1%. Try doing that at any other broker.

Which broker is the best forex broker?

A common question that newer traders ask is "which forex broker is the best?" there are some shady brokers out there, so in this article, I want to tell you what to look out for when choosing a broker and also which broker I think is the best.

Here's a question that I get asked all the time and if you have been reading this blog for awhile, you know the answer. But for newer traders, I thought I would go over which broker I think is best and why. This is something that should have written about a long time ago and I only recently realized that I have not written a post about it.

I don't get any commissions for writing this post.

This really is the broker that I trade real money with and I really do believe that they are the best. There are a few other excellent brokers out there, so this is just a personal preference.

If you have any questions about choosing a broker outside of the US, you should talk to someone like justin, who understands the rapidly changing broker landscape much better than me.

Other brokers

Before I reveal which broker I like the best, it is important to go over what I have seen go wrong at other brokers so you know what to look out for.

Inactivity fees

Some brokers will charge you a monthly fee if you do not trade that month. I think that is completely ridiculous. This forces newer traders into taking bad trades because they “have to” trade.

I experienced this with one broker and I was furious. It was my fault though, I didn't read the fine print. I was charged like a $30 fee in a $300 account.

Be sure to check for inactivity fees. If there is one, move on…there are better brokers out there.

Sketchy foreign brokers

Some foreign brokers are going to promise the world and you may be tempted to trade with them. Don't do it.

You need to use a broker that is in a country that will protect you if the broker does something illegal or goes out of business. Usually the attraction to foreign brokers is the increased leverage.

If you can't make money at 50:1, you won't make money at 500:1.

Start small and learn to trade well.

Bad ticks

Some smaller brokers may not have accurate data feeds and that can lead to large gaps or triggering your stops when they shouldn't have been triggered. The reputable brokers will have accurate data feeds.

Can't access certain pairs

I have traded at a broker that only allowed me to trade 5 or 6 (I forget the exact number) currency pairs in a mini account. It's not as though I will be trading every single pair at the same time, but if I so happen to backtest a strategy that works best in GBPCHF, for example, I do want the ability to trade it. Needless to say, when I discovered that I couldn't trade the GBPCHF and the GBPJPY with that broker, I moved my money immediately.

Difficult to withdraw money

Another thing some brokers do to keep your money with them is make it an act of god to withdraw your money. Whenever you start trading with a broker, you should start by putting a small amount of money in first to test them out.

Do some trades and deposit and withdraw from your account. If they give you a hard time, move.

My vote for best forex broker

I'll get to the point…my favorite forex broker is oanda. They are really easy to deal with and I have not have any of the issues listed above. They offer metatrader for excellent charting, but that is not always good for day trading. If you are a day trader, I have found that their java platform works very well.

One thing that separates oanda from other brokers is the fact that you can trade nano lots. What does that mean? Well, in plain english, that means that you can tailor your lot size all the way down to $0.01 per pip. That will allow you to take almost any trade with almost any sized account, while still using proper risk management. Even with mini lots at other brokers, you may still be over trading with one mini lot in a small account.

Trading nano lots for $0.01 per pip will allow you to take a trade with a 100 pip stop in a $100 account and still only risk 1%. Try doing that at any other broker.

You can integrate oanda with mt4i and myfxbook for automated trading reports. Oanda also has some of the lowest spreads in the industry. This is one of the main reasons I trade with them instead of with some of the other big brokers.

Above all else, they are financially stable and meet all financial requirements (last I checked). Of course, there is no guarantees with any company, but my research showed that they are one of the best.

Again, there is no benefit for me to mention this, but I do because I have had a great experience with them. Which broker is your favorite and why?

Top 7 of best US forex brokers for 2021

Top rated:

Are you searching for the best US forex brokers?

Luckily, our team of professional forex broker reviewers can take care of your every need.

Let alone the best forex broker in USA, our team realizes it is tough to find any broker which offers a trustworthy, and still value for money proposition when you want to trade forex in the USA. Forex brokers accepting US clients may be few and far between, but we have combined years of experience to narrow your selection down to the top five brokers.

These five are among the best forex brokers USA has to offer.

In fact, they are some of the best forex brokers for residents of any country. These brokers will ensure you feel safe, secure, and still have the ability to prosper in your trading career. They have been selected as the best US forex brokers for a variety of reasons.

Among these reasons are the amount of trading support they offer you, they wide range of markets and instruments that are available for trading, and the very competitive pricing and fee structure offered by these top forex brokers.

Is forex trading legal in the USA?

As a forex trader in the US, one of the most important questions you may be asking yourself from the outset surrounds the legality of forex trading in the US. Well, we are pleased to tell you that yes, forex trading is legal in the US. In fact, the US has several top financial regulators providing the best protection to you as a trader. These bodies are FINRA, the SEC, CFTC, and NFA with the latter two being the main regulators when it comes to forex trading and trading in derivatives such as futures. Remember also that cfds trading in the US is not permitted.

