Top Rated Online Best Forex Brokers Reviews
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|Visit Broker||Rank||Broker Name||Location||Minimum Deposit Amount||Deposit Bonus||Payment System||Rating||Create an Account|
|100||YJFX!||Tokyo, Japan (JFSA)||$25||No Bonus||4.93||Real Demo|
|99||JFX Corporation||Limassol, Cyprus||n/a||n/a||4.94||Real Demo|
|98||SVSFX||SVS Securities Plc. Princes Court, 7 Princes Street, London, EC2R 8AQ, United Kingdom.||$100||No Bonus||4.95||Real Demo|
|97||ForexCT||636 St Kilda Rd, Melbourne VIC 3004, Australia||Any Amount||Depend on Deposit Amount||4.96||Real Demo|
|96||Forex FS||Tower One | Level 23, 100 Barangaroo Avenue | Sydney, NSW, 2000, Australia||Any Amount||No Bonus||4.97||Real Demo|
|95||GCMForex||Istanbul, Turkey (CMBT)||$100||No Bonus||5.02||Real Demo|
|94||Blackwell Global Investments (Cyprus) Limited||Limassol, Cyprus (CySEC)||$100||No Bonus||5.03||Real Demo|
|93||Tradeview Ltd.||KY1-1002; 103 South Church Street. Harbour Place, 4th floor, Cayman Islands||$100||No Bonus||5.04||Real Demo|
|92||Colmex Pro Ltd||Iris House office 440C-D, 4th floor, Limassol, 3106, Cyprus||$2000||No Bonus||5.05||Real Demo|
|91||TD Ameritrade||Omaha, Nebraska, United States||Any Amount||No Bonus||5.06||Real Demo|
|90||OneTrade||One Broadgate Circle, London, EC2M 2QS, United Kingdom||$100||No Bonus||5.09||Real Demo|
|89||CompassFX||2083 N. Collins Blvd., Suite 200 Richardson, TX 75080, US (NFA)||$500||No Bonus||5.11||Real Demo|
|88||AUSFOREX||5 Harbour Exchange Square, Isle of Dogs, London E14 9GE,UK||$1000||No Bonus||5.13||Real Demo|
|87||XGLOBAL Markets Ltd.||162 Fragklinou Rousvelt, 1st Floor 3045, Limassol, Cyprus||$500||No Bonus||5.14||Real Demo|
|86||PaxForex||1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines||Cent account is $10, for Mini account- $100, Standard- $2000, VIP- $10000||100% loyalty deposit bonus if you make deposit at least $1200||5.17||Real Demo|
|85||Arena-FX||Tokyo, Japan (JFSA)||n/a||n/a||5.18||Real Demo|
|84||FastBrokers||Gelndale, CA, US (NFA)||$2,000||No Bonus||5.19||Real Demo|
|83||Forex Broker Inc||Ajeltake, Majuro, Marshall Isl (None)||$100||40% Welcome Bonus and 20% Loyalty Bonus by depositing with Neteller!||5.22||Real Demo|
|82||KVB Kunlun Financial Group Limited||Hong Kong (SFC)||$1,000 Mini & Standard $5,000||No Bonus||5.25||Real Demo|
|81||Gaitame.com Co. Ltd.||Tokyo, Japan (JFSA)||n/a||n/a||5.27||Real Demo|
|80||Atom8 Financial Services LLP||2nd Floor, Centenary House, Palliser Road, London||$5000||No Bonus||5.28||Real Demo|
|79||DMM.com Securities Co., Ltd.||Tokyo, Japan (JFSA)||n/a||n/a||5.3||Real Demo|
|78||Delta Stock AD||Megapark Office Building 6th Floor, Office Area E 115G Tsarigradsko Shose Blvd. Sofia 1784, Bulgaria||$100||10% Deposit Bonus||5.31||Real Demo|
|77||FxGrow||Limassol, Cyprus (CySEC)||$100||No Bonus||5.32||Real Demo|
|76||Windsor Brokers, Ltd.||35 Barrack Road, 3rd floor, Belize City, Belize||$100||No Bonus||5.35||Real Demo|
|75||Interactive Brokers LLC||Greenwich, Connecticut, United States||No Minimum Deposit||No Bonus||5.37||Real Demo|
|74||FXFINPRO Capital||Limassol, Cyprus (None)||ECN Micro $50, ECN Standard $500 & ECN Professional $500||No Bonus||5.39||Real Demo|
