Top forex brokers in the world

After doing the ratings, it becomes very easy to pick the names on our top 10 forex brokers in the world.

My list of forex bonuses

Recommended Top 10 Forex Brokers Rating and Reviews, top forex brokers in the world.

As you can see, it is exhaustive. We examine all the angles we know you care about as the customer. Most of these top 10 forex brokers get their name out there by doing things that include offering free forex education on their websites. We look out for where they get mentioned, why and the impression we get from that.

Recommended top 10 forex brokers rating and reviews

Narrowing down the number of forex brokers to just the top 10 forex brokers in the world is complicated. However, we have made a list of the top 10 forex brokers and as with the previous lists; it took vast amounts of forex education.

Many of the experts who provide most of the forex education on our site made the top 10 forex brokers in the world list. They included in this process, many important things you should know.

Read on to find out how we know that this list contains only the best of the best.

1. Forex ratings

This is something we do mathematically. Calculating points is not an easy feat. We base it on so many things. Among them, one is forex education. To understand what it’s like to come up with a rating system, you first need to know what’s important.

When picking the top 10 forex brokers in the world, there is a criterion. The criterion helps us categorize features, services, and versatility.

Here is a list of some of the most important things we consider:

Regulation authorities

How old is the company?

Offices and branches

Commissions and spreads

Analytical services, reviews, and forecasts

Customer reviews

News about the company

ECN and PAMM accounts availability

Forex competitions

Education for free

Number of payment systems available

Automated withdrawals

Website performance

After doing the ratings, it becomes very easy to pick the names on our top 10 forex brokers in the world. As you can see, it is exhaustive. We examine all the angles we know you care about as the customer.

2. Customer reviews

This is a big part of something that we call ‘ social proof ’ in the world of digital marketing. The word of someone who has used service is worth more than an advert. We read through reviews left by customers to compile an acceptable top 10 forex brokers in the world list.

Reviews make up some points we use in the rating system. However, on their own, they represent accuracy. You want to know that the people telling you an FX broker is good to have the first-hand experience.

Reviews help with:

Providing a cautionary step before you take any action

Giving you social proof

Assuring you of credibility

Confirming the reliability of a company

We read as many of them as possible to form a clear picture of a company.

3. Reputation

The reputation of a company can help you know about it even before you meet anyone from there. Some of these companies are on the top 10 forex brokers in the world list because of reputation.

Several trusted financial authorities, experts in the forex market and customers speak well about them.

Most of these top 10 forex brokers get their name out there by doing things that include offering free forex education on their websites. We look out for where they get mentioned, why and the impression we get from that.

Read on to find out which ones will be the best for you.

4. Regulation authorities

When it comes to forex brokers, we always want to know that they are regulated. When they are not, it becomes a problem because this lack of regulations opens up doors for fraudulent operations.

Before you sign up with a broker, always make sure that they are appropriately regulated. When you check the bottom of the website for any broker, you will find a license number, if they are genuine.

If you do not see it, ask them for it or avoid them because that is a red flag that they may not be who they say they are.

If they have the number, just copy it and check for their name on the website of the regulator that they claim oversees them. If you do not find it, you should know that they are lying. Some of the most well-known regulators in the world are:

ASIC – australian securities and investments commission

Bafin – the bundesanstalt für finanzdienstleistungsaufsicht (germany)

CFTC – commodities and futures trading commission (united states)

Cysec – cyprus securities and exchange commission

FCA – financial conduct authority (united kingdom)

FFMS – federal financial markets service

FINMA – swiss financial market supervisory authority

FMA – financial market authority (austria)

FSA – financial services agency

FSB – financial services board (south africa)

Financial services commission – BVI

Financial services commission (FSC) – mauritius

IFSC – international financial services commission

FSP NZ – new zealand financial service provider

ISA – israel securities authority

MFSA – malta financial services authority

SEBI – securities and exchange board of india

VFSC – vanuatu financial services commission

UAE – abu dhabi central bank

With these, you can never go wrong. If the broker is not certified by them, they do not qualify for our list of the top 10 forex brokers in the world. The more the regulation, the better. However, it is not the only metric that makes the companies qualify.

5. Commissions and spreads

The opportunity for a broker to take advantage of you comes in when they do not come clean about the charges. When we look at the commissions and spreads, we want to see them at the industry standard or even lower than usual.