How to trade forex in the USA

The process of getting started with a forex broker in the US is typically similar to that of any other country. With any top broker you will usually be asked for the following information:

Proof of identity. A passport is typically best for this purpose.

Proof of residence, usually in the form of a bank statement at your current address.

Once these documents are uploaded and verified, a process that takes most forex brokers just a few minutes, you will be free to get started trading forex.

Top 7 forex brokers in the USA listing for 2021

Here’s our list of the best US forex brokers:

1. Forex.Com

When it comes to US forex brokers, forex.Com has to be an immediate consideration for opening your forex trading account in the USA. They are CFTC licensed and NFA regulated (#0339826) and provide a selection of flexible and accessible account types with low spreads starting from 0.2 pips, including their direct market access account. This offers some of the most unbeatable spreads among any of the forex trading brokers USA. They also provide extensive trading options in all of the top forex currency pairs, metals including gold and silver, as well as futures trading. When it comes to forex brokers accepting US clients, forex.Com certainly offers among the most comprehensive range of services to their US-based traders.

The forex.Com minimum deposits starting form $1000 on standard, and commission accounts, and $25,000 on DMA accounts with demo accounts available. There are also a range of other great benefits such as cash rebates and reduced or no fees for active traders.

2. IG markets

With over 40-years in the industry, IG markets is a true pioneer of the industry, and among the most long standing forex brokers accepting US clients. The broker has evolved continually, keeping the requirements of US-based traders as a top priority. These can be traded on MT4, the mainstay trading platform for top US forex brokers and traders from all around the world as well as being both CFTC licensed, and NFA regulated (#0509630). IG markets offers one type of account to all traders and this has a minimum deposit requirement of $250.

Accessibility with IG is also excellent, you can engage with a number of top professional charting packages using your desktop, phone, or other smart device. Beyond the USA, IG markets also featured in our top 10 largest forex brokers australia. This showcases their global appeal to traders. This appeal is further enhanced by a great cost of trading on more than 90 forex pairs with spreads starting at 0.8 pips.

3. Interactive brokers

You will very often find interactive brokers among our lists of top forex brokers. This is also true when it comes to our choice of top US forex brokers. This is thanks to a number of positive aspects which the longstanding broker uses to attract clients around the world. These include an excellent proprietary trading platform which offers some of the most advanced trading tools available on any market, and a widespread list of products which are available at highly competitive rates. These products include currencies, options, metals, and indices within a list which is ever increasing. IB are a FINRA member and regulated by both the CFTC and NFA (#0392970), as well as the SEC (#8-47257).

They have two account types, you can choose the IBKR lite, or IBKR pro both at no minimum deposit though the pro account has a $10 maintenance fee. As mentioned the product range is excellent as is the trading cost with spreads from 0.1 pips on 105 forex pairs. All of these features make IB a top choice particularly for experienced traders.

4. Oanda

Oanda is also making progress toward becoming the best forex broker in the USA. The industry leader is making progressive inroads in the US market, and now offers trading in more than 70 diverse forex currency pairs. This is more than enough for you to trade successfully. Added to this, you can also benefit from the powerful educational and research infrastructure oanda provides. This includes marketpulse, a selection of news, technical analysis, and research resources which are provided by the in-house oanda team. This can combine perfectly with our own online investment guides and educational content. Oanda are also well-regulated by both the CFTC, and NFA (#325821) offering traders two account types.

The standard account type is attractive thanks to the fact it has no minimum deposit, while the premium account requires a $2,000 minimum deposit but has benefits like lower spreads and other costs. An unlimited oanda demo account is also available. The broker also use the much respected MT4 trading platform for trading in all 70 forex pairs and more at a very competitive spread starting from 0 pips. All traders but particularly newer ones, seem to fit well within oanda.

List of the best 23 forex brokers | trusted reviews

Are you looking for a good and serious forex broker? – then this page is the right place for you. Thanks to the large selection on the internet it is often difficult to make the right decision. With more than 7 years of experience in the financial markets, we present you with the best providers with top service and without hidden costs. Find out in the following texts how to select a secure forex provider and which online broker offers the best conditions.

Broker:	review:	regulation:	spreads:	assets:	advantages:	open account:
1. Bdswiss	(5 / 5) ➜ read the review	cysec, FSC	starting 0.0 pips + $ 2.0 commission per 1 lot	250+ (50+ currency pairs)	+ individual offers + trading signals + raw spreads + leverage up to 1:500 + best education + personal support

Watch our full video review about the best forex brokers (risk warning: your capital is at risk):

Strict criteria for the forex broker review

In contrast to many other comparison sites, we present you on this website only the safest providers with the best conditions for traders. As experts with many years of experience, we have tested many forex brokers and still use some of them. A good provider should have certain characteristics that guarantee good and safe investing.

It is not uncommon to hear of fraud on the internet. This is to be avoided by this comparison. In addition, one would like to save on charges as a trader because the costs for the trade reduce of course the actual profits. Also, the security of customer’s money is of high priority. A regulation or license, for example, is urgently needed for secure trading with international brokers. All these criteria and many more are included in the test. Therefore we can present you on this page the best forex brokers in a list.

