Registered forex brokers

The initial concept of a regulatory organization covers all aspects of australian stock exchange operation, as well as strengthening the confidence of investments by supervision of the financial companies through sharp guidelines maintained by the ASIC.

New forex bonuses

ASIC Regulated Forex Brokers, registered forex brokers.

ASIC regulated forex brokers are known for the strict compliance of procedures along with high reliability since the regulation protects and provides strong funds security along with a guarantee from the australian banks.

ASIC regulated forex brokers

Australia as one of the financial forex trading hubs regulates and oversees activities along with operations through the independent authorizing body australian securities and investments commission (ASIC).

There are numerous requirements that the broker should conduct, apart from the financial sustainability, operational standards, safe trading environmentand audits.

ASIC regulated firm should also provide credit to the general public and in case of insolvency, ASIC provides assistance to the investors by retrieving their funds.

Furthermore, the ASIC famous for its friendly consumer attitude, which offers a wide range of free online resources with information about financial markets and guidelines to consumers about investing, its pros, cons and much more of other support. The result of all is the growing number of companies that open their offices under the ASIC regulation, as well the increasing popularity among the traders to invest in firms regulated by australia.

This also happens due to ASIC allowance to use and offer high leverage ratios like 1:300-1:400, unlike comparing to its peers from europe and US entities that use the much lower level for margin trade.

Top 10 best UK regulated forex brokers 2021

Top rated:

Regulated forex brokers in the UK can be beneficial for a variety of reasons. Not only have many of the top forex brokers been in the business for a very long time, but the majority are also regulated by the prestigious financial conduct authority (FCA), one of the world’s most reputable regulators.

This instills a great deal of trust and professional experience. In this article, we are going to show you the best forex brokers that are UK regulated.

However, before we start it should be mentioned that not all UK regulated forex brokers deliver the same top-notch service. In fact, some go the extra mile offering unbeatable customer service, access to a wide range of markets, and user-friendly technology.

Don’t just give in to the first forex brokers that are UK regulated, because there are plenty to choose from.

Additionally, it should be mentioned that not all FCA UK regulated forex brokers are based there. A number are based offshore but have plenty of business there and/or want to be recognized by organizations like the FCA.

Is forex trading legal in the UK?

The simple answer to this question is a resounding yes. All forex trading is legal in the UK under the FCA (financial conduct authority) regulations. They are an independent body, established in 2012 to oversee the financial sector and compliance in the UK. They have quickly grown into one of the most reputed regulatory bodies in the world providing the very best protection for you as a forex trader.

How to trade forex in the UK

Trading forex in the UK is in fact not much different from getting started as a forex trader in many other parts of the world.

Typically, all top forex brokers will required the following from you in order to get started:

Proof of ID – passport is usually best for this one.

Proof of residence – A bank statement of utility bill dated within 3 months is usually fine for this purpose.

Once you have provided these documents to your UK broker, your account will typically be verified very quickly and often through automated systems. If there is any discrepancy then it may take the broker an additional day or two to complete the process, but then you will be ready to trade.

Top 10 forex brokers UK listing for 2021

Here’s our list of the best british forex brokers.

1. IG markets

One of the most established companies operating since 1974, IG markets has amassed a lifetime of experience in trading. They are even recognized as one of the longest established CFD providers in UK. As of 2018, they boast a mighty number of 195,000 clients worldwide and access to over 16,000 markets. The broker are very well-regulated by the FCA (#195355) and provide a great selection of forex pairs, over 90 within their asset offering.

Trading with IG markets, beyond a trusted, and long standing reputation in the sector, you can get started with a reasonable minimum deposit at just £250 for traders based in the UK. Once you are trading you will also find a great value spread starting at just 0.6pips perfect for all types of trader. If you are into spread betting then this too is available to users within the UK at excellent rates.

2. Pepperstone

Based in both the UK and australia pepperstone has won numerous awards since its formation in 2010. One of these prestigious awards includes first place for risk management in australia in 2017. They are FCA regulated (#684312) and in terms of security, pepperstone boasts its segregated funds system which means traders funds aren’t automatically mixed in with other traders funds in some big pile of money. Instead, funds are deposited into segregated client accounts with barclays, one of the UK’s biggest banks.

With the broker you can access a wide range of social trading features where you can really benefit from the trades and knowledge of other platform users as well as trade for yourself through the standard or ECN razor account types. Pepperstone also stays very accessible with a minimum deposit starting at just £200 and a really fantastic spread from 0 pips and a rewarding active trader program.

3. Avatrade

Avatrade is not FCA regulated, however, it is regulated in ireland by the central bank of ireland and by the FSC, the regulatory body of the british virgin islands. They are also regulated in australia, japan, and south africa, and adhere to the markets in financial instruments directive, which provides traders with a good thick layer of protection. Additionally, avatrade are the official partners of manchester city FC, one of the UK’s biggest football teams.

In all, they are a very well-trusted irish broker and many are attracted by the fact that accounts can be opened from just $100 with a great spread betting account also available. They are also one of the few to provide fixed spreads to traders. These start from an excellent 0.9 pips across a wide range of assets available. These assets, including those available for spread betting in particular, number into the hundreds and include forex, commodities, indices, equities, bonds, and etfs. An array of choice for all.

4. XTB

XTB is perhaps one of the most highly regulated forex brokers in the world. They meet the regulatory standards of numerous countries aside from the UK where they are FCA regulated (#522157), and are proud of it. XTB also has offices in more than 10 countries, hold more than 14 years in the industry and use segregated accounts to store clients funds. During this time, they have received awards from forbes and bloomberg.

A very attractive point XTB holds for many traders is the fact that no minimum deposit is required. New traders in particular like that fact, and the ability to deposit with paypal for a 2% fee makes them extremely accessible. Add to that the fact they have more than 1,500 assets to choose from including 48 forex pairs with spreads from 0.1pips and 25 crypto assets and you can easily see how they have established such a wide trader base.

