Trading is revenue generator that nearly everyone has access to if they so choose. One of the most liquid and heavily traded markets is theForex market.Forex is a 24 hour 5 day a week market where all the of currency pairs trade and the market is set. With that, many retail traders have begun entering the market, thanks to the expansion of financial technologies and various products. Even though the retail trader can now enter the Forex market, there still is an importance of find the right broker and platform. This article will go over some companies that you can include in your search for the best Forex broker.
When searching for the right Forex broker, there are a few key items to keep in mind when searching. The first is reliability, and this means that you can depend on the company to process your trades, as well as your deposits and withdraws in a timely manner. Also, you want to ensure their customer service is reliable, should you have any questions. From there, you want to research execution speeds because you dont want to be trading a fast market and not have your trade filled in a timely manner. Lastly, you want to ensure the broker works with the platform you choose. Some of the more popular trading platforms include MetaTrader 4 and MetaTrader 5.
First on our list is IC Markets and this company appears to be located in Australia. At first glance, they have a very professional appearing website with quick links to all the important information.
On the why IC Markets tab, you can find many of the important details that make a broker stand out. The company touts they mission to provide the lowest spread possible, faster execution by utilizing enterprise grade hardware, and superior technology. Beyond that, traders have the ability to using micro lots when trading the Forex markets.
The platforms that IC Markets is compatible with include MetaTrader 4 and MetaTrader 5, as well as their respective mobile applications. Its important to understand what platforms are covered because if you have experience with one, you dont want to relearn a whole new platform just to utilize the broker. Another platform IC Market utilize is cTrader. Overall, this appears to be a solid platform that attempts to offer their clients the best service possible.
Next on our list is Libertex and their trading services. Their homepage is simple yet professional, showing a thought out feel to their brand. Right on their homepage, it states they have a simple platform with great security and a cross-platform experience. According to their webpage, theyve been in the business since 1997 and have 2.2 million clients with 213 tradable assets and 30 international awards.
One item that appears to be difficult to locate is an option for a demo account. This is important because if you plan to partner with a broker long term or platform, you want to ensure there is a demo account to test your strategies without risking your hard earned capital. There is a demo account option but it seems to be hidden. Their deposit and withdraw methods appear to be clear with expected times to when you can have access to your funds.
The education section is minimal, only offering one option to choose from and this can be a turn off to people looking for a long-term business relationship. Overall, the website could use some work but that doesnt mean its a poor broker. Ensure to test out the brand yourself and see if its the right fit for you.
FxProis a well known name in the Forex trading space and has been around for quite some time. With sponsoring professional sports teams, their name is easily seen. Right away, at the top of their homepage you will see the important items listed, the markets you can trader, the tools available that include the platforms, as well as pricing. These are the main data points traders will be looking for when looking for a broker.
Frist off, the markets appear to be covered with everything from Forex to futures to commodities. Then, you can move over to the tools section and begin looking at the different platforms that are covered by FxPro. As expected, this broker is compatible with MetaTrader 4, MetaTrader 5, and cTrader. These are arguably the most well known platforms in the space. Lastly is their pricing page, which immediately touts that they can execute most order in less that 13 milliseconds. You can also view their awards and a few other important data points on this page.
Overall, FxPro appears to live up to their name and attempts to provide their clients with the best possible experience. See for yourself by opening a demo account and giving them a test run.
Continuing on our list, next up is the broker XM, who is an official sponsor of Usain Bolt. Right away, you will notice that the company promptly advertises that they have over 1000 trading instruments, spreads as low as zero pips, a huge 16 trading platform selection and over 15 industry awards. At 16 trading platforms, thats quite the first impression.
As expected, the most popular platforms are included and they are MetaTrader 4, MetaTrade 5, as well as XM WebTrader. You can view a complete list of their trading platforms here. For those looking for an educational section, XM has one of the more well put together education sections that you can use to further your trading knowledge. Topics include everything from stocks to Forex, giving you a taste of everything.