Proven facts for a good forex broker:

Regulation and license of an official finance authority

High safety of customer funds

Fast and reliable market execution

Small forex trading fees and no hidden fees

No requotes (high liquidity)

User-friendly trading platform

Free and unlimited demo account

Professional support

Fast deposit and withdraw methods

How does a forex broker work?

A forex broker is an intermediary between a client (trader) and the interbank market for currencies (wikipedia). In addition, the broker can lend capital to the trader so that he can trade with leverage. The broker’s income is generated by the spread and the cost of financing the leveraged positions.

There are 2 different models of brokers: market maker and ECN/NDD broker

Example of live spreads for forex brokers

Market maker:

This broker does not place the trader’s orders directly into the real interbank or spot market. There is an internal matching system between the positions of the traders. Of course, the broker can hedge himself on the real markets so that there are no distortions in supply and demand. In most cases, this system can be opaque, and only as a broker employee, you know the exact functions. A market maker forex broker is not bad or scam. Nowadays, most providers offer good and exact executions.

ECN/NDD (no dealing desk) broker:

ECN and NDD mean direct access to the interbank market through various liquidity providers. These are large banks or very large forex brokers. The provider places the trader’s orders directly into the real market. So the customers get direct and real market prices for trading. With this model, there is no conflict of interest between trader and broker. Zero (no) spread accounts are offered.

Warning: only trade with regulated and licensed forex brokers

Security has the highest priority in online trading. When it comes to trading leveraged financial products, you have to be able to trust the forex broker. It is not uncommon for large sums of money to be used to generate a large profit. For example, brokers in europe must have regulations or licenses if they want to offer their services. The regulation can be in any european country. The same or almost the same requirements apply to brokers everywhere. In order to avoid fraud, it is important to look for such a license.

Licenses are only issued under certain conditions and criteria. If a broker violates these conditions, the license may be withdrawn immediately. All tested companies of mine are always concerned to keep the highest criteria and to guarantee a safe trade. Many brokers, for example, are regulated in cyprus. This has tax advantages. Nevertheless, there are also forex brokers with more than one regulation. The various regulatory authorities can be seen in the table above.

Facts of reliable and secure companies:

Regulation and license

Separated customer funds

Regulated deposit and withdrawal methods

Using well-known banks

Large liquidity providers

Another important point for serious trading is the security of customer funds. Payouts of winnings or the deposited amount should work smoothly. It was not uncommon for some brokers to speculate on customer funds themselves. In the end, withdrawals were refused or delays occurred.

How risky is forex trading?

Forex trading is managed by leveraged financial products. That means you are able to trade a bigger contract size than the amount of money in your account. Some brokers offer the leverage up to 1:3000. Many traders are afraid of the obligation to make margin calls and this is not without reason as the past has shown. Account balances could slip into the negative balance. This is possible due to extreme market situations and too large a position size in relation to the account balance.

The providers shown above all have no obligation to make additional contributions (except IC markets and vantage FX). With the providers in the upper table, you are therefore protected against such a scenario. In our experience, this can only happen if the account is too heavily leveraged. You should always beware of sensible risk management.

Beginners should always start with the free demo account to practice forex trading.

A demo account is essential for successful trading. The trading column form and conditions can be tested extensively with this account. It is a virtual credit account that simulates real money trading. It can be traded without risk. This means that new strategies can be developed or new markets tested. The demo accounts of the compared providers are completely free and unlimited. This account is best suited for entry into forex trading.

How to deposit and withdrawal money:

For most traders, the first deposit into their account is very exciting. It should work smoothly and be highly secure. Forex brokers offer well-known and proven payment methods. Capitalize the trading account with electronic methods (credit card, e-wallet, paypal, crypto) or with the classic way of bank transfer. Electronic methods work in real-time and the money is credited directly to the trading account. Trading can be started immediately. The minimum deposit at the compared brokers is very low. For example, you can open an account from as little as 1$. If this is worth it, you have to decide for yourself. There are no fees for deposits.

Example of payment methods of a forex broker

The payout is also very uncomplicated. With a few clicks, you can request a withdrawal on the menu. This is then released in 1-3 working days. However, most brokers payout customer money in less than 24 hours. All presented brokers passed this test. The fees can be high for small payouts. With payments over 200$, the most forex brokers take over the fees but some brokers do not charge any commissions.

Facts about the payments:

Instant deposit of money

Fast withdrawal within 1 – 3 working days

Electronic methods (skrill, neteller, paypal, and more)

Cryptocurrencies

Bank wire

Not every country is available for forex trading

Not every country is available for forex brokers and trading. This is because there are some restrictions and special regulations. For example, in some countries, an international broker needs a special license for that specific country. So it is too much afford for some companies to get the license and they stop taking clients from these countries. You can clearly see on the homepage which clients they accept. Not many brokers accept clients of the united states of amerika.

From my experience, the fastest-growing countries are in africa and asia. Because of the development of mobile internet, more people get connected to the forex market. India, nigeria, philippines, malaysia, and china are at the moment the fastest-growing countries.