5. Admiral markets

Admiral markets takes regulation very seriously. When you first open their page, you are immediately struck by a pop up showing you in what countries they are regulated. Admiral markets also make it clear that not only do they also offer clients segregated accounts, they also adhere to the FSCS and have negative balance protection in place as well as being FCA regulated (#595450).

Beyond this, they are one of the best known market maker brokers in the sector with a diverse choice of more than 4,000 assets to trade in that includes bonds, etfs, and cryptocurrency. The fact that you can open an account with just $100 is an added attraction for all levels of trader. Once you are trading you can look forward to a packed educational section perfect for learning as a new trader, and spreads that start from 0 pips on forex providing the very best value.

6. Fxpro

Fxpro is a london-based, FCA regulated (#509956) broker that is additionally regulated by cysec and SCB, giving traders a high level of protection. In 2017, fxpro was voted ‘best FX broker’ by the shares awards and they are also the official main sponsor of watford FC and official partner of the F1 mclaren team – two fairly big names in the sporting world. Additionally, fxpro were awarded ‘most trusted forex brand’ by global brands magazine in 2017 as well as countless other accolades.

A minimum deposit starting from just £100 provides top value to all, in particular newer traders, and the broker also carries one of the best known spread betting platforms in the industry, fcpro edge to appeal to that type of trader. On top of everything, you can benefit from excellent spreads starting at 0 pips, and fixed spreads available through the MT4 trading platform too.

7. FXTM

FXTM, or as it is otherwise known, forextime, was established in 2011. The company is young, but has gained a lot of respect and won a number of awards in a short period of time. FXTM’s reputation has managed to garner them more than 10,000 clients in 135 countries worldwide. Their demo account also lets you play around with $1,000,000, which is more than enough to test their platform to its absolute limits. They are of course FCA regulated (#777911) and provide a total of six account types to choose from.

Of these 6 account types, 3 are dedicated ECN accounts with extremely fast execution speeds. The broker is particularly popular among african traders, for whom they cater very well. That popularity is extended thanks to a very accessible minimum deposit starting at just £10 as well as extremely competitive spreads from 0 pips and a very rewarding loyalty program.

8. Etoro

Etoro is of course recognized as a global leader when it comes to social trading. They are the number one in this regard and one of the top brokers generally in the UK and worldwide. Etoro are comprehensively regulated by the FCA (#583263), and are often one of the first choices for new traders entering the industry.

An affordable $200 minimum deposit is the first key to getting started with this household name. Prior to that you can hone your skills with an unlimited free demo account to get some practice in. Once you’re trading, you will experience one of the most user-friendly proprietary trading platforms in the business that is heralded by traders new and experienced alike. Only the USD base currency is supported so you may incur a small conversion fee, but the services and rewarding etoro club more than make up for this, with a host of great markets available.

9. CMC markets

CMC markets is an award-winning broker that was founded in 1989 with its headquarters in london while having branches in singapore and sydney. This forex broker is FCA regulated (173730) which has helped it to build trust among professional traders and aspiring ones.

Without a minimum deposit required, CMC is an attractive option to new and even experienced traders as CMC traders have free access to VPS (virtual private server). This allows traders to utilize automated algorithmic strategies which include expert advisors that are available 24 hours each day and 7 days every week.

CMC has spreads from 0.3 pips with no commissions which is helpful to new traders just getting started out in forex trading. Their trading platform, “next generation”, together with the general trading platform known as MT4, provides traders with a combination of sophisticated trading platforms that help traders to maximize their trading options.

They also offer free webinars, market insights, and access to a wide range of options like cryptocurrencies, government bond listing and spread betting thus providing traders with an extensive range of trading opportunities.

Cash rebates are also made available for skilled and highly active traders which highlight their commitment to the traders.

10. Oanda

Last on our listing of top UK brokers but still up there with the best, is oanda. Like the others, they too are very well-regulated by the FCA (#542574), and are another much chosen pick for new and experienced traders alike. They too are highly experienced and trusted, having been in the industry since 1996.

Trading here you will find the most competitive of trade opening requirements from £1 that keeps trading available to all, though there is no minimum deposit required. There is a vast range of markets to choose from with something for all levels and types of trader, and the spreads also remain competitive starting from 1 pips with the option to try spread betting if you are interested. This combination of features and trusted reputation has helped oanda remain at the head of the industry for decades.

British trader? Here’s what to look for in a forex broker

There are a few important key points to note if you are a british trader and choosing an FCA regulated broker regarding what is permitted and not in terms of the regulation. The FCA are well-known as one of the more stringent in terms of the rules they apply, though this is ultimately for your benefit and protection.

The first thing to keep in mind is related to leverage. Under FCA regulation like cysec and ESMA brokers, this is capped at 30:1 for no professional traders. As a professional you can access as much as 400:1 leverage if you meet the criteria to qualify as a professional trader.

Unlike some other regulators though, the FCA do permit spread betting, so if this is something that interests you, then an FCA regulated broker could be the right choice. They do also ensure negative balance protection is offered to all traders and that all funds are held in segregated accounts. A further protective measure comes from the ICF (investor compensation fund). They will cover up to £85,000 in losses due to bankruptcy or insolvency of your broker.

With those points in mind, here are three key things you should be mindful of when choosing a broker:

1. Look for UK regulated forex brokers

Regulation is vital. When choosing a UK forex broker, you should really be looking no further than choosing an FCA regulated broker as your first choice, since they are the most respected regulatory body in the region who will offer you the most protection as a trader.

2. Minimum trade size is important

When trading forex you should always have a look at the minimum trade size associated with your broker. In many cases, with a leverage of 30:1, you would need a minimum of £33 in order to open a position trading on a micro lot. In that case, you should aim to deposit more in order to have the best trading experience.

With that said, there are usually brokers who offer trading with a deposit as low as £10. So, take into account your intended deposit and find a broker that matches this need.

