We are TopForexBrokers.net, a web platform, dedicated to providing in-depth reviews of leading Forex Brokers, best ongoing bonuses, overviews of potential scams on the market and much more, to make sure that once you set out to get involved in the exciting world of Forex Trading, you are equipped with all the necessary knowledge, to achieve a successful trading career!
On our portal, you will find a wide range of articles, reviews, blog entries and many more, where we delve into every aspect and feature, present in the world of Forex trading. What started off as a group of friends, united by our passion for Forex trading, has grown into becoming one of the leading websites in this industry. Throughout years of operating, we have become more than just a website, we have become a family, with a bustling community of traders, many of whom have built their careers with us.
So join us, and rest assured, that will always be aware of what goes down in the exciting world of Forex trading. Regularly reviewing Best online Forex brokers, we ensure that they maintain their quality service, and provide our users with only the best that the Forex market has to offer.
Our top rated broker
CySEC, IFSC, ASIC
from 0.6 pips
Non-EU only: 50%, more
XM Group is one of the most popular and trustworthy Forex brokers you can find on the internet. It mainly operates on the Forex market, although the XM users can just as easily trade stocks, commodities, CFDs, and many other tradable securities. The broker has a license from three different financial bodies: CySEC, IFSC, ASIC, and they make sure there's no fraudulent activity on the platform. On XM Group, traders can use leverage up to 1:30 and have spreads as low as 0.6 pips.Read Review
Scandinavian Capital Markets
Swedish FSA, Finansinspektionen
Established in 2011 as a Wealth Management Company, Scandinavian Capital Markets (SCM) redirected its focus to the currency markets. Scandinavian Capital Markets offers a wide selection of currency pairs and crypto CFDs, and a variety of trading platforms. The broker is well regulated in Sweden and can be trusted.Read Review
FSA Seychelles, FSCA South Africa, VFSC, CySEC (for institutional traders)
From 0 pips
25% Unlimited Loyalty Bonus
FXGT stands out as a popular choice among Forex brokers, offering a seamless online trading experience. The broker mainly offers CFDs (Contracts for Difference) on various asset classes. FXGT owns a license from several regulatory bodies, including: FSA Seychelles, FSCA South Africa, VFSC, CySEC, and their job is to make sure there's no fraudulent activity on the platform. On FXGT, traders can use leverage up to 1000:1, and spreads start from as low as 0 pips.Read Review
Why Top Forex Brokers
We at TopForexBrokers believe in delivering the best possible service on the market, to provide you with all the up-to-date and precise information regarding the world of Forex trading. If you are looking for a Forex Brokerage best suited for you, TopForexBrokers is just the place to guide you to it. These are the things, that make us the best option on the market:
With a dedicated team of seasoned reporters, with over 10 years of experience of trading Forex and covering financial news, we ensure that you are provided with up-to-date information on all that goes around the globe. To date, we have analyzed and reviewed over 300 Forex Brokerages, and we have seen it all, from the best Forex Brokers, providing excellent services to their clientele, to the sneakiest of scammers, preying on inexperienced traders to scam them out of their funds. We set out a goal for ourselves, to make Forex trading as accessible to everyone as possible, and to ensure, that novice traders feel safe when they set sail on their Forex trading journeys. With our experience, you can rest assured, that we will equip you with all the necessary knowledge to successfully launch off your trading career, and achieve success in whatever goal you have set out for yourself.
We use a number of key criteria in our reviews, to provide you with the most in-depth analysis of Forex Brokers out there. We look into aspects, such as trading software, available bonuses, and promotions, account types, licensing, minimum deposits and customer support, making sure that we get down to the bone to see what brokerages have to offer and how they conduct their business. Being experienced traders ourselves, we have had a chance to have a first-hand experience of working with a wide range of brokerages that operate on the market, all with their own approaches to trading on the market, working with clients, bonus promotions and much more. With our reviews, you will find a Forex Broker best suited for you in no time.
