Forex Brokers Reviews
Top Online Brokers January 2021
| Broker | Demo | Bonus | Min Deposit | Review | Rating |
| OctaFX | yes | up to 50% | 50 | OctaFX Review | 9 |
| XM | yes | $30 no deposit | 5 | XM Review | 8 |
| AvaTrade | yes | 100% | 100 | AvaTrade Review | 7 |
| LiteForex | yes | 30% + 15% | 10 | LiteForex Review | 7 |
| InstaForex | yes | $100 No Deposit Bonus | 1 | InstaForex Review | 7 |
| PrimeXBT | yes | 1 | PrimeXBT Review | 7 | |
| Anzo Capital | yes | 100 | Anzo Capital Review | 7 | |
| FxPro | yes | up to $1,000 | 100 | FxPro Review | 5 |
| FXCM | yes | - | 250 | FXCM Review | 5 |
What's New? Latest Press Releases and Reviews
Advanced Trading Guide and Forex Brokers Reviews
Our articles, guides and reviews assist traders all over the world including UK, US, Europe, Asia, South Africa and Australia, South America.Forexexplore.com is your #1 Ultimate Forex Brokers Guide for 2021 Rating and Comparison
. Our detailed online forex broker reviews provide rankings, various analysis, spreads data, platform breakdowns, trading fees, account features, and more. Here you can find over +350 Forex Brokers Reviews updated daily with the latest forex features, trading tools, expert advisors, online competitions for live an demo accounts, promotional offers for new accounts and comprehensive Forex Education section with various articles to help you learn Forex trading online or Choose Reputable Broker for January 2021. The toughest review in the industry ForexExplore.com provides latest information for every online forex broker. This is your ultimate resource for the most accurate up to date database on the online forex brokerage industry in 2021. The toughest review in the industry ForexBrokers.com is committed in providing accurate data for every forex broker we track. It is home to the largest independent database on the web covering the international forex brokerage industry.What do we concentrate on during the reviews?
Regulations
Fees and Commissions
Trading Conditions
Reputation
Platforms
Payment options and withdrawal process
Customer service
Research and educational material
Do I need a broker to trade forex?
Forex without broker are interest based and are generally paid on a monthly basis. ... Trading without broker will require you to carry out your own analysis which may not be accurate without proper tools. Also, brokers come up with real-time market quotes of multiple currency pairs simultaneously.What is the minimum deposit for Forex?
Average minimum deposit amount is $100 in the Forex brokerage industry. Most of the brokers require a minimum deposit at this level.Can You trade forex on the phone?
MetaTrader is one of the most popular trading apps for retail investors using Android devices, and allows for the trading of stocks, forex, futures, options, and other financial instruments from your mobile device. ... MetaTrader has recently upgraded its apps from MetaTrader 4 to MetaTrader 5.Do you need a bank account for forex?
The requirements for opening a Forex account have become simpler since the growth of online Forex trading. Today, opening a Forex account is almost as simple as opening a bank account. You'll also need to provide an ID, and the minimum deposit your Forex account institution requires. That's it.Can you start forex with no money?
In Forex trading you can start your pathway without actually investing your own money or making a deposit. With free no deposit bonus offered by the Top Forex brokers, you can start Forex trading without deposit with a good boost. It is always better to preview all conditions without real money.How much do forex traders make a day?
For example, with an average five-pip profit and 10 trades per day with a micro lot of $1,000, the trader will make $5 (Note: this is an estimate and will depend on the currency pair traded). This does not seem significant in monetary terms, but a 0.5% return on a $1,000 account in a single day is notable.Can Forex make you a millionaire?
– Forex Is Not a Get-Rich-Quick Scheme To make money consistently through Forex trading and maybe to become a millionaire finally, you have to pass some important stages. There are so many jobs that you can follow and become a millionaire. It is not the job that has to make you a millionaire.What are the most common Payment Methods?
The most common methods are bank wire, VISA and MasterCard. The majority brokers tend to accept Skrill and Neteller too. Forex brokers with Paypal are much rarer. The same goes for forex brokers accepting bitcoin. We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency. Proper forex brokers always provide a local-specific payment solution to their target countries
Find Your Next Forex Broker!
Are you lost in all the abundance of choices? Now Not sure which Forex broker suits you best? You’ve found the right resource to help you out!
Our Forex broker reviews provide assistance to all types of traders to make coherent, informed and smart decision when it comes to choosing a broker.
Our team continuously stays up to date with the latest he top Forex brokers and make sure to pass the news to our readers and followers in comprehensive Forex brokers reviews.
To make things even better, there are not only quick facts about each broker, but complete evaluation and comparison of more than 300 Forex brokers available today online. We make sure to focus on available trading platform, minimum deposit requirements, leverage options, spreads, ECN accounts and other account types, regulation and other features. We make sure that customer service of each broker is reachable and and helpful in times of need. We know how important it is to know all the little details when you choose a broker to trade with.