3. Are you into betting and trading? Try spread betting

Remembering that spread betting is legal in the UK and ireland, if you are interested in trying this, then you should choose a broker that makes it available with a user-friendly trading platform. It is tax-free but known as being quite a risky trading strategy. If it interests you though, you should certainly check our listing of the best spread betting forex brokers to choose one.

How to verify if a forex broker is regulated in the UK

Of course, when you choose a regulated broker, you should take a moment to verify that regulation for yourself. This can be easily done for most UK forex brokers through visiting the FCA official website. Once you are there you can look for the FCA register and look for the company name of the broker (which often differs from the broker’s name). This company name can usually be found at the bottom of your broker homepage.

Is forex trading taxable in the UK?

Yes, forex trading is taxable in the UK. With that said, there are a number of categories. If your earnings fall below £12,500 then you will not have to pay any taxes. From there though, a capital gains tax of 10% on amounts up to £50,000, and 20% on amounts over £50,000 applies.

We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect

South africa forex brokers

broker	regulation	min.Deposit	leverage	platforms	review
	cysec, FCA, FSC, FSCA	$10	1:1000	MT4, MT5, web	review website
	FCA, ASIC, FSCA, cysec	$50	1:400	MT4, trading station, ninjatrader	review website
	FCA, cysec, DFSA, FSB	$100	1:500	MT4, MT5, fxpro markets, ctrader	review website
	cysec, FCA, FSCA, DFSA	$5	1:1000	MT4, MT5, web	review website

Recently it seems that forex and binary options brokers are flocking to south africa. One of the reasons is that the country’s economy is rapidly growing, and the demand for financial services is high among the population. Another reason is probably the rising regulatory pressure upon brokers in europe, urging them to seek new markets to expand.

Indeed, there is huge market potential for forex and related services in south africa (officially the republic of south africa). It is the most economically developed country in africa and also the only country from the continent that is part of the G20. Its financial, legal, and communications sectors are well-developed. What is more, the south african JSE limited is the largest stock exchange in africa and among the top 20 in the world.

If you’re here, you’re probably looking for a reliable forex broker who caters for clients in south africa, and this is the right place to start from. In this article, we’ll explain in detail what is the regulatory environment in the country, which are the best brokers to choose from, and everything else you need to know before you undertake your forex trading journey – what are the best platforms, how much you should invest, what leverage level to use, and so forth.

Who are the best forex brokers in south africa?

Each trader has a different skill level and background, so we cannot say who’s the best forex broker for you. What we can do, however, is outline the key criteria by which to choose the right broker for you, and also tell you about several top-tier brokers licensed in south africa that we recommend.

Forex time (FXTM) is a global and award-winning broker licensed in south africa, the united kingdom, and cyprus. They have a very low minimum deposit requirement – just $5, and offer leverage of up to 1:1000 to non-EU residents, including residents of south africa. FXTM holds seminars and educational workshops on regular basis in johannesburg and pretoria. Deposits and withdrawals in ZAR are available via african local solutions (D) in addition to the traditional credit/debit cards, skrill, neteller, perfect money and webmoney. The broker supports both the MT4 and the MT5 trading platforms.

This global brokerage was especially popular in the US, but currently operates in the UK, australia, and south africa, holding licenses with the respective authorities there. FXCM offers access to the legendary metatrader 4, its award-winning trading station, and ninjatrader platforms, and leverage as high as 1:400 to its clients in south africa. Payment methods are quite standard - credit or debit card, skrill, neteller and bank wire. $20 welcome bonus is available to all new south african traders.

Hotforex or HF markets holds licenses from UK's financial conduct authority (FCA), the south african regulator, as well as from the dubai financial services authority (DFSA). They also support the industry-leading MT4 platform, and offer high leverage to non-EU residents (up to 1:1000). The broker accepts deposits and withdrawals in ZAR, the south african rand. The minimum deposit is $5.

And if you have any further questions, you can always visit the broker’s office in johannesburg.

Fxpro is an award-winning pure NDD broker that demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). They are licensed in europe (by the UK’s FCA and cysec) and in south africa. Traders can open an account with fxpro by investing $100, and trade on MT4, MT5, ctrader or the roker’s proprietary platform.Yet, fxpro suggests that you deposit at least 7,000 ZAR (or 500 EUR, USD, GBP, CHF, PLN, 50,000 JPY) to allow you the best experience of their service.

Also, bear in mind that with regards to the FSCA authorisation, fxpro provides execution services and enters into principal to principal transactions with its clients.

How to find a reliable broker in south africa?

And if you don’t fancy dealing with any of the brokers we suggested above for some reason, here are some useful tips on how to select a trusted financial services provider.

First and foremost, you should only trade with brokers that are reliable, because the security of your funds depends on that. And reliability depends on whether the broker holds a license with a reputable financial regulator like the australian securities and investments commission (ASIC), the cyprus commodities and exchange commission (cysec), or UK's financial conduct authority (FCA).

That being said, south africans are free to do business with forex brokers licensed elsewhere. And although some of you might find greater comfort in knowing that their brokerage is licensed on a local level, you should know that FSCA regulation is not as good as those in other jurisdictions.

For example, let’s compare the regulatory framework for forex brokers licensed in the european union and those regulated in south africa in terms of investor protection. Take a look:

South africa forex brokers

Client funds segregation

Minimum capital requirement

Negative balance protection

So, traders dealing with a FSCA-licensed broker may offer trading incentives such as bonuses, and are also free to offer as much leverage as they please, but these both aspects of forex trading aren’t necessarily good. The dangers of using higher leverage are discussed in detail below, and as regards bonuses, and the problem with them is that brokers usually require their clients to trade an impossibly high number of lots before they could earn them.

And, those who invest with a licensed EU broker can trade with the ease of mind that their funds are safe and secure in an account segregated from the company’s own, and that their account balance can never go into the negative. Also, EU brokers are quite reliable because of the minimum capital requirement they have to meet at all times and because of the regular reporting of transactions to the relevant national regulator.

