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.
|Visit Broker||Rank||Broker Reviews||Location||Minimum Deposit Amount||Deposit Bonus||Payment System||Rating||Create an Account|
|9||Limassol, Cyprus CySEC (Cyprus)||Cent and Mini Account No Limit, Classic - $2,000 and ECN - $300||No Bonus||9.04||Real Account Demo Account|
|10||Maina Court, Plot 252, Herbert Macaulay Way, Abuja, Nigeria||$1.00||Depend on Promotion Offer||9.54||Real Account Demo Account|
|8||Level 34, One Canada Square, Canary Wharf, E14 5AA, London, United Kingdom||$1.00||No Bonus||9.73||Real Account Demo Account|
|6||16 St Clare Street, London, EC3N 1LQ,United Kingdom||$200||No Bonus||9.9||Real Account Demo Account|
|7||HF Markets (SV) Ltd. Suite 305, Griffith Corporate Centre, Beachmont, Kingstown||$100||100%||7.0||Real Account Demo Account|
|4||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 Account Demo Account|
|5||Level 10, 90 Arthur St, North Sydney, NSW 2060 (Australia)||$10||No Bonus||9.98||Real Account Demo Account|
|2||13-14 Basinghall str.,EC2V 5BQ(UK)||$100||No Bonus||9.99||Real Account Demo Account|
|3||Level 5, Exchange House, 10 Bridge St, Sydney NSW 2000 (Australia)||$100||No Bonus||9.99||Real Account Demo Account|
|1||Level 6 309, Kent Street Sydney, NSW 2000 (Australia)||$200||No Bonus||10.00||Real Account Demo Account|
|Rank||Broker Reviews||Location||Minimum Deposit Amount||Deposit Bonus||Rating|
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.
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.
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.