TOP FOREX BROKERS

REVIEW MIN SPREAD MIN DEPOSIT VISIT BROKER
0 pips $5 VISIT
2 pips $100 VISIT
1.5 pips $100 VISIT
2.2 pips $100 VISIT
0.9 pips $100 VISIT

 

Introduction To Forex Reviews

Forex trading, with its attractive leveraged products and increased flexibility of trading, continues to remain at the top of financial markets. Speculators and day traders mostly prefer to invest their capital in the FX and CFD markets, owing to the exposure and an incredible earning potential. It is indeed not surprising that Forex trading has managed to attract a huge audience following, both among retail traders and institutional investors. However, with an increase in the number of investors, financial scams and broker frauds became an integral part of FX trading, more so in the modern context of online financial investments.

The quality of financial products and services may also suffer, mainly due to an increase in the number of brokers and trading platforms. Forex trading involves a considerable amount of risks in the market, and it is vital for traders to protect their investments from scam activities. Our detailed and carefully crafted FX broker reviews are designed to help investors make an informed choice while selecting a Forex brokerage. We provide all the necessary information about a broker’s services and investor protection policies so that you can enjoy complete peace of mind while making your choice.

 

 

What Are The Essential Features Covered In Our Forex Broker Reviews?

Forex broker reviews should be able to bridge the gap between a trader and the brokers’ market. Of course, not all Forex brokers may be considered to be a genuine and reliable company, but there are companies that offer exceptional services to their clients. Our Forex reviews are designed to encompass numerous aspects of an FX brokerage and are capable of providing a concise picture of a broker’s products and services. Here are some of the fundamental factors that are considered in our broker reviews:

 

– Company Information & Protection Of Funds

Financial companies are required to adopt the latest in encryption technologies and to provide a secure trading environment. Since investors deposit large sums of money with Forex brokerages, it is vital for companies to be regulated by the top regulatory agencies in the market. Therefore, we analyse some of the major aspects of a broker such as its regulatory status, broker location, company information, and other critical data while compiling a thorough Forex company review.

We also pay close attention towards how brokers handle their clients’ investments. Traditionally, FX brokers are known to enhance the safety of clients’ capital through segregation of funds and protecting against broker insolvency through investor compensation funds. Regulated Forex brokers are also subjected to routine auditing and scrutiny, which further ensures that companies or their representative don’t indulge in any illegal or scam activities. Hence, it is imperative for you to always choose a regulated company with proper authorizations, but there may be expectations to this case.

– Minimum Deposit/Investment & Withdrawal

Forex brokers have different requirements when it comes to making an initial deposit and the minimum investment allowed for trading. Forex trading, unlike stock trading, does not require significant investments, as brokers may allow its traders to start trading from $1. However, from an ROI perspective, it is essential for traders to evaluate their trading strategies and investment goals, in order to come up with a trading capital that suits their trading preferences.

Brokers offer different types of trading accounts, according to the category of traders, which include Micro, Mini, and Standard accounts. Investments in FX trading is generally denoted in lots, which is why most trading accounts are characterised according to the underlying lots used for trading. While it is easy to make a deposit and trade with a broker, it is also important for traders to be able to withdraw their funds without any restrictions. Therefore, we review Forex brokers for their speed, efficiency and reliability of payments, including the way in which a broker handles its clients’ withdrawal requests.

– Forex Trading Platforms

Forex brokers, in general, choose to adopt any of the more popular third-party trading interfaces such as the MT4, cTrader, NinjaTrader, or TradeStation. There are numerous third-party Forex platforms in the market, and it is usually easy for a company to simply adopt a tried and tested platform, rather than investing their resources into developing a new platform from scratch. Of course, there are cases where brokers have developed unique and exciting trading platforms, but the basic outline remains the same.

Every trading platform should enable a trader to invest in the markets through a safe and secure trading environment. Most modern brokers also enable its users to access their Forex accounts on a mobile device through dedicated Forex trading apps, which should help in enhancing the user experience. Ultimately, trading platforms should offer the most reliable and secure trading atmosphere without any compromises on performance.

– Forex Trading Platforms

Forex brokers, in general, choose to adopt any of the more popular third-party trading interfaces such as the MT4, cTrader, NinjaTrader, or TradeStation. There are numerous third-party Forex platforms in the market, and it is usually easy for a company to simply adopt a tried and tested platform, rather than investing their resources into developing a new platform from scratch. Of course, there are cases where brokers have developed unique and exciting trading platforms, but the basic outline remains the same.

