What are the worst Forex brokers like, and how to avoid them

The world of Forex trading is absolutely huge. People from all over the world trade on the global foreign exchange markets every single day, amounting to several trillion dollars’ worth of volume every day. Needless to say, with such huge numbers, the number of brokers out there is quite massive. There are now thousands of brokers all around the world operating internationally, and many more are joining as the years pass. For many people, this is great, because an abundance of options is almost always good, rather than having to rely on limited options which would give way to monopolistic practices.

On the other hand, with so many options available out there, it can be quite a daunting task to choose your Forex broker to trade with. This is especially the case for the beginners, many of whom don’t have the necessary kn0w-how to conduct their research and make the correct choice. This often results in the beginner traders putting themselves in a much more risky position. Why? Because unfortunately, for every great broker out there who is ethical and is following the laws and conducting their business in a fair manner, there are as many fraudsters and scammers, or at least the brokers who are grossly incompetent, and their mere operation puts many traders n harm’s way.

In this guide, we will be discussing what are the bad/worst Forex brokers like, what makes them bad, and how you can make a correct choice between good brokers and the bad ones. By the end of reading this, you will be much better-geared to make a more well-informed choice on which brokers to trade with safely, securely, and profitably.

Our list of brokers with worst reviews

Below is our list of brokers that we have found to be worse than any other ones that we have reviewed on this website. These brokers are on this list because they have failed to adequately meet the most important aspects of what makes a good Forex broker. We will discuss this at length below, and by the end, besides the bad ones, we will also show you who we believe to be the best brokers, which have managed to provide an excellent service and satisfy all the important criteria that these brokers have failed at. For now, here’s our list of worst Forex brokers.

FXTM

FXTM Review

Minimum deposit

1 USD

Licences

CySEC, FCA, FSC

Bonus

N/A

Maximum leverage

1:1000

Spreads

from 0 pips

US Clients

No

Markets.com

Markets.com Review

Minimum deposit

250 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:30

Spreads

from 0.6 pips

US Clients

No

Questrade

Questrade Review

Minimum deposit

100 USD

Licences

IIROC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Wisetrader

Wisetrader Review

Minimum deposit

250 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

200:1

Spreads

from 1 pip

US Clients

No

Admiral Markets

Admiral Markets Review

Minimum deposit

200 USD

Licences

FCA, ASIC, EFSA

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0 pips

US Clients

No

Tradeo

Tradeo Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Tudortrade

Tudortrade review

Minimum deposit

100 USD

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

OctaFX

OctaFX Review

Minimum deposit

50 USD

Licences

FCA

Bonus

Contest

Maximum leverage

1:500

Spreads

from 1 pip

US Clients

No

TradeFTM

TradeFTM review

Minimum deposit

200 USD

Licences

CySEC, IFSC, ASIC

Bonus

Up to 40%

Maximum leverage

1:500

Spreads

from 0.6 pips

US Clients

No

Blue Suisse

Blue Suisse FX broker review – Everything you should know

Minimum deposit

$500

Licences

MFSA

Bonus

Maximum leverage

1:200

Spreads

US Clients

Eurotrader

Eurotrader Review – can you trust this broker in real life?

Minimum deposit

250 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0.6 pips

US Clients

No

Review of TigerWit – The things you must know

Review of TigerWit – The things you must know

Minimum deposit

$200

Licences

FCA

Bonus

Maximum leverage

1:200

Spreads

US Clients

Review of FX broker Zero Markets – Can it be trusted?

Review of FX broker Zero Markets – Can it be trusted?

Minimum deposit

$200

Licences

ASIC

Bonus

Maximum leverage

1:500

Spreads

US Clients

FBS

FBS Forex Broker – What do we think about it?

Minimum deposit

1 USD

Licences

IFSC

Bonus

100%

Maximum leverage

1:1000

Spreads

from 0.6 pips

US Clients

No

RFXT Broker

RFXT Broker Review

Minimum deposit

50 USD

Licences

CySEC, ASIC, CMA

Bonus

N/A

Maximum leverage

1:400

Spreads

From 0 pips

US Clients

No

Z.Com Trade

Z.Com Trade Review

Minimum deposit

0 USD

Licences

FCA

Bonus

Free Demo

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

HWFX

HWFX review of the broker’s features on the EU markets

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:30

Spreads

from 1.5 pips

US Clients

No

Mitrade

A Comprehensive Mitrade review revealing if the broker is a scam

Minimum deposit

1 USD

Licences

ASIC

Bonus

N/A

Maximum leverage

1:200

Spreads

N/A

US Clients

No

Bexplus

Bexplus Broker Review

Minimum deposit

0.1 BTC

Licences

SVGFSA

Bonus

100 USD

Maximum leverage

1:100 

Spreads

0 pips

US Clients

No

Trust Capital TC

Is Trust Capital TC scam or a good broker?

