Best Forex Brokers

Choosing the right broker can be very difficult. With over 6 years of experience in the financial markets, I have narrowed down the range of brokers so that anyone can easily find the right broker for you.

Headquarters Average Spread Acount Type Max Leverage Min Deposit
Limassol,
Cyprus
1

1

0.6

Micro(Cent)

Standard

Ultra Low

888:1 5$

5$

50$

VISIT BROKER WEBSITE

 

Sydney,
Australia
0.0

0.0

1.0

0.0

CTRADER RAW

Raw Spread

Standard

Islamic

500:1 100 USD VISIT BROKER WEBSITE
Larnaca,
Cyprus
0.1

0.0

Standard

ECN

500:1 100 USD VISIT BROKER WEBSITE

 

Cent

Standard

ECN Zero

ECN

ECN Pro

1.5

1.3

1.5

0.1

0

FCA,CySEC
FSC,FSCA

1000:1

2000:1

2000:1

2000:1

200:1

10$

100$

200$

500$

25000$

VISIT BROKER WEBSITE

 

ECN 0 FCA 1:500 VISIT

 

Summary
The platform with the smallest spreads is the one we recommend using.

icmarkets

tickmill

If you are trading with an EA, it is best to use a platform with very small spreads.

Compared to countless other comparison sites, we offer you the safest providers that offer the best conditions for traders. As a trader with many years of experience, I have worked with all of the above Forex brokers and still use some of them.

The right provider should have specific features that guarantee fair and safe investments. It is common to hear about fraud on the internet. Therefore, in this comparison, I avoid these brokers. In addition, the security of the client’s money is given top priority.


How to choose a good forex broker

Leverage

One of the main benefits of trading currencies is that even small traders can use huge amounts of leverage. Typical leverage is 100:1, which means that for every $1 in your Forex brokerage account, you can control up to $100 in currency. $1,000 allows you to manage $100,000 in currency, so if the currency price rises by 1%, then $1,000 will double your money! However, if the price of the currency falls by only 1%, you will lose your entire $1,000 investment. But what if the currency falls by 2%? Theoretically, you will lose $2,000. Brokers usually step in and prevent this loss, which is more than what you have in your account.

Your main decision is to determine the level of leverage required. Leverage is determined based on creditworthiness, so if you have a very low credit report, you may want to pursue a higher leverage of 1:500. This still provides you with a lot of room for profit, but limits your risk. In addition, some countries have limited maximum leverage, such as the UK, which has a maximum leverage of 1:30 (but there are still brokers who will let you use higher leverage).

Spreads and commissions
When opening a trade, the broker charges a commission for each trade. This is calculated at the beginning of the trade and is charged to your account for however long it remains open. After all, forex brokers are not running a charity and for the services they provide, they charge a fee. But most Forex brokers can skip commissions by offering higher spreads. The choice between commission or lower spreads depends on your trading style, for example: for Scalper or Scalping EA, lower spreads are highly recommended.

Forex currency pairs have bid/ask spreads, which means that market makers can pay less for a currency than they are willing to sell it for. These spreads are very small, but will become costly as they add up over time.

Not every broker has the same spreads, so it is important to check the difference between the standard bid and ask prices before choosing a broker.

Other considerations
The first and all other considerations are the currency pairs traded by the given broker. For example, if you want to execute CHF/JPY, you will find a brokerage house that offers that currency pair. Almost every Forex broker trades in the major currency pairs, such as the US dollar against the following currencies: EUR, GBP, AUD, NZD, CAD, CHF and JPY. But most brokers trade many “cross currency” pairs.