Every trading platform should enable a trader to invest in the markets through a safe and secure trading environment. Most modern brokers also enable its users to access their Forex accounts on a mobile device through dedicated Forex trading apps, which should help in enhancing the user experience. Ultimately, trading platforms should offer the most reliable and secure trading atmosphere without any compromises on performance.

– Leverage & Trading Features

Forex trading is inherently a leveraged product, which can offer up to 1:3000 leverage in extreme cases. Stock trading is a relatively docile product, where leverages hardly exceed 1:20. Therefore, traders have the option of trading on a margin that leverages their investments to a significant quantity, which can have both positive and disastrous consequences. Nevertheless, Forex brokers offer varying levels of leverage for margin trading, which typically starts from 1:50 to 1:500 for mainstream brokers. It is common for US-based Forex brokers to limit the maximum leverage to 1:50, but brokers from the EU and other parts of the world don’t necessarily have such maximum leverage restrictions.

Our FX reviews also touch upon several trading features, including trading tools, order options, and other analytical tools for evaluating the markets. Forex brokers have a primary responsibility towards their clients to offer a wide suite of trading features, and our reviews should enable traders to get first-hand information about the reliability of the products through a hands-on approach.

– Customer service

Genuine Forex companies make it a priority to treat their customers with dignity and respect. There are bound to be issues and conflict of interest between brokers and traders, but the real mettle of a company lies in its ability to deal with all differences in a diligent manner. Customer service not only includes the way by which brokers deal with new clients, but it also entails how brokers address their clients’ concerns. Brokers should preferably have a wide range of customer interaction channels to simplify customer access and provide a broad range of communication channels.

 

FX Reviews To Analyse FX Trading Products

FX broker reviews provide an excellent opportunity for traders to get a basic idea of the overall trading performance and platform features of a broker. It takes years of practice and experience to evaluate a broker’s products properly, and it is usually one of the most overlooked attributes of Forex trading. Trading performance can include a wide range of parameters, including platform efficiency and speed of transactions. We review Forex trading companies by subjecting them to the most rigorous quality standards and only recommend FX brokers that are capable of providing world-class services to traders.

While our Forex trading reviews are designed to offer current and useful information, some online broker reviews are more oriented towards promoting specific services or products.

 

A majority of traders are entirely unaware of the large-scale broker scams and financial frauds happening in the industry, but it is also seen that genuine traders turn away from the Forex markets due to the negative reputation that exists in numerous online forums.

 

Instead of resorting to extreme measures, traders should concentrate on learning the different aspects of FX trading, and get more in-depth information about the inner workings of the Forex industry and FX brokers, before making an informed choice.

 

History Of Forex Broker Scams In The Modern Financial Markets

Broker scams have been a part of the financial markets for quite a long time. In fact, financial scams in the early days used to involve bucket shops and fraudulent dealers that sold dead or inconsequential stocks to investors, resulting in huge losses. Penny stocks trading was also popular among smaller investors, which offered high-risk investment opportunities with a huge downside. However, with the deregulation of the Forex industry and the subsequent massive profits enjoyed by several high-profile traders led to the rise in popularity of Forex trading among the general masses.

The introduction of online trading and allied Forex investments at the turn of the 21st century led to the rise of online brokerages, which aimed to take advantage of the new and innovative trading platforms that allowed traders to benefit from the fluctuations of the currency markets in a speculative manner. Regardless, Forex trading was still a largely non-regulated entity that paved the way for companies to take advantage of its investors through illegal brokerage practices.

 

 

One of the foremost Forex scams involved market manipulation, where the market prices were significantly altered to match the brokers’ requirements. It was common for brokers to display multiple prices for same assets to different traders, in order to force traders into making huge losses. The problem was particularly concentrated towards market maker brokers, who had the freedom to set the price and initiate market orders at their convenience.

A considerable number of complaints from distraught investors led to numerous Governments implementing regulatory frameworks that were designed to prevent the monopoly of brokers. Regulatory guidelines attempted to maintain the integrity of the financial markets, where investors could enjoy transparency in pricing and market conditions. However, another form of Forex broker scams arose from non-regulated companies, who used devious means of financial malpractices to siphon off money from its clients.