To be clear, we do not pick the top 10 forex brokers in the world because of unusually low fees. The trading fees need only to be reasonably low and not too low. When the deal starts to look too good, always be careful because that is a sign of a scam broker trying to get you.

In picking the top 10, we look at the brokers with the lowest spreads among the points that we look at. When they allow you to make profits reasonably, we add them to our shortlist as we check the other things.

Sometimes, the brokers might advertise a low spread and not have it. In most markets, the aim for most traders is to look for the lowest spreads because they allow you to trade cheaply. So, we make sure to look at the validity of the claims before picking them for this list.

The trader wants to have a profitable strategy that will allow them to lower the transaction costs, as much as possible. Since the spread is the difference between the bid and asks prices, standard accounts will try to charge as much as they can without oppressing the trader too much.

6. News about the company

Knowing as much about a company as possible, require that we look through their past to make sure that they are not hiding something that could be potentially damaging to the clients that they serve. The top 10 forex brokers in the world are the ones with a good track record.

Any company that is worth making it to the list would be in the news in one form or another. We also check what the people who signed up for it say. This helps us have a clear picture of what a company is all about so we can give you accurate information when we compile the top 10 forex brokers list.

7. Education

Most of the top forex brokers in the world know that education for their customers is an essential thing. So, it is not uncommon to find that they provide it. Even the most professional traders know the value of information and will check information before they make a decision.

Having all the information you need for any of the things you need to do in the market is handy. Education forms the backbone of all traders who make it in the market.

8. ECN and PAMM accounts availability

Many of you do not know where to look when trying to find the best ECN brokers online. In our list of the top 10 forex brokers in the world, we have listed some of them who have ECN accounts. With these accounts, you get direct access to liquidity providers.

PAMM accounts are a little trickier. With them, you make use of other traders who are more competent than yourself. They trade on your behalf, for a percentage of the profits. To be on the safe side, you should not go independent when it comes to this.

We have listed the best companies that offer access to this service, it allows you to make money without having to do all that work or take risks as a novice who may not be able to thrive in a competitive market.

To wrap up

The process of picking the top 10 forex brokers in the world is not an easy one, but we had fun doing it because it allowed us to know more about an industry that is one of the biggest in the world. As a trader, you will be safe when you go with any of these choices.

To make sure that no one has to fall prey to scams, we also prepared lists for those who want to know how to avoid scams, lists of true ECN accounts and other reviews that will complement this one to create a fuller picture that will make sure you are adequately prepared when you step out into the world of forex as a trader.

Best worldwide forex brokers in 2021

The top 10 forex brokers in the world were determined based on global forex regulation, spreads and the best forex trading platforms. The companies that made the top 10 list were outstanding at a unique forex trading category.

Compare the top forex brokers in the world based on their size, spreads, trading platform and more.

Top 10 forex brokers in the world 2021

By regulator and features here is the list of the largest forex brokers

Pepperstone – best global forex broker overall

IC markets– top ASIC broker with lowest spreads

CMC markets – FCA broker with range of currency pairs

TD ameritrade – best forex broker for U.S traders

Forex.Com – IIROC broker for canadian traders

IG– best broker for beginners with DFSA licence

FP markets – top CYSEC broker with metatrader 4

Interactive brokers – MAS fx broker and stockbroker

FXTM – top FSC broker with highest leverage

Thinkmarkets – best FSCA regulated broker

Pepperstone is the best global broker

Pepperstone is considered the best global broker overall, as it’s a great option for all styles of CFD and forex trading. All the tools and features required to develop successful currency trading strategies are offered by pepperstone, including low spreads, the best trading platforms, a great product range and award-winning customer services.

Spreads and account types

Regardless of the subsidiary you register with, pepperstone offers two account types that are suited to different strategies and levels of trading experience. You can choose between either commission-free standard spreads or razor spreads where you pay a flat rate commission fee.

Razor account – great for active traders

If you want to execute day trading, scalping or automated trading strategies, pepperstone’s razor account provides an ECN-style trading environment with ultra-tight spreads. As shown below, pepperstone offers low spreads that most of the world’s best brokers fail to match. For commonly traded forex pairs like the USD/JPY spreads average 0.13 pips with pepperstone, much less than what brokers such as tradersway and XTB offer, which average 0.50 pips.

