Forex Broker Reviews: The Ultimate List (June 2021)

Are you looking for a forex broker list and reviews? If you want to earn from forex trading, you need an online broker. As a forex trader, you may have specific needs related to broker regulation, account types, features, trading platform, etc. Understanding your investment goal and styles would help you select the best broker.

Each year, we gather and list here all forex brokers with brand information. Here are our findings for 2021.

So, you can guess there are over thousands of brokers in the FX market, and it is really difficult to select one for beginners. Here are some key points that will help you to choose the one.

Types of Broker

The first step of choosing a broker. There are mainly two types of the broker:

  1. Dealing Desk Broker
  2. Non-Dealing Desk Broker

A dealing desk broker is basically a market maker. They make money from the spread and provides liquidity to their clients.

The Non-Dealing Desk broker allows their clients to trade directly with the interbank rates. It can be further divided into two categories:

  1. Straight Through Processing (STP) and
  2. Electronic Communication Networks (ECN)

STP stands for Straight Through Processing. An STP broker provides directly to liquidity providers for execution. There is no conflict of interest of an STP broker.

STP stands for electronic communications networks. An ECN broker provides direct access to other participants in equity and currency markets. The participants could be hedge funds, retail traders, banks, and even other brokers.

Why Company Regulation and Authority is important?

Regulation is the most crucial factor in choosing a forex broker. It helps to understand their legality and service.

There are many regulatory provides regulations. The most common and powerful authorities are:

Australia: Australian Securities and Investment Commission (ASIC)

Belize: International Financial Services Commission (IFSC)

British Virgin Islands: BVI Financial Services Commission (FSC of BVI)

Cyprus: Cyprus Securities and Exchange Commission (CySEC)

Germany: Federal Financial Supervisory Authority (BaFin)

Seychelles: Seychelles Financial Services Authority (FSA Seychelles)

St. Vincent and the Grenadines: The Financial Services Authority

United Kingdom: UK Financial Services Authority (FSA UK), The Financial Conduct Authority (FCA)

United States: Commodities and Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), National Futures Association (NFA), US Securities and Exchanges Commission (U.S. SEC), Chicago Board of Trade (CBOT), Securities Investor Protection Corporation (SIPC)

Trading Account features

The account comes with the trading platform. The most common trading platforms are MT4 and MT5. Most of the time, all accounts don’t offer both platforms.

Also, the account needs to different for both experienced and novice traders.

Each broker has different account offerings. Here are some common things to consider when choosing a broker: minimum deposit, margin, commission, leverage, spread, deposit and withdrawal method, and terms.

Trading Currency pairs

The quotation of two different currencies is known as a currency pair. There are over 140 currency pairs in the market to trade. In the FX market, the currency pairs are divided into major, cross, and exotic pairs.

A broker may offer a vast selection of pairs, including all types of pairs, but the most important factor is that they might interest you as a trader.

Deposit and Withdrawal Options

It is always good to have a varied choice of a wide range of payment options. When you are looking to select a forex broker, make sure the broker has good options that easier for you. The most common payment methods traders enjoy bank transfers, master cards, debit cards or credit cards, and online banking.

A lot of brokers support e-wallet such as Skrill, Netteller, PayPal, WebMoney, etc. Also, important to check the transfer fee and processing timeframes.  We suggest going for a company that offers negative balance protection.

The payment options in this industry are country-specific to provide the best services for different jurisdictions.

Education is Important Factor

Educational tools, resources, and materials are important for learning, helping traders select a good broker. Many companies share lucrative education for their clients.

Learn the basic things is essential for every trader and a proper understanding of trading terminology is important to be a successful trader.

Forex Bonus, Promotions and Contests

Sometimes bonuses and promotions are a key factor in choosing a broker. These days, brokers offer simple terms and conditions and have attractive bonuses to provide free trading opportunities, funds boosting offers, contests, etc.

Usually, all brokers designed promotions for all traders' levels with consideration of investment funds, skill & knowledge of trading, frequency of trading, jurisdictions availability, etc. Many companies are offering amazing bonuses, such as RoboForex and XM.

Quality Client support

Not only client support, the quality of client support is important. Many brokers don’t offer phone or live chat support; they have too many FAQ answers that are filtering and getting specific problem solutions sometimes tricky.

The good company offers 24/5 and 24/7 client support. Many brokers offer multiple languages, multiple office support, and country specific phone support.

The ideal broker has good information on their website to cover common issues. The information needs to be appropriately explained to solve a problem by a trader at once.

Though the FAQ section provides direct solutions to problems, it helps to get ideas and basic supports. Besides, the FAQ section needs a professional team to assist its clients at any time is a critical problem.

Compunction via the various channels is a plus point such as phone, email, skype, social, WhatsApp, live chat, website contact form, etc.

We suggest checking the trader's support at the early stages. In this case, the demo account helps a lot.

Showing 15 of 175 entries

XM

Stocks, CFDs, Forex, Commodities, Portfolios, Metals, Cryptocurrencies
With widespread services for trader’s; novice to expert level. Whether you are an expert trader or just starting out and learning the staircases or even if you’re an occasional trader looking for an efficient platform, XM could be a solid choice in the ac

Regulation

ESMA, CySEC, ASIC, FCA, etc.