We at TopForexBrokers make sure to go out of our way to assist traders all throughout their journey, from the very early stages to them becoming the best Forex traders out there. Each of us has had their own start when we first entered the world of Forex trading, and each of us knows all too well how intimidating it is for a beginner to be showered with all the new information, terms, graphs and charts, most of which we never even heard of before. To help others avoid this arduous start to their Forex trading experience, we have set for ourselves a goal, that no matter how inexperienced a trader is, we shall be there to help them along. Gaining experience in this industry is the key to success, and with our guides and educational articles, as well as news coverage, you will receive all the necessary information towards reaching your goals.
As lucrative as it is, there are still dangers to be aware of in the world of Forex trading, and wherever there is a promise of great financial benefit, significant risks follow as well. Scam brokers preying on inexperienced traders, using every available trick up the sleeves to trick those who may be too gullible, having no experience of encountering Forex scammers. While some are easy to identify, others go great length to look near-indistinguishable from legitimate Brokers. Thankfully, we are here to help you out. Our team of experts, with years of experience, analyze brokerages for any signs of suspicious activities, ensuring that no dishonest brokers get past our sight. We update our reviews regularly, re-checking verified brokerages to see, if you’ve stayed true to their honest behaviour, or strayed away and started conducting shady activities. With TopForexBrokers, you can rest assured that you will be aware of any potential dangers lurking around.
Who are we
We at TopForexBroker are a group of people, passionate about Forex Trading, with years of experience of trading Forex. This is what brought us together, the passion for this industry and the drive to give back to the community.
We have all been beginners at one point, brought into Forex through curiosity and determination to succeed, being unaware of how everything worked, not knowing the intricacies of the market, and being genuinely confused about the majority of stuff we came upon. We all wondered, which broker do I choose? Which one do I trust? What do all of these terms mean? All the questions that you are probably asking yourself right now, not to mention, being paranoid about scams.
What we didn’t have, is a helping hand guiding us through our perilous journey of mastering Forex trading, we had to figure everything out on our own, all the terms, nuances, dangers and scams. We have learned from our successes and from our failures, and this is what brought us together, to use our experience to help out aspiring traders such as yourself, to make your journey that much easier, to advise you when you need it, and clarify things for you when you are unable to do so on your own yet. Whatever your aspirations in the world of Forex trading may be, we are there for you.
The goal of TopForexBrokers now is to provide premium-quality, first-hand information on Forex markets to all those wishing to start their own trading careers. With our reviews, you are guaranteed to find a Forex broker, best suited for you, which is arguably the most important step in having a successful trading experience further on.
As we have learned ourselves, Forex trading is by no means an easy field to master, with many beginners struggling to grasp the main concepts around it, which is why our in-house experts have drafted clear and easily comprehensible guides, necessary for all aspiring traders, from the basics of trading to bonus systems, to most complex mechanism present in Forex. With these, you will enhance your knowledge of the field in no time, becoming on-par with the most experienced brokers out there.
But the world of Forex is constantly shifting, with new technologies, systems, brokers, regulations, bonus types and markets emerging constantly. So we are constantly learning ourselves, gaining new experience and insight, improving our methodology and offering you the most up-to-date information available. We also keep an eye on Forex brokers listed on our website, to ensure their continued good performance towards their traders, and reporting any changes, should they come in.
What is Forex Trading?
Before we delve into any details, let’s have a look at a larger picture, and see what Forex trading itself is. The core concept itself is fairly straightforward, Forex trading is a process of buying and selling currencies, where you buy at a certain price and sell when the prices have increased or decreased in order to make a profit. The thing about the Forex market is that it is at the core of the modern globalized world, and plays a major part in the everyday lives of countless people, whether they are aware of it or not. Are you in the US, and want to buy a nice bottle of Bordeaux Red from France? Well, that purchase will have to occur in Euros, not in USD, so equivalent currencies will have to be exchanged from one to another, so that you may enjoy your well-deserved glass of wine.
But let’s talk about Forex trading from a traders perspective, shall we? For traders, the Forex market is all about purchasing currencies and selling them to make a profit. Where things get a bit more complicated is in currency pairs. You see, currencies are traded in pairs, where you buy a certain currency using another one, say for example using US Dollars to buy euros if you are trading those currencies.