On their accounts page, you can view a detailed list of the accounts available to you, including the demo account. This broker appears to be up there with the best of them and if you need a comparison so far, XM and FxPro are up there.
Instaforexis a Forex broker that offers traders a variety of services. One of the first items you will notice are the variety of bonuses the company offers. According to the website, there are 107 currency instruments, 88 CFDs on United States stocks, as well as contracts on gold and silver. There is leverage available if you so choose as well as several different accounts. The quick overview shows a lot of potential, but let us dive deeper in Instaforexs offerings.
Reliability is a key component to any broker and platform and there a few ways to identify if the company is reliable. The ultimate is to open a demo account and begin testing items such as user interface and speed of execution; however, you can begin by looking at other material to get an idea of where the companys mindset resides.
By starting at the companys about us page, Instaforex was created in 2007 and is, a top choice of more than 7,000,000 traders. The page also states more than a thousand clients open account each day. It goes on to state that the company has been awarded prestigious prizes from CNBC Business Magazine and European CEO. There is an award page where you can view their many awards. When selecting a broker, you want to ensure they work with the platform you use for trading. Luckily, Instaforex works with MetaTrader 4 and MetaTrader 5, as well as their own web version.
Overall, the Instaforex broker appears to have many of the services traders need in order to be successful. The first item is to open a demo account and get a feel for the platform and broker. This allows you to test what you need without risking your trading capital. From there, you can begin exploring the bonuses and other services the company offers their clients.
Alpariis a Forex broker with many different features including bonuses, contests and education. At first glance, their website has a professional appearance and is easy to read. While this is a great start, it has minimal meaning in the grand scheme of things. On the about tab of the website, you can begin by looking at the companys story. Beginning in 1998, the company has now been around for twenty years this year.
Understanding the platforms available to you are important because you do not want to choose a broker, only to find out they are not compatible with your preferred platform. For a complete rundown of their platform utilizations you can check their platform page, but for a quick overview, they cover the popular MetaTrader 4 and MetaTrader 5.
Forex can be an intimidating market, yet it is the most liquid and widely traded. Alpari does a good job offering their clients different educational pieces.
Overall, Alpari appears to be a solid broker and allows you to trade on the various platforms. First, you should open a demo account and test the waters. Ensuring it is the right fit is important, and not only that but a demo account allows you to test your strategies before committing financially. Head on over to and see for yourself.
As we near the end of our list, next up is Pepperstone. Pepperstone has recent introduced MetaTrader 5, which is crucial given that almost every broker out there is compatible with the trading platform. Right on their homepage, you will find links to open a demo account, trading information, and their education section.
With over 11 trading platforms, over 80 tradable instruments and over 10 funding methods, you are likely to find the combination that best fits your needs. Further more, there is no dealing desk, dark pool liquidity, and 24-hour client support.
Assets to trade from include the most popular starting with Forex all the way to commodities. At this stage in the game, its more rare to find a broker that doesnt support all the mainstream assets that does. If there was a platform that didnt odds are they would be removed from you list immediately. Overall, it appears like a well-rounded broker but thats for you to decide. Open up a demo account and test-drive the company yourself.
Last but certainly not least on your list is eToro, which is a cryptocurrency platform instead of a traditional Forex broker. With the rise in cryptocurrency trading and investing, its important to find a broker that offers this exposure Taking a deeper look, it appears that there are other products such as Forex, stocks and commodities that are traded using CFDs
However, if you are interest in trading crytocurrencies then you may be in luck. This platform appears to be pushing the cryptocurrency side of things more than the others. Regardless, the platform appears to be well put together and does offer a demo account option. You can find their list of market hours and fees here, which can help you compare trading costs that ultimately hit your bottom line.
Overall, each broker has their own benefits and drawbacks, but out of all of them FxPro may be the one to start. It was the most well rounded product offering and detailed information. However, it is up to you to decide and all of these brokers are worth your time researching. Opening a demo account is the best way for you to get a feel and understanding of just exactly what it is each broker and platform offers.
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