Founded Year

2009-06-01

Min Deposit

US$5

Base Currencies: Various currencies
EUR/USD Spread: 1.6 pips
Headquarters: Cyprus and offices in UK, Australia

Regulation

VFSC

Founded Year

2013-01-01

Min Deposit

10 US$

Accept U.S. Clients: No
Max Leverage: 1:1000
Broker Type: STP
Base Currencies: Five currencies available
Headquarters: Vanuatu
Trading Assets: CFDs on shares, commodities, forex and indices, Cryptocurrencies
EUR/USD Spread: Floating from 0 pips

Regulation

FCA, SFC, JFSC

Founded Year

2006-06-01

Min Deposit

50 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: Several currencies offered
Headquarters: UK, Japan
Trading Assets: FX, Commodities and Indices, Bulions, Binary Options
EUR/USD Spread: 2.6 pips

Regulation

CySEC, IFSC

Founded Year

2003-06-01

Min Deposit

250 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: Three currencies available
Headquarters: Cyprus
Trading Assets: CFDs on shares, commodities, forex and indices, Cryptocurrencies
EUR/USD Spread: 2 pips

Regulation

FCA, KNF, IFSC

Founded Year

2002-06-01

Min Deposit

250 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: EUR, USD, GBP
Headquarters: UK
Trading Assets: Over 1500 global markets Forex, Indices, Commodities, Crypto, Equity CFD, ETFs
EUR/USD Spread: 0.8 pips

Regulation

FCA

Founded Year

2002-06-01

Min Deposit

-

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: EUR, USD, GBP
Headquarters: UK
Trading Assets: 3000+ global instruments forex, indices, cryptocurrencies, commodities, shares and ETF
EUR/USD Spread: 0.3 pips

Regulation

CySEC, IFSC, JSC

Founded Year

1988-06-01

Min Deposit

500 US$

Accept U.S. Clients: No
Max Leverage: 1:50
Broker Type: STP
Base Currencies: AUD, USD, GBP, EUR
Headquarters: Belize
Trading Assets: Cryptocurrencies, CFDs, Futures, Metals and Bonds
EUR/USD Spread: 0.2 pips

Regulation

ASIC, FCA, IIROC, FSB, FMA

Founded Year

2007-06-01

Min Deposit

-

Accept U.S. Clients: No
Max Leverage: 1:30 | 1:200 | 1:400
Broker Type: STP
Base Currencies: USD, EUR, GBP, AUD
Headquarters: UK, Canada, Australia
Trading Assets: Equity, currency, commodity
EUR/USD Spread: 3 pips

Regulation

FCA

Founded Year

2004-06-01

Min Deposit

500 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: EUR, USD, GBP
Headquarters: UK
Trading Assets: FX, Indices, Futures, Energies and Metals, as well Spread Betting
EUR/USD Spread: 0.1 pips

Regulation

ASIC, FCA, CIMA

Founded Year

2009-06-01

Min Deposit

200 US$

Accept U.S. Clients: No
Max Leverage: 1:500
Broker Type: STP
Base Currencies: Several currencies offered
Headquarters: Australia
Trading Assets: Currency pairs FOREX, Commodities, Indices, and Crypto
EUR/USD Spread: 1.4 pips

Regulation

FCA

Founded Year

2012-06-01

Min Deposit

50 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: USD, EUR, GBP
Headquarters: UK
Trading Assets: Forex, CFDs and commodities trading, Cryptocurrencies
EUR/USD Spread: 1.2 pips

Regulation

FCA

Founded Year

2010-06-01

Min Deposit

10,000 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: USD, GBP, EUR
Headquarters: UK
Trading Assets: 170 Forex pair, CFDs, Futures and Options, Commodities, Equities, Fixed Incomes, and ETFs
EUR/USD Spread: Custom Tight spread

Regulation

ASIC

Founded Year

2005-06-01

Min Deposit

100 US$

Accept U.S. Clients: No
Max Leverage: 1:500
Broker Type: STP
Base Currencies: USD, AUD
Headquarters: Australia
Trading Assets: Forex and CFD trading solutions to trade currency pairs, indices, and commodities
EUR/USD Spread: 2.2 pips

Regulation

ASIC

Founded Year

2014-06-01

Min Deposit

200 US$

Accept U.S. Clients: No
Max Leverage: 1:100
Broker Type: STP
Base Currencies:
Headquarters:
Trading Assets:
EUR/USD Spread:

Regulation

CySEC

Founded Year

2010-06-01

Min Deposit

100 US$

Accept U.S. Clients: No
Max Leverage: 1:30
Broker Type: STP
Base Currencies: Several currencies offered
Headquarters: Cyprus
Trading Assets: Forex and precious Metals
EUR/USD Spread: 0.6 pips
Viewing Page 1 Of 175 Pages
  • Trending market news & market moves
  • Forex Forecast & Analysis
  • Experts opinions
  • Upcomming Webinars & Seminars
Subscribe to Our Newsletter