And speaking of a broker’s reliability, it’s always a good idea to do your own research prior to investing any money – check carefully in the respective registers whether the company is really regulated, whether it has been fined or undergone some sort of license suspension. Also, if the broker isn’t a newly-launched one, you can probably find feedback from other traders that could be useful. There are many forex sites and forums, where traders share their experiences, including www.Forexbrokerz.Com.

Another key criterion, is of course the broker’s pricing - the transaction costs, which typically include spreads, commission fees, and swaps. The most important among them are the spreads, which can be either floating, or fixed. Here, you may take a look at the real-time spreads of some major forex brokers.

There are also other fees, which brokers typically charge, such as, for deposit/withdrawal, dormant accounts, etc. And well-regulated brokers are usually transparent with their pricing and you can find all the information on transaction costs on their websites. That said, we would advise you to go through the broker’s terms and conditions or client agreement, because sometimes there are some clauses written in the small print which are unfavorable to traders.

When selecting a forex broker, it’s also important to get acquainted with other essential parts of their offer such the lot sizes they allow, whether they have dealing desks or not, what payment methods and platforms do they use, whether their customer support is good, etc. We’ll cover most of these aspects in detail below.

Is forex trading legal in south africa?

Yes, forex trading in the country is perfectly legal. Of course, traders have to abide by the applicable financial laws (such as those on counter fighting money laundering AML), and to declare their income tax. Moreover, there’s legal framework for forex brokers in south africa and certain rules they should abide by in order to operate legally in the country.

The south african OTC market, although naturally small compared to the world’s major financial centers, is one of the more significant among emerging economies. The body in charge of the financial services sector in the country is the financial sector conduct authority (FSCA), the successor of the financial services board (FSB). In fact, the country has adopted the so called “twin peaks” financial regulation approach, which divides the regulatory architecture into FSCA and a prudential authority, which is in charge of the banking sector and sees to the overall soundness of financial institutions.

The FSCA, on the other hand, oversees the non-banking financial services sector, which includes securities exchanges, forex brokers, and clearing houses, among others. The authority aims to enhance investor protection and to ensure that the south african capital markets are fair, efficient and transparent. It is responsible for the licensing of financial service providers, and for ensuring that regulated entities comply with the relevant legislation.

Moreover, the FSCA has enforcement powers to deal with breaches through the enforcement committee, and also keeps a register of financial services providers, so that investors can look up whether a certain broker is FSCA-licensed. The register also contains other relevant information, such as contact information for the broker, representatives, approved financial products, etc.

Which forex trading platform is the best to use in south africa?

There are several platforms which are considered professional, and have proved to be reliable over the years: metatrader4 (MT4), metatrader5 (MT4), ctrader, and sirix. So, most trusted brokers support some of these, even if they have developed a platform of their own. Now, let’s say a few words about the most popular ones.

Most brokers use metaquotes’ platforms - the MT4 or MT5. Some support both, actually, and this is also the case with three major forex brokers who also happen to be licensed in south africa – FXTM, fxpro, and hotforex.

These two platforms have a lot in common – the top-notch charting and great market analysis tools, the support of automated trading bots (expert advisors), the customization options, and more. Also, both platforms are available as desktop downloads, web versions, and mobile apps.

A notable advantage of the MT5 over its predecessor is the fact that users of the MT5 can deal in OTC products and exchange-traded instruments like futures, options, stocks and bonds from one and the same account. So, here, you may find more information on the metatarder5, as well as an extensive list of brokers who support it.

The MT4 on the other hand is especially popular for its wide range of expert advisors, which unfortunately cannot run on the MT5.

Developed by spotware, multi-asset trading platform ctrader is especially designed for ECN trading environment, and is mostly preferred by professional traders. Fast order entry and execution speeds, direct order entry via charts and level II pricing are just some of the reasons why many traders today choose ctrader as their go-to platform.

Besides, ctrader also offers automated trading software – calgo, including market indicators and cbots - automated trading systems that can be used with ctrader desktop. Those of you who’d like to trade on this platform can check out the offer of leading brokerage fxpro here.

Leverate’s sirix is an all-in-one social trading platform that lets users configure lots and instruments they trade the most, allows one-click and copy trading. The trading terminal also provides fine set of analysis tools, charts and graphs, as well as news and economic calendar. Sirix also has mobile applications for android and ios.

And as we mentioned, many brokers use proprietary platforms, or some web-based trading interfaces. While some of these are not bad, do have in mind that there are dishonest brokers who would manipulate the trading platform so that you score big profits in the beginning, and then, when you wish to withdraw, they make the respective arrangements so that you lose all of it. Therefore, it’s important that you stick with trusted brokers and use reliable trading platforms.

How much money do you need to start trading forex in south africa?

Trading accounts can be opened for as little as $5 (around 85 ZAR by the time of writing this) with some brokers, but it’s probably better to invest a bit more, say $250, and to use lower leverage ratios, if you are a beginner trader. For more information on leverage, check out the next point.

Otherwise, it’s always a good idea to start small, deposit only the minimum with any brokerage, then try to withdraw to see whether you’ll have any problems. Also, trade in micro lots, especially if you are a newbie, otherwise you risk losing a lot in a single trade.

What leverage should you use?

Fortunately, the financial sector conduct authority hasn’t imposed any restrictions on the leverage available to retail traders in south africa, so it all depends on your broker and your own preferences.

Most brokers who aren’t restricted by law usually offer leverage of up to 1:200 or even 1:500 or higher. If your strategy requires higher levels, you can check out a list of brokers who extend 1:500 to traders, but make sure you are aware of all the risks that the use of such excessive leverage brings, and that you have a proper risk management strategy in place. Otherwise, you may end up like most beginner traders whose accounts are wiped out in a matter of seconds.