|73||SBI FX Trade Co., Ltd||Izumi Garden Tower, 1-6-1 Roppongi, Minato-ku,Tokyo, Japan (JFSA)||N/A||N/A||5.66||Real Demo|
|72||GBE brokers Ltd||60 Panioti Avenue, Green Area, Limassol 4044, Cyprus||$1000||No Bonus||5.94||Real Demo|
|71||WH SelfInvest Ltd||Luxembourg (CSSF)||$2,500||No Bonus||5.99||Real Demo|
|70||AccentForex||T19, 1st Floor, Tana Russey Plaza, Kumul Highway, Port Vila, Vanuatu||$100||40%||6.03||Real Demo|
|21||Vantage FX||4th Floor The Harbour Center, 42 N Church St, George Town, Cayman Islands||$200||50%||6.09||Real Demo|
|68||Millennium Penata Futures||Jakarta, Indonesia BAPPEBTI (Indonesia)||$5000||No Bonus||6.09||Real Demo|
|18||GO Markets Pty Ltd||Level 22, 600 Bourke Street, Melbourne, VIC, 3000, Australia||$200||No Bonus||6.1||Real Demo|
|66||Hirose Trade Co., Ltd..||Level 2, Lot 19, Lazenda Commercial Centre, Phase 3, 87007 F.T. Labuan, Malaysia||$20 to $50 Depend on Card||No Bonus||6.32||Real Demo|
|14||ICM Capital Limited||ICM Capital Limited, New Broad Street House 35 New Broad St, London||$200||No Bonus||6.38||Real Demo|
|64||FX Choice Limited||Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, (Belize)||$100||Deposit through Bitcoin, you will receive 15% of your Deposit amount||6.53||Real Demo|
|63||CM Trading||Sandton City Office Tower 9, Corner Rivonia Road and 5th Street, (SA)||$250||No Bonus||6.56||Real Demo|
|62||JFD Brokers Ltd.||Kakos Premier Tower Kyrillou Loukareos 70 4156 Limassol, Cyprus||$500||No Bonus||6.68||Real Demo|
|61||Amana Capital Group||Beirut, Lebanon BDL (Lebanon)||$50.00||$50 as Trading Bonus for Deposits Over $100||6.68||Real Demo|
|60||ATC Brokers (US)||Glendale Plaza 655 N. Central Ave, Ste 1450 Glendale, CA 91203 USA||$5000||No Bonus||6.94||Real Demo|
|59||AMarkets LTD.||Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.||$100||No Bonus||6.98||Real Demo|
|58||RoboForex (CY) Ltd||Limassol, Cyprus CySEC (Cyprus)||$10.00||Depend on Account Type||7.01||Real Demo|
|57||NSFX Limited||Valletta, Malta MFSA (Malta)||$300||No Bonus||7.41||Real Demo|
|56||ActivTrades PLC||1 Thomas More Square, London, E1W 1YN||$500. If deposit via Bank transfer, we make exception of $100 deposit||No Bonus||7.48||Real Demo|
|19||Synergy FX||Sydney, NSW, Australia ASIC (Australia)||$100 for stpECN account and $2,000 initial deposit for zeroECN account.||10% Deposit Bonus for up to $3,000 with a min. $2,000 deposit and above within the same month.||7.51||Real Demo|
|54||Trader’s Way||8 Copthall, Roseau, Dominica||$10.00||100% Deposit Bonus||7.83||Real Demo|
|25||FXCC||Law Partners House, Lini Highway, Port Vila, Vanuatu||$100||200% Deposit Bonus||7.96||Real Demo|
|52||Fort FS||Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont Kingstown||$5.00||10% to 50%||7.98||Real Demo|
|23||Think Markets||Melbourne, VIC, Australia ASIC (Australia)||$200||No Bonus||8.01||Real Demo|
|50||darwinex||Level 39, 1 Canada Square, Canary Wharf, London E14 5AB, UK||$500||No Bonus||8.04||Real Demo|
|49||ADS Securities L.L.C||8th floor, CI Tower Corniche Road, Abu Dhabi, UAE CBUAE (UAE)||$100||No Bonus||8.16||Real Demo|
|48||GKFX Financial Services Ltd||Bevis Marks House, 24 Bevis Marks, London, UK FCA (UK)||Standard account any amount and micro account requires a minimum deposit of $100||No Bonus||8.28||Real Demo|
