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On This Page You Will Find:
- What are Forex Brokers?
- Best UK Forex Brokers
- Top AU and NZ Forex Brokers
- Forex Brokers for Advanced Traders
- Cheap / Low Fee Forex Brokers
- Paypal Forex Brokers
- High-Leverage Forex Brokers
- Straight-through-Processing (STP) Trading Platforms
- Forex Bonuses Offered By Brokers
What Are Forex Brokers?
Forex trading or foreign exchange trading is referred to as a process where investors used to buy or sell currencies across the world. Like there are numerous currencies, traders are able to avail services of myriads of trading platforms. They can enjoy a series of facilities in the comfort of their homes.
The foreign exchange market, FX market or currency market, all point of one process where individuals can either act as investors or sellers of currencies. They used to speculate about their price movements and make investment decisions accordingly.
This type of investment is usually undertaken by governments, traders, banks, business and individuals around the world. The best of all, Forex trading platforms are 24/7 available for 5 days in a week. If you want to trade even 7 days a week you might be interested in bitcoin trading because bitcoin is trading really non-stop.
It’s just about finding the nearest trading center that can help them in speculation and understand the marketplace deeper.
Here, the worth mentioning fact is that there is no central authority to regulate Forex brokers; rather, it takes place ‘over the counter’ with the help of some advanced algorithms.
Prices of foreign currencies are quoted by financial institutions, particularly banks; however, be sure that they are not exact prices to deal in the market. So, how to make a trade happen then?
Well, there is only one option – a Forex broker who has complete knowledge about market conditions and can assist with information accordingly.
As a matter of fact, Forex trading platforms are an advanced piece of technology that employs trading terminals to offer a number of application methods – a desktop or mobile device.
Apart from this, traders can also have web terminals where they have the freedom to choose an appropriate platform that could work on an automatic algorithm instead of physical presence.
Now, the worthy question is which Forex broker can facilitate traders with the best services? What are the Forex trading platform options that can keep traders engaged in one way the other? Let’s find out:
1. 24Options: The most trusted and top-rated.
2. Investous: Has the best web platform and works on a minimum deposit.
3. FXVC Online Trading: Cheaper trading platform with active operations.
As a matter of fact, there are different types of Forex brokers in the world. Traders have to understand the purpose of their existence and try to bring the best out of their services according to their requirements.
Best Forex Brokers for UK Traders
As the world’s 5th largest economy, financial global hub and top exporter of financial services, the UK has got an edge in the Forex trading industry. While there are a lot of reasons behind, time-zone convenience, loose regulation and central location with generous tax laws are the top ones.
The UK has turned out to be one of the best homes for Forex brokers who are keen to maintain their reliability, transparency, and quality. So now, let’s have a look at a few best Forex brokers operating for the customers of the UK.
As an award-winning Forex broker, 24Option has been a favorable place to deal in stock CFDs, Forex, commodities, cryptocurrencies, Brent Oil and Crude Oil. It used to work with more than 50 Forex pairings having low-cost spread.
It allows the traders to either trade with a mobile device, desktop or web in 15 languages, including German, English, French, Dutch, Swedish, Norwegian, Greek, Italian, Spanish, Finnish, Arabic Russian and many more.
After its establishment, it has been regulated across Europe by Cypriot CySEC. 24Options offers demo accounts to beginners while the minimum deposit is $250 for trading.
The next leading Forex trading platform is Investous that used to support indices, Forex, stocks, and cryptocurrencies. The best part is that Investous is a commission-free Forex broker that offers fast trades against low spread rates. It used to support complex trades, particularly negative balance protection, while enables investors to learn and make their ventures profitable.
They can always begin with a free demo account in order to verify their trading strategy. As for leverage from this platform, it offers up to 30:1 retail and 400:1 professional. In the UK, it is regulated by the FCA (Financial Conduct Authority).
It is an international CFD and Forex broker that enables traders to deal in a variety of assets i.e. over 200 assets to earn profit with their Forex trading strategies. For better performance and approach to the clients, Investous has offices in different cities of the world.
Australia & New Zealand Best Forex Brokers
For Australian and New Zealanders, there are different types of Forex brokers who used to facilitate customers with the best services. It’s just about finding an appropriate Forex broker to derive benefits in the way needed. To do so, it’s necessary to explore a few facts about how to make it happen in the required way.
For Australian Forex brokers, the Australian Securities and Investments Committee (ASIC) works as the most established and oldest body to regulate financial rules in the market.
Since its establishment in 1998, the authority has been regulating financial companies in various disciplines, particularly securities, derivatives, corporate governance, stocks, investor protection, and foreign currencies.
On the other hand, while there are three regulatory institutions: FMA, FSPR, and FSCL in New Zealand, none of them as obligated to regulated New Zealand’s Forex market. Even though brokers have to follow certain registration criteria, the country hasn’t still managed to design a proper regulatory institution for the industry.
