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HOW TO FIND THE BEST FOREX BROKER?

Most Forex traders start looking for the best Forex broker that gives them the most advantages. Lowest costs, maximum leverage and extended analytic features to name a few. How do you select the best broker to immediately start trading effectively?

Most Forex traders start Forex trading with a small capital of their own, even when there are ways to trade substantial amounts of capital of prop firms. It is a way to get acquainted with the market and many traders first want to be sure if Forex trading is something for them.

When they have starting Forex trading and they are getting used with the market they are ready for larger sums of capital. But how to get there. There are so many brokers and each one with its own advantages and disadvantages.

So the question is how to select the best Forex broker for your specific desires. All traders of Forex Traders UK once started with a Forex broker so we can give you all insights about the various parties you can choose from.

So, how to find the best Forex broker? Underneath you find the top 10 best Forex brokers in the market at the moment:

City Index

City Index is backed by GAIN Capital, and therefore a trusted and low-risk Forex broker. Not for nothing City Index is authorised by three level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Australian Securities & Investment Commission (ASIC)
  • Monetary Authority of Singapore (MAS)

The main advantages of City Index are that the process of opening an account is simply seamless, the fee of trading Forex is very low and besides, the available research tools are more than adequate.

However, the product portfolio at City Index is quite limited, there is a fee charged, even when you are not active as a trader, and the desktop version is not as good as the excellent mobile app.

All in all, City Index provided you with an excellent all-round offering when you are searching for the best Forex broker.

CMC Markets

CMC Markets is one of the most trusted Forex broker in the world and is considered low-risk. It is authorised by no less than four level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Australian Securities & Investment Commission (ASIC)
  • Monetary Authority of Singapore (MAS)

Why many Forex traders consider CMC Markets as the best Forex broker is because of the low fees, the advanced educational and research tools, the high amount (10,000+) of tradeable instruments, and the extremely well developed mobile and web platforms.

On the downside, the account verification process is quite complicated and needs some patience from your side, there is no back-testing and the product portfolio is not that extensive.

Overall, we consider CMC Markets as one of the best Forex brokers with the best platform and the widest amount of currency pairs.

eToro

eToro was founded in 2007 and is considered a low-risk Forex broker as it is authorised by the following two level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Australian Securities & Exchange Commission (ASIC)

Forex broker eToro offers no less than 2,000+ tradeable symbols, offers a smooth trading experience for traders, and is especially know because its innovative way of copy trading.

eToro’s research is not that extensive, and besides eToro is less useful for traders who trade high volumes because of the relatively small maximum trading sizes.

Concluding, eToro is great for Forex traders who want to use the power of copy trading.

FOREX.com

FOREX.com is one of the best known Forex brokers in the market. This Forex broker is owned by the publicly-traded Stonex Group Inc which is regulated in no less than four level-1 jurisdictions, which makes it a safe Forex broker:

  • Financial Conduct Authority (FCA)
  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Japanese Financial Services Authority (JFSA)
  • Commodity Futures Trading Commission (CFTC)

The mobile app of FOREX.com is considered as one of the best in the market and offers a great trading experience to all Forex traders whatever experience level. Besides, you have a great variety of currency pairs expanding your possibilities tremendously. FOREX.com also offers diverse technical research tools making it easy to make the right trades.

However pricing is quite up which makes it less accessible for starting Forex traders, and it offers a limited product portfolio.

FOREX.com is without a doubt a trusted Forex broker thanks to its extensive product offering and  excellent trading tools. It comes at a price but you are ensured of a great trading experience.

FXCM

FXCM was founded in 1999 and is part of Leucadia Company (owned by publicly owned Jefferies Financial). FXCM is considered as low risk as it is regulated in no less than three level-1 jurisdictions:

  • Financial Conduct Authority (FCA)
  • Regulatory Organization of Canada (IIROC)
  • Australian Securities & Investment Commission (ASIC)

FXCM offers a wide range of educational materials so it is highly recommended for beginning Forex traders. The platforms are extremely easy to use so you can just start trading in the blink of an eye. All FXCM platforms offer the ability of algorithmic trading. Together with the advanced charting tools, that gives much wider possibilities with this trading broker.

Concluding, while with FXCM you can just trade in a narrow range of markets, Forex traders appreciate the robust trading tools together with the high quality market research. Therefore it is considered as the best Forex broker for some traders.

IG

As well, IG is highly trusted around the world as it is considered as an extremely low-risk Forex broker. Not for nothing IG – founded in 1974 – is authorised by six (!) level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Swiss Financial Market Supervisory Authority (FINMA)
  • Australian Securities & Investment Commission (ASIC)
  • Japanese Financial Services Authority (JFSA)
  • Monetary Authority of Singapore (MAS)
  • Commodity Futures Trading Commission (CFTC)

IG offers great deposit and withdrawal options, features excellent educational tools and includes a first-class web trading platform.

The high Forex fees can be a barrier for some Forex traders and many trader complain about the slow customer support. As well the limited product portfolio could be a barrier for some traders.

All in all, IG is considered as one of the best Forex brokers in the market, combining high trust with an extensive package of trading and research tools.