|47||GDMFX||Level 3, 187 Queen Street, Auckland CBD 1010 (NZ)||$100||No Bonus||8.29||Real Demo|
|46||HYCM||3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom||$100||10%||8.31||Real Demo|
|45||IFC Markets Corp.||Road Town, Tortola, BVI FSC (BVI)||$1.00||No Bonus||8.33||Real Demo|
|44||WelTrade||Suite 305, Griffith Corporate Center, Beachmont, Kingstown||Credit bonus +100% on each deposit from $200||Bonus 100%||8.46||Real Demo|
|43||Orbex Limited||Limassol, Cyprus CySEC (Cyprus)||$500||No Bonus||8.49||Real Demo|
|42||JustForex||No. 1 Orchid Garden street, P.O. Box 445, Belmopan, Belize||ECN $0 & Pro accounts is $500, $100 for Standard & $200 for Crypto Account. No Limit for Cent and Mini.||10%, 25%, 50%, 75% or 100% for every $100 deposit on Mini account. 100% Bonus applied to Standard account deposit over $200.||8.53||Real Demo|
|41||Z.com Trade (UK)||GMO-Z.com Trade UK Limited, 8 Devonshire Square London EC2M 4PL,(UK)||$50.00||No Bonus||8.73||Real Demo|
|40||LMAX Exchange||Yellow Building, 1A Nicholas Road, London W11 4AN, United Kingdom||$10,000 for Direct Clients. LMAX client through an introducing broker, then the minimum deposit is $1000.||No Bonus||8.78||Real Demo|
|17||Global Prime Pty Ltd||Suite 604, 35 Grafton St Bondi Junction, 2022 (Australia)||$200||No Bonus||8.81||Real Demo|
|38||Trading212||London, UK FCA (UK)||$150||No Bonus||8.84||Real Demo|
|37||Dukascopy Europe IBS AS||Entrance H 1215 Geneva 15, Switzerland||$100||10% Equity Bonus||8.89||Real Demo|
|36||FIBO Group, Ltd.||29 Agias Zonis,1st Floor, 3027, Limassol, (Cyprus)||$300||No Bonus||8.89||Real Demo|
|35||Teletrade DJ Limited||88 Archiepiskopou Markariou III, 1077 Nicosia (Cyprus)||$100||No Bonus||9||Real Demo|
|34||Forex Club LTD||Gladstonos and Karaiskaki Street, off 31, Limassol 3032 (Cyprus)||$100||No Bonus||9.03||Real Demo|
|20||Exness (Cy) Ltd.||Limassol, Cyprus CySEC (Cyprus)||Cent and Mini Account No Limit, Classic - $2,000 and ECN - $300||No Bonus||9.04||Real Demo|
|32||InstaForex||Kaliningrad, Russia||No Minimum Deposit ($1) , Appropriate Deposit Amount is $100||Deposit Bonus of 10% for Deposits Over $1000||9.06||Real Demo|
|31||FXDD Malta Limited||New York, New York, United States||$1.00||No Bonus||9.06||Real Demo|
|16||FXCM||New York, NY, US NFA (US)||$50.00||If Bonus Applies, it will be Credited up to 10 Business Days to your Account||9.08||Real Demo|
|29||Tallinex Limited||The Jaycees Building Stoney Ground,Kingstown VC0100||Micro $100 and Pro $2000||100%||9.16||Real Demo|
|28||TurboForex||First Floor, first st. Vincent bank ltd Building James Street, Kingstown||$250||Up to 100% Bonus||9.28||Real Demo|
|13||Swissquote Banking||Gland, Switzerland FINMA (Switzerland)||$1000 or Equivalent||No Bonus||9.31||Real Demo|
|26||LiteForex (Europe) Ltd||Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.||$50.00||Deposit Bonus of 50% for Deposits Over $100||9.36||Real Demo|
|53||IronFX Global Limited||17 Gr Xenopoulou Street, Limassol, 3106, (Cyprus)||$100||20% Bonus||9.38||Real Demo|
|24||Forex4you||Road Town, Tortola, BVI FSC (BVI)||$1.00||After Deposit it will Show on Account||9.39||Real Demo|