Minimum deposit

250 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:30

Spreads

from 1.6 pips

US Clients

No

MXT Global

MXT Global Review

Minimum deposit

100 USD

Licences

ASIC

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0 pip

US Clients

No

eToro

eToro Review

Minimum deposit

50 USD

Licences

CySEC, NFA, ASIC

Bonus

N/A

Maximum leverage

1:400

Spreads

from 3 pips

US Clients

Yes

AvaTrade

AvaTrade Review

Minimum deposit

100 USD

Licences

Central Bank of Ireland

Bonus

30 %

Maximum leverage

400:1

Spreads

from 2 pips

US Clients

No

Oanda

Oanda Review

Minimum deposit

1 USD

Licences

CFTC, NFA, FCA

Bonus

N/A

Maximum leverage

1:50

Spreads

from 0.1 pips

US Clients

Yes

easyMarkets

easyMarkets Review

Minimum deposit

100 USD

Licences

ASiC, CySEC

Bonus

up to 50%

Maximum leverage

1:400

Spreads

from 1.8 pips

US Clients

No

MRG Forex

MRG FX broker review

Minimum deposit

10 USD

Licences

FMA

Bonus

N/A

Maximum leverage

1:500

Spreads

From 0.8 pips

US Clients

No

VT Markets review – Should you trust this FX broker?

VT Markets review – Should you trust this FX broker?

Minimum deposit

$200

Licences

CIMA

Bonus

Maximum leverage

1:500

Spreads

US Clients

AMarkets

AMarkets Review

Minimum deposit

0 USD

Licences

FCA, TSRFIN

Bonus

25%

Maximum leverage

1:1000

Spreads

from 0 pips

US Clients

No

AxiTrader

Our honest AxiTrader review – should you trust the broker?

Minimum deposit

0 USD

Licences

SVGFSA, ASIC, FMA

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0 pips

US Clients

No

IFC Markets

IFC Markets Review

Minimum deposit

100 USD

Licences

N/A

Bonus

100 USD

Maximum leverage

1:400

Spreads

from 2 pips

US Clients

No

ZX Markets

ZX Markets Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Finq.com

An in-depth Finq.com review

Minimum deposit

100 USD

Licences

SFSA

Bonus

50%

Maximum leverage

1:300

Spreads

from 1 pip

US Clients

No

Capital Index

Capital Index Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

100 USD

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Brokers Station

Brokers Station Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Markets Yes

Markets Yes Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:100

Spreads

N/A

US Clients

N/A

TNFX

TNFX review – all you need to know about the broker

Minimum deposit

300 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:400

Spreads

from 1.3 pips

US Clients

No

MGC Logic

MGC Logic review

Minimum deposit

250 EUR

Licences

FSU

Bonus

N/A

Maximum leverage

1:100 

Spreads

from 0.1 pips

US Clients

No

FXB Trading Broker

FXB Trading Broker Review

Minimum deposit

200 USD

Licences

FSA

Bonus

25%

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

GigaFX

GigaFX Review

Minimum deposit

250 EUR

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0.7 pips

US Clients

No

Doo Prime

Doo Prime review – find out the broker’s features and the scam controversy

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:400

Spreads

from 1.1 pips

US Clients

No

UFXMarkets

UFXMarkets Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:400

Spreads

from 2 pips

US Clients

No

S2Trade

S2Trade broker review

Minimum deposit

200 USD

Licences

N/A

Bonus

25%

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Investous

Investous review will show you why you should not trust the broker

Minimum deposit

250 USD

Licences

IFSC Belize

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0.9 pips

US Clients

No

Atecs Capital

A comprehensive Atecs Capital review

Minimum deposit

500 USD

Licences

FSA

Bonus

N/A

Maximum leverage

1:20

Spreads

from 0 pips

US Clients

No

Discount FX

Discount FX review – what are the pros and cons of trading with this broker?