Because you gain access to institutional grade spreads that can be as low as 0.0 pips, you pay a flat rate commission fee on top of the spread. Metatrader users incur a fee of AUD $3.50 per side per 100k traded, while ctrader has a 7 unit charge per lot. With ECN-like spreads and low commission fees, overall trading costs are low for razor account holders.

Data taken from broker website. Accurate as at 05/01/2021

Standard account – great for new traders

Standard accounts are great for beginners as you can trade commission-free spreads, avoiding the need to calculate trading costs when you’re starting out and building confidence. Compared to other top brokers, pepperstone offers the tightest no commission spreads. For instance, the standard account holders can access spreads averaging 1.33 pips for the AUD/JPY, significantly lower than 4.90 pips at tradersway or 3.36 pips at fxpro.

Data taken from broker website. Accurate as at 05/01/2021

Trading platforms and market access

To access the broker’s diverse range of forex and cfds pepperstone clients can use choose either metatrader 4 (MT4), metatrader 5 (MT5) or ctrader as their trading platform. All are available as desktop trading platforms for PC and mac computers, mobile apps for ios and android devices as well as webtrader platforms for online trading.

Five different asset classes are available to trade being forex, commodities, shares, indices and cryptocurrencies. As well as major, minor and exotic currency pairs you can also trade currency indices such as the US dollar index (USDX), a weighted basket of six major currencies including the GBP, JPY and EUR.

Although the online broker offers access to over 150 financial markets, access depends on the trading platform you are using. For example, share trading only available on MT5 as it is a multi-asset platform, while ctrader and MT4 are predominately forex trading platforms.

Pepperstone is ideal if you want to focus on trading cryptocurrency. Spreads are competitive and commission-free for when trading crypto with pepperstone. Five CFD products are available (bitcoin, bitcoin cash, ethereum, litecoin and dash), with bitcoin spreads starting from $10.00.

Note: clients in the UK will not be able to trade cryptocurrencies as the UK regulator, the FCA, no longer allows crypto trading.

Whether you are trading forex, cryptocurrencies or share cfds, pepperstone trading platforms offer a great range of analysis and automation features to help you develop trading strategies and save time.

Trading tools:

Algorithmic trading with expert advisors (eas) on metatrader platform or cbots when using ctrader.

Social-copy trading via metatrader’s trading signals or third-party social trading services such as myfxbook, mirror trader and duplitrade.

Charting tools to perform technical analysis and fundamental tools such as an economic calendar.

Autochartist and add-on expert advisors and indicators (pepperstone’s smart trader tools) are free to download

Tier-1 regulators

As well as an excellent trading environment and product range, pepperstone is seen as safe and trustworthy as it’s overseen by top-tier financial authorities. The level of investor protection you receive as a pepperstone client depends on where you reside and the subsidiary you register with:

Pepperstone, UK: regulated by the financial conduct authority, maximum leverage of 30:1 when trading forex and negative balance protection (NBP) is provided.

Pepperstone, australia: regulated by the australian securities and investments commission (ASIC), no NBP or leverage caps, with a maximum leverage of 500:1 for forex instruments.

Pepperstone, dubai: regulated by the dubai financial services authority (DFSA), maximum forex leverage 50:1.

Pepperstone, EU (mainland europe): regulated by cyprus securities exchange (cysec), maximum leverage 30:1

Pepperstone gmbh (germany and austria): regulated by the federal financial supervisory authority (bafin), maximum leverage 30:1

Pepperstone, international: regulated by the securities commission of the bahamas, no investor protections such as NBP or leverage caps.

Note: clients in the UK should sign with pepperstone UK, clients in germany and austria should sign with pepperstone gmbh, clients in other mainland europe countries should sign with pepperstone EU.

Customer support

Pepperstone is known for its reliable and efficient customer service. Live chat, phone or email can be used to get in touch with the customer support team, with all contact methods available 24/6. The online broker has been recognised for its customer services for many years now, winning awards for the quality of trading support and relationship management provided by pepperstone.

Education

Pepperstone provides a range of free educational resources (such as webinars) to help you develop trading strategies and conduct market analysis.

Education	research
webinars and videos	market news
trading platform tutorials	market analysis and commentary
educational articles	economic calendar
glossary	trading guides
demo accounts	trading ideas

Another key educational resource is the broker’s demo account. As cfds and forex are complex instruments, trading comes with a high risk of losing money. Demos allow you to practise and build confidence in real-time currency trading conditions, but in a risk-free environment. The online broker offers trials for MT4, MT5 and ctrader with both standard and razor account pricing.

