May 26, 2022

Reviews of Online Forex Brokers

Forex brokers are vital for both retail and institutional Forex traders success and it’s also very important to trade using a reliable trading platform. Forex trading is not restricted to professional traders or a few specially chosen people in the market. And top rated FX brokers are able to cater to a wide variety of needs, beginners and amateurs included. All Forex brokers, both good and bad, are free to be used by any trader, regardless of their experience, budget, or type of investment. 

The way to find the best and most reliable Forex brokers is to find good resources for honest opinion and trading experience in order to take good and bad brokerage apart. In this section we collect all online Forex trading companies in one big list with their details rated and discussed. Finding the reliable broker to trade with is not so difficult anywhere because with the right knowledge you can filter out the bad seeds out of the top rated Forex brokers in the fx industry in the matter of seconds. The agenda in this section is to bring awareness about all types of forex brokers in the industry, compare their trading conditions to generally accepted standard of good conduct among such firms and choose best Forex brokers to trade with for both experienced an beginner traders today. Within the following list you can find platforms that are scam, along side with recommended and highly reputable brokerages.

How Do We Decide Which Ones are Best Forex Sites in 2022 and Which Ones are Fraud

The main agenda for this resource has always been to provide a reliable Forex trading broker guide. There are just too many firms offering their services and without proper guidance it is almost impossible to figure out who is playing by the rules, and which one is scamming their customers. At the first glance, most brokers look reliable and attractive, however in some cases after trying out the platform, checking out the features, researching about each and every broker, receiving feedbacks from real traders, you can filter the top Forex brokers from the bad apples.

We are a team of experienced traders with over 10 years of experience in the industry. We have seen it all, traded with many, got burned by rotten Forex brokers, profited with the secure ones. Our experts of traders have the right set of mind and understanding of the industry in order to identify and rate the available material and present it to the public. 

As we rate all of the listed Forex trading broker, we make sure to research about their reputation among other traders online. We need the real comments and feedback from people who have experience with the platforms in order to create reliable information for those who seek genuine reviews. We collect the general information, verify the facts listed on each brokers' website, follow up with the customers who have traded or are currently using each and every broker.

At the end we have this section of review Forex Brokers from various countries including US, UK, Australia, France, Germany, South Africa, India, Cyprus, Spain and more.  This is an ultimate guide and hand-picked collection of information and rating from our team of experts and other traders like yourself, so make a best use of it!  

If you have experience with any of the listed online brokers below, please leave your own Forex Broker review to grow the awareness and help other traders to make the right choice.

Importance and Purpose Of Forex Broker Reviews And How We Review Forex Trading Companies Listed Here

Forex brokers reviews are created to list down the performance, level of trust, customer satisfaction and overall grade of a broker. In order to make proper assessment of the available information you get from the websites, feedbacks, forums and social media, you have to understand the industry and the market really well. In other words, you have to be an experienced trader with significant amount of trading hours to support your claims and expectations.

At Forex Explore we stand by fairness and unbiased Forex broker rating and opinion. Each review consists of not only the advantages of each broker but reviews negative points and the lack of certain features you would expect a Forex trading broker to have. We make sure to follow Forex review checklist with every broker in question to create quality information for our viewers and reliable resource of brokers yellow pages of a sort. 

All of the available Forex trading brokers reviews are conducted by expert traders and market reviewers who are strongly involved in currency market for many years. Our overall experience in trading and investment gives us over the top understanding of how brokers should do business and what information is relevant when it comes to choosing the best Forex broker in the industry today for forex or bitcoin crypto trading.

The Best Forex Brokers – How to Select A Top Rated Forex Broker from the Database

the best forex brokersWhether you are searching for reliable Forex broker or your prime agenda is to analyse a complete list of all the top rated trading brokers available today online - the task to too great and time consuming to do it on your own from the very beginning. There are just way too many brokers governing the internet at this point.

For a complete beginner in the currency trading, this can be a huge turn off. While you still don't have proper knowledge and experience to determine whether the broker is good or scam. Therefore the following section is a deal come true, because here you can find all that broker review pros and cons you have been searching for to help you investigate and choose the right brokerage from the huge bunch.

Best Forex Brokers

Let's make that confusion go away and state the obvious - here are the best forex brokers in the world: 

  • Octafx - Best Overall, Most Trusted. 
  • XM - Best Web Platform, Research and Wordwide Seminars. Various Account Types including Cent Account suitable for beginners
  • Litefinance - Easy to use platform, fast payment processing
  • Avatrade - Great Customer Service, Easy to Use Platform
  • Instaforex - Responsive customer support, lots of promotional bonuses and competitions, payment with bitcoin

Why Low Cost Forex Brokers are a great choice?