Is forex trading legal?

Forex trading is fully legal if there is not any ban from the government. Forex trading is just changing money into another currency. This is not an illegal practice. The brokers on my review got official regulations so they act fully legal.

Review conclusion: start trading with a reliable forex broker

On this page, we have presented you with our current list of the top 23 forex brokers in comparison. Now you have a selection of good and reputable companies in front of you. It was particularly important to us that we only present providers here, which we have tested by ourselves with real money. This is not the case with most comparisons.

Profit now from the most favorable fees and the best conditions by my experience of many years. With these providers, you are 100% safe and can take your forex trading to the next level.

We hope you could learn something in this comparison and act now with better providers through my recommendations. If you can’t make up your mind, please also read the reviews.

Successful forex trading requires a good and reliable broker. In this review, we showed you the top 23 secure forex brokers. Now you can choose your professional trading partner.

What is A forex broker

A forex broker is a company that acts as the middleman between you and the market (hence broker part).

The forex broker’s obligation is to provide a secure and regulated environment, combined with the best execution policy, to provide regulatory approved standards of providing a service.

Features of a top forex broker:

Regulated in your country.

It doesn’t matter where they are based generally. As long as they are regulated in your country, either fully or approved via a regulatory passport, then this means you are protected.

Companies in other countries that offer services to foreign countries must have an approved status in each country they do business with, otherwise, as a client, you will not be protected.

For example, in the UK every company that offers these services MUST be regulated by the financial conduct authority (FCA). If the broker is trying to get you on board and you are from the UK – you must avoid this company if they are not regulated by the FCA.

Pay structure

It is better to pay a commission per trade than it is a spread. The commission allows brokerages to offer reduced spreads which will save you a fortune in trading fees/mistakes.

With 0 spreads, you will enter and close at the price you request.

With a 2-pip spread, you will enter and close at the price you request +/- 2 pips. This can be a case of being stopped out too early.

No forms of aggressive marketing

Marketing is essential for any business but those brokers that offer you bonuses that are adding to your account based on your initial deposit or even no-deposit promotions. These may look good on paper, but these marketing tactics are not good. The major brokers won’t offer these promotions as they normally have a negative effect on the user’s experience with the company and forex trading in general.

Bonuses and promotions are only okay if they are a reduction in commission or fees.

Swift anti-money laundering procedures

One of the main things you must do, which is by law, is to provide documents to the brokerage to comply with the law. The brokerage has a legal obligation to run checks on you to ensure that the service is fit and proper for you. This is completely normal. Just like opening a standard bank account.

You want a broker that can process anything involving admin as swiftly and efficiently as possible.

Offers direct access / electronic communications network (ECN)

A few years back brokers would have dealers who would receive your requested order then fill it to the market themselves. This caused a delay in execution and allowed brokers to take advantage of market movements. This dealing desk would be able to generate extra profit based on the order execution from your terminal and from actually executing the trade in the market.

Now, thanks again to technology dealing desks have been eradicated by the bigger brokerages by offering direct access to the market. This is important because it means you will get the best-executed price possible at market order.

Dealing desks still exist in all brokerages, but they are mainly used for calling into a dealer to place a trade over the phone.

An ECN broker is preferable because it reduces the number of interactions between the client and the direct forex market. Giving you the best possible trading conditions that favour both you and the broker.

Biggest broker myths

The broker makes it hard for me to withdraw/ blocks me from withdrawing.

We’ve seen this written on so many reviews of brokers and it’s simply not always fair on the broker. As discussed, the brokers require documentation to process and complete your accounts – some customers do not like doing this and get frustrated with the extra level of admin (although this is a legal requirement from both the customer and the broker).

Most brokers will process a fully verified account and send payment within 24 hours.

My broker hunts for my stops.

Absolutely not. No broker hunts for your stops – market makers and institutions do that.

Yes, it is true, if you place your stop loss or take profits at areas of high amounts of liquidity – this is because they have huge orders that need to be filled.

Don’t worry though, you will not be a victim to this common error.

We will show you how to avoid this and also take advantage of it.

How to open a broker account

Forex brokers will generally have the same step by step process of registering you as a client. Below we will us admiral markets, who are our recommended broker – plenty of benefits.

Not got a broker yet? You can read our admiral markets review because we rated them highly, and believe they are one of the best forex brokers around!

Step 1: go to the website and find the create account button

Screenshot 2019 08 09 at 13.28.03 1 | Alphaex Capital

You can complete this process at the same time by clicking here: https://www.Alphaexcapital.Com/recommends/admiralmarketslive/

Step 2: enter your details

Screenshot 2019 08 09 at 13.28.14 1 | Alphaex Capital

Step 3: verify your account and complete the rest of the details. It’s as easy as that!

Tip on demo account money

Please only input the amount of money you can afford to invest down to £1,000 or $1,000.

For example, if you want to invest with £100 – please only add £1,000 on your demo account. Or if you want to invest £50,000 then please add £50,000 on the demo account.

