Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative. To determine an Overall winner, we weighted each category as follows:. However, be confident in your ability to be in the right place at the right time and to get all the necessary information.
Why traders choose FOREX.com
Part of Trading Central, Recognia is widely respected for its focus on automated technical analysis and pattern recognition, providing bearish and bullish events you can use to assess trading ideas, depending on market sentiment and technical expectations. City Index provides additional third-party content from Faraday research. Overall, there are several channels for both standard and premium research at City Index, helping the firm score in-line with the industry standard for this category.
City Index offers three platform suites, two of which are proprietary technology and one is from MetaQuotes Software Corporation, developer of the popular MetaTrader4 MT4 platform, well known for its algorithmic trading capabilities and customizable indicators.
To learn more about MT4, read our guide to MetaTrader. Advantage Trader is the web-based version of the AT Pro and comes available as an app for mobile smartphones and tablets. Starting with the first platform, as its name implies, AT Pro is not for beginners but is better suited to professionals or experienced traders because it is complex and has several advanced functions.
For example, AT Pro offers a Development Studio with automated trading functions similar to the MT4 platform when it comes to back testing, so before using it live, you can see the comprehensive test results of how a strategy would have performed over historical data.
The charting was also comprehensive as AT Pro desktop comes packed with nearly technical indicators you can choose from for technical analysis, which is far more than the industry standard for charting.
The drawing tools were also impressive, with at least 25 tools available including various Fibonacci retracements, channels and Gann lines, in addition to basic trend lines that can be drawn, and other bare charting essentials.
One final note on AT Pro: This means searching for a particular symbol may return multiple instruments for the same symbol, which could make it difficult for beginners to select from multiple results that look the same. Advantage Trader relies on Adobe Flash, which is outdated and becoming increasingly phased out of web apps. Thus, to help its overall ranking as a modern platform, I would like to see the platform transition to HTML5 in , as other brokers, including XTB and Saxo Bank, have upgraded from their previous platforms.
Nonetheless, exploring the platform is easy and the layout is clean and operated smoothly for a Flash-based web app. Looking at the charting package, I found 27 indicators available and a range of 16 tools in the drawing toolbar. Other chart functions also made for a rich experience; for example, past news events show on the chart history. One hurdle worth mentioning is that changing symbols is limited only to those stocks that are already in a watch list; otherwise, a new chart must be opened separately.
One final note on charting in Advantage Trader is that the charts are versatile. Everything from saving chart settings as a custom profile to trading from the charts — including amending and closing open positions that are displayed visually on the chart — was seamless. Charts can also be linked to other platform tools using window linking.
Advantage Trader is a great foundation for beginners and offers a modern design. Yet upgrading the platform to HTML5 would help boost the user experience further. Overall, as a multi-asset broker, City Index offers a variety of platforms for traders and can therefore meet the needs of most traders, regardless of experience level or trading style. AT Pro would be my choice of platform as it packs great tools, including integrated research and advanced alerts, while still including algorithmic trading, giving it an edge over MT4.
The City Index mobile app comes available for Android and iOS devices, and comes with a good range of features and was rich in many key areas including the watch list, charting, and economic calendar. Whether you are adding alerts or depositing money into your account in the app, or accessing news headlines and research, you will find many options that help make for a positive experience inside a cleanly designed layout. These agencies take care of all the licensing aspects of a broker, which is an essential requirement for brokers to be officially listed in their primary market.
If a broker or any financial company operates without a license, they may well be a scam broker, or might not be as reliable as the other licensed entities in the market.
Make sure your broker has a valid license and suitable regulation from a reliable regulatory organization. A good Forex broker should have a positive reputation in the market. However, many of these ratings may be submitted by real traders, who are existing or past customers of specific trading platforms. Or by anonymous reviewers who wish to discuss the pros and cons of a particular service in open forums. Review forums may also contain ratings and discussions performed by experts that may include paid reviewers , who have the necessary qualities and experience to comment on the official performance of the various trading websites.
The Forex market caters to the needs of a global community of traders, with access to varying amounts of trading capital. Not all traders are endowed with a large amount of trading capital. Which is one of the reasons why Forex brokers now offer different types of trading account to suit the varying levels of investment by clients. The accounts can also be classified according to the tradable lots, which may include Micro accounts and Standard accounts.
Micro accounts give the freedom to start trading from 0. Standard accounts typically involve trading contracts that start from 0. A solid trading platform is a must for any broker to be worth your time. Of course, the main priority for an experienced and professional trader is to check the reliability of the trading software before actually opening a live trading account.
However, this is not the only factor to bear in mind. Today, most traders prefer to choose from an array of different trading platforms. Including those that not only offer comprehensive support for desktop trading, but also offer the option of an excellent and intuitive mobile trading platform for unabridged mobile access to their trading accounts.
In most cases, this is possible when the broker has either an official mobile version, or provides specially tailored apps for tablets and mobile platforms.