Minimum deposit

500 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0.4 pips

US Clients

No

PrimeXBT

PrimeXBT review

Minimum deposit

0,01 BTC

Licences

N/A

Bonus

N/A

Maximum leverage

1:100 

Spreads

N/A

US Clients

No

TradeBerry

An overview of TradeBerry broker – Is it legit?

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Libertex

Libertex Review

Minimum deposit

10 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:500

Spreads

Variable

US Clients

No

Trade Capital Review

Trade Capital Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

XTrade

XTrade Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

20 USD

Maximum leverage

1:400

Spreads

from 2 pips

US Clients

No

Coinbull.io

Coinbull.io review

Minimum deposit

200 USD

Licences

CySec, FCA

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

ForexChief

ForexChief review reveals ForexChief scam scheme, learn more about it

Minimum deposit

100 USD

Licences

FSC Vanuatu

Bonus

100 USD

Maximum leverage

1:400

Spreads

from 0 pips

US Clients

No

TradInvestor

TradInvestor review

Minimum deposit

2500 EUR

Licences

N/A

Bonus

N/A

Maximum leverage

1:100 

Spreads

From 0.1 pips

US Clients

No

CFD World

CFD World review – what are the pros and cons of this broker?

Minimum deposit

250 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:30

Spreads

from 3 pips

US Clients

No

alb.com

ALB Review

Minimum deposit

0 USD

Licences

MFSA

Bonus

N/A

Maximum leverage

1:100 

Spreads

From 0.7 pips

US Clients

No

United Markets Capital

Find out conditions and features through this United Markets Capital review

Minimum deposit

250 EUR

Licences

N/A

Bonus

N/A

Maximum leverage

1:30

Spreads

from 1.5 pips

US Clients

No

TemplerFX

Detailed TemplerFX review and why you need to avoid the broker

Minimum deposit

25 USD

Licences

FSA

Bonus

100% bonus

Maximum leverage

1:2000

Spreads

from 0.5 pips

US Clients

No

JAFX

JAFX Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Capital.com

Capital.com Forex broker Review

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Pepperstone

Pepperstone Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

EagleFX

Trying the EagleFX review to figure out the company’s features

Minimum deposit

10 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:500

Spreads

from 1.5 pips

US Clients

Yes

Alvexo

Alvexo review

Minimum deposit

200 USD

Licences

CySEC, FCA

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

TradeiAM

TradeiAM Review

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

ECN Capital

ECN Capital Review

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Fort Financial Services

Fort Financial Services Review

Minimum deposit

200 USD

Licences

CySEC, FCA

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

TraderUR

Can TraderUR be trusted? Everything about the broker’s features

Minimum deposit

250 EUR

Licences

N/A

Bonus

N/A

Maximum leverage

1:400

Spreads

N/A

US Clients

No

Swissquote Review

Swissquote Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:100

Spreads

from 0.1 pips

US Clients

N/A

Markets.com South Africa

Markets.com South Africa Review

Minimum deposit

ZAR1000

Licences

FSB

Bonus

ZAR250

Maximum leverage

1:200

Spreads

from 0 pips

US Clients

No

Portex Markets

Portex Markets broker review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

FxPro

FxPro Review

Minimum deposit

100 USD

Licences

CySEC, FCA

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0 pips

US Clients

No

AG Markets

AG Markets review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

SinoSoft FX

Is SinoSoft FX legit or a scam broker?