 

These illegal financial malpractices often included denial of access to funds, declining withdrawal requests, and shutting down of a brokerage without taking care of its clients’ debts. Financial malpractices also extended to misappropriate handling of clients funds, usage of traders’ capital towards meeting company expenses, and failure to conform to strict auditing standards. As a result, traders often found it difficult to retrieve their trading capital and had to forfeit their hard-earned money due to their inability to bring these companies to justice.

 

In the present day financial markets, broker scams and financial malpractices are still rampant, but traders have far more control over their investments than in previous years. Numerous leading regulators and Government agencies work tirelessly towards creating a protected investment framework that gives traders a better peace of mind while dealing with Forex companies. Regulated companies are more preferred, mainly due to their investor protection policies and the degree of accountability that prevents companies from indulging in any scam practices. Regardless, if any regulated Forex broker or company does choose to indulge in any irregularities, investors are assured of strict sanctions that are mostly guaranteed to refund or compensate traders in full or in part, according to the existing investor compensation programs applicable to the regulatory framework.

 

Legality Of FX Trading & Forex Broker Regulations

 

Forex trading is more or less a legal investment market around the world, with a few exceptions. Most countries allow its traders to indulge in FX trading and investments, albeit with several regulatory restrictions and Governmental control. For instance, FX trading in the US has several trading rules such as lowered leverage of 1:50, FIFO rules, and a no-hedging policy.

 

Elsewhere, trading the FX markets is completely banned in countries such as Iran, Ukraine, Romania, Bulgaria, and some Asian and African countries. Countries of the Middle East allow Forex trading with a few modifications, while most of the EU and Asia-Pacific allow unrestricted access to the FX markets.

 

Overall, Forex broker regulations are carried out by independent, semi-autonomous, or fully Government-aided regulatory authorities, which operate according to a standard set of regulatory policies that are developed to maintain the integrity of the global financial markets. Outlined here are some of the leading regulatory organisations in the world that offer the best regulatory frameworks for Forex trading:

  • The National Futures Association (NFA) of the United States Of America
  • The Commodities & Futures Trading Commission (CFTC) of the USA
  • The Financial Conduct Authority (FCA) of the United Kingdom
  • FINMA of Switzerland
  • Cyprus Securities & Exchange Commission (CySEC) of Cyprus
  • European Markets in Financial Instruments Derivatives (MiFID) Compliant regulators such as BaFin (Germany), AMF (France), CNMV (Spain), and other EU regulators.
  • The Australian Securities and Investments Commission (ASIC)
  • Financial Markets Authority (FMA) & Financial Services Provider Registry (FSPR) of New Zealand
  • Financial Services Agency (FSA) of Japan

Forex brokers are also regulated by some of the less-popular financial regulators such as the IFSC of Belize, the SVGFSA of Saint Vincent & the Grenadines, and the BVIFSC of British Virgin Islands. In the best case scenario, it is always a good strategy to invest with a broker that is regulated by a responsible regulatory agency, but there are genuine FX companies operating out of tax havens that may be able to offer the same services and products through reduced cost of trading.

 

Top Considerations For Finding The Best Forex Brokers

  • Choose a regulated financial company for ensuring safety of your investments.
  • Only invest money that you can afford to lose. Never over leverage your investments.
  • Find a trading platform that provides the best trading tools and features.
  • Pay close attention towards the broker’s existing withdrawal policies.
  • Always consider the cost of trading, as costs of FX trading can spiral out of control if not checked properly.
  • Only invest in a company that is committed to the best in customer service and satisfaction.

 

Importance Of Authentic Forex Broker Reviews In Your Trading Ventures

Traders should rely on professional assistance to find the best Forex broker that satisfies their investment criteria. Forex broker reviews can prove to be an invaluable tool in your search for the most reliable and authentic Forex trading experience. It is natural for traders to feel confused with a large number of broker options available in the market, but with time and ample research, traders can find the most reliable trading partner that can assure of a safe trading environment.

It is also important for traders to not be swayed by the overly positive or overly negative reviews about Forex trading or brokers in general. Of course, scam brokers may generate a significant amount of criticism and negative feedback, but you should also consider the positives of a company before discarding their services. As always, use our excellent broker reviews to guide you in your journey to a lucrative FX trading career.