To open a real account with pepperstone, no minimum deposit is required, although the broker recommends at least $200.

Our rating

The overall rating is based on review by our experts

Fxdailyreport.Com

Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets. You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market. And, you need to work with the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the best forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.

Top recommended and the best forex brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% 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.

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as commodity futures trading commission (CFTC), national futures association (NFA) and financial conduct authority (FCA in UK), among many others. This is because regulated brokers are more reliable than their non-regulated counterparts. Further, your hard earned money remains safe with such brokers for two reasons: they will be appropriately capitalized and they maintain segregated accounts for theirs as well as traders’ funds.

#2: forex trading platform

The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable.

#3: customer support services

Customer support is a key aspect that you need to evaluate. Best fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. During the course of trading forex on an online broker’s platform, there will be times when you need certain time sensitive clarifications. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. It is, therefore, recommended that you evaluate the brokers’ customer support service both by speaking to their representatives on telephone and by communicating with them through email.

Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher. Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.

Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects discussed above and those that are discussed below suit your needs.

#6: deposits and withdrawals

It is important that you understand the brokers’ policies related to deposits and withdrawals. The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others. Further, it makes sense to go through all other written policies in detail.

Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:

Do they offer fixed or variable spreads?
What is the average and maximum spread for the currency pairs that you are planning to trade?
What spreads are offered when the volatility is very high?
Do you have to pay any commission for each trade apart from the spread?

Before buying a car, you always go for a test drive. Similarly, look for forex brokers that offer demo accounts. This helps you to open a practice account. You can try out their platform and find out for yourself as to which of the shortlisted brokers is best suited to your requirements. Most brokers offer practice accounts these days. So, it is easy for you to get a feel of the brokers’ platform before committing to depositing money and trading.

#9: other parameters for identifying the best forex brokers

The forex brokerages that offer very low account minimums can be considered for evaluation under the category “best forex brokers”. This is good because you don’t have to deposit large amounts of money in order to trade forex. Minimum account balance can be as low as $5 in the case of some of the reliable forex brokers.

Online forex brokers often try to snatch business through promotions. Do not fall prey to their sales gimmicks. Best forex brokers would never make unbelievable and unachievable promotional offers. It is true that cash and prizes form part of the game, but they should be reasonable.

Another aspect to look for when evaluating online forex brokers is the educational services offered by them. This helps you to master the art of forex trading. Brokers that provide you with a variety of educational tools for assisting you in assessing the forex market are the best forex brokers to work with.

Why expert traders trade with regulated forex brokers

If you’re looking to become a successful forex trader, then working with a skilled and trustworthy broker is very crucial. In the forex market, the two main types of brokers you’ll get include the regulated and the non-regulated brokers. Obviously, the former typically operates under regulations stipulated by a forex regulator. Regulated forex brokers must also be fully licensed and registered in their country of operation, unlike their non-regulated counterparts.

Role of regulation

Of course, the role of regulation in forex market cannot be underestimated. Regulation ensures that all players in this booming industry are strictly supervised. This way, merchants are protected from the many unscrupulous traders out there looking to swindle them off their hard earned money. Another thing, regulation also builds trust between merchants and their brokers, since most merchants don’t have enough time to monitor every investment.
Let’s take a quick look at some of the leading regulatory agencies:

CFTC and NFA: commodity futures trading commission and national futures association, regulate the financial services sector in united states of america (USA).

Cysec: the cyprus securities and exchange commission is the regulatory watchdog within the cysec domain. It offers services to the EU member states.

FCA: the financial conduct authority regulates the operations of over 56,000 financial services and companies in the UK.

ASIC: the australian securities and investment commission regulate the financial services sector in australia.

FSB: the financial services board is a south african agency which oversees functioning, regulation, and licensing of south african forex brokers.

Bafin: bafin is a financial supervisory authority providing its services to forex companies in germany.

Advantages of regulated forex brokers

With regulated brokers, you’ll always have some peace of mind when carrying out your real-money transactions. To expound more, here are the main reasons why expert traders prefer regulated brokers:

1. Credibility

It’s an open secret that most of us like to deal with trusted organizations, especially when money is involved. That being said, the credibility of any forex broker is greatly enhanced if the company is regulated by the relevant agencies. Remember that all regulated forex brokers are mandated to follow some strict rules put in place by their respective regulatory bodies. Furthermore, their regulatory bodies expect them to regularly present a copy of their audit report. Therefore, if a broker is listed on its regulatory body list, then it’s safe to say that the forex broker has fully complied.

