By the time of writing this guide, the foreign exchange market is doing wonders in the financial industry; from early today morning until late tonight, it will have transferred over 5 trillion US dollars across people’s and corporations’ wallets.
Shortly known as Forex, this trading market brings together more than 10 million traders worldwide. And its popularity can be associated with a number of intrinsic characteristics: the highest liquidity out of all financial instruments, the usability of currencies, and the market activity 24/5.
In order for you to trade any given currency, you need to interact with a liquidity provider. But that’s not always the easiest thing to do: it takes a lot of expertise, as well as high commission rates and deposit requirements. The alternative to that is to find a Forex broker that takes it on itself to mediate between you and your broker.
In this guide, our team at TopForexBrokers will help you find the best and most trustworthy brokers in your country of residence. We’ll cover pretty much every Forex trading hub from North America all the way to Australia. So, hold on and let’s get right to it.
To give you the best recommendations, our team has conducted thorough research and tested each of the brokers personally. They set up real accounts with them, as well as deposited their own money, to find out whether these brokers could deliver the best trading experience for you.
And what ultimately came out of this effort is our list of the best Forex brokers for your country. Here they are:
CySEC, IFSC, ASIC
CySEC, FCA, FSA
100 currency units
CIMA, FCA, NFA
When people go out and about to find their suitable brokers, they always wonder: what are the features and characteristics they should look for in a broker? And which one is more prevalent over the other?
Well, we’re here to provide you with the best techniques that can get you the best Forex broker in your country. The very first feature of a broker is its safety. If you want to trade Forex, or just about any instrument for that matter, you have to make sure that the broker you’re dealing with is as trustworthy as it can get; otherwise, it’ll rob you of your hard-earned funds as if it was never there.
The best way for that is to look at its license. The most trustworthy brokers are regulated by the Tier-1 regulators, such as:
What these regulators ensure is that your broker is treating you, as well as your funds, as honestly as possible. With their regulatory oversight, you can rest assured that the company you’re trading with doesn’t engage in fraudulent activities.
After determining that your broker is safe, the next step is to check its trading terms and conditions. This includes commission levels, leverage ratios, and execution types.
The best Forex brokers tend to minimize the number of commissions they charge, as well as the rates of the remaining commissions as well. They usually charge bid/ask spreads, overnight swaps, and inactivity fees, while account-maintenance, instrument, and deposit/withdrawal fees are usually removed from the platform.
As for leverage, the EU and US-based brokers have the maximum cap at 1:30. In other jurisdictions, there’s no hard limit on the maximum leverage, although anything after 1:200 is already very risky. And when it comes to execution modes, you need a broker that places your orders instantly with as little slippage as possible.
In the following guide to the best Forex brokers in your country, we’re taking a look at pretty much all jurisdictions where Forex trading is somehow prevalent.
Our goal with this guide page is to bring you the top Forex brokers that operate in your country. Our team has personally and individually tested each of the contesting brokers, and came up with complex lists that include the most trustworthy service providers.
Therefore, you can rest assured that we’re only recommending the brokers that have gone through our complex selection processes with flying colors!