|51||OctaFX||Kingstown, St Vincent||$5.00||10, 30 or 50% Bonus on Each Deposit to Trading Account (excluding internal transfers).||9.41||Real Demo|
|22||FX Primus Europe (CY) Ltd||Zavos Kolonakiou Center, Kolonakiou, Agios Athanasios, Cyprus||$100||100%||9.46||Real Demo|
|69||MFX Broker Inc.||Belmopan, Belize IFSC (Belize)||$1.00||Depend on Promotion Offer||9.49||Real Demo|
|33||Alpari Limited (Russia)||Maina Court, Plot 252, Herbert Macaulay Way, Abuja, Nigeria||$1.00||Depend on Promotion Offer||9.54||Real Demo|
|55||FBS Markets Inc.||No.1 Orchid Garden Street, Belmopan, Belize, C.A.||$1.00||100%||9.58||Real Demo|
|67||FreshForex||St. Vincent and the Grenadines Kingstown, Suite 305 Griffith Corporate Center||$100||30% of the Deposit for Each Account Funding, When Offer Promoted||9.66||Real Demo|
|11||X-Trade Brokers Dom Maklerski S.A.||Level 34, One Canada Square, Canary Wharf, E14 5AA, London, United Kingdom||$1.00||No Bonus||9.73||Real Demo|
|30||Alfa-Forex||Nicosia, Cyprus CySEC (Cyprus)||Zulu-trade Account is $300. MT4 and MT5 No Limit||No Bonus||9.78||Real Demo|
|15||FXTM Europe||1st floor, Suite 109, Obum Place, Abuja, Nigeria||$100||No Bonus||9.81||Real Demo|
|65||Markets.com||148 Strovolos Avenue, 2048, Strovolos,Nicosia, Cyprus.||$100||No Bonus||9.88||Real Demo|
|27||FXOpen Markets Limited||Springates East, Government Road, Charlestown, Nevis||ECN Account $100, STP and Crypto $10, Micro $1||No Bonus on STP Account, $10 Welcome Bonus on Micro Account||9.89||Real Demo|
|12||FOREX.com||135 US Highway, 202/206 Bedminster, NJ, US (NFA)||$50.00||No Bonus||9.9||Real Demo|
|39||USGFX||G03, 135 Macquarie Street, Sydney, NSW 2000 (Australia)||$100||50%||9.9||Real Demo|
|10||Admiral Markets Group||16 St Clare Street, London, EC3N 1LQ,United Kingdom||$200||No Bonus||9.9||Real Demo|
|9||Tickmill||1 Fore Street, EC2Y 9DT, London, United Kingdom||$100||$30.00||9.91||Real Demo|
|8||OANDA Corporation||795 Folsom St. Floor 1, Suite 1038 San Francisco, CA 94107||$5.00||No Bonus||9.93||Real Demo|
|7||Pepperstone Financial Party Ltd||Level 16,Tower One 727 Collins Street, Melbourne, VIC 3008 (Australia)||$200||No Bonus||9.94||Real Demo|
|6||HotForex||HF Markets (SV) Ltd. Suite 305, Griffith Corporate Centre, Beachmont, Kingstown||$100||100%||9.96||Real Demo|
|5||XM||No.5 Cork Street, Belize City, Belize, C.A.||$5.00 for Standard and Micro accounts and $50.00 for Ultra Low accounts||15%||9.97||Real Demo|
|4||Dukascopy Bank SA||Geneva, Switzerland FINMA (Switzerland)||$1000||$100||9.98||Real Demo|
|2||FxPro Financial Services Ltd||13-14 Basinghall str.,EC2V 5BQ(UK)||$100||No Bonus||9.98||Real Demo|
|3||AxiTrader||Level 10, 90 Arthur St, North Sydney, NSW 2060 (Australia)||$10||No Bonus||9.99||Real Demo|
|1||IC Markets||Level 6 309, Kent Street Sydney, NSW 2000 (Australia)||$200||No Bonus||10.00||Real Demo|
|Rank||Broker Name||Location||Minimum Deposit Amount||Deposit Bonus||Rating|
Why Use Top Forex Reviews for Brokers
Hello and welcome to Top Forex Reviews where we dedicate our lives to finding the best brokers and offering education for those of you who want to get into forex trading. In this world, technology is the medium that runs everything.