This is important because the whole point of this free forex course and a demo account is to be able to easily and seamlessly transfer your abilities from the demo to the live account in the best way possible.

This will help you get used to the market moving against you and with you for a profit with the amount of trading size you would be using in the live environment.

By adding huge amounts of money that are 2x, 5x, 10x the value of your initial deposit – your mindset will not be adjusted to the lower value and could make poor, avoidable, mistakes.

Best forex trading brokers in the philippines

Forex trading in the philippines is growing in popularity as a way to supplement income or find alternate streams of income. This philippine broker listing page will outline the country's current economy and explain the various opportunities for forex trading in the philippines. We also provide a list of the best forex brokers in the philippines and explain what each of our recommended brokers has to offer. Read on to see if forex trading is right for you and to find the right broker for your specific needs.

The philippines is an archipelagic country in the pacific ocean, consisting of approximately 7,641 islands. English is one of its two official languages, which fosters swift global communications. The economy is classified as a newly industrialized country, transitioning from agriculture into services and manufacturing. Science and technology play a significant role in the philippines. Forex trading is part of everyday life for many companies and individuals throughout the country, since the philippines relies heavily on export and tourism. The philippine peso (₱) or (PHP) is the currency and FX trading is growing in popularity. International forex brokers do not require a license by the philippine securities and exchange commission (SEC). Many accept traders from the philippines and are eager to provide their services to citizens of the philippines.

While over 45% of the population lives on less than $2 per day, remittances cover the shortfall. They are essential to the domestic economy, surpassing foreign direct investment as a source of foreign capital. Therefore, forex is known to most in the philippines and is practiced monthly. Tourism was outlined by the government as one of the sectors to redistribute wealth and bring more forex opportunities. The younger population is showing a growing interest in forex trading in the philippines. There are no well-established domestic forex brokers, but many international forex brokers cater to philippine traders. Numerous educational companies, mentors, and coaches in the philippines expand the reach of the forex market among the vibrant philippine culture.

Best all-around: high floating leverage + fast execution

Great ECN execution on MT4 platform

Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money

Highly regulated, choice of fixed or floating spreads

Mifid, central bank of ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG - FRSA

Highly regulated, choice of fixed or floating spreads

Great deposit bonus + leverage up to 1:500

Why should you trade forex in the philippines?

Trading forex in the philippines can unlock a sustainable income stream and stabilize your financial situation. While this will require time, dedication, and discipline, the long-term beneficial impact is well worth the effort. Since the philippines continues to grow economically, and with incomes gradually improving, the addition of forex trading will add to the overall financial condition of traders. Since many in the philippines remain indirectly exposed to traditional forex trading via remittances sent from family members overseas, a more direct approach would represent the next step. Technological advancements make forex trading accessible to everyone. Since the forex market operates 24/5, it offers a convenient way to increase your revenues as you can develop a plan around your day job. Almost all international forex brokers accept philippine traders, and you have plenty of choices to find your best forex broker in the philippines.

The highly liquid market and selection of currency pairs create trading opportunities at almost all times. Using leverage, you can increase your buying power and boost your profitability, but you must use it together with risk management. Otherwise, you will likely face losses. The direction of the market does not matter, as you can earn when an asset increases by going long or buying, and if the asset decreases by going short or selling. All that matters to you is to be on the right side of the trade. It offers you flexibility and numerous trading strategies to follow. Those who have less time to trade may also use automated trading solutions – also called expert advisors (eas) by MT4, the leading automated trading platform. Over 20,000 exist on the MT4 infrastructure, with more continuously added. Social trading represents another alternative, together with account management services. The forex markets created numerous avenues for traders to earn money.

Why should you not trade forex in the philippines?

The forex market remains volatile and risky for those without experience. Therefore, you must learn about trading before you can earn from it. Regrettably, there are many scams and frauds in the forex market. The philippines experiences a high volume of those, which prompted the philippine securities and exchange commission (SEC) to issue an advisory in october 2018, labeling forex trading illegal in the philippines. The advisory is no longer available on the SEC website. The aim of the SEC was not to ban forex trading, but to stop the massive degree of fraud against philippine traders. Those who want to inquire about the current status may contact the enforcement and investor protection department (EIPD).

Forex trading regulations in the philippines

The philippine securities and exchange commission (SEC) remains the sole regulatory body with oversight of the domestic forex market. International forex brokers do not need a license by the SEC to accept philippine traders, but the rules and regulations change as the country attempts to reign in fraud and scams. Contacting the enforcement and investor protection department (EIPD) can provide clarity, and you can report scam and fraud attempts.

How to verify SEC authorization

The SEC does not maintain a list of authorized forex brokers, but traders can check the website for claimed registration by a company or contact them via e-mail or phone.

Forex trading strategies

After you determine the best forex trading platform in the philippines, and you've spent enough time educating yourself on how to trade forex, it is time to proceed to the next step. You can get an excellent education from one of the many free courses online, via a forex trading philippines guide, or from your forex broker. Funding your account will be simple, but you need to select one trading strategy that suits your style. If you do not have one yet, find one that fits your personality.