Traders all over the world discuss and comment on at the end of each review, this way in addition to overall summary of brokerage's features you hear the real trading storiesDon't waste your time ever again searching and trying out hundreds of Forex brokers on your own. Today all the research and hard part has been done and served on this website. Stay up to date about forex world here with us, all in one place.
Here is the best advise you will ever get - pay attention to the following features when choosing a brokerage to trade with:
1. Regulation.
One thing we all want is to make money and keep it safe! Regulated brokers can do just that under the watchful eye of various regulatory bodies such as for example The Financial Conduct Authority, FCA (UK) or National Futures Association, NFA (US), Vanuatu Financial Services Commission, FSC or self-regulatory bodies like FMRPC. Keep in mind that some regulatory bodies are stronger than others.
You should stay informed and one of the easiest way to do so is to read updates and revisit our rating of Regulated Forex Brokers list.
2. Reputation.
Forex Explore has been created back in 2006 and is proudly sorting the vast variety of forex brokerages into reputable and not so much with the help of our experts and traders alike. Read the reviews and take a closer look at the following terms and conditions:
deposit and withdrawals
account registration and verification process
execution speed and reliability slippage
stop hunt
quality of customer support
3. Conditions.
Go over the trading conditions of the selected forex broker because this is where the difference between good and bad comes to live. For example:
Minimum deposit
various trading instruments and variety of currency pairs including crypto currencies
Commissions and Fees
rollover fees
Trading restrictions
Always take some time to practice with demo account of the broker. You can check out the strategy you have got, try out forex advisors, signals and other features offered with the broker. Keep in mind that demo account is very much different from live since you do have huge amount of virtual money to trade with and will not have the same amount invested right away into live account!Once you are satisfied with your research, sign up for a live forex trading account and try it out with a small investment sum. Check out the withdrawal process. Make sure everything goes smoothly before you invest larger amount.
Stay in touch with us for newer reviews of your broker here at Forex Explore. Help other traders by leaving your own feedback review of your broker.
How to Review Forex Brokers in 2021?
That being said, the expectations among traders have increased as well and in order to keep customers happy, brokers go far and beyond providing not just a gateway to the markets, but also secure, stimulating and dynamic trading environment.
Who is a broker in Forex?
Forex brokers are firms that provide traders with access to a platform that allows them to buy and sell foreign currencies. Transactions in this market are always between a pair of two different currencies, so forex traders either buy or sell the particular pair they want to trade.Do I need a broker for Forex?
It is possible for someone to start Forex trading without a broker, and it is because Forex is simply a currency exchange process. You can easily convert Euros to USD with the help of an appropriate bank. It is easier, however, to find a reputable online forex broker to be able to trade from anywhere you are.How much do forex brokers charge?
With a relative fee, a broker may charge $1 per $100,000 of a currency pairing that is bought or sold. If a trader buys $1,000,000 EURUSD, the broker receives $10 as a commission. If a trader buys $10,000,000 the broker receives $100 as a commission.How many forex traders are there in the world?
According to to the latest analysis by brokers of the world it is said that there are more than 10 million forex traders online or 1 out of 750 people. Forex market daily floats with more than 5.5 Trillion+ US Dollar $ On weekdays.Is MetaTrader 4 a broker?
No, MT4 is not a broker. MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients.How do Forex brokers cheat traders?
ECN/STP brokers can cheat to make more money. Stop Loss Hunting: Stop loss hunting is a very effective way that market maker brokers use to make the traders lose money. Markups. ECN/STP brokers should only transfer the orders to the liquidity providers (banks). Slippage. Re-quoting. Swap. Leverage.Are forex brokers honest?
There are quite a number of good honest Forex brokers to choose from. The best Forex brokers at present are listed above in the rating table. We also suggest top brokerages to trade cryptos with.Which features should good Forex Broker provide?
Trading Platform
While 10 years ago the only option for trading currency was MetaTrader 4 in its original disguise, today there are countless options for user-friendly, yet efficient trading platforms, which provide flexible and easy access to the financial markets.
Today you can easily find web-based or desktop platforms with quick and easy access to forex market from any computers with an internet connection. Moreover, you can also benefit from mobile trading suitable for trading on the go.
Free Demo Account and Education Resources
Brokers that do not offer sufficient amount of practice time, in my opinion, are not trustworthy. Why should a new trader hurry and open a real account while there is so much learning and practice needed?
Good forex broker needs to provide free basic trading courses and demo account to practice with enough virtual money and for at least 1 month period (in some cases, demo account is available for unlimited amount of time and that is, of course, the best option of them all). There is no need to rush. Practice makes perfect especially in online investment.
Some brokers go beyond and provide useful guides, tutorials, video explanations and even webinars with professional traders. All of these are great indicators how good your broker really is.
Daily Technical and Fundamental Market Review
One of the important services all professional brokers should offer is fundamental and technical analysis with complete breakdown of major currency pairs, innovative charting tools, economic calendar, technical indicators, current market sentiment, latest economic headlines, news feeds and in some cases even other traders’ activity statistics. Since forex trading is a dynamic investment, time and information is gold!