There are many reasons to use the forex brokers reviews we have provided here. We will look at the forex reviews briefly and hopefully by the end of this, you will understand what good can come from having forex brokers reviews when you want to get into the business of forex trading.
1. Forex Reviews Enable Easy Decision Making
Look at the forex trading market and you will find many forex brokers reviews to choose from. That might seem like a good thing at first. Who doesn’t like variety when looking for forex reviews, right? Well, that is until you find out you have no idea how to pick the best forex reviews from the many choices.
Sure, you can investigate each of them but that takes a lot of work and takes away valuable time that could be spent in the forex trading business already.
For that reason, we came up with this platform where we investigate all the forex brokers out there and tell you which ones are the best in the form of forex brokers reviews. You see, in the forex market, knowledge is power and we 100% believe in forex education as the best way to succeed.
As a trader, you will not have a hard time picking a broker that works for you when you have our forex broker reviews.
2. Easy Search of Forex Brokers Reviews
Looking for forex reviews on the internet will yield thousands of results. If you were to type forex brokers reviews into a computer, you will get so many results, it will be hard to determine which ones are legit. By providing forex education we eliminate the hardship of searching.
We have done the searching and based on data from the forex trading policies and track record of the best of them, we have compiled forex reviews of the ones that you will want to work with.
3. Accurate Descriptions
When you are looking for a very specific broker, the only way to know for sure what they are is to read forex reviews. The market does not lie. As you will find out in your trading, forex reviews are good when you want to know what kind of forex brokers you will be getting into business with.
We aim to provide unbiased forex broker reviews. Seeing as we are not affiliated with any of these forex brokers, puts us in the perfect position to be the people that you want to go to when you are looking for accurate forex brokers reviews.
There are more reasons why you should read forex brokers reviews before you buy into anything or spend money. You will find that the liability is decreased. In our forex education courses, we do not forget to cover the importance of reducing risk. As someone looking to get into forex trading, you would benefit from reading the forex reviews provided here.
Top Forex Reviews - Who We Are
In simple terms, we are a group of individuals comprising of writers, editors, researchers and forex experts who are dedicated to creating a one-stop-shop for all the forex education that you need, to be effective in forex trading.
Within the website, you will find that we have divided everything into neat little segments that cover all you need to know.
Briefly, here is what you can expect to find here:
1. Forex Education
Under this, we have a very comprehensive course covered in eleven levels. Each of these levels is dedicated to an aspect of the forex market that is important when you want to do some forex trading. At the end of it, we have a graduation level where you get certified.
We include all the perks of a good education including all the information that can help someone trade and make all the right decisions, using forex reviews and other tools.
2. Forex Brokers Reviews
In this section of the website, we go through all the well-known brokers in comprehensive forex brokers reviews. We have analyzed them based on research. Using keyword of searches done by people interested in the market, we have collected information to aid you in the search.
The forex brokers reviews cover each one based on statistical data and market approval among other important things that we believe you need to look at before you pick a forex broker.
3. The Blog
Under this blog, we provide forex education and cover all the things that are important to any trader in the market. This blog keeps you up to date with what is happening in the forex market and what we believe to be important and crucial to your success.
4. The Forum
No website providing knowledge is complete without a forum that gives people the chance to interact with other like-minded people within a medium that they are all interested and invested in. The forum allows people to ask questions, get answers and engage in discourse about what forex trading is all about.
In addition to these major categories, we also have sections of the website dedicated to:
- Best forex broker
- FX broker rating
- Top 10 FX brokers
- Alphabetical FX brokers list
- FX brokers by country
- FX news
- FX regulation news
We take information very seriously here. That is why we have all these provisions.
How We Find the Best Forex Brokers
Finding ‘the best’ of anything is a challenge. However, here at Top Forex Brokers Reviews, we have honed it to a fine art. Our basis for writing forex reviews, is derived from several factors.