Minimum deposit

100 USD

Licences

N/A

Bonus

20% No deposit bonus

Maximum leverage

1:300

Spreads

from 1.6 pips

US Clients

No

Fortrade

Fortrade Review

Minimum deposit

100 USD

Licences

FCA

Bonus

30 %

Maximum leverage

1:200

Spreads

from 1 pips

US Clients

No

Circle Markets

Circle Markets Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0.2 pips

US Clients

N/A

AccentForex

AccentForex Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Coinfinex

Coinfinex review discussing broker’s features in details

Minimum deposit

500 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:4

Spreads

from 0 pips

US Clients

No

10Markets

10Markets Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

BlackWell Global

BlackWell Global Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

BomanFX

A comprehensive BomanFX review shows if the broker is legit or not

Minimum deposit

5=100 USD

Licences

SVGFSA

Bonus

20 USD

Maximum leverage

1:200

Spreads

from 0.9 pips

US Clients

N/A

AZAFX

AZAFX Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

CIBFX

CIBFX Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

8MAX

8MAX review to give you insight into the broker’s features

Minimum deposit

5 USD

Licences

N/A

Bonus

20%, 100% bonus

Maximum leverage

1:1000

Spreads

from 0 pips

US Clients

No

Billion Capitals

Billion Capitals Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

FXLinked

FXLinked Review

Minimum deposit

10 USD

Licences

FSA

Bonus

50%

Maximum leverage

1:400

Spreads

from 0 pips

US Clients

N/A

CoreSpreads

CoreSpreads Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

TDS Capital

Detailed TDS Capital review shows if the broker is a scam or legit

Minimum deposit

250 USD

Licences

FSU

Bonus

N/A

Maximum leverage

N/A

Spreads

N/A

US Clients

No

BlitzBrokers

BlitzBrokers Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

IFS Markets

IFS Markets Review

Minimum deposit

0 USD

Licences

ASIC

Bonus

N/A

Maximum leverage

1:400

Spreads

N/A

US Clients

No

MyDigiTrade

MyDigiTrade review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

BidAsko Forex

BidAsko Forex broker review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:1000

Spreads

from 0.1 pips

US Clients

N/A

FXCM

FXCM Review

Minimum deposit

2000 USD

Licences

NFA, FCA, ASIC + 6

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0 pips

US Clients

Yes

AHMZFX

AHMZFX Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Wilkins Finance Forex

Wilkins Finance Forex Broker Review

Minimum deposit

200 USD

Licences

CySEC, FCA, FSB

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Trade5000

Can Trade5000 be trusted? Learn in this Trade5000 review

Minimum deposit

250 USD

Licences

N/A

Bonus

30%, 40%, 60%, 80%, 100%

Maximum leverage

1:200

Spreads

N/A

US Clients

No

ForexGrand

ForexGrand Broker Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

Orbex Forex

Orbex Forex Broker Review

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0.1 pips

US Clients

N/A

Nigma Finance

Nigma Finance fraud review

Minimum deposit

10 000 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

N/A

US Clients

No

TradeMax

Are the rumors about TradeMax scam real?

Minimum deposit

1000 USD

Licences

ASIC

Bonus

N/A

Maximum leverage

1:400

Spreads

from 1.6 pips

US Clients

No

MXC Forex Broker Review

MXC Forex Broker Review

Minimum deposit

200 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:100 

Spreads

from 0.1 pips

US Clients

N/A

XTB

XTB Review

Minimum deposit

1 USD

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0 pips

US Clients

No

AM Broker

AM Broker Review

Minimum deposit

1000 USD

Licences

SVGFSA

Bonus

25%

Maximum leverage

1:500

Spreads

from 0.6 pips

US Clients

No

HotForex

HotForex Review

Minimum deposit

5 USD

Licences

CySEC, BAFiN

Bonus

100% Deposit Bonus

Maximum leverage

1:1000

Spreads

from 0.4 pips

US Clients

No

FXVC

Is FXVC trustworthy and should you consider trading with them?

