Sat, Oct 01, 2022

This section provide the ultimate review the top Forex Brokers for 2022 in various countries around the world including the US and UK. With reviews provided by our 3xperienced team. Below you can find the detailed comparison table of the best Forex Brokers, their trading features and overall rating score. Our in-depth online forex broker reviews include rankings, detailed analysis, spreads data, platform breakdowns, trading fees, account features, and more.

Forex broker reviews rating

BrokerDemoBonusMin DepositReviewRating
OctaFXyesup to 50%50OctaFX Review9
LiteFinance yes30% + 15%10LiteFinance Review8
XMyes$30 no deposit5XM Review8
AvaTrade yes100% 100AvaTrade Review7
InstaForex yes$100 No Deposit Bonus1InstaForex Review7
FxProyesup to $1,000100FxPro Review5
FXCMyes-250FXCM Review5
Plus500yes30%500Plus500 Review5
IronFXyes40%100IronFX Review4
AdvancedMarketsyes-500AdvancedMarkets Review3

What is Forex trading? 

Forex trading is about currencies and ways to exchange one for another at the right time in order to earn profits. This is one of the hottest niches in online markets, available at your service 24 hours a day, five days a week, for every person interested without exceptions. Believe it or not but throughout a day, forex market trades around $3 trillion dollars! 

When you make a trade, you either buying or selling currency. The trick is to do it at the right moment of the exchange rate movement, so your trade turns profitable. The difference between eell and buy price is called spread and it is measured in pips. Most forex brokers quote from 4 to 5 decimal, so every number matters when it comes to making profits. For example, if EUR/USD is trading at 1.6600 and it moves to 1.6604, that is a movement of four pips. The larger the gap, the bigger your opportunity to kit the jackpot.

One of the useful benefits offered by forex Brokers is the leverage. This feature magnifies your funds by allowing you to have a larger margin on the amount of your deposit. Brokers offer leverage from as low as 1:50 to as high as 1:1,000. Obviously, you have to understand the risks involved with high leverage before you go all the way to the highest option. The recommended leverage i 1:200, however U.S forex broker, for example are restricted by their regulation authorities from offering high leverage, hence in most cases really high one can be spotted with off shore brokers with less strict regulation policies. 

 

Forex trading tools: Platforms and Features

You want to trade with the best online trading platform out there with the most attractive features in the market. So when you choose a forex broker, you better test and review the platform offered with a demo account. Keep in mind 2 important things:

1. Broker that doesn't offer demo account is a scam.

2. Broker that requires any type of deposits before you can use their demo account is a fraud.

Testing out the platform is an essential and basic request from any trader and it has to be offered without any weird requests and requirements. Test each broker you chose to trade with on their mobile apps, technical analysis tools, charts, market analysis, one click trading, social trading and more.

Keep alert towards the currencies you have selected to trade. With a good platform you can set alarms when your currency pair reaches a certain preferable price and meet other criteria you look for. With reputable forex Broker you must be able to get email and text alert, phone notifications and such. Not all platforms have such options. 

Forex brokers should definitely offer outstanding charting tools to help you understand and analyse the volatility of each currency pair you trade. These important features are technical indicators that can assist you in trading and help you make a decent trading strategy you can follow. Octafx, Liteforex, XM and Avatrade for example offer wide ranges of technical indicators and you should definitely take advantage of it.

The variety of brokers reviewed on this site offer a wide range of currency pairs to choose from. Most traders prefer to focus mainly on major pairs, such as EUR/USD, USD/JPY, GPD/USD and USD/CAD, but some traders are interested in more exotic options such as Thai Baht, the Hungarian Florint and the Danish Krone. Exotic currencies have lots of profitable opportunities in them as long as you have time to focus on the political, economic and technical analysis of the more volatile currencies online.

Forex Education & Support

Top Forex brokers are those which offer investment education and platform training. During our reviews, we have concluded that best brokers go an extra mile and offer various seminars, webinars, tutorials and even one on one mentoring. While this is not a deal breaker, but we do give a brokerage that provide educational resources extra rating points.  Those webinars and market analysis are great way to keep track of the market, brainstorm for new ideas and work on your daily trading strategies and plans.

You want to work with broker that is available to provide you with decent technical and overall support. You want to have phone line open, email communication set and, best of all, live chat available. Forex broker that doesn't hide from it's traders is number one!

 

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