2. Compensation

Getting compensated in case of any unfortunate scenario is arguably the best reason why most expert traders opt for regulated brokers. With most regulated brokers, you can rest assured that all your hard earned money will be refunded in case your brokerage firm goes down. For example, brokers operating under cysec are required to remit their contribution to the ICF (investor compensation fund). This pool of funds is to help settle any form of customer claims in case of any eventuality.

3. Effective customer service

Before choosing a forex broker, it’s always recommended that you settle for one who can effectively and immediately resolve all customer issues. In this case, most regulated brokers are always competent enough when dealing with technical support or account issues. In addition, they are very helpful and kind during the whole account opening process.

4. Quick deposits and withdrawals

Any reputable forex broker will allow their merchants to make deposits and withdrawals without any hassle. A regulated broker should have no reason whatsoever to make your earnings process difficult because they don’t have control over your funds. All they have to do is to facilitate the platform to make it convenient enough for you to trade.

5. Updated trading platform

Most regulated brokers are mandated by their respective regulatory authorities to provide their clients with the latest, powerful, and easy-to-use trading platforms. In fact, most of their platforms will readily provide you with all that you need to begin trading immediately. You’ll get a lot of educational materials including webinars, videos, articles, seminars, and e-courses at no extra charge. It goes without saying that regulated brokers also offer their clients free demo accounts to help them sharpen their skills before going live.

6. Legality

All over the world, governments are struggling to deal with issues concerning money laundering. Some of them have even gone ahead to pass very strict anti-money laundering laws. So to be on the safe side, you should always trade with a regulated broker. Most regulated forex brokers will ask you to provide some of your personal identification documents such as proof of address and photo ID. This might sound tedious to you but it’s always safe to be part of a regulated organization that can prove your money is being used in a legal way.

To sum it up, regulated forex brokers are always the best as well as the safest option to trade with. This is because they are always ahead in terms of legality, security, and safety of your funds. All in all, you can manage your risks better if you opt for a regulated forex broker.

Understanding true ECN vs STP broker

The foreign exchange market, also known as currency market, is a universal decentralized market that provides traders an opportunity to trade currencies. It is a market which incorporates all aspects of buying, selling, and exchanging currencies at the present-day or determined rates.

There are different kinds of forex brokers that you can choose to trade forex with. However, though all the brokers in forex are intended to provide a similar basic solution, the way they operate behind the scenes is different. Different types of brokers have varying techniques of operation, and the specific broker you cooperate with can significantly determine your success rate as a forex trader. Here are some crucial factors that will enable you determine which broker between a true ECN and STP broker is the best one to trade forex with:

Understanding true ECN vs STP broker

True ECN i.E. Electronic communications network brokers operate without their individual dealing desk. These brokers provide an electronic trading platform where professional market makers at monetary organizations such as banks, and other online trading participants including traders can enter bids and offers through their particular systems.

STP i.E. Straight through processing brokers are brokers without a dealing desk also. These brokers apply some of the techniques utilized by market makers to provide their particular clients with trading conditions which are more flexible. By STP brokers hiring some of the tactics of market makers, they are able to bypass the limitations connected to trading exclusively within the interbank market.

General overview of true ECN and STP brokers

Use of scalping techniques

True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.

True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided. These brokers have no control on spread offered since it’s the liquidity provider that determines the spread which is to be provided.

Though true ECN and STP brokers can add markups when necessary, they cannot in any way take it further down than the amount provided.

Difference between true ECN and STP brokers

Commission charged

On true ECN accounts, as a trader you will be required to pay a fixed commission to open and close trades. The spreads offered on true ECN accounts are determined by the rates of liquidity providers.

When using STP accounts as a trader, you will not be required to pay any commissions.

Pros of trading forex with a true STP broker

Cannot bankrupt themselves

True ECN brokers cannot trade against their specific clients to bankrupts themselves.

Similar price rates

If you are a forex trader, trading with a true ECN broker means you are guaranteed of price rates that are similar to those of the interbank market.

Negative balance protection

As a trader utilizing the trading account of a true ECN broker, the broker will be accountable for any dues with liquidity providers should your account read negative as a result of any reason beyond their control.