Precisely because the use of higher leverage exposes traders to a significantly greater risk of loss most jurisdictions have capped the levels offered to traders to levels well below 1:100. For example, the maximum leverage level allowed in the USA is 1:50, the one in the european union and the EEA is 1:50, and as low as 1:20 in singapore and hong kong.

What are the best payment methods in south africa?

Each forex broker has specific account withdrawal and funding policies and uses certain payments methods. It’s important that those methods are convenient for you and do not incur excessive costs.

As in most countries, some of the most widely used payment methods among brokers in south africa are bank wire transfers, and credit/debit cards in ZAR. These are all supported by global brokerages with presence in south africa - fxpro, FXTM, FXCM, and hotforex.

Local bank transfers in south african rand (ZAR) are processed quite fast, usually taking 2-4 hours and up to 24 hours. International wire transfers on the other hand take between 2 to 5 business days.

Naturally, the charges differ from broker to broker, but local bank transfers electronic fund transfers in ZAR are by default cheaper than international ones. Also, a number of south african brokers offer free bank transfers.

As regards other alternative payment methods, it seems that the two most popular in south africa are payfast and ipay.

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Top and The Best FCA UK Regulated forex brokers

As the currency market is a decentralized entity, trading and processing of orders are carried out online. It is, therefore, necessary that you open an account with a broker that provides an online platform for trading forex. If you are a UK resident, then it is a good idea that you work with a forex broker that is based in the UK or at least has an office operating in the country. However, the problem is that there are a number of forex brokers out there in the market and identifying the right one to work with can be a challenging task, especially if you are new to forex trading.

Top UK forex trading brokers 2021

min deposit	spread	leverage	regulation	open account
$5	from 0.2 pips	500:1	FSA (saint vincent and the grenadines), cysec	visit broker
$5	from 0 pips	888:1 “*this leverage does not apply to all the entities of XM group.”	ASIC, cysec, IFSC belize	visit broker
$1	from 0 pips	2000:1	FCA UK, cysec, FSP, bafin, CRFIN	visit broker
$100	starting 0 pips	up to 400:1	FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
$300	floating, from 0 pips	500:1	FCA UK reference number 579202	visit broker
$200	starting 0 pips	500:1	ASIC australia, FCA UK	visit broker
no minimum deposit	1.2 pips	50:1	CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
$100	starting 0 pips	up to 500:1	FCA UK, ASIC australia, MAS singapore	visit broker
$1	fixed spread from 3 pips	up to 1:1000	CBR, cysec and FFMS	visit broker
$250	as low as 0.1 pips	up to 400:1	ASIC australia and FCA UK	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

This is where our services can be of great help to you. We have analyzed and reviewed the operations of some of the major brokers that provide the forex trading platform in the UK on the basis of certain specific criteria listed below in order to make things easier for you. You can use this as the starting point of your research. You don’t have waste your precious time or hard earned money in order to evaluate hundreds of brokers operating in the country. You just have to find out as to which of the forex brokers listed in our site are best suited to your needs and do further research to make sure that you are making the right choice.

Regulation by a local authority is one of the key aspects you need to look for when identifying the best forex brokers in the UK. The main regulatory authority in england is the financial conduct authority (FCA). The FCA is the regulator for the industries in the financial services sector in the country. When reviewing the forex brokers operating in the country we have taken this aspect into consideration.

Apart from regulation, other aspects to be considered when choosing best forex brokers in UK are as follows:

Whether the company that provides the forex trading platform is adequately capitalized or not

How reliable are the trading platforms offered by the forex broker

What type of broker is the forex trading platform provider: non dealing desk (straight through processing), dealing desk (market maker/dealer) or electronic communications network (ECN)

What types of accounts does the forex broker offer

How much leverage and margin does the forex broker offer

What kind of spreads does the broker provide

Does the broker charge any commissions or fees for the trades executed by the you

How much money has to be deposited initially in order to start trading currencies on the broker’s platform

When it comes to transferring funds what currency options does the broker make available to you

What payment methods does the broker offer

What are the broker’s terms and conditions for withdrawal of funds

How responsive is the customer support services provided by the forex broker

This is definitely not an exhaustive list of things that you should look into when choosing the best forex broker in the UK. There are a few other aspects as well. These include customizations options, order entry types, automated trading options, trading alerts, strategy builders and backtesting options, among others. Further, it is better to look for brokers that offer free demo accounts so that you can try out their platforms prior to opening an account and funding it.

Here are some of the best forex brokers in UK:

1. Fxopen UK

Fxopen UK, a popular metatrader ecn forex broker in the UK, offers several helpful features on their platform including expert advisors, technical analysis tools, indicators and professional graphics. Founded in 2013 and headquartered in the london UK, fxopen is authorised and regulated by the financial conduct authority under FCA firm reference number 579202. FX OPEN UK accepts traders with minimum deposit required to start trading on their platform is $300 and the minimum lot size offered by the broker is 0.01. The forex broker offers leverage up to 500:1 and makes available floating spreads starting from 0 pips. When it comes to trading platforms, fxopen offers a wide range of platforms including metatrader 4, webtrader and mobile trading platform. As regards transfer of funds, options available with fxopen include wire transfer, credit/debit cards, neteller and skrill moneybookers, payza and webmoney.

2. Plus500 UK

The online forex broker plus500 UK ltd is authorized as well as regulated by the financial conduct authority. The forex broker services both institutional customers and retail investors and offers no dealing desk currency trading facility. PLUS500 UK which has its headquarters located in the UK was founded in 2008. Traders have to deposit a minimum of €100 if they want to use the broker’s platform for trading forex. The minimum position size offered by the company 0.01 and the leverage that traders can avail is 294:1. Spreads can be as low as 0.01%” (0.01% = spread for EUR/USD). Plus500 offers multiple trading platforms such as windows trader, webtrader, windows 10, android app, windows phone app & iphone app/ipad app/apple watch app. Payment options offered by the forex broker include credit card, paypal, wire transfer, skrill moneybookers.