Here are five forex trading strategies to consider:

Scalping - this requires raw spreads, which come with a commission cost, as you will trade high volumes on short timeframes to capture a few pips, often single digits. Find a forex broker with a loyalty or reward program for high-frequency traders, as it will lower your trading costs and boost your profits.

Day trading - you will close all your positions during the day, never holding overnight trades. It eliminates swap charges and eradicates the risk of unexpected developments while you are asleep. Trading decisions remain purely based on technical analysis. For diversification purposes, you want a forex broker with a broad asset selection.

News trading - it attempts to profit from the volatility following immediately after an economic release. You will require an in-depth economic calendar and a forex broker with an excellent technological infrastructure to avoid slippage and requotes, which often accompany volatility spikes.

Swing trading - momentum indicators form the backbone of this strategy, together with candlestick patterns. You may hold positions overnight and often trade a few assets, but when you exit one, you will also enter a trade in the opposite direction to capture the reversal. Swing traders usually take continuous trades in range-bounce assets.

Trend trading - this strategy is for long-term traders who follow the trend. You will only trade in well-established trends, analyzing the assets every day, and also pay attention to fundamental developments to gauge a pending trend reversal.

Types of forex markets in the philippines

While your forex broker handles all aspects of trading, you should know the different types of forex markets in the philippines because some brokers offer you a choice. Most retail trading remains confined to derivatives via contracts for difference (cfds).

Here are three types of forex markets:

Spot forex market - it refers to the physical exchange of currency pairs on the spot at the given market rate. Forex trading in the philippines often occurs using spot rates; for example, rates for exchanging currencies at your bank or exchanging at your office. Forex brokers also grant access to spot rates for CFD trading.

Forward forex market - the buyer and seller agree to exchange currencies at a set price in the future or at the forward rates.

Futures forex market - it is similar to the forward forex market, but the contracts are legally binding. The buyer and seller must change the agreed amount of currencies at the specified price.

Conclusion

FX trading in the philippines offers numerous economic opportunities, but traders must remain careful. Given the size of the forex market, there are plenty of scams and frauds, some with very appealing marketing campaigns supporting their claims. They pry on new traders without experience to lure them out of hard-earned capital. Use common sense, and if an offer sounds too good to be true, it most likely is. Remember that professional traders average between 8% to 15% per year. The forex market, given its liquidity, can deliver above that for skilled traders. Rather than wasting your time on social media hypes or making decisions based on cold calls, which no genuine forex broker conducts, your first step to becoming a successful forex-trading philippines member remains education.

There are highly valuable educational courses and trading academies 100% free of charge. You may also find a dedicated forex trading philippine guide and never pay for the education. All the material is available without additional costs. Never rush the educational process, as it will form the backbone of your success. Remember to check the current status of forex trading in the philippines by the SEC by calling the enforcement and investor protection department (EIPD). Almost all international forex brokers accept traders from the philippines. Once you decide that you are ready, open an account with one of the top forex brokers in the philippines, make a small deposit or take advantage of a no-deposit offer, and continue to learn until you achieve consistent profitability. Following that, you can create a deposit plan, grow your portfolio via monthly deposits and trading income, and slowly start on your path to becoming a successful forex trader who can enjoy its benefits. Rushing the process will grant you a place among the 75% to 85% of retail traders that operate portfolios at a loss.

Where can I trade forex in the philippines?

Almost all international forex brokers accept traders from the philippines, and they are not required to hold a philippine SEC license. The regulator did issue two advisories against forex trading, making it illegal amid the high number of scams and frauds committed against philippine traders, and the condition continues to evolve.

How do I start trading forex?

You have to start with education, which can take years, depending on your circumstances and abilities. There is no quick way or fast track to achieving consistent profitability. After you master the basics, you can move on to identifying trading strategies suitable to you, opening a leveraged account with one of the best forex brokers in the philippines, and working on building your portfolio.

How much money do I need to start forex trading in the philippines?

It depends on how much you try to earn, and there is no simple answer. Professional traders average between 8% to 15% per year, while some achieve two to three times that amount. A portfolio below $1,000 will narrow your trading potential. Therefore, start with what you feel comfortable with, and grow your portfolio until the balance can support what you try to earn. It is usually a multi-year process, but those who remain committed to it can frequently enjoy the rewards the forex market has to offer.

