Best Forex Brokers List

Here are five highly regarded award-winning forex and CFD brokers. The focus here is look at the main criteria of each, such as which countries they service, leverage, typical spread, minimum deposit, regulation, trading platforms and accounts and bonuses (if applicable). You’re encouraged to also do your own research on any company before depositing money or providing personal information.

1. Markets.com

A forex and CFD firm operating under parent company Safecap Investments Ltd. offers trading in forex, indices, gold, silver, stocks commodities and bonds to the UK and many other countries (not US). Leverage is available up to 200:1.

Typical spread in the EUR/USD is 2.2 pips. There are no trading fees.

Micro, Mini and Standard accounts are available, with a minimum deposit of $100 to open a Micro.

In terms of trading platforms they offer Meta Trader 4, Market WebTrader and Market Mobile Trader.

The firm is regulated by the Cyprus Securities and Exchange Commission.

Markets.com provides some educational tools for traders, including a daily analysis, webinars videos, an ebook and articles.

Deposits are accepted via credit/debit card, wire transfer, WebMoney or local payment methods. Withdrawals can be made via credit/debit card or wire transfer.

Demo accounts are available.

Markets.com offers up to a $2000 bonus ($1 is released for $10,000 in trading volume).

2. HotForex

A forex and CFD firm, operating under parent company HF Markets Ltd., offers trading in forex, indices, gold, silver, stocks and commodities to the UK and many other countries (not US or Japan). Leverage is available up to 1000:1 on micro accounts, and up to 400:1 or 200:1 on most other accounts.

Typical spread in the EUR/USD is 1.6 pips. There are no trading fees.

Micro, Mini and Standard accounts are available, with a minimum deposit of $5 to open a Micro. Other accounts include Currenex ECN, PAMM accounts and Zulu accounts.

In terms of trading platforms they offer Meta Trader 4 and MT4 MultiTerminal, HotForex WebTrader, HotForex FIX/API, Smartphone Mobile Trading, iPhone Trader, iPad Trader, HotForex Droid and Blackberry Trader.

The firm is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius and is a member of the Global Board of Trade (GBOT).

HotForex provides some educational tools for traders, including daily analysis, videos, an e-course and articles.

Deposits are accepted via credit/debit card, wire transfer, Webmoney, Skrill, NETELLER, cashU, Ukash and FinalPay. Withdrawals can be made via credit/debit card, wire transfer, WebMoney, Skrill, NETELLER, FinalPay or a HotForex debit card.

Demo accounts are available for 30 days.

HotForex offers a 50% or 100% deposit bonus, up to $30,000 ($1 is released for $100,000 in trading volume, but may vary by product traded or promotion).

15% rescue bonus can be initiated during a drawdown time to avoid margin calls or stop outs (subject to terms and conditions).

3. Forex.com

A large forex broker which also provides trading in gold and silver to US clients. Clients in other countries such as the UK, Canada or Australia have access to other CFD products such as stock indices and other commodities. The firm provides leverage up to 50:1.

They utilize fractional pip pricing with a typical spread being 1.7. There are no commissions, although if you are inactive for more than 90 days you’ll be charged a $15 data fee.

Micro, Mini and Standard accounts are available. Minimum deposit is $500.

The firm is one of the most regulated, both in the US and abroad. The parent company GAIN Capital Holdings Inc. is listed on the NYSE:GCAP and is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. They are also regulated under authorities in the UK, Japan, Hong Kong, Australia and Canada.

They offer three trading platforms–Forex Trader, Meta Trader 4 and GTX Forex ECN–as well as mobile trading.

They provide loads of research and tools for trading including regular trading webinars and continuation analysis.

Deposits are accepted via credit card, wire transfer, eCheck or check, and withdrawals are available via wire transfer or check.

Demo accounts are available for 30 days.

They currently do not offer a deposit bonus.

4. FXCM

Another large forex firm providing forex trading to most countries, including the UK and the US. Leverage is available up to 50:1.

Typical spread in the EUR/USD is 1.6 pips, with the ability to get it down to 0.9 pips with an “active trader account.” There are no trading fees.

Micro, Mini and Standard accounts are available, with a minimum deposit of $50 to open a Micro.

They offer a number of trading platforms including Trading Station (web and desktop), Meta Trader 4, Mirror Trading, NinjaTrader and ZuluTrade as well as a number of mobile solutions.

The firm is also high regulated, both in the US and abroad. FXCM Inc is listed on the NYSE:FXCM and is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. The company also has offices (and is regulated in) the UK, German, Australia, France, Italy, Greece, China, Japan. The company also has affiliate agreements in Canada, Israel, Chile and Lebanon.

FXCM provides a ton of high quality resources for traders in the form of webinars, courses, articles and videos.

Deposits are accepted via credit/debit card, wire transfer, ACH and check. Withdrawals can be made via credit/debit card, wire transfer or check.

Demo accounts are available for 30 days.

They currently do not offer a deposit bonus.

5. Oanda

A forex and CFD firm offering forex, indices, gold, silver and commodities trading to the US, Europe and Asia Pacific countries. Leverage is available up to 50:1.

Typical spread in the EUR/USD is 1.6 pips. There are no trading fees.

Micro, Mini and Standard accounts are available, and you can start with $1, although more is highly recommended.

In terms of trading platforms they offer Meta Trader 4, fxTrade Web, mobile options and an API interface.

The firm is registered as Retail Foreign Exchange Dealer with the US Commodity Futures Trading Commission, as well as a Forex Dealer Member with the National Futures Association. The firm is also regulated in Singapore, Canada, Europe and Japan.

Oanda provides great educational tools for traders, including daily analysis, videos, an e-course, articles and a wide-variety of online tools.

Deposits are accepted via credit/debit card, wire transfer, check and PayPal. Withdrawals can be made via credit/debit card, wire transfer, check or PayPal.

Demo accounts are available, that don’t expire.

They currently do not offer a deposit bonus.

Final Word

If you take a deposit bonus, you are more likely to have troubles withdrawing. The problem with withdrawing doesn’t necessarily indicate there is anything wrong with the broker, rather the terms and conditions of the bonus were likely misunderstood. To avoid complications, avoid deposit bonuses. While these are award winning regulated brokers, always do your own research before depositing by reading comments on social media or monitoring broker discussion forums. When doing this take comments from novice traders with a grain of salt; many traders lose money due to lack of strategy, discipline or market understanding, but they often blame their losses on the broker.

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Best Forex Brokers, 4.1 out of 5 based on 64 ratings