Advanced Trading Tools
From streaming rates, wide range of currency pairs to choose from, different kind of assets, to high leverage options, single click executions and extensive order types – your forex broker needs to have it all to ensure your success.
The basic order types should include Market Orders, Stop Orders, Entry Orders and Limit Orders.
Some of the advanced orders can have At Market and Market Range, Complex OCO orders, Simple OCO orders and others.
Charts are extremely important for the analysis of the market, therefore your broker must have flexible, readable and accurate charting software with advanced charting tools such as Fibonacci lines and Gann Fanns, and popular pre-loaded indicators.
Various Expert Advisors
Today you can use expert advisors with most of trading platforms. If you see that your broker doesn’t allow you to use EA, maybe it is time to look for another one. The use of expert advisors should be limitless and unconditional.
Competitive Spreads on Majors and No Extra Fees
Low spreads on major currency pairs is a must. When I say low, anything higher than 3 pips for EUR/USD is a rip off.
You shouldn’t be charged extra for deposits, withdrawals, trading, rollover or margin calls. The only profit that brokers should be making is from the difference between buy and sell price.
Security of Funds and Personal Information
Your trading account and activity needs to be secured by SSL encryption across the website. The broker also needs to go an extra mile and test their website and trading platform for malicious attacks and fraud.
Professional Customer Support
You are entitled to receive both technical support and trading guidelines via email, phone and live chat. Brokers that do not provide professional live chat services will definitely lose its place in the competitive environment.
Various Forex Payment Methods
Deposits and withdrawals should be processed in a fast and simple manner. A broker should also over a selection of payment methods to suit all types of traders. There is no reason why you should be waiting weeks for wire transfer. Today a broker is expected to accept alternative payment methods such as Paypal and Skrill to allow the fastest possible processing times.
Social Trading Features
Today it is all about socializing and your trading experience should not be an exemption. With millions of traders around the world, social trading is becoming a must. In order to achieve higher profits, today you can follow and copy the activity of successful traders. One of the brokers that offer this innovative feature is eToro. With more than 500,000 registered users, you can copy and share your experience with others and build truly impressive online portfolio.
Multiple Forex Trading Platforms
No matter which company you choose to trade with and register for, you should always open a demo trading account first and try the platform and the Broker out. This types of practice accounts give you plenty of chance to get to feel the features of the trading platforms and test each Broker individually.
When you don't risk anything while practice trading, you are comfortable to check out the options and settings of each Forex trading platform and truly analyze whether this is the right Forex Broker for you without making any trading mistakes that cost real money.
When you are ready to switch to real account, you will know everything there is about the trading platform of your choice and you will feel comfortable using it and switch to real money Forex trading mode where real profits can be made.
Most brokerages reward the new comers and first time real money deposits with all types of sign up bonus. You can see the recent offers in our featured Forex Brokerage sites comparison tables. The promotions vary from Broker to Broker, so take your time and check out our Top 10 Forex sites for best bonuses and competitions you don't want to miss out.
Licensed and Regulated Top 10 Forex Brokers
When you seek a company to sign up with, you want to find the one that gives you everything you need for successful online Fore trading experience. You are welcome to go over our wide list of Fore Brokers compare and read rating and Reviews to choose the right firm for your trading requirements.
Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of Europe is going to have serious consequences on your trading. ESMA (the European Securities and Markets Authority) have imposed strict rules on forex firms regulated in Europe. This includes the following regulators:
CySec (Cyprus Securities and Exchange Commission)
FCA (Financial Conduct Authority) BaFin – (Bundesanstalt für Finanzdienstleistungsaufsicht)
Swiss Financial Market Supervisory Authority (Switzerland)
ESMA have jurisdiction over all regulators within the EEA
The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (Or x30). Outside of Europe, leverage can reach 1:500 (x500).
Outside of Europe, the largest regulators of trading accounts and brokers are:
SEC – Securities and Exchange Commission (US)
CFTC – Commodity Futures Trading Commission (US)
CSA – Canadian Securities Administration
ASIC – Australian Securities and Investments Commission
These cover the bulk of countries outside Europe. Forex brokers catering for India, Hong Kong, Qatar etc are likely to have regulation in one of the above, rather than every country they support. Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.
Offshore regulation – such as licensing provided by Vanuatu, Belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.
Among various of options you can find here on the site the Best Brokers listed are fully licensed with at least one recognized authority, meaning that you can trade Forex comfortably and enjoy the security of fully regulated environment. All Brokers listed that are regulated have high standards to meet, therefore are the most reliable for any type of trading demands you might have.
Take your time and browse throughout this website. Our list of brokerages are constantly updated with new Brokers, recent updates, Forex related press releases and news, fraud warnings and more. This is an ultimate resource and complete guide for every curious Forex trading mind!