Forex trading with canadian forex brokers

Why should you choose canadian forex brokers, when you have a lot of different options in the market? It is indeed a fair assumption that brokers from the US, the UK, and other parts of the EU are more trusted than any other regions in the entire world. Over the years, canadian brokers have been unable to replicate that kind of popularity in the retail trading industry. Nonetheless, if you are indeed looking for forex brokers options in canada, canada does offer some compelling benefits that can attract both institutional as well as retail investors. You might be surprised by the advantages that the country offers to investors, which can in turn lure traders into depositing their trading capital with forex brokers canada.
The foremost advantage of choosing a forex broker from canada is the canadian investor protection fund (CIPF), which guarantees traders up to $1 million in case a broker goes into bankruptcy or if the parent company is liquidated for some reason. $1 million is a lot of money, especially when comparing it to the FCA of the UK that provides only up to £50,000 in compensation in the event a broker files for insolvency. Therefore, canadian brokers offer more leeway and protection for traders who have a significant sum invested in the forex markets, which is highly suitable for traders that hold funds that are more than a million dollars with their brokers.
Apart from the investor protection fund, canadian brokers also do not impose any stringent trading restrictions on investors, unlike some of the other regulators such as the NFA and the CFTC. Canadian regulators are also committed to the welfare of their investors and offer the freedom to traders to choose any broker in the world. Although there are some advantages of choosing brokers from canada, traders should also be aware of a few drawbacks of canadian forex brokers.

Best and most trusted forex brokers in canada february 2021

What is the primary regulatory authority for forex brokers canada?

Canada is one of the very few developed nations in the world that allow its citizens to invest their money with overseas FX brokers without a valid canadian regulatory license. Canadian laws are pretty lenient towards financial firms, as it is not an absolute necessity for companies to be regulated by any formal canadian authority to be able to entertain investors from canada.
Such a move is designed to increase the competitive nature of the retail trading market, but it can also have severe shortcomings. For instance, the canadian regulators will have no control over scam brokers that are located in other parts of the world, which can result in canadian investors losing a ton of money. There is also no way by which a canadian authority can impose sanctions on any other regulated broker, even if canada has bilateral relations with that nation. Therefore, to prevent such instances of financial fraud and scam practices, it is not uncommon for canadian forex traders to prefer FX brokers that are located in canada.
An authorized canadian regulator has the job of regulating financial companies that wish to set up their base of operations in canada. There are no exceptions to the fact that the concerned agency must regulate all companies operating on the canadian soil. Canadian financial market is divided into different territories that impose different regulations through multiple regulatory organizations. These different regulatory agencies have different duties as far as regulating different types of firms are concerned.
The following are the main canadian regulatory authorities in charge of regulating companies:

The investment industry regulatory organization of canada (IIROC)

The canadian securities administrators (CSA)

The financial services commission of ontario

The alberta securities commission

The british columbia securities commission

The financial transactions and reports analysis centre of canada

The mutual fund dealers association

The canada revenue agency

The office of the superintendent of financial institutions

The ontario securities commission

The autorite des marches financiers (quebec)

Canada has the largest number of regulatory organizations in the world due to the lack of a central regulatory authority. The canadian government has been contemplating the process of unifying all regulatory organizations under a single roof; however, the plan hasn’t come to fruition yet. Canada has conducted numerous case studies and has sought recommendations from experts to create a single regulatory authority that will be able to regulate and supervise all financial firms operating in the country. Nevertheless, at present, forex brokers in canada are regulated according to the territory of operations.

Why do FX brokers stay away from canada?

Existing canadian laws state that any forex broker can operate in canada without a regulatory license. Therefore, it doesn’t make sense for companies to set up their base of operations in canada to cater to a relatively small portion of the retail trading market. Of course, there are tax benefits and the renewed sense of trust from canadian traders by getting regulated by a canadian authority; however, the cost involved in setting up a company from scratch along with a confused canadian regulatory structure can act as the primary deterrent for brokers. The ultimate aim for any business would be to achieve consistent profits, which can only be gained through a stable marketplace. The canadian regulatory structure is still in its primitive phase, and there is a lot of uncertainty surrounding the future course of action regarding the regulation of financial entities.
It is also common among canadian traders to choose international FX brokers according to their trading requirements. Several brokers have different features and functionalities that are unique to a particular group of traders. Therefore, it is close to impossible for companies to offer various services to a small group of traders, as it is more viable from a business point of view to provide services to traders from an existing platform.
Some international regulatory agencies do have an excellent reputation, which ensures that their member firms adhere to all statutory guidelines of FX trading, irrespective of the geographic location of an investor. Therefore, overseas brokers only need to set up a canadian presence either through a website or through seasonal presentations and conferences to attract retail traders from that region.

Does canadian forex brokers follow the same trading rules as its american counterparts?

Forex brokers in canada do not follow the same rules as adopted by american brokers. For example, US FX brokers are required to conform to NFA and CFTC guidelines such as FIFO rule, maximum leverage of 1:50, and no hedging allowed. US forex trading rules are considered to be highly restrictive, as the US regulatory authorities act as policy makers to prevent their citizens from losing money. Although some regulatory changes of the US help in reducing risk, some are outright against the freedom of retail trading markets. On the contrary, canadian forex brokers do not enforce any trading restrictions; however, the country may change its policies from time to time to ensure that fraudulent financial practices are kept to a bare minimum.
Canada is also pretty lenient towards sending and receiving money from international brokers, provided that both the trader as well as the company adheres to all existing anti-money laundering laws. In the US and several other countries, it is illegal to send funds to overseas FX brokers. The US also enforces strict regulations on international payments due to threats to national security; hence, US citizens have very limited freedom while moving their funds around. On the other hand, canada does not have any such strict regulations, and traders are free to move their capital to any broker, provided that both the trader, as well as the broker, keeps accurate statements and records of transactions for future verification.