Though, the Financial Service Providers Register (FSPR) is responsible to register entities that are offering financial services. So, all NZ Forex brokers are registered under this authority.
Reasons to Choose Australia or New Zealand FX Brokers
With favorable trading conditions and a highly regulated environment, Australian best Forex brokers have managed to cater needs of retail traders across the world. Due to the availability of ECN accounts, these brokers are bringing major changes in the retail trading industry, thereby allowing traders to avail ECN accounts and invest with the lowest capital they have.
Many Australian brokers also use the cTrader platform that is responsible to offer an ECN environment having fast trade executions and tight spreads. Traders are also able to enjoy a high leverage facility without compromising on any trading facility.
New Zealand is another favorable FX market for traders who are looking for a properly structured platform to try out their trading skills. With a secured and safe environment, they can rest assured of the security of their trading capital without making a compromise on the facilities.
New Zealand’s Forex brokers do not require traders to follow certain restrictions; rather, they can begin trading with even $1 and can enjoy up to 1:3000 leverage with the surety of getting the best outcomes.
Australia and New Zealand Forex brokers used to offer trading services with the help of a number of platforms. The most common yet famous ones are:
MetaTrader4 or MT4: As one of the finest and leading Forex trading platform, MT4 prides to extend its services beyond analytical analysis. It strives to create ease and convenience for traders no matter if they have some experience of trading or not. MetaTrader4 is dedicated to creating incredible and result-oriented strategies that are seamless to implement. It allows traders to invest in many financial instruments while its highly advanced tools enable traders to take advantage of mobile and algorithmic trading, trading signals, technical analysis, auto-trading robot software and much more.
cTrader: This trading platform offers a wide range of price charts and market orders with the surety of fast execution and protection of advanced order. It enables traders across the world to easily take part in the New Zealand and Australian Forex trading. cTrader offers more than 70 pre-installed and custom indicators to assist in technical analysis. With the help of an all-inclusive algorithm, the platform ensures automated trading while encouraging traders to build indicators and robots for seamless trading.
WebTrader: As a user-friendly and advanced trading platform, it gives access from any device via an Internet connection. There is no need for download or installation as the platform is easy to use and allows traders to execute orders on one click. The best part is that WebTrader offers live charts and analyses that help clients to keep track of all of their traders – whether open or closed.
What are the Best Forex Brokers for Advanced Traders?
The term ‘Advanced Traders’ refers to those who have been in the industry for years and are well aware of market tactics to earn more and more profit. Basically, they are pro traders who are fond of trying out new and better features over time.
While there are different types of Forex brokers out there, what turns out to be necessary is to understand which Forex trading platform is favorable and how to ascertain that everything will work properly.
Features of Advanced Brokers
Apart from the integral and dominant trading platforms, many Forex brokers, like 24Options, FXVC, and Investous, used to employ different types of software packages for providing better results.
One of the prominent features is analysis software that has turned out to be a life-changing option. It allows traders to monitor trend lines as well as projections with respect to the historical prices and other factors.
Signal generators are responsible to send notifications or alerts to traders when there is a potentially profitable opportunity available. They just have to direct the platform to track trades and notify if something comes in according to their favor.
Many Forex brokers and traders used to refer to them as Expert Advisors, especially on MT4 platforms while robots are held responsible to place trades with respect to the predetermined plan to save money as well as time.
What else makes a broker advanced and preferable? Here are a few more factors:
- Fast Execution and Low Spreads: Time holds a lot of significance, especially when traders are dealing in Forex pairings because they need prompt responses and quick reactions. Advanced Forex brokers used to take care of this fact and ensure fast execution along with low spreads that enable traders to make more profits than before.
- Installation Procedure: In case the platform is not available for desktop, Forex traders would have to install the software package along with the necessary files. One of the modern software is one that used Flash technology as it enables web-based use of the trading platform. Also, traders should inquire about the complexity and length of the installation procedure.
- Customer Support: Top advanced brokers are always dedicated to assist clients whenever in need. It doesn’t matter where the broker is located, its customer care is 24/7 available for traders across the world. Some brokers also issue educational material and manuals, including instructional videos and e-books. Traders can easily approach when via phone calls or emails.
- Functional Interface: Yes, the quality of the functional interface is of great importance. Advanced Forex brokers use different types of software packages to facilitate traders with the best features. They also offer front-end trading portal that is versatile and customizable enough to assist traders in bringing the best out of their trading skills.
Cheap Forex Brokers
When it comes to understanding the term ‘Cheap Forex Brokers,’ there are many elements or factors making the difference. Traders have to understand their characteristics before making a decision to start trading with them:
- Financial Security: The first and foremost thing is financial security and stability that makes a Forex broker trustworthy. In order to find a cheap broker, traders should find out the online presence and financial strength of a brokerage institution. The best approach is to visit their websites and take a closer look at their rules and regulations before something happens with the accounts.