XM, an online currency trading platform provider, was founded in 2009. The forex broker offers metatrader trading platform and more than 100 instruments from asset classes such as currencies, cfds on stocks and precious metals. XM which serves both institutional as well as retail customers in more than 196 countries has established over 4 offices around the world. Traders who open accounts on their platform will have to deposit a minimum of $5 in order to start trading. While the minimum position size offered is 0.01, the leverage can go up to 888:1. Xemarkets is regulated broker by ASIC australia, cysec, FCA (UK), bafin. XM broker offers low spreads from 1 pips. Multiple forex platforms offered by the broker include metatrader 4, and web, iphone/ipad and mobile trader. When it comes to payments, options include credit/ debit card, bank wire transfer, local bank transfer, neteller, moneybookers skrill, western union, moneygram, webmoney, china unionpay, SOFORT, ideal.

5 benefits of forex trading with FCA UK regulated brokers

Any forex trader will tell you that the first and most important step in successful forex trading is choosing a trusted broker.

The right broker will provide you with the required advice, and platform to make forex trading a profitable venture. FCA UK forex brokers are the best option to give you what you need before you can start trading. But who are FCA UK forex brokers?

FCA UK forex brokers are brokers or brokerage firms that are regulated by the FCA. These firms meet all the requirements set by the FCA for safe forex trading.

The FCA UK forex brokers provide forex traders with many benefits, here are some of them;

1. Guaranteed credibility

All forex brokers that are regulated by the financial conduct authority (FCA) are required to submit financial reports to the regulatory body. This body scrutinizes the reports to make sure they are in line with set policies for secure and efficient forex trading. This, therefore, means that regulated brokers are always credible since they are monitored. Also, another role of FCA is to fairly resolve disputes between forex traders and brokers. So, trading with FCA UK forex brokers means that you are protected in case any disputes arise between you and your forex broker.

2. Ensure investors’ money is safe

According to the FCA rules, FCA UK forex brokerage firms must keep their funds separate from the investors’ money. Keeping investors funds in a different account ensures that the brokerage firm cannot use the clients’ funds to cover any of its expenses.

Having segregated accounts safeguards the investors’ money in case of a financial crisis or bankruptcy. In such scenarios, the broker cannot use your money to pay its creditors. The FCA requires that the broker compensates the investor first. So when working with a regulated broker you are guaranteed safety for your money despite any financial situation the broker might face.

Given the uncertain financial conditions, you have to be sure your money is always safe. FCA has got you covered! Time and again, the regulatory body reviews all the FCA UK forex brokerage firms to ensure they maintain separate accounts for investors and the firm to keep your money protected from uncertain market conditions.

3. Enhances the chances of making profits for investors

It is usually easier to trade and make profits with FCA UK forex brokers than unregulated brokers. FCA monitors all regulated brokers to ensure they provide the right tools to make forex trading simpler for the investors. It does this by ensuring the software used by brokers for trading meets the traders’ needs.

In addition, it ensures that forex traders have access to the right information and support from the brokers. The FCA UK forex brokers should be able to answer the investors’ questions and provide help in case of any difficulties. This is in a bid to make forex trading easy and profitable to the traders.

4. Transparency in trading operations

Transparency is an essential part of successful forex trading. Investors have to stay informed about their transactions by being provided with accurate financial information including historical records and other fiscal reports. This information assists traders in making well-thought decisions when conducting their trade.

It is the responsibility of brokers to provide accurate information to the traders. Regulated brokers are compelled by the FCA to provide accurate information to investors failure to which they might lose their licenses.

Investors can complain to the FCA if they feel their brokers do not provide them with transparent trading experience.

5. Protects the value of security to enhance the investors’ safety

The FCA monitors forex brokers UK by periodically checking their fiscal reports. Through these reports, the regulatory body can determine whether a broker is trading in a way that increases the overall security of their investors. The FCA then penalizes, and in some cases revokes the market membership of brokers whose trading activities decreases investor security. So in order to stay in the market, regulated brokers are always working hard to improve their investors’ security.

If you are an investor who wants to make your forex trading venture profitable then it is safe to go for FCA UK forex brokers as they are regulated. Regulated brokers provide you with many benefits and the right conditions necessary to trade successfully. All the best in finding the right broker!

Best 10 RBI approved & SEBI regulated forex brokers in india to consider in 2021

Updated on january 27, 2021

SEBI stands for securities and exchange board for india (SEBI) which regulates companies and the shares held by them. SEBI is also responsible for issuing licenses to forex brokers. Forex trading within indian exchanges is getting quite popular in india, as it is creating opportunities to make money quickly. Further, SEBI regulated forex brokers in india are trusted by many to deal in currency markets and currency futures.

Forex trading in india with the best forex brokers: is it legal

While selecting the best indian forex brokers, a lot of people are confused whether forex dealing is legal in india or not. Let us clear this confusion for you. Strategy trading through forex remains legal till the time the currency pair being traded includes indian national rupee (INR).

International forex trade brokers are legal to trade currencies in india. But indian citizens are barred from using online platforms for trading and have to be satisfied with SEBI regulated forex brokers in india.

This is done to prevent the reserve bank of india running short on dollars and avoid further devaluation of the indian currency.

RBI & SEBI regulated signal trader forex brokers in india: how they work

In addition to SEBI, other organizations are also involved in setting up the rules and regulations of derivative trading in india. These include the royal bank of india. All the relevant trading guidelines have been established under the foreign exchange management act.

While looking out for the top forex brokers, you should remember that you can trade through three stock exchanges. These are the united stock exchange (USE), MCX-SX and the national stock exchange (NSE).

Trading for such currency derivatives are done on the margin. This means that with the help of SEBI regulated forex brokers in india, you have to deposit some initial margin with the stock exchange of your choice. The contract would then be resolved in INR. When it comes to the time period of future cycles, it can range from 1-12 months. Lot sizes for all currency pairs are 1000 units except for the japanese yen/indian rupee pair. For this, the lot size is 100,000 units.