Interactive Brokers

Interactive Brokers also I considered as a low-risk Forex broker and is authorised by six level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Japanese Financial Services Authority (JFSA)
  • Monetary Authority of Singapore (MAS)
  • Commodity Futures Trading Commission (CFTC)
  • Securities Futures Commission (SFC)

Interactive Brokers offers to Forex traders a sophisticated trading platform, and that for competitive fees. Besides, Interactive Brokers offers the widest array of third-party research and is therefore great for trading professionals who want to improve their Forex trading skills.

On the other hand you have to consider the minimum monthly activity fees as it could add up when you are inactive some times. Therefore, Interactive Brokers is less attractive for low-volume traders.

Concluding, Interactive brokers is the best Forex broker for professional Forex traders.

Saxo Bank

Saxo Bank was founded in 1992 and is considered a low-risk Forex broker with six level-1 regulators authorizations:

  • Financial Conduct Authority (FCA)
  • Swiss Financial Market Supervisory Authority (FINMA)
  • Australian Securities & Investment Commission (ASIC)
  • Japanese Financial Services Authority (JFSA)
  • Monetary Authority of Singapore (MAS)
  • Securities Futures Commission (SFC)

Saxo Bank is highly-trusted and offers a great experience for Forex traders. It offers advanced tools and high quality market research. Saxo Bank as well emphasized the user friendliness of the tools on both desktop, web, and mobile platforms. Besides, you can choose from 40,000+ instruments to trade.

On the other hand it comes at a price. Saxo Bank is an exclusive broker and requires a US$10,000 minimum deposit to open a basic – Classic – account. Saxo Bank as well offers Platinum and VIP accounts that require a US$200,000 or US$1,000,000 deposit respectively.

Concluding, Saxo Bank offers excellent trading platforms with great research, agile customer service and the ultimate trading experience.

Swissquote

UK-based Swissquote as will is a low-risk Forex broker, being authorized by four level-1 regulators:

  • Financial Conduct Authority (FCA)
  • Swiss Financial Market Supervisory Authority (FINMA)
  • Monetary Authority of Singapore (MAS)
  • Securities Futures Commission (SFC)

By many experienced Forex traders, Swissquote is considered as the Forex broker offering the best all-around trading experience. Additionally, Swissquote offers reasonable prices. The great advantage of Swissquote is that they do not charge any inactivity fee, and besides, you have access to many different markets and products.

The trading fees are a bit high on the other had and the research tools are not for free which might increase overall costs.

In the end, when you are willing to pay a premium, Swissquote offers an attractive package for any Forex trader.

XTB

XTB was founded in 2002 and is publicly-traded. This Forex broker is regulated by just one level-1 jurisdiction but anyway makes it a safe Forex broker:

  • Financial Conduct Authority (FCA)

XTB offers an outstanding customer service for Forex trader and besides, features an excellent trading experience thanks to its innovative proprietary Forex trading platform. Besides, XTB features a wide selection of competitive research.

Pricing at XTB is around the industry average, whether you choose the Standard account (spread-only) or the Pro account (commission-based).

In the end, XTB is the best Forex broker if you are looking for an excellent trading platform and the best customer service.

Best Forex broker conclusion

In the end, XTB is the best Forex broker if you are looking for an excellent trading platform and the best customer service.

So we have given you 10 excellent options when you are search for the best Forex broker to support your trading career. All Forex brokers have in common that they are low-risk brokers where your money is safe. All of these 10 Forex brokers are accredited by at least one but up to six trading authorities, which must give you the relief you are searching for with your selection process.

Answering the question, what is the best Forex broker, cannot be answered unambiguously, as each trader has his own criteria. One trader wants to pay as little as possible, while the other Forex traders wants to have an extensive library of Forex research, while the other trader fancies the user-friendliness of the tools provided.

Bottom line, you will have to consider at least the following 5 factors whether a certain broker is the best Forex broker for your needs:

  1. Trustworthiness
  2. Price
  3. User friendliness tools providers
  4. Analytical tools
  5. Research database

 

Instead of searching the best Forex broker, start trading with a funded Forex account

Have you found the best Forex broker, or do you want to immediately start Forex trading with substantial capital of a funded Forex account? Forex Traders UK is passionate about funding traders in the Forex market, no matter their background, level or current situation. As long as you have trading skills, we give you a platform to show your skills.

Forex Traders fund you with capital on its MetaTrader 4 platform. You can start showing your trading skills and trade with real market with real money. No admission tests, no demos or questions asked.

When you reach your targets, your capital is doubled each time. Until you reach o guaranteed capital of 1 million pounds. And the best part, you keep no less than 50% of your profits, without any risk.

In addition to articles on technical analysis and technical mindset, we also write about other Forex-related topics. Subscribe to our newsletter to stay informed about our newest blog posts.

 

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All our funded accounts come with a fixed equity stop out level. Once the account equity level gets below this fixed stop out bar, we will close all running trades and disable trading and access. The stop out level is a fixed value for each funding level, this means that any profit which has been made by the trader increases the loss allowance.