When it comes to binary trading, for example, it is all about your predictions on what will occur with the currency in a given time, whether it will increase or go down, and make your moves accordingly. So you do your research, make your predictions, and should your predictions prove to be true, congratulations, you make your profit! Should things not turn out the way you thought they would, you lose, as simple as that.
Comparatively, the best part about Forex trading, is that even if your assumptions don’t turn out to be 100% true, you can still make your profit, if you play your cards right that is. While similar to binary, you have to do your research and make your assumptions on what will happen on the market, you can constantly monitor how your trade is doing, and should things take a turn for the worst, you can exit your trade at any time and still end up profiting from it, it all depends on you.
Who are Forex Brokers?
As a newcomer to the world of Forex, and as someone who is just starting to figure out more about this industry, you may be asking yourself, who exactly are Forex Brokers? What role do they play? How do you differentiate between the good and the bad ones? And most importantly, do you need them to be able to trade Forex?
To put it simply, Forex Brokers indeed play a vital role in this industry, and a choice of the right Broker will be the key determining factor in the success of your trading career. Forex Brokers are the ones providing traders with the ability to trade on the Forex market, by enabling them to buy and sell foreign currencies. They provide assistance along the way and ensure the best service possible, taking a small payment in exchange for their services.
Forex brokers are licensed by Financial Regulators, depending on where they are located and where they operate, which allows them to enable Forex traders, sometimes referred to as retail traders, to start trading currencies on the market. These trades always come in the form of currency pairs, where traders are purchasing and selling a specific pair of currencies of their choosing.
You may also come about the term – retail Forex broker, or alternatively currency trading brokers. The fact is, that each brokerage covers a small part of the overall volume within the Forex market, and retail traders have 24-hour access to markets through these brokers.
While on the surface it might seem that all the brokerages are operating very similarly, each one of them has specific rules and individual ways of providing their services, offering unique benefits to their clientele. Considering this, it is very important to do thorough research and rely on reliable reviews, to ensure that the choice of your first brokerage is the one that fits you perfectly, matching your specific needs and goals, so that you have a smooth start to your trading career.
Role of Forex Brokers
As mentioned above, the primary role of a Forex Broker is to enable access to trading on currency pairs for traders, with the most famous being pairs, such as USD/EUR, USD/JPY, USD/GFP, etc. It should be noted that Forex brokers have increasingly started to offer trading on currencies from emerging markets, such as South African rand (ZAR), with the majority of brokers now offering services that enable such currencies to be traded on their platforms.
On Forex broker’s platform, traders have the ability to open trade, by buying a specific currency pair of their choosing, which is closed when that pair is eventually closed, giving profit to traders if their predictions came out to be true and they acted in a timely fashion. Let’s take a look at a specific example to make it clearer. Say you are a trader, and you want to exchange USD for Euros, this means that you have to purchase the USD/EUR currency pair. What this means is that you are buying USD using Euros, to make that purchase possible. When you eventually decide to close your trade, you will be selling your pair, which essentially means that you are now buying Euros using USD, a reverse of the previous operation. Should the exchange rates be higher now, when you close the trade, compared to when you opened it, congratulations, you have made a profit on your trade! If not, then it will result in a loss for you.
Like any industry out there, the Forex market has gone through a lot of changes over the years and continues to do so today, providing improved quality of service to its clients in a variety of ways. What the majority of these improvements aim for, is to make Forex trading much more accessible to all who wish to participate in it. These days, signing up with a Forex broker and opening a trading account is made extremely easy and quick, with everything necessary being done online. The majority of brokers will only require some contact information, and your id verification, to ensure safety and security both for you and the brokerage. Brokers will usually require you to deposit some money into your account before you start trading, as collateral. After you are done setting up your account and make your deposit, you should have a look at the leverage that the broker provides. Leverage enables traders to trade with larger amounts compared to the available deposit on trading accounts. The leverage can vary significantly from broker to broker and the country you are trading from and can be 20, 50 or even 400 times the funds on your account. Keep in mind though, while it is tempting, higher the leverage is, the riskier trades will be, with greater chances of losing your money, and many traders have fallen victims to the allure of making great profits without preparing properly.