The advantages of choosing forex brokers in canada

Disregarding the fact that canadian citizens have the option of choosing any forex broker of their choice, choosing FX brokers and other related companies in canada provides unprecedented levels of security of client funds. The CIPF guarantee of $1 million in compensation, if a broker fails, in itself a great way of ensuring the safety of customer funds. The one thing that worries all investors worldwide is the security of funds, as there is a significant chance of a broker going bankrupt due to any unexpected market volatility. Modern regulators factor in market eventualities while developing their regulatory guidelines, which help in preventing cases of broker insolvency, but no broker is completely safe against liquidation or bankruptcy.
Under such circumstances, it makes sense for a trader to choose some of the best canadian forex brokers if they wish to trade with large sums of money. $1 million in investor compensation does provide a bit more freedom and flexibility to the trader to enjoy more profits without ever worrying about their broker shutting up shop and not paying back a dime. In contrast, UK regulated brokers only offer a paltry £50,000 as compensation if a broker fails, which takes the CIPF compensation to a different level.

How to choose the best canadian forex brokers

Due to the multiple regulatory agencies in canada and the lack of laws that do not force brokers into setting up an office in canada, it is indeed difficult to get a large number of choices for forex brokers from canada. Nevertheless, there are a few FX brokers that have set up their offices in canada to cater to canadian investors, and some of these branches are from established mainstream companies.

These brokers enable traders to enjoy all the benefits of canadian regulation along with the expertise and popularity that they hold in the international trading market. A majority of these brokers have an excellent reputation in the industry and are thoroughly committed to the welfare of their clients.

The minimum deposit required for trading with canadian FX brokers

Since traders can choose any broker according to their preferences, the absolute minimum initial deposit for forex trading starts from $1. There are hundreds of brokers that offer the chance for traders to test the market using a small initial capital and a higher margin requirement. The maximum leverage has not limit for canadian traders, as traders can take advantage of even 1:3000 leverage offered by some brokers. Although it is possible to use a higher leverage, traders are recommended to exercise caution while trading the markets with higher leverage. It is highly recommended to start with a slightly higher initial deposit and a lower leverage.

How are investors protected?

Canadian regulatory authorities have a highly descriptive set of guidelines that determine broker regulation, which is amended according to new findings and market conditions. Canada takes inspiration from other regulatory agencies from around the world to create a set of fair trading conditions that are suitable for both brokers as well as traders. Although canada does not have a centralized regulatory authority for financial entities, the numerous smaller organizations are more than capable of dealing with financial irregularities, and financial malpractice can attract strict sanctions and substantial penalties.
Of course, international and overseas brokers cannot be supervised or controlled, but the canadian government is proactive in ensuring that its citizens are made aware of potential scams that may lead to consumer abuse of theft. Therefore, canadian regulators regularly seek out all instances of financial malpractices by keeping their investors informed about such occurrences from time to time. The government also encourages investors to come forward with recommendations or concerns, so that the appropriate authority can take action if possible.
Brokers that are regulated by canadian regulators are required by law to be a member of the CIPF, which renders a further safety net to investors while trading with large sums of money. Therefore, when it comes to investor protection, forex brokers canada do not disappoint.

Should I switch to A broker from canada?

If you are already trading with a reliable broker, it does not make any significant impact by moving to a broker based in canada, as the CIPF compensation is only available for canadian citizens. On the other hand, if you are from canada, switching your investments to a canadian-based broker will let you enjoy several benefits and make you are part of the CIPF program. Apart from that, traders with a smaller trading capital are better off with their existing brokers, as they will have not visible advantages of shifting to another broker.

Is forex trading illegal in canada?

No, forex trading is not illegal in canada. There are strict rules and guidelines in place to protect canadian traders for both national and regional levels. It is best to check with your provincial laws before considering forex trading in canada.

How is forex regulated in canada?

Forex markets in canada are subject to both national and regional regulation. On the national level organisations like the investment industry regulatory organization of canada (IIROC) serve as the main legislative institution. Additionally, quebec, british colombia, and ontario each have regional regulatory bodies that enforce forex broker rules and standards.

Can I accept bonus offers as a canadian trader?

Yes, canadian traders can accept forex trading bonuses. This includes welcome bonuses, friend referral schemes, and promotions. It is important to always read the terms and conditions when accepting a bonus as they will include any rules and limitations involved with the offer.

Where can I trade forex in canada?

Many companies offer forex trading to canadian clients. Some of the important things to consider when looking at a forex broker in canada include licensing, withdrawal time, support availability, and the number of trading instruments available. All of our recommended brokers excel at such criteria and more.

Can I use canadian dollars for my trading account?

This depends on which broker you sign up with. Some brokers will accept deposits in CAD but restrict you to other currencies, such as the USD, for your trading account. The best forex brokers available for canadian traders, however, will allow you to set CAD as your account’s base currency.