Currency trading has changed a great deal in the last decade. The offerings of the brokers serving the forex traders have also changed over the years. This could be attributed to developments in the recent years such as better regulation, technological advancements in both hardware and software and introduction of solutions like social trading, automated trading and managed accounts.
Recommended Forex Brokers List
| Broker | Min Deposit | Spread | Leverage | Regulation | Open Account |
|---|---|---|---|---|---|
 | $5 | From 0.2 Pips | 1000:1 | Mwali International Services Authority | Visit Broker |
 | $1 | From 0 Pips | 2000:1 | FCA UK, CySEC, FSP, BaFin, CRFIN | Visit Broker |
 | $1 | From 0 Pips | 3000:1 | CySEC, ASIC, IFSC | Visit Broker |
 | $5 | From 0 Pips | 888:1 “*This leverage does not apply to all the entities of XM group.” | ASIC, CySEC, IFSC Belize | Visit Broker |
 | $0 | Starting 0 Pips | 500:1 | ASIC, FCA, DFSA, The Financial Commission | Visit Broker |
 | $100 | Starting 0 Pips | 500:1 | ASIC, CySEC, FSCA, FSA, FSC | Visit Broker |
 | $300 | floating, from 0 pips | 500:1 | FCA UK reference number 579202 | Visit Broker |
 | $5 | Starting 0.1 pips | up to 1000:1 | MFSA, Labuan FSA, BVI FSC, VFSC | Visit Broker |
 | $200 | Starting 0 Pips | 500:1 | ASIC Australia, FCA UK | Visit Broker |
  | $100 | Starting 0 Pips | up to 400:1 | FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA | Visit Broker |
 | no minimum deposit | 1.2 pips | 50:1 | CFTC, NFA, FCA, MAS, ASIC, IIROC | Visit Broker |
The competition among brokers is good as far as customers are concerned because spreads are much lower, more products are available and fees and commissions have reduced a great deal.
However, choosing the right broker is a confusing and time consuming process. It makes a lot of difference in the end and it is worth the time that you might spend on it. A lot of aspects are to be taken into account and the needs of each trader are different.
We have done a little bit of work on your behalf to make the whole process easier for you. We have analyzed the offerings of some of the reputable forex brokers out there in the market and have recommended a few of the top forex brokers for 2017. This is the starting point for further research from your side so that you can decide as to which one of them will be suited best to meet your needs.
The top brokers for 2017 have been identified keeping in mind the following criteria:
Social trading opportunities
Choice of products
Regulation
Customer service
Minimum deposit required
Spreads, commissions and fees
Now, here are the top forex brokers you can consider to open an account with in the new year:
#1: XM.com
Trading Point Holdings Ltd.’s trading arm XM.com is owned and operated by Trading Point of Financial Instruments Ltd. It operates under the regulatory purview of CySEC and in the UK regulated and authorised by FCA. Inn addition, it is a European Union-registered forex broker and its headquarters is in Limassol, Cyprus.
Broker Type – DMA/STP, MM
Minimum Deposit – $5
Deposit Options – Bank Wire, Neteller, Skrill, WebMoney, Credit Card, WesternUnion, MoneyGram, SOFORT, UnionPay (China), etc.
Leverage – up to 888:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 1 pip
#2: FBS
International forex broker FBS has presence in more than 120 countries and has over 2,000,000 clients and 130,000 partners. The broker provides swap-free or Islamic accounts for Muslim traders. FBS, founded in 2009, does not offer financial services to people in the USA, Belize and Japan.
Broker Type – ECN/STP, DMA/STP, MM
Regulation – Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN)
Minimum Deposit – $5
Deposit Options – Visa/Master Card, Neteller, Skrill (7.5% commmission), Webmoney, Perfectmoney, OKPAY, FBS Exchanger, Wire Transfer, YuuPay (3% commission), etc.