What you need to know
So now that you have a general idea of what a Forex broker is, and what role they play in the process of Forex trading, we can look into some aspects that you as a beginning trader should look into, when choosing a Forex broker best suited for you. When making the choice of a brokerage to start off with, you need to consider things like, what services do they offer, which trading platforms do they have, how do their bonus promotions work, how good is their customer support, do they offer any educational assistance? As you can see, there are quite a few things that you need to keep in mind, and it may seem overwhelming at first, but you need not worry, for we are here to guide you through this step. Let’s go through major aspects in greater detail, and see how they can affect your future success as a Forex trader.
One of the key components of a Forex broker that you need to keep an eye on are spreads. Spreads are one of the ways that a Forex broker can make money off of you trading on their platform, usually the non-commission brokers. What brokerages do, is they charge you a certain amount for each trade that you make. Typically, Forex brokerages have two prices for given currency pairs, the bid price and the ask price. The bid price is the price that you sell the given currency at, and the ask price is the price that you buy the given currency at. Spreads represent the difference between the bid and ask prices. With some of the best Forex brokers out there, spreads for more popular currency pairs, like EUR/USD, are usually low, being roughly at 0.5-2.0 pips. Do keep in mind though, that there is no fixed standard, and different brokers may have different spreads for one reason or another.
This is a good opportunity to mention that you can determine the trustworthiness of a brokerage by looking at their spreads. If a Forex broker has very low spreads, this is an indicator that they are likely making money in some other way, unlike a broker with high spreads. It may be a ruse to lure in beginner traders who lack experience in this matter, or just a sign that they make money off of commissions. Whatever the case may be, you should be on the lookout for such details, and keep in mind what spreads you are ready to pay for each trade, before you sign up for a brokerage.
Since we have mentioned commissions above, let’s talk about them in more detail. Not all Forex brokers choose spreads as their main source of income, some go with commissions. While some brokerages offer smaller spreads than average, they make it up through commissions. Commissions may be charged for each trade, upon withdrawal, when depositing, or at some other point.
This is the indicator that many traders, especially inexperienced ones, should look out for, as many scam brokerages use low spreads as a means of attracting traders, who are allured by the prospects of high profits enabled by the low spreads, and then take away their deposits by charging exacerbated commission rates, often leaving traders with little to nothing.
We are not, by any means, saying that all Forex brokers that work on commissions are scammers. There are many reputable brokerages operating on commissions, simply because they prefer charging commissions with fair rates, which, depending on your trading strategies, might be more financially beneficial for you. Still, as a beginner trader, we advise you to search for a broker that does not charge a commission, or if they do, to at least make sure that the commission you will be paying is justified by the services that you shall be receiving from them.
When choosing the right Forex broker, the key feature that you need to be looking at is a trading software that they provide you with. A trading software, or trading platform as it is sometimes called, is where you will be spending the majority of your time as a trader, and where all of your operations will be taking place. This is the place where you will be able to see current exchange rates, where you will be making your trades and monitoring the status of your positions. So needless to say, being a major part of your trading career, trading platforms should be among your top priorities when choosing a Forex broker.Â
Larger, international brokers offer a variety of platforms to their users, to provide a large spectrum of choice for their clients to trade with. Smaller Forex brokers will usually offer a choice of one or two trading software however, with the MetaTrader 4 and MetaTrader 5 being the most popular choices among them. There a number of other options that you may come by as well, which are no less popular with Forex traders for one reason or another, such as Webtrader, cTrader, or sometimes even a custom trading platform, made by the brokers themselves for exclusive use, with some specific, unique features with them. When researching Forex brokers, to choose the one for you to work with, make sure to give extra attention to the choices of trading platforms they have on display, as the features present there will have a significant impact on how your trading career will advance.