Cons of choosing a true ECN broker

Dealing with a true ECN broker will require you to pay rollover fees and commission at times.

Pros of trading forex with an STP broker

Their rates and the interbank prices are same

They provide their clients low entry capital requirements

Cons of choosing an STP broker

Choosing an STP forex broker means when you enter a trade you’ll not be informed what spread to expect.

Most true ECN and STP brokers are linked to several liquidity providers at the same time period. Despite both true ECN and STP brokers having incredible trading solutions which can meet your needs as a trader, their terms of operation vary. Whether you will choose a true ECN or STP broker, the rule of thumb is always ensuring you minimize losses and maximize profits as much as you can when trading forex. Ensure you compare carefully the terms of service of both a true ECN and STP broker before you choose one to handle your trading needs.

The top 8 forex brokers in the world 2020/2021

Please note this article contains affiliate links

Do you know the top 8 forex brokers in the world? If you’re a trader, it’s in your interest to make sure that you’re with the best broker possible. In this post, I’m going to have a look at which brokers have the best reputations so that you can make the right decision when it comes to which broker to choose.

This is no simple listicle giving you ten brokers to choose from. Instead, I’m going to tell you everything you need to consider when choosing a forex broker before offering you what, in my opinion, constitutes the top 8 forex brokers in the world based on the criteria I talk about below.

Firstly, what exactly is A forex broker?

Forex brokers are like stock brokers and, indeed, they often also allow trading of other instruments like stocks and indices. They provide forex trading platforms for retail traders which allows traders to get in and start trading foreign currencies using actual live price data. Most brokers design their platforms such that they can be accessed either via a desktop or a mobile device.

It is worth noting that the foreign exchange market is not one homogenous whole. Different brokers choose which currency pairs they will allow to be traded from their platforms. Most brokers will cater for the major pairs like EUR/USD and GBP/EUR, for instance, but some brokers may not cater for certain minor or exotic pairs. If you are interested in trading one particular asset, it’s always worth checking first that the broker does indeed cater for that particular asset.

How to choose the best forex broker

Most traders would agree that you need to see trading as a business. As such, you need to put the work in and always ensure that you are maximising your returns by getting the best possible value for your money, especially when it comes to which broker to choose. The amount you pay in spreads and fees can mean the difference between being profitable or losing but choosing the right broker is about more than just money. In this section, we’ll highlight some of the things that you should look out for when you are searching for the top 8 forex brokers in the world.

1. Is the broker regulated and by whom?

If you live in the united kingdom or the united states, you can be reasonably sure the broker is regulated unless it’s an out and out scam of some kind. The reason being all brokers in the united kingdom are regulated by the financial conduct authority and all brokers in the united states are regulated by the commodities and futures trading commission. If you live elsewhere, or your chosen broker is located elsewhere, you need to check first that they are regulated and then who they are regulated by.

2. Assuming the broker is regulated, how safe are your funds?

Most regulators require the broker to use segregated accounts for clients’ funds, meaning the money is ringfenced and can’t be used by the broker elsewhere. Always read the brokers terms and conditions.

3. What is the broker’s reputation like?

A lot of traders are easily wooed by the promise of low spreads and sleek platforms that they forget to do the necessary research into the broker’s reputation. Before you sign up with any broker, you should always do a bit of investigating to see other people’s experience of the broker. What is the platform like to actually use? How smooth is the depositing and withdrawal processes? What is the customer support team like?

4. Is there a demo account available?

Most brokers offer demo accounts so that their clients can familiarise themselves with the platform before taking any real money trades. This is particularly useful to new traders who may not be used to using certain indicators, entering positions, setting stop losses and so on. The other great thing about a demo account is that it gives you the chance to see if you actually like the broker’s platform before depositing any real money there. If you do, great. If not, you can move on and try another broker’s demo account to see if that suits you better.

5. A word on fees

The fees involved in forex are relatively easy to understand. Forex brokers earn their commission from the spread, the difference between the bid price and the ask price. There are also overnight financing fees if you are using leverage and leave your positions open overnight.

It is easy to assume that these fees are just nominal amounts and that all brokers charge pretty much the same. They do not! The size of the spread is influenced by a number of factors but, ultimately, it is up to each individual broker how wide their spread is on any given pair. It may not seem like a big deal but choosing a broker with reasonable-sized spreads can mean the difference between making a profit or not in forex.