To make you understand how it all happens, let us look at the process;
Yes, search engines are always a great way to start. They may offer many choices but, you must start somewhere and Google is a good place. This is a good place to read forex reviews and evaluate the reputation that a broker has.
2. Demo Accounts
After we narrow down on a list of brokers who have the best forex reviews and credentials, we open demo accounts on all their platforms. Using these demo accounts, you can work with a broker and for us, we get accurate information for our forex brokers reviews.
3. Client Analysis
The clients who are under a certain forex broker will be the best way to know if a broker is good. With the advent of publicly accessible forex reviews, we looked at the average of each broker to write reliable forex brokers reviews. Forex reviews from clients who have experienced someone's services are one of the things we take into consideration when we are choosing who gets to be on the best list.
What Is Forex Trading?
Also known as FX trading or Foreign Exchange, forex trading is the conversion of currencies from one to another. It is the most active market in the world and the most traded with a daily trading volume of about $5 trillion.
Within forex trading, we have a network of sellers and buyers who change currency between one another at a price. Companies, individuals and banks convert currency from one into another. If you travel, you are bound to do this.
A sizeable amount of money changing from one currency to another is people who are trying to get usable currency when in foreign countries but most of the time, it is about making profits.
The amount that gets converted daily can affect the stability of some currencies. This kind of volatility on the currency is the reason why traders in currency exist with the sole purpose of making profits. The volatility can lead to profits but also risks at the same time.
Forex trading involved people who know how these currencies work and watching for them to change when compared to other currencies and the selling or buying, depending on what will net them the highest profit.
That is the simplest way to put it. For more details, you can look at the forex education section where we have eleven levels worth of topics to cover on what the whole thing entails.
What Are the Different Types of Forex Brokers?
In the forex market, we have different kinds of brokers that you can choose from. You will need a forex broker to handle the forex transactions that you will be making. This is an important decision and part of the decision requires looking through forex brokers reviews to find out which ones are good for you.
We have three main types you will find when looking through forex reviews and we will look at each of them briefly.
- Market Makers
- No-Dealing Desk
- Electronic Communications Network
Each of them has a unique way of handling the transactions that you will be making and executing orders. What makes them different from one another if the premise for forex trading is the same?
Well, let’s briefly look at that.
1. Market Makers
With a market maker, you will get offered two-sided markets from a specialist broker who is a part of the in-house dealing desk. If the price is agreed upon, the broker will take the other side of any of the transactions from the client.
They will buy their bid side or selling on the offer side of the price that was quoted at the beginning of the deal.
In simple terms, the goal here is to cover the spread and to get substantial volume on both sides of the market and in that way to avoid being forced to lay off the risk accumulated with a professional counterparty.
If the trade is large, the market maker could choose to offset the trade instantaneously, more so if the market maker thinks that the market might move against it. They could also include it in their trading book, depending on the outlook of the market and the transaction size.
2. No Dealing Desk Brokers
From the name, you can tell that they do not pass their client’s orders through a dealing desk. That means they do not take your side of the trade but they link two parties together. They act as a bridge that will get you over impassable terrain.
This way, they will connect you to the people that you will be dealing with to make profits. They could be banks, hedge funds, mutual funds, other brokers, etc.
The No Dealing Desk types charge a small commission or adjust the spread a little bit by putting a markup on it.
3. Electronic Communications Network Brokers
They do not have a dealing desk generally. The brokers give you an electronic trading platform where pro-market-makers, traders and others in the market enter bids and offer using their electronic platforms.
The thing is that the trader who is posting the price will be given anonymity. This is great for traders who are on the bid or offer and do not want to disclose their identity.
If the terminology sounds a bit complicated, then you would be very happy to learn that the forex education covers such things if you are interested.
Are Forex Brokers Safe?
Do you remember the Lehman Brothers? Well…what do you do in a situation like that? It raises a lot of questions including ‘is my broker safe?’ That was in the stock market. Let’s look at the forex market.
A simple search for forex broker scams will bring up an astonishing amount of just how many of these scammers are out there. That is a scary thing to think about. The forex market is too decentralized not to have scams.