Mobile trading is beneficial to traders because it provides them with the chance to trade on the go. There are plenty of traders that prefer mobile trading over the traditional desktop experience due to their hectic lifestyles and busy schedules. This necessitates the need for brokers with a good reputation to offer excellent mobile apps along with the traditional desktop platforms. This is where different trading options can be involved.
For instance, beginners will look for a broker that offers a user-friendly learning center, market research, and automatic trading signals. More experienced and advanced traders prefer a site where live streaming channels show the latest news and detailed market analytics. A high payout ratio and availability of all trading assets such as stocks, foreign currency pairs, indices and commodities are also important. As well as educational material and other modern account features that enhance the security of trading.
The Forex market allows a trader to invest in virtually any currency pair in the world. There are more than widely traded currencies in the world, and each currency can be pegged against another currency, which is then floated freely in the market. The buying and selling of currency pairs ensures there is sufficient volatility in the market, which is taken advantage of by short-term traders and investors.
While most Forex trading brokers try to incorporate as many instruments as they can into their trading accounts, some FX companies may limit the number of available instruments to a minimum. In order to offer a less complicated trading account. In other cases, brokers may offer a comprehensive range of financial assets, including stocks, bonds, and indices, to take the total count to more than 10, instruments through a single trading account.
Therefore, always consider your investment strategies and risk-appetite, before choosing a Forex brokerage firm and investing in the different financial assets. Trading protocols are defined as the mode of connection between a trader and the markets. Market maker brokers use internal dealing desks and trading platforms to connect orders internally. Which drastically reduces the liquidity in the market, but at the same time increases the conflict of interest between a client and their broker.
The best Forex brokers in the market usually offer both types of accounts to their traders, but some brokers may stick to either the market maker model or the DMA protocol to streamline their FX services. Traders are subjected to different trading costs and fees and these contribute to the overall revenue of a broker and its annual profits.
The main types of fee incurred in Forex trading are the spreads and commissions, which are considered to be the most direct form of charging traders for the services rendered.
The top rated Forex brokers are those that offer the lowest spreads and commissions in the industry. Average spreads can fluctuate between 1 pips to 5 pips on the major currency pairs, while ECN Forex brokers may offer raw spreads starting from 0 pips.
Forex is an important part of the global financial market. Orders are transacted in incremental lots as per the market conditions. Orders are transmitted through brokers according to different trading conditions, but there are different types of Forex market orders available to traders as per their trading requirements. The most popular market order is an order to buy or sell a currency pair at the best market price, and is carried out instantly according to the liquidity in the market.
Other types of Forex orders include:. Offering a choice in the variety of payment methods, along with great ease, convenience, and security of payments, is often seen as a good quality for a broker. To commence your trading operations with a broker, you will first need to make an initial deposit. Every broker will have their own minimum deposit requirement. Most brokers usually have no issues with deposits, but making a withdrawal is an entirely different ball game.
Withdrawal is the process of taking out your money including deposits, profits, and bonuses from your trading account. Bear in mind that different brokers have their own requirements for making a withdrawal. Usually, there are restrictions as to the amount of the payment with both maximum and minimum levels, as well as the frequency at which you may claim your profits.
In some cases, brokers limit withdrawals within a certain period of time i. Sometimes, there are also fees charged on deposits and withdrawals. As for the types of payments themselves, the more variety offered on a platform, the better.
Thus, the trader is at liberty to choose a payment method that best suits him or her. Payments via debit or credit card, as well as via bank wire transfer are common and can be found as a default payment option with any broker. The leading Forex brokers in the industry realize the benefits of offering online payment processors, especially since a vast majority of traders opt for e-wallets and online payment systems for making their payments.
The availability of a bonus system is one of the main broker features traders usually consider an important factor when deciding whether a broker is good or bad for their investments. Although we do not believe that a Forex bonus should be the sole feature you look for when selecting a Forex brokerage firm, we appreciate that it matters for some traders.
We mention this because there are many new brokers in the industry that have a bad reputation for scamming new clients. And it is done by offering giant bonuses in order to attract more sign-ups.
The same thing happens when the broker begins losing its reputation and tries to hold on to its current audience. Brokers may also provide attractive bonuses as well as resorting to paying reviewers to remove the negative feedback that is prevalent in online forums.
Forex trading companies usually provide some exclusive promotions without mentioning all the cons of accepting such types of bonuses. Speculative currency trading through a retail FX broker is not the only way to participate in the foreign exchange market. You should be considering to open an account with one of the online Forex brokers if:. If you are not interested in the above-listed features, you may consider contacting your local bank or joining a currency futures exchange e.
However, their requirements to customers are usually much stricter than those of online Forex brokers. In addition, their trading conditions may not be as favorable as those of the brokers listed in the table above.
Please disable AdBlock or whitelist EarnForex. When looking for a broker, you have to pay attention to the following aspects: Is the broker reliable? Is it regulated by a solid authority? What country is it based in? Will it be easy for you to get compensated in case things do not go as planned? How fair are the broker's trading conditions? Are spreads and commission low? Does it offer leverage on fair conditions? Are overnight interest rate payments distributed honestly?
How fast and seamless is the broker's order execution?