Top 10 Legit Forex Brokers

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The forex market transacts enormous amounts of money every day. With possible trillions moving in and out of the market every trading day, the forex market offers a great profit potential. However, where there is profit, there is also the potential for loss. In this case, the loss could begin with choosing the wrong broker. These factors should help any trader looking to invest in forex:

Regulatory compliance
Before settling on a broker to trade with, it is important to know who regulates them. If a broker operates in a number of countries, they must be regulated by the authority mandated to oversee financial institutions in those states. For instance, if a broker is based in Australia and operates in the US and UK, they must be regulated by the regulatory bodies of those three countries (ASIC, NFA and CFTC, and FCA and PRA respectively).

Regulatory bodies make sure that the broker you want to invest with operates within the financial laws of the host country. They also provide consumer security to traders by lending legitimacy to a broker.

Top 10 Legit Forex Brokers

BrokerInfoBonusOpen Account
OCTAFX forex broker 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
new logo FBS Markets inc Min Deposit: $1
Spread: From 0 Pips
Leverage: 3000:1
Regulation: CySEC, IFSC
$100 No-Deposit Bonus, 100% Deposit BonusVisit Broker
xm best forex 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
exness forex broker review Min Deposit: $1
Spread: From 0 Pips
Leverage: 2000:1
Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN
35% of the account DepositVisit Broker Gain Capital review USA Min Deposit: $100
Spread: Starting 0 Pips
Leverage: up to 400:1
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FXOpen ECN Broker Min Deposit: $300
Spread: floating, from 0 pips
Leverage: 500:1
Regulation: FCA UK reference number 579202
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Pepperstone review best forex broker in Australia Min Deposit: $200
Spread: Starting 0 Pips
Leverage: 500:1
Regulation: ASIC Australia, FCA UK
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OANDA Logo USA Min Deposit: no minimum deposit
Spread: 1.2 pips
Leverage: 50:1
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iq option best binary options brokers Min Deposit: $10
Regulation: CySEC
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etoro best forex broker USA Min Deposit: $200
Spread: From 3 Pips
Leverage: 400:1
Regulation: NFA, FCA, CySec
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Data safety
top 10 legit forex brokersHow safe is your most valuable data? Currently, data has become a high-value asset to third parties. When you get into forex, you must submit sensitive user information to your broker. This includes personal and financial information that could be sold off to data banks if it got into the wrong hands. Standard data safety measures involve using SSL, or two-step verification every time you log on to a broker’s site.

Any fees incurred are the standard cost of doing business. However, these expenses could affect your profits, especially if they are hidden. Still, your broker has to charge. Most brokers will opt to make their profit from spreads. Spreads are the difference between the ask and the bid price. Tight spreads mean you can easily enter and exit the market, and as such, a broker will reap maximum profits on wider spreads. Tight spreads are common in higher trading currency pairs such as the dollar/Euro pair or Dollar/Pound pair. Highly volatile pairs will have wider spreads.

Other expenses that you might incur include fees charged during any fund transfers (deposits and withdrawals) and additional costs related to your bank account. It is, therefore imperative that you have another party look at the fee clause in your broker-trader contract to make sure you have full knowledge.

Platforms and software
A trading platform serves as your gateway to the market. A reliable platform should be highly responsive and easy to navigate, and it should have the necessary tools that allow traders to react to the market in real time. It is common for brokers to have a custom-made trading platform. However, if your broker does not have their own software, they most likely use more common trading platforms such as the Metatrader 4 (MT4) or MetaTrader 5 (MT5).

Each platform has several features that give them an edge over competitor platforms. One of the common features of an excellent platform is the ability to run on different devices and their compatibility with various operating systems. Some platforms come with inbuilt strategies that you can use to plan your trades. Additionally, you can develop your own strategies and save them into the platform.

To expand your options, some platforms let you communicate with other traders to chart strategies or to learn from more experienced traders.

Ease of transaction
A legit forex broker allows you to access your money easily. Reputable forex brokers use the money you deposit to trade, and once they make their profit, what you earn should be easy to withdraw. Some brokers make these processes seamless by offering more access options. For instance, you can deposit or withdraw your money through PayPal, debit, and credit as well as direct wire transfers.

Currency pairs
On any day, there are plenty of currency pairs getting traded. A legit broker should at least offer the major pairs. The Euro, Dollar, Yen, and Pound are the most popular currency pairs.
However, a trader can choose which pairs they prefer to trade. More established brokers tend to have a broader range of currency pairs. Check if your broker offers the currencies you would like to trade.

A good forex broker allows traders to open an account of their choice. The initial amount determines which account you can create. Some brokers will let you open accounts with as little as $50. However, such accounts are considered risky because of the lack of flexibility with open positions. The required amount to open a standard account is about $10,000. In some cases, a broker will offer exclusive accounts that require initial capital of up to $20,000. These types of accounts usually have VIP benefits such as fewer fees and premium tools. In Islamic countries, brokers may offer accounts that adhere to sharia law. These accounts do not accrue interest.

It is also vital to know if your broker offers a demo account with which you can trade risk-free before you go live. Demo accounts don’t require any financial commitment and are perfect for beginners looking to get hands-on market experience.

Customer services
Forex trading is a 24-hour business rife with a number of issues that require immediate assistance. A good broker is only as effective as their support system. Fortunately, most legit forex brokers have customer service that allows you to speak to agents, lodge ticketed complains and receive technical support on various platforms. Timely support ensures that you get real-time help with sensitive information when you need it.

Broker type
The type of broker you choose in this case is purely based on profit. Electronic Communication Network Brokers (ECN brokers) have the edge over Dealing Desk brokers (DD) brokers since they offer better spreads, translating to better profits for a trader. ECN brokers match trades between other traders, unlike DD brokers who might have to trade against their own clients.

Additional services
Other than the basics, a good forex broker could sweeten the deal for you by offering in-house services such as tax statement preparation, up to date market news, additional expert analysis and occasional classes that help you better your skill as a trader.

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