Minimum deposit

500 EUR

Licences

CySEC

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0 pips

US Clients

No

XtreamForex

Is XtreamForex scam? Find details in this review

Minimum deposit

5 USD

Licences

N/A

Bonus

30%, 100%

Maximum leverage

1:1000

Spreads

from 1.2 pips

US Clients

No

IronFX

IronFX Review

Minimum deposit

500 USD

Licences

CySEC, FCA and 5

Bonus

60 USD

Maximum leverage

1:500

Spreads

from 0 pips

US Clients

No

TraderNovo

TraderNovo Scam

Minimum deposit

100 USD

Licences

N/A

Bonus

100 USD

Maximum leverage

1:400

Spreads

from 2 pips

US Clients

No

Grand Capital

Grand Capital Review

Minimum deposit

10 USD

Licences

FinaCom

Bonus

500 $

Maximum leverage

1:2000

Spreads

from 1 pips

US Clients

No

CryptoPoint

CryptoPoint review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

EverFX

EverFX review

Minimum deposit

250 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:30

Spreads

from 0 pips

US Clients

No

FTO Capital

FTO Capital review identifying why it is not to be trusted

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

VivoTrader

Can Vivotrader be trusted? Here is a quick review to help you

Minimum deposit

500 EUR

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

N/A

US Clients

No

Capital One Forex

Capital One Forex Review

Minimum deposit

10 USD

Licences

FSP

Bonus

N/A

Maximum leverage

1:1000

Spreads

from 0 pips

US Clients

No

CP Markets

Is CP Markets scam or legit broker? Read the review to know

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2.6 pips

US Clients

No

London Capital Group

London Capital Group Review

Minimum deposit

0 GBP

Licences

FCA

Bonus

N/A

Maximum leverage

1:300

Spreads

from 0.6 pips

US Clients

No

JP Markets

JP Markets Broker Review

Minimum deposit

200 USD

Licences

FSB

Bonus

N/A

Maximum leverage

1:500

Spreads

from 0.1 pips

US Clients

N/A

Formax

Formax Review

Minimum deposit

100 USD

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

GrandeFX

GrandeFX Review

Minimum deposit

250 USD

Licences

CySEC, FCA, BaFIN

Bonus

N/A

Maximum leverage

1:500

Spreads

0.5-1.0 pips

US Clients

No

AssetsFX

AssetsFX Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

FXCitizen

FXCitizen Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Stocksforex

Stocksforex Review

Minimum deposit

100 USD

Licences

IFSC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Forexmart

Forexmart review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

MYteamFX

MYteamFX review

Minimum deposit

500 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:500

Spreads

From 0.1 pips

US Clients

No

FXOptimax

FXOptimax Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

X90

X90 Broker Review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

City Index

City Index Review

Minimum deposit

1 USD

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 1 pips

US Clients

No

Justforex

Justforex Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

ForexWings

ForexWings broker review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

MTI Markets

MTI Markets Review

Minimum deposit

100 USD

Licences

BIFSC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Bacera

Bacera Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

NoaFX

NoaFX Review

Minimum deposit

100 USD

Licences

BIFSC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

CMC Markets

CMC Markets review

Minimum deposit

0 GBP

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0.7 pips; from 0.4 points (on Spot Gold)

US Clients

No

BDSwiss

BDSwiss review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Dukascopy

Dukascopy Review

Minimum deposit

100 USD

Licences

FINMA

Bonus

N/A

Maximum leverage

1:300

Spreads

from 0 pips

US Clients

No

Vestle

Why you should avoid the Vestle scam

Minimum deposit

400 USD

Licences

iCFD

Bonus

N/A

Maximum leverage

1:30

Spreads

N/A

US Clients

No

Rally trade

Rally trade review

Minimum deposit

100 USD

Licences

MiFID

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

LQDFX

LQDFX review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

TurboForex

TurboForex Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

100 USD

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

100 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

TMS Markets

TMS Markets Review

Minimum deposit

100 USD

Licences

FSA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Atiora

Atiora Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

100 $

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

FXCL

FXCL review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Exness

Exness Review

Minimum deposit

1 USD

Licences

CySEC

Bonus

Golden Dozen Rebate

Maximum leverage

1:2000

Spreads

from 0.1 pips

US Clients

No

TeraFX

TeraFX Review

Minimum deposit

100 GBP

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

Trade360

Trade360 Review

Minimum deposit

25 USD

Licences

CySEC

Bonus

N/A

Maximum leverage

1:200

Spreads

from 1.8 pips

US Clients

No

Globalprimeau.com.au

A comprehensive Globalprimeau.com.au review for your cosnideration

Minimum deposit

200 USD

Licences

ASIC

Bonus

30 USD

Maximum leverage

1:200

Spreads

from 0.7 pips

US Clients

No

FX Giants

FX Giants Review

Minimum deposit

100 USD

Licences

CySEC

Bonus

100 $

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

InterTrader

InterTrader review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 0.2 pips

US Clients

No

EuroPrime

EuroPrime review – or why it is important to read about a broker before trading with them

Minimum deposit

N/A

Licences

FSC Belize

Bonus

N/A

Maximum leverage

1:400

Spreads

from 0 pips

US Clients

No

NPBFX

NPBFX review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

FreshForex

FreshForex Review

Minimum deposit

1 USD

Licences

CRFIN, KROUFR

Bonus

N/A

Maximum leverage

1:1000

Spreads

from 0.5 pips

US Clients

No

Royal Capital Pro

Royal Capital Pro broker review

Minimum deposit

200 USD

Licences

N/A

Bonus

N/A

Maximum leverage

N/A

Spreads

from 0.1 pips

US Clients

N/A

UMarkets

UMarkets Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

HYCM

HYCM Review

Minimum deposit

100 GBP

Licences

FCA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

TradeToro

An objective review showing if TradeToro fraud is real or not

Minimum deposit

500 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:20

Spreads

0 pip

US Clients

No

Vix500

Vix500 Review

Minimum deposit

100 USD

Licences

N/A

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

FXGlobe

FXGlobe Review

Minimum deposit

100 USD

Licences

MFSA

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

US Clients

No

What makes a bad Forex broker?