Perhaps the most underestimated, yet most definitely a crucial aspect, that every reputable Forex broker must invest in and keep to high standards, is its customer support. Many traders do not realize this, beginner ones the most, that the quality of customer support may have a decisive impact on your trading career. What do you do, if you have issues while withdrawing your funds, or you have encountered a glitch, or your wifi got laggy, and all of your funds in your trading account seemingly disappeared? You have only one option, to get in touch with your brokerage as soon as possible to sort the issue out, and from experience let me tell you, you definitely don’t want to have to wait for them for days on end for a response. The best Forex brokers make sure, to have a number of options available for you to get in touch with them, be it through a phone call, an email or through an online chat, and they make sure to respond to any inquiries their clients may have in a matter of minutes, fully providing necessary information and assistance.
There is a good reason why Forex brokers take the matter of customer support seriously, and it is one of the key things that differentiates a good brokerage from a bad one. A good broker understands the importance of taking care of their customers when they encounter an issue. If customers can’t reach you and can’t get any assistance from you, they won’t be able to trust the quality of your services, and if they can’t trust you, they will not be trading with you, transferring to a brokerage with better customer service. When researching Forex brokers, pay good attention to their customer service page and their customer reviews, you definitely don’t want to be left on your own should you encounter any issues while trading.
We have briefly touched upon currency pairs, giving a basic explanation as to what they are and their purpose in Forex trading. When looking at Forex brokers, it is important to see the number of currency pairs, and what currency pairs the broker has on offer. Best Forex brokers offer a wide variety of currency pairs for their users to choose from, giving flexibility while trading.
Do keep in mind that the number of currency pairs offered by brokerages is often limited, and usually, not every currency combination is available. When researching various Forex brokers, you should keep an eye out for the currency pairs that each broker is offering on their platforms, as it will determine how your trading career will progress. You see, your choice of currency pairs that you will be starting off will be shaping you as a trader, your strategies and your trading habits, and it will have a direct impact on the profits that you will be making. To give you an overall idea, there are more popular currency pairs, such as USD/EUR, but these tend to be less volatile and thus there are less profits to be made for the trader when compared to less popular pairs, which are significantly riskier but have a potential of yielding significantly higher profits. The choice of currency pairs you’ll be going with is up to you, depending on your skill and what your goals for income are. For beginner traders, it is advised to go for less risky options at first, to experience the process behind trading and to grow your skill, without significant risks to your deposits.
Keeping these key concepts in mind will help you with your initial steps towards becoming a master Forex trader, and help you in choosing a Forex broker best suited to your skill and your needs. Be aware, however, that these were only some of the aspects in the world of Forex, and there are still a number of other points that you should be aware of at this stage in your trading career. In order to cover all the aspects that one has to be aware of, we have a number of reviews available, going into greater detail on a variety of topics within this field, such as, what one should look out for when looking at specific Forex brokers, and how to identify potential scammers. With us, you will be guided throughout all the stages of your trading career, and our reviews will assist you in finding the best Forex broker, whether you are a beginner or already a well established and experienced trader. We also delve into more specific topics, looking into niche brokerages out there, fit for unique trading strategies.
Our pick for top Forex brokers
While it is essential that you do your own research when picking a Forex broker, as you should choose the one that fits your needs the best, we have compiled a list of some of the Best forex brokerages out there, based on their good performance on a number of key components, making them a good pick for any trader at any stage in their career.
Scandinavian Capital Markets
Different types of Forex brokers
Now that you have a basic idea on what Forex brokers are and how they operate, it is important that you are able to distinguish between different types of brokers that exist out there, as they differ in the way they operate, in terms of their trade speed, stop-loss orders, etc. These differences are decisive in terms of how you will be trading and advancing, so to make sure that your choice of the best Forex broker for you is done with all key components in mind, let’s go over the different types of Forex brokers out there and how they differ from one another.
There are three main types of Forex brokers, those being Market Makers, No Dealing Desk brokers and Electronic Communications Network (ECN) brokers.