However, with increasing regulation, things are changing. Even with that, you still need forex reviews to make the right decision.
Here are the most important ways to know whether to get into this business with a broker.
1. Know Your Facts
One of the key reasons why we are so obsessed with forex knowledge is that we know how many people are skulking out there, ready to take advantage of you. That is why forex brokers reviews are at the top of what we do here
When you know fact from fiction, the red flags pop up very quickly. This will let you know that it is time to make a quick exit and make sure that you do not lose money.
Even when you search specific terms, you will be bound to chance upon one that is not a good fit for you. That is the reason why we decided to play it safe and make sure that we get the facts for our forex brokers reviews.
2. Avoid the Rookies
New brokers in the market are scoping out what the market is like. They may know stuff but they are not the best idea for you. Rookies are not the people that you want to deal with. Always know which ones have been in the market long enough to know a bad trade when they see one. You need to trust someone who knows their material.
That is the reason why our forex brokers reviews take tenure into consideration. We let you know if they know what they are doing. Seasons veterans are always better to have than someone who is just now entering the market.
If you have a broker that does not communicate with you properly or you start feeling like the broker is not keeping in touch, that is a red flag that you will need to be very wary of. This means that the broker might not be looking out for you.
The broker must be able to communicate with you properly and tell you how everything is going. Customer relations are a big part of this relationship. You can avoid all that when you look at the forex brokers reviews that we have and pick one of the ones that are proven and well-known.
Always research. Do not just take the advertisement or ringing endorsement given by the brokers for it. There is a lot you can find out just by looking at the available forex brokers reviews left by clients or read one of the ones that we have provided for the broker that you pick out and you think might be the best for you.
Make sure that there are no problems with fund withdrawals before you get into business with any broker. If there are problems, contact the person who complained about the fund withdrawal and ask them what the specifics were.
It will save you a lot of trouble if you take time to look at the forex brokers reviews to see what people think about this person.
The key to this is to use common sense, caution and plenty of knowledge about the market.
How To Sign Up With A Broker
The process of signing up with a broker is very similar to what you do at the bank. You will be required to share personal information to get the account set up. In addition, you will also have to provide the following information:
- Your name and address
- Your email and phone number
- The account currency type
- A password for the account
- Your date of birth
- Your country of citizenship
- Your Tax ID or Social Security Number
- Your employment status
There are some other questions of the financial nature that you will need to fill in. They include:
- Your net worth
- Your annual income
- The trading objectives
- Your experience trading
After you do this, there are a few more things that you will need to know about.
You might be asking yourself ‘why do the forex brokers need all this information?’
1. Compliance With The Industry
Since the forex market became available to everyone not too long ago, it was a wild west of sorts and that is why regulation is needed. For that reason, the information is needed so that some protections can be afforded to you as an account holder.
If you find a broker that is not asking these questions, do not sign up with them. When you feel like a broker is not exactly being honest, check them out via the National Futures Association.
2. Forex Trading and Risk
On average, more people lose than win in the forex market. At the end of the signup, you will be briefed on something that we call risk disclosure. You should take this seriously because beginners tend to flop.
The information will then be verified and processed and you will send in verification like government ID and such. You can then fund the account and start trading. Do not put up money that you cannot afford to lose.
Be careful always. Forex is boring and slow. If it feels too rushed or gives you anxiety, you probably need to pull out and re-evaluate.
The Benefits Of Demo Trading
Before you get to play for real with real money in the real market, you will have to use something we call a demo account first. The demo account will allow you to use fake money in a very real account to see how you stack up.
The thing about demo trading accounts is that they replicate exactly what is happening in the live markets. You will be using real data but fake money. This is like starting with training wheels on a road made of foam. You will not get hurt at all. It is a practice.
- It is free
- You get to train yourself
- You put the theory into practice
- You get familiarized with the trading platforms
- You can test your strategies
- You can test the tools used in trading
With all these benefits, you can practice and minimize the chances that the markets will have you for dinner when you get to go live finally.
Under normal circumstances, no. the broker will not let you lose money. They can just close your losing position when the amount plummets too close to zero out. Brokers use stop-out levels where if you lose beyond a certain point, the position closes out to protect you.
This is something that you will learn when you take the Forex Course classes we offer.
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