What are the restrictions imposed on SEBI regulated forex brokers in india?

Forex trade brokers function as per the following restrictions in india-

Forex traders cannot take part in the trading of any currency pair that does not include INR as its base currency.

Any indian citizen is legally barred from sending INR out to foreign countries for the purpose of investments or conversion.

Forex brokers can only offer conversion options for USD, JPY, GBP and EUR.

All SEBI regulated forex brokers in india need to be registered and have a valid license.

Indian forex market: 10 best SEBI registered indian forex brokers for beginners

If you are looking for the best brokers for forex trading, you have come to the right place. These forex trading platforms follow all guidelines laid down by the concerned authorities to make forex trading more seamless.

Alpari

Hotforex

FP markets

Axiory

FXTM

Instaforex

Avatrade

Roinvesting

Alpari

With alpari forex trading app, you can easily make earnings on the forex market by making investments in the accounts of professional traders. The best forex broker also offers a PAMM account using which investors can choose from different managers to make an investment on their behalf.

Features of alpari best indian forex broker

Alpari’s collaboration with fasapay ensures that you can deposit money to your account from anywhere in the world.

This strategy trading forex broker can be linked directly to your bank account for depositing funds without any hassle.

Alpari offers metatrader 4 which can be used both on mobile and computer devices.

Alpari signal trader for forex offers different subscription accounts for different types of investors. These include standard, ECN, pro.ECN and nano.

Hotforex

Hotforex is considered amongst the top forex brokers in india as it offers more than 18 free trading tools for better management of trade. It also provides investors with the option of choosing from multiple account types depending on how much risk the investor is ready to take.

Hotforex forex trade brokers features

Hotforex offers a large range of online trading opportunities which ensures that your portfolio is diversified.

It provides 12 forex trading platforms to incorporate investors with a variety of trading styles.

What makes hotforex the best broker for forex trading is the fact that it provides video tutorials for beginners to get accustomed with best trading techniques.

It supports quick and easy fund transfer through a variety of payment methods.

Hotforex provides insurance cover for funds associated with client accounts.

FP markets

In addition to forex, FP markets can also be used for dealing in 19 global indices and commodities such as gold, silver and even oil. FP markets forex trading platform provides a robust access to global markets 24X5. As it makes use of a NY4 server, the execution of forex trading is fastened. You can depend on FP markets tool to make trades on low spreads consistently.

Feature of FP markets best forex brokers for beginners

FP markets make trading easier with its dedicated mobile apps.

This forex trading app provides customer support in multiple languages.

FP markets uses modern trading technologies such as metatrader 4 (MT4), metatrader 5 (MT5) and so on.

You can access an advanced client portal where you can track your trading decisions in real time.

FP market is known for maintaining fair trade practises as it avoids any price manipulation, dealing desk and requotes.

Axiory

With axiory, you can start trading on major forex trading indicators within 10 minutes. Axiory best forex broker provides daily updates regarding the most trending market assets and predicts how they might perform in the future. It is also useful for obtaining an asset by asset deep analysis so to understand the condition of market on a particular day.

Features of axiory SEBI regulated forex brokers in india

Axiory has been developed to initiate trades with low spreads so that investors can earn more profit.

In case of any grievance, you can reach out to customer support services through live chat or email and get a prompt response.

Axiory provides negative balance protection with the help of its modern account monitoring tools. In case there are price movements which might render your account balance negative, axiory resets the balance to zero and covers for any additional losses.

This strategy trading forex broker maintains strict segregation between company funds and client funds.

Axiory provides a range of different trading tools to enable investors to make better trading decisions. These include autochartist, axiory strike indicator and so on.

FXTM, one of the best indian forex brokers, makes trading easier for beginners with a slew of video tutorials, seminars and more. It also ensures that you earn maximum profits by keeping spreads to a minimum. Moreover, with its faster trade execution processes, FXTM enables you to make informed trading decisions.

FXTM signal trader forex broker features

FXTM provides a better access to global markets with the help of its financial instruments involving cryptocurrencies and stocks.

It offers multiple types of trading accounts such as standard, cent and shares.

FXTM makes use of modern trading technology such as metatrader 4 and metatrader 5. It also has designated apps for mobile and tablets.

By using the FXTM invest feature, beginners can copy investment practises done by experienced traders.

FXTM has a global research team which provides in-depth analysis of market conditions for the day.

SEBI regulated forex broker FBS can also be used to deal with cfds, metals and stocks. Beginners can open a cent account of FBS which involves a significantly lower risk. Moreover, this forex trading app is compatible with different payment methods accepted across the globe.

FBS best forex broker features

FBS forex trading platform maintains a low spread to reign in your losses and maximise your profit. You can start with -1 pip.

Commissions to traders or managers are provided by FBS itself.

You can get assured support round the clock in case of any grievance.

Under its forex news section, you can get a hold of latest events that are shaping up the market

FBS has a designated mobile app for apple ios and android devices.

Instaforex

Instaforex is one of its kind forex trading tools as it has different account options for beginners, traders and investors. What makes it feature among the best indian forex brokers is that it provides online training to people new to forex trading. Instaforex also runs promotional campaigns for demo accounts.

Features of instaforex strategy trading forex broker

With instaforex forex trading platform, it is possible to add funds to your account without having to pay any commission.

PAMM system and forexcopy let you invest in experienced traders with expected annual returns to be around 1000%

Traders and investors have the option of monitoring their account activity in real time.

If you think you invested in the wrong stock or CDS, you can initiate automatic refund.

Instaforex makes use of around 10 trading servers, some of them being US, UK, HK and so on.

Avatrade

RBI & SEBI regulated forex brokers in India

Avatrade signal trader for forex has a user friendly and intuitive interface which makes it perfect for first time investors. With its avaprotect feature, avatrade protects you in case you wind up in a losing position. This forex trading platform also has a range of modern trading tools such metatrade 4, avaoptions, duplitrade, etc.