These are the biggest of Forex brokers that you may encounter in Forex. What differentiates them from the others, is the fact that they have a trading desk of their own and, and as indicated by the name, operate from the other side of the trade. In other words, should you lose your money, the broker makes profit, and if you are the one making profit, the broker does as well, albeit of a lesser volume, as a means of offsetting their losses. While this might sound a bit fishy, you need to keep in mind that these kinds of brokers do so through bid and sell spreads, essentially betting on both sides, to profit off of spreads, with little risk involved for both sides. Should the bet be too big, it is balanced out by a third party.
Arguably, the biggest pro of working with Market makers is the fact that it doesn’t involve a middle man when placing orders, dealing directly with a broker, enabling them to offer better spreads and quicker trade execution time.
No Dealing Desk Brokers
On the other end, we have the No Dealing Desk Brokers, which, unlike the Market Makers, do not have their own trading desk. What they go for instead is they go through other providers, to find best quotes from them, with these providers usually being Market Makers, and include other brokerages, various financial institutions, and banks. What makes No Dealing Desk Brokers into brokers is a variety of channels they have access, giving them liquidity to trade. When you work with a No Dealing Desk Broker, your orders will be executed through said channels, essentially acting as a middle man.
Typically, No Dealing Desk Brokers operate on commissions, where they charge you per trade, but they may also resort to widening spreads that they get through their channels. In the majority of cases, you will encounter such Brokerages using both tactics, so look well into how No Dealing Desk Brokers that you are researching make their profit, to ensure that you get the best deal available on the market.Â
Similarly to No Dealing Desk Brokers, Electronic Communications Network brokers also don’t have a trading desk of their own. What they do have, instead, is a software that connects buyers to sellers, which enables Market Makers to connect with each other. Such software typically offers tightest spreads and fastest execution times and is usually only offered to institutions and well-established personal traders. What many find appealing about working with ECN brokers is the anonymity it provides, which enables traders to trade without others knowing which side of the trade they are on.
So now that you know about the main types of Forex brokers that exist, which one should you go for? Well, that entirely depends on what your goals are and how big you want your trades to be. For the majority, Market Makers are the best pick, but you may also encounter a No Dealing Desk Broker with very appealing spreads on offer. For professional, well-established traders that trade large, the ECN broker is the best option to go for. Thus, before you make your final decision, it is crucial to have a clear idea of what your trading goals are and how you want to proceed with your trading career.
We have reviewed a number of best trading software available on the market today, which are highly popular with most experienced traders out there.
As the Forex industry continues to grow, with new brokers popping up on a near-daily basis, and emerging economies being increasingly involved in Forex trading, a need for the industry to be regulated has increased drastically, to ensure that brokerages continue to provide their services in a fair and ethical manner. This is the job that various regulatory bodies, across different countries, have taken up to do.
What these institutions do is they create a framework for Forex brokers, and other companies operating in the industry, to operate within. Regulatory bodies draft and adopt regulations and programs, aimed at creating certain standards within financial markets for Forex brokers to abide by, and provide licenses to Forex brokerages, to provide traders with greater safety and security, offering assistance in case traders become victims of scams or illegal activities and take legal action against any companies violating said regulations.
A presence of a regulatory body in a country is always a welcome thing by traders, as it is a guarantee that they will be protected and be treated fairly by their trusted brokers.
Do keep in mind, however, that Forex brokers may still operate without a license, as it is not obligatory to get one. If a brokerage does not have a license though, it is a good indicator of the potential danger they may pose, and we advise strongly to avoid such brokers, as they might turn out to be scam brokerages.
List of countries
To assist you with your research, we have made reviews on a number of countries, looking into the state of Forex markets there, best Forex brokers present, what regulatory bodies operate in specific countries and how they do it, along with many other important details.