An easy way to compare the spreads on offer is to pick three or four currency pairs you are interested in trading and compare the size of the spreads with different brokers. The disparity may shock you.

6. The top 8 forex brokers in the world

So, in no particular order and with all the above in mind, here’s our list of the top 8 forex brokers in the world.

IG were founded back in 1974, so they’ve been in the game a long time and they know what they are doing. They started out as the world’s first spread betting firm and, indeed, still offer spread betting. Today, however they also offer a range of other products and services.

Like IG, city index has been around a long time, since 1983 in fact. They are part of GAIN capital and headquartered in london but have offices all over the world. They offer an extensive range of products to trade from, competitive spreads and sleek platform experiences. They have their own proprietary platforms, yes plural! You can trade from your desktop through their ATP pro or via a browser through their web trader platform. They also have a metatrader platform but it only includes a limited product range compared to the other two.

FXCM are mere youngsters compared to the first two brokers in our list, not founded until 1999. However, they have quickly established themselves as one of the top 10 forex brokers in the world today. The best thing about FXCM is the sheer amount of trading styles they cater for. It doesn’t matter what your trading style, FXCM has the trading tools to find what you are looking for. The platform is simple to use and the customer support is great. What more can you ask for?

What we like about CMC markets is the professional feel to it. They were founded back in 1989 and, like a lot of the brokers on our list, they have grown into a truly global business. There are many tradable instruments to choose from, reasonable spreads that are often lower than the industry average and a number of innovative tools to help you make the best trading decisions possible. The CMC markets next generation platform is a nice platform to trade from with a fantastic range of assets and tools to choose from.

Not to be confused with FXCM, FXTM stands for forex time and is one of the youngest companies on our list, only being founded in 2011. Don’t let that put you off though. FXTM are fast proving themselves to be one of the top 10 forex brokers in the world. One of the reasons for their success is that, unlike other brokers who offer multiple trading opportunities across a range of different assets, FXTM choose to focus on foreign exchange. They have cfds available for over fifty currency pairs that includes major, minor and exotic pairs.

Fxpro was founded in 2006 and is well established among forex traders. Fxpro do have their own proprietary platform called fxpro edge but they also use metatrader, so it is a platform that will be instantly recognisable to anyone who has used metatrader. Fxpro are not the most competitive in terms of their pricing compared to the rest of the brokers on our list but they have a really good customer support team and offer a wide range of currency pairs.

Etoro brands itself as the social trading platform. It was founded back in 2006 and has been steadily growing ever since. It is more of an investment platform instead of a trading platform but it offers such a fantastic user experience that we had to include it. The spreads are not the most competitive and some of the fees involved are a bit confusing to understand, so it’s not the best platform to trade currency from, particularly when scalping or swing trading. However, it is highly popular and there are lots of like-minded people there and lots of information and education that you can glean to make you a better trader.

Plus 500 were founded in 2008 and offer a range of financial services and products. For those wishing to trade the foreign exchange markets, they are a big, well-known name where you can feel secure trading. Their platform is easy to use and they also have an excellent mobile platform. On the downside, compared to the other brokers in this list, the amount of tools and resources they have on offer is fairly limited. Whilst that might be a good thing for new traders so they don’t become overwhelmed it can hold you back a bit as an experienced trader looking to drill down a bit.

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5 richest traders in the world and their net worth

Written by natalia.Gombalova. Published on june 18th, 2020.

Wondering how the richest forex traders make it to the top? Who wouldn’t…

After all, the forex market is widely considered as the most thrilling financial market due to the fact that over $5 trillion is being traded every day.

Considering the volume and size of the forex market, no wonder it keeps attracting and welcoming new traders who are interested in mastering it and earning extra profits.

Ultimately, it doesn’t matter if you are completely new to trading forex or already had a few seasons of trading behind your back – all traders share one key goal – to become successful in the forex market (and eventually get listed in this blog, of course).

Do you ever look at your trades and wonder – how far could this go?

Well, today I’ll show you the richest forex and stock traders in the world of all time so that you can boost that motivation to succeed in trading. Their stories are full of hard work, dedication, and patience. They are people with the power of influence, whose moves had an impact on the whole forex industry.

For the purpose of this guide, we’ll be using the peak net worth in USD to rank the richest stock traders.