Avatrade top forex broker features

Avatrade maintains low spreads for different transactions so that your profit is maximised.

Avatrade makes use of modern forex trading techniques. These include restriction free scalping, short-selling, unlimited netting.

It has several trading platforms MT 4, MT 5, webtrader, avatradego etc.

Investors and traders can make use of tutorials and ebooks to gain knowledge about useful trading tactics.

Avatrade offers robust customer service in different languages and through different social media channels.

XM forex trade broker makes use of more than 1000 trading instruments. XM maintains spreads as low as 0.6 pips. You can obtain tailored guidance with the help of personal account managers. It is often touted as the best broker for forex trading as it provides free access to forex market research and webinars.

Features of XM best forex brokers for beginners

XM has a large reserve of video tutorials for the help and guidance of newbie traders.

The forex trading indicators provided by XM can be accessed on multiple devices.

It provides the same quality of service to different customers, irrespective of their capital investment.

You can obtain daily updates upto how the market is behaving.

In addition to forex, you can trade in CDS, shares, indices, metals and more.

Roinvesting

Roinvesting trading platform uses novel trading techniques, more than 30 analytical instruments and multiple chart windows for benefiting customers. As roinvesting makes use of data encryption technology , you can be assured that all your transactions are safe.

Features of roinvesting SEBI regulated forex brokers

It has numerous video tutorials and ebooks helpful for both beginners and professionals.

Due to its cross platform functionality, you can use roinvesting on tablets, mobile devices and desktops.

Traders don’t have to worry about commissions as the forex trading app regulates the entire process to keep commissions low

You can obtain dedicated customer service almost instantly anytime, except on weekends.

Frequently asked questions (faqs)

What are the restrictions on residents of india for forex trading?

To control the outflow of foreign reserves, the government of india has imposed several restrictions. It is illegal for indian citizens to use online trading platforms and send out the rupee outside the country for the purpose of investment or conversion. They can exchange foreign currencies only through SEBI regulated forex brokers.

Further, indian government recognises only GBP, USD, EUR and JPY.

How to stay secure from the indian forex broker scams?

If you keep in mind the following points, you can stay secure from forex broker scams-

Only use the services of SEBI regulated forex brokers in india. You can ask to see the license of the broker or check for the same on the site.

Keep visiting SEBI’s official site from time to time and check which new forex brokers have been approved or whose license have been revoked.

In case a broker offers to trade different currency pairs, immediately cease from dealing with them because indian laws make it illegal to pair with any other currency without keeping INR as the base currency.

How to work with international brokers for forex trading in india

We suggest you hire the services of a professional to iron out the basic procedures and legal ramifications associated with investing with international brokers.

Best forex brokers – top 10 brokers 2021 in ukraine

How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.

The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.

But we can help you choose…

Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.

Forex brokers in ukraine

How to find the best forex broker

The main criteria for finding the best forex brokers in ukraine 2021 are these – we will expand on each area later on in the article:

Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

Accessibility and affordability – beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.

Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

Company background and history – knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.

Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

Account opening / registration – is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been problematic in the past.

Broker costs

The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.

The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.

The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

Besides the spread, a commission is charged as well. This commission is based on the amount you trade.

Spreads

Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.

The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.

A currency market and spread go hand in hand.

Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.

The lowest spreads suit frequent traders.

Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.

What is the rollover rate?

Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Forex pairs traded

While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?

If you are trading major pairs (see below), then all brokers will cater for you.

If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.

Majors

The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf

That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.

Such flexibility is obviously a major asset, positively impacting the overall quality of the service.

What about crypto?

Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.

The massive volatility associated with these products makes scalping a viable strategy for profitable trading.

Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro accounts

Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.

Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.

Note however that the spreads/commissions on such micro accounts tend to be quite adverse.

It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.

Trading platforms

Forex trading platforms are more or less customisable trading environments for online trading.

They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.

Metatrader 4 or 5

Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.

Trading view

Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.

Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.

While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want scalping, see if your broker is a forex broker for scalping.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.

They lack all the advanced analysis and market research features, and as such, are hardly useful.

Tools & features

From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.

Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.

Deposits and withdrawals

There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.

At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.

Otherwise, the payment process largely hinges on the accepted money transfer methods.

It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.

Education

Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.

A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!

Payment methods

The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.

Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.

We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.

Proper forex brokers always provide a local-specific payment solution to their target countries.

Customer feedback

Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.

You have to take this type of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.

Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.

That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.

The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.

Regulation

Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.

ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:

ESMA have jurisdiction over all regulators within the EEA

The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).

Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).

Outside of europe, the largest regulators of trading accounts and brokers are:

These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.

Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.

Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.

Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.

Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.

Security

Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.

Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.

A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.

Demo accounts

Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.

Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).

FX leverage

For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.

In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.

Just note that higher leverage increases potential losses, just as it does potential profits.

Company history

A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.

What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

Bonus

From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.

Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.

Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.

Additional account details

When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.

Order execution types

Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.

Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.

If you are looking for this method specifically, you will need to seek out an ECN forex broker.

Ecns are great for limit orders, as they match buy and sell orders automatically within the network.

Some other options that your forex broker can use are:

Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.

Broker reporting

Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.

Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.

This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.

If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.

These examples yet again showcase the importance of a proper regulatory background.

Account types

From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.

Micro accounts might provide lower trade size limits for example.

Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.

So research what you need, and compare it to what you are getting.

Scams

Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;

Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.

If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.

With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.

We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!

Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.

Difference between A broker and A market maker?

A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.

A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.

The conflict of interest in this setup is obvious, but it does happen.

The bottom line

Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.

Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.

Forex broker reviews

Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.

If we can determine that a broker would not accept your location, it is marked in grey in the table.

So, let's see, what we have: A list of australia's (austalian securities and investments commission) ASIC regulated forex brokers with information, user's reviews and ratings. At registered forex brokers