When choosing a Forex broker to trade with, and when deciding whether or not they are able to meet reasonable standards, there are many things to take into account. Simply looking out for a broker that seems to be providing the most benefits and has the best reviews online simply is not enough, especially in this day and age, with so much conflicting information online. Additionally, you also have to prioritize your safety, above anything else that you may use as a point of consideration. So, without further ado, let’s discuss the specific key points that would indicate whether or not your would-be broker is bad.

They don’t have a license

When choosing your broker, the first order of things should always be making sure that they are legally licensed by appropriate local authorities. Why? Because safety is the most important thing to consider for anyone who is looking to have great trading experience. You could have the broker with the fanciest website and some mouth-watering bonuses and other benefits that they may look like to have, but unless you are guaranteed full safety, then it all has no point. And the only way to be 100% sure that you are safe, is by going with a licensed broker.

Therefore, especially if you are a beginner, make sure to closely familiarize yourself with your country’s relevant Forex market legal specifics. As an example, if you are from the UK before you sign up with a broker, make sure to check their license number in the FCA database. The number should be available on the website of the broker, and if it’s not displayed, don’t hesitate to reach out to the broker, and ask for the number. If they are actually licensed, they will be more than glad to give the license number to you.

Now, obviously, there are many international brokers who operate all over the world, and many of them don’t have each and every license for each and every country. That is definitely understandable. However, what you need to make sure is that they are licensed by at least one regulatory body, to make sure that you are dealing with a legitimate broker. As an example, if you are from South Africa and your prospective broker is not licensed by South Africa’s FSCA but has a license from the UK’s FCA, then you can still be sure that you are in “good hands”, as FCA is one of the most highly-respected authorities in the world.

With that being said, we included this point for a reason – it is all too common for brokers to be obtaining their licenses from some offshore tax haven countries, in shady conditions by shady regulators. If this is the case, then this license is as good as useless. At the end of the day, only licenses from reputable regulators matter, such as the ones from FCA, CySec, FSCA, FMA, are the ones that you can really trust.

Their customer service is unreliable

Customer service is one of the most important things to take into account when you’re looking for your next Forex broker. At the same time, it also happens to be one of the things that many people neglect, which is rather unfortunate, as the importance of having access to a high-level customer service simply can not be understated.

Think about it – you are investing your hard-earned money for trading, not to mention your time and opportunity cost. Considering these, it’s in your own best interest to do business with a company that is willing to take your issues and needs to heart when you need assistance.

A good Forex broker will do everything in their power to make sure that they are as helpful with your problem as possible. In general, you can gouge how trustworthy your broker is by how reliable their customer service is. Additionally, good customer service is defined by how accessible it is. Your broker should ideally have customer service available not only through email, but their website’s online chat, and phone as well. Phones are one of the most effective and reliable ways to get thorough help form customer service, so it’s always nice to have access to that.

Their websites have bad usability

This one is not as significant as the previous points, but it still does matter. Let’s not pretend that the user experience has no real meaning, because it absolutely does – you are going to be spending a lot of time on your broker’s website, so making sure that doing so is enjoyable and accessible, should be something that you should at least consider.

A good broker website is the one that performs well, meaning it’s fast and can work well on all sorts of devices, not only computers. Many great brokers even have separate apps for mobile devices, so there is absolutely no excuse to not have a high-quality website. However, these “cosmetic” features aside, the most important thing for the website is the safety and security, which can be facilitated only by following the industry standards of security, such as encryption of sensitive information, regular checks for bugs, etc.

But who are the good brokers?

As you have seen, the requirements for being a good broker are quite reasonable. Any dedicated broker should have no problem fulfilling these requirements without issues, but yet we often see many brokers who are failing to do so. With that being said, there definitely are many great brokers out there who have been providing great service to their customers for a very long time now. We have reviewed tons of brokers throughout the years, and we can confidently say that we know what a good Forex broker is like. If you would like to take advantage of these hours upon hours of research that we have conducted for finding the very best Forex brokers in the world, check out our list below, and find your ideal Forex broker today!

LIST OF BROKERS HERE