Leverage – Up to 500:1
Minimum Lot Size – 0.01
Spreads – Fixed and variable
Lowest Spreads for EUR/USD – 2 pips for Mini accounts and 1 – 2 for Standard accounts
#3: Tickmill
Tickmill is owned by Tickmill Limited and operated together by Tmill UK Limited and Tickmill Ltd. It is a company registered in England and Wales. Its principal and registered offices are in London and Seychelles, respectively. Tickmill operates under the regulatory control of both Financial operates Conduct Authority in the UK and Financial Services Authority of Seychelles.
Broker Type – STP/ECN/NDD/DMA
Regulation – Financial Conduct Authority, UK and Financial Services Authority, Seychelles
Platforms – Web Platform, MetaTrader 4, Mobile Platform
Minimum Deposit – $25
Deposit Options – Wire Transfer, Credit/Debit Card, WebMoney, UnionPay, Skrill, Neteller, FasaPay
Leverage – Up to 500:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – Starts from 0.0
#4: Pepperstone
Pepperstone is an execution-only forex/CFD broker. The company provides trading solutions for both novice and veteran traders. The company was founded in 2010 and its headquarters is in Melbourne, Australia. In addition, the company has offices in Shanghai, China and Dallas, USA.
Broker Type – ECN/STP and DMA/STP
Regulation – Australian Securities and Investments Commission (ASIC)
Platforms – MetaTrader4, cTrader
Minimum Deposit – $200
Deposit Options – Bank Wire, Debit Card, Credit Card, WebMoney, Neteller, FasaPay, Skrill, BPAY, POLi, QIWI, PayPal, UnionPay(China), etc.
Leverage – Up to 400:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 0.5 pip for Mini and Standard; more than 0.1 pip for ECN
#5: AvaTrade
A pioneer in the field of online forex trading, AvaTrade has been operating since 2006. Within a short period of time, the company registered more than 20,000 customers. More than 2,000,000 trades are executed by their customers in a month. The total value of trades is more than $60 billion in a month.
Broker Type – Market Maker
Regulation – ASIC; Central Bank of Ireland; FSA, Japan; FSB, South Africa and ISA, Israel
Platforms – MetaTrader 4, AvaTrader
Minimum Deposit – $100
Deposit Options – Bank Wire, PayPal, WebMoney, Skrill, Credit Card, Neteller, Prepaid Master Card, etc.
Leverage – Up to 400:1
Minimum Lot Size – 0.05
Spreads – Fixed
Lowest Spreads for EUR/USD – 3
#6: Plus500
The forex trading platform by name Plus500 is provided by Plus500CY Ltd., which is a Cyprus based company with headquarters in Limassol. This broker is authorized and regulated by the Cyprus Securities and Exchange Commission or CySEC.
Broker Type – Market Maker
Regulation – Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
Platforms – Windows Trader, WebTrader
Minimum Deposit – $100
Deposit Options – Bank Wire, PayPal, Credit Card, Skrill, etc.
Leverage – Up to 50:1
Minimum Lot Size – 0.01
Spreads – Fixed
Lowest Spreads for EUR/USD – 2
#7: eToro
eToro is an online forex trading platform provider and the company offers trading in currencies, indices, commodities and stock CFDs. As many as 4.5 million users from 170 countries plus countries around the world make use of the online forex broker’s trading platform. The company was founded in 2006 in Tel Aviv. eToro has registered offices in Israel, Cyprus and the United Kingdom. One of the key aspects about eToro is that they offer the social investment platform with Copy-Trading feature.
Broker Type – Market Maker
Regulation – Cyprus Securities and Exchange Commission (CySEC), Markets in Financial Instruments Directive (MiFID), Commodity Futures Trading Commission (CFTC), Financial Conduit Authority (FCA), National Futures Association (NFA), Australian Securities and Investments Commission (ASIC)
Platforms – eToro OpenBook, eToro WebTrader, eToro Mobile Trader
Minimum Deposit – $50
Deposit Options – Bank Wire Transfer, Credit/Debit Card, Skrill, Moneygram, PayPal, Neteller, Webmoney, Western Union
Leverage – Up to 400:1
Minimum Lot Size – 0.01
Spreads – Fixed
Lowest Spreads for EUR/USD – 3