First of all, let's try to understand what low costs mean when it comes to trading online. There is the obvious - spread - and you want to find the lowest option possible on the currency pair you trade. What happens when you are offered with either fixed spreads or variable spreads? How do you compare the two and decide? Fixed spread is pretty obvious and includes commissions per each lot traded, so here you have to find a broker that has low fixed spreads plus cheap commissions. In case of variable spreads, you don't want to trade with a broker that has crazy wide spreads which can wipe your account clean in one blink of an eye.

Then comes not so obvious - all sorts of execution policies and requirements within the brokerage terms and conditions, such as slippage and rejections. Some brokers are not what they seem like, aka market makers, where you basically trade against the broker. This is not something you want to get involved with because broker is earning money on your losses. You got the picture, didn't you!? 

Best Forex Trading Platforms

Forex trading platforms are your link and necessity towards online currency market. No matter what your trading plan is, how many currency pairs you choose to get involved with, what is your financial situation - your selected platform will effect you and your trading experience every single day. You want to choose a forex trading platform with awesome analytical tools, advanced but easy to read charts, various versions to work both on desktop, web and mobile, so you can access your trading account any time, any where. 

We have tested and reviewed over 300 forex brokers and while there are various trading platforms out there, Metatrader 4 and 5 are still majorly outstanding when it comes to performance, innovation, analysis and features. It might not be a simple as your toddler's toy phone, and yes you will have to master it to make the best out of it.  All in all, a great platform must provide traders with solutions during the trading hours.  

How to Choose a Forex Broker in 2022?

There are ranking factors involved in choosing a forex broker and it is used by many traders to define an ultimate brokerage firms. Obviously not all traders seek the same thing, hence there is still the element of choosing what you want, however there are basic factors which you have to take under consideration and below we have listed them for you.

1. Spreads and Commissions

Spreads is what the broker gets paid with. At the same time, lower spreads means more profits for traders, and less risky trading experience. Today brokers compete with each other through spreads they offer because this is one of the important factors when choosing one. Reduced spreads are what you have to aim for.

2. Leverage

Leverage in forex is what makes trading interesting. Keep in mind that US brokers suffered a major blow by the Commodities and Futures Trading Commission (CFTC) when it reduced the maximum leverage to 1:30 from leverage up to 1:500. This has significantly altered the margin requirements and made the whole trading experience mediocre.

On the bright side, some offshore brokers outside CFTC regulatory claws, continue to offer high leverages and attract many traders.  Some of the UK/EU brokers have also opened international divisions allowing traders to move to international account and explore the perks of maximum leverage.  Overall, you can now go for low leverage brokers, or find the ones that offer high leverage. The choice is yours.

3. Regulation

Regulation is definitely one of the important ranking factors when you choose a broker. Regulation keeps brokerages at bay with various requirements and security demands. Within our Reviews of the brokers on this site, we make sure to mention whether the broker is regulated or not and by which regulatory body. This way you can make a decision without doubt. 

4. Trading Resources and Educational Material

Trading resources could be extremely valuable to a new trader. Daily market analysis, tips, commentary on major currency pairs, seminars, webinars and mentoring. It is a big plus when the broker is strongly involved in supporting the traders with market analysis, news and trading tutorials.

5. Payment methods

We put major emphasis on payment options offered by each broker because there is literally nothing more annoying than unable to fund and withdraw money at ease. In our reviews we favor brokers with various payment options including online ewallets such as Skrill, Neteller, Paypal, Bitcoin and more.

5. Customer Support

Customer support must be available at all times with technical and fundamental knowledge of platform and forex trading. Social media channels such as Facebook, Twitter and even Whatsapp and Telegram should be included within the options of communication of a reputable broker. The bottom line is that you have to be able to get your answers within minutes 

The list below features best forex brokers selected by traders and reviewed by our team of experienced traders for 2022 year. We have ranked the brokers based on their performance and factors mentioned above and more. In this list, you will find many brokers that are offshore brokerages with high leverage, EU/UK brokerages  with various payment methods, Metatrader 4 and MT 5 platforms and web-based options, various minimum deposits and more. Take full advantage of the forex broker reviews and make an informed choice.