Some of the richest (stock) traders in the world are: george soros – $8.3 billion carl icahn – $17 billion ray dalio – $18.5 billion paul tudor jones II – $5.1 billion ed seykota – $4.2 billion

George soros

From beginners to well-established traders, we are sure that almost everyone knows the story of the man who broke the bank of england. You know, the man who took a $1 billion profit in a single day during the 1992 black wednesday UK currency crisis? He went down in history as the first person who earned that much money in a single day. $1 billion. With a B. In 1 day. He is a founding member of soros fund management, LLC – a firm that manages hedge funds. Since its opening, the company has managed to generate around $40 billion in earnings. Not just that but he also founded quantum fund and the central and eastern europe-focused open society foundations, making over $14 billion in grants. Since 1984, soros has guided his foundation towards supporting people and various organisations around the world, fighting for equality, freedom of speech and more. In 2017, soros himself donated $18 billion of his fortune to fund the foundation’s future projects. George soros’ net worth is worth $8.3 billion. Let’s face it, the man was hungry to make money and he sure did succeed.

Carl icahn

Another reputable figure in the trading world – carl icahn. Throughout the history of wall street, we have seen many investors and brokers but how many of them have gone on to become truly successful? Carl icahn is one of those few. He is famous for his wisdom and intelligence when it comes to investing and is often compared to warren buffet. Carl icahn was born in new york to a family of teachers. He was close to his uncle – M. Elliot schnall, who eventually helped him buy a seat on the new york stock exchange by loaning him $400,000. The rest is history. With his holding company, the icahn enterprises, carl invested in a lot of both international and U.S. Companies, including apple, netflix, time warner, revlon, viacom, motorola and others. His smart investments are what made him one of the richest men in the world with a net worth of over $17 billion. His investing strategies have always been fascinating to traders and investors. Icahn became famous for not being afraid of taking risks and for his impeccable judgments when it comes to investment opportunities. Some people just know how to roll…

Ray dalio

Ray dalio – or trading legend if you’d like – got involved with the markets from the age of 12 when he bought shares of northeast airlines for $300 and tripled his investment after the airline merged with another company. After graduating from harvard business school in 1975, he went on to launch the investment company, bridgewater, from his two-bedroom apartment in new york city. The company’s success skyrocketed in the ‘80s and by 2011 it would turn into the largest hedge fund in the entire world. Today, the hedge fund firm manages about $160 billion in assets. He also predicted the global financial crisis in 2007 and further explained his model in an essay titled “how the economic machine works: A template for understanding what is happening now”. His net worth is an astonishing $18.5 billion.

Paul tudor jones II

PTJ became famous after appearing in the PBS documentary ‘the trader’ in 1987 where he anticipated a market crash. He used stock index futures to triple his capital under management during the black monday crash in 1987 with large short positions. His fund had a 125.9% return in one day after fees with an approximate $100 million profit. PTJ’s hedge fund went on to perform well over the decades with steady returns and minimal drawdowns in the capital.

Paul tudor jones II is known for his macro trades, particularly his bets on interest rates and currencies. He made his fortune by founding and managing capital for his tudor investment corporation making paul tudor jones II the 131st richest person in the world with a net worth of approximately $5.1 billion.

Ed seykota

Ed seykota or as the forbes called him top trend following market wizard, is undoubtedly one of the most successful traders. He began his career in the 1970s when he was hired by a major brokerage firm. It was there that ed developed one of the first commercialised trading systems for managing money in the futures market. He’s known for his end-of-day computerised trading systems that relied heavily on trends. What makes ed especially unique is his continual self-examination and commitment to studying the psychological components of trading while also helping other traders achieve their potential. Everything he does is based on strict trading rules he’s outlined for himself. It’s how he manages to stay calm even when things aren’t going his way. It’s not every day you see someone lose $100m and not even bat an eyelid. But then again, the remaining $4.2 billion probably does make it better…

Wrapping up

You want to be a successful trader after reading about these trading giants, don’t you? Well, one thing that all these trading giants have in common is the fact that many of them have threaded the path of success and have pushed to learn all they can, as fast as they can. Most people who have made a lot from trading understand this aspect of the game. There is no substitute for hard work in the forex industry; at the same time, there is no room for doubt. You can get there & you can do as well as they did! We hope that our list triggered your desire to learn more about forex trading, stock trading or cryptocurrency trading and become a notable trader, just like everyone else on this list. Sign up to our trading room today and can start writing your own success story today! Who knows, maybe one day you will make it to this list!

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