How to differentiate a good broker from a scam
As Forex trading is on the rise, with an increasing number of people starting to trade, and new brokerages emerging on a near-daily basis, this has attracted many scammers to prey on unsuspecting traders. While regulatory bodies across the globe are introducing more safety and security in both established and emerging financial markets, some shady brokerages and Forex scammers still manage to get through the cracks. If you do become a victim of a scam and lose your funds in your trading account, it is highly likely that the financial regulator in your country will reimburse your funds to you, but it is far better to avoid such a situation entirely. Considering that this does still happen, it is up to traders themselves to identify potential scammers and avoid them. Let’s go over some of the ways that you can identify a potential scam, and what might give these scammers away in the first place.
This is the most common and fastest way to identify a potential scam, to simply look at the website. A good brokerage will invest a decent amount to make sure that their website is top-notch. If the brokerage neglects their website, then be assured that they will neglect you soo. The basic principle of a good website is that it is simple in design, easily navigable, and all the information is easy to find. If the website tells you that you need to sign up first, to get all the information about the brokerage, their services, and features, that is a red flag that you might be dealing with potential scammers.
We have mentioned the importance of brokerage having a license and we will say it again, if a broker does not have a license, it is highly recommended to avoid them. There are, sometimes, exceptions to this rule, when a Forex broker is licensed outside of your area. But for your own safety, it is detrimental that you check your local regulator’s website to see that they feature the broker in question there. With a licensed Forex broker, you can rest assured, that the brokerage is maintaining their operations to good standards, and should something go wrong, you will be dealing with everything locally.
Withdrawals and deposits
Perhaps the most important service that a Forex broker may provide. Best Forex brokers make sure to provide a number of alternative options for both making deposits and withdrawing your funds, with most popular services being PayPal or Skrill. But it is best if you look into the withdrawal policies that a broker should have on their website, as you may find out, that they have low limits on withdrawals and even fees. While not brokers with such limitations are scammers, it is still cumbersome for beginner traders.
One of the easiest and quickest ways to look into the activities of a Forex broker is to look at the reviews that people have left about it. Reading reviews has an added benefit that you gain additional information about the brokerage that you may have missed during your research, or confirm the things you have already found. Be aware though, some scam brokers pay to have positive reviews, those are easily identifiable though, through a messy language they usually use, avoiding main issues in their texts.
List of regulatory bodies
We have made a list of regulatory bodies, explaining how and where each of them operates, and how they maintain safety and high standards in their respective areas. This will surely come in handy when you are researching Forex brokers and their licensing, making it easier to find the best Forex brokerage for you.
If you have come this far, then you already have a good general understanding of how Forex trading operates, and you are almost ready to make your first steps in the exciting world of Forex! Once you have chosen a Forex broker that you shall be starting off with, your first step in your trading career starts with depositing money in your trading account, so that you may start purchasing and selling currencies. You may even get a nice no deposit bonus along the way, giving you extra funds to trade and make a profit with. But how do you deposit money? Using the available payment method of course, and there are usually a number of those that brokers offer. The most popular methods you will encounter are credit or debit cards, bank wires, and digital wallets.
You may notice, however, that not all brokers offer every payment method available, or offer them with certain limitations. This is due to potential limitations that brokers and traders may encounter when it comes to payments.
Different countries have different policies regarding monetary transactions. This directly affects the process of both depositing funds into your trading account and withdrawing from it, dictated by how much money can be transferred at a time using a specific method. Additionally, there may be limitations on payment methods being available in some countries at all, in which case, traders from such countries are relegated to using less convenient methods
Now when it comes to money, security is of paramount importance to everyone, and the fact is that not every payment system is able to offer the highest security standards when it comes to transactions. While security is improving rapidly with the introduction of new technologies, some brokers and traders alike prefer to use more traditional methods of transferring funds.
When looking at the available payment methods that a Forex broker has, it is also important to consider transaction times. As an experienced trader, you would want to deposit and receive funds as quickly as possible, to ensure that you can reinvest them for greater profit, and waiting for days or even weeks on end is certainly not in your plans.
List of payment methods
Below you can find a list of some of the most popular payment methods available, where we delve into details of how they operate, what features they have, and what you need to keep in mind during your research
We have reviewed a number of best trading software available on the market today, which are highly popular with most experienced traders out there.