- Reputation: Finding a cheap broker doesn’t mean that traders should opt for someone who simply claims to be a low-spread or low-cost service provider. Yes, not all of them abide by the practices as mentioned by the governing bodies. It is, therefore, at the end of the Forex trader to know different types of Forex brokers and come up with someone who is worth the trust.
- Data Security: Since cybercrime is increasing day by day, Forex brokers are required to secure their platforms. They should ensure no theft of personal as well as financial information, especially traders’ bank account, utility bills, passport, etc. So, what traders should do is to figure out whether the broker has a secured website that uses SSL-encrypting or not.
- Leverage: Leverage is a feature that enables traders to claim higher positions even with relatively smaller funds. They used to magnify profits/gains on the winning trades but, there is an equal chance of loss as well. So, Forex brokers used to offer a varied assortment of leverage cap based on the regional regulations. For instance, in the USA, the maximum leverage is 50:1 while European brokers offer a range of leverage from 100:1 to 1000:1 according to the Forex pairings.
- Stop-Loss Protection: One of the significant features of cheap Forex brokers is their stop-loss protection facility that keeps losses within a certain range.
Paypal Forex Brokers
While searching for different types of Forex brokers, no one can deny the importance of a transaction method that needs to be trusted and available across the world.
PayPal has emerged as one of the finest and preferable Forex brokers to deposit or withdraw money whenever traders want. There are a lot of PayPal Forex brokers who used to give special offers to those who sign up with PayPal payment accounts.
It is, therefore, necessary to understand what is this platform and how brokers take advantage of it.
What is PayPal?
It is an electronic method of exchange that enables users to pay money against the goods and services as well as send money in an electronic form.
Established in 1999, PayPal has managed to grab a significant position among other electronic payment methods. It allows users to carry out transactions with the help of PayPal’s digital wallet and credit card processing system.
PayPal as a Deposit/Withdrawal Method in Forex Trading
As an electronic method to deposit and withdraw money, PayPal has turned out to be one of the reliable and easiest payment options for Forex brokers. With its digital wallet (funded by a debit or credit card) or the card processing services, Forex traders are able to keep track of their transactions.
It allows them to instantly upload or withdraw money at the ease of their home. The best of all, PayPal respects privacy and secrecy of information.
Benefits of Having PayPal for a Broker
Since PayPal is among the secured and instant methods to deposit and withdraw funds, traders can rest assured about the safety of their money as well as sensitive information. They have to go through a step-by-step authentication process in order to make sure that no one could access the account except for the owner.
Also, the digital wallet enables faster withdrawal of funds. As a multi-currency platform, Forex traders do not have to perform a currency exchange offline to find out how much money they will be receiving.
Tip to Pick a PayPal Forex Broker
Since PayPal doesn’t operate in all countries of the world, it is necessary to check its availability before it’s too late. Sometimes, there may only be a ‘Send Only’ option, meaning that PayPal Forex brokers cannot offer all payment services as expected.
High-Leverage Forex Brokers
Based on the facts, the best Forex brokers are always capable of offering leverage on Forex trading. They are known for the leveraged trading possibilities where the traders borrow capital or use the leverage strategy as a source of funding.
The concept is extended to considering the trading base and working on the initial account balance that eventually increases returns and magnifies high-risk losses.
The level of leverage is usually written as a ratio, which shows a certain percentage of the total available volume for the trader i.e. 1:100, where 1% is the volume. The concept of leverage in Forex trading has been around since its establishment.
It is equally important for individual traders or corporates who employ certain tools to earn money. Therefore, it is necessary to find out high-leverage Forex brokers who are sure to give good returns on the trades.
As part of the traders, 1:10 leverage is even considered good because it can increase traders’ funds by ten times. However, when it comes to the companies, the leverage on Forex trading is expected to be 1:1000 or even higher.
This high leverage opens new opportunities or positions against small amounts, where traders can adopt aggressive trading strategies to bring the best out of the trades.
Some retail Forex regulators used to insert limitations of Forex pairings, usually at 1:25, 1:50 or the likes. Though, European brokers, who used to abide by the ESMA restrictions, can have 1:30 leverage maximum on major pairs. While on the other hand, US brokers offer leverage up to 1:50.
The difference lies due to the difference in restrictions or regulations implemented for leverage. Due to this reason, many Forex traders search for alternative opportunities i.e. such international high-leverage Forex brokers who could offer levels like 1:400, 1:500 or more.
STP Forex Brokers
If someone is looking for a Straight Through Processing or STP Forex broker, there is a wide list to take into consideration. Since each possesses some uniqueness than the others, the decision to enroll with one turns out to be a difficult one.
Yes, it’s necessary to understand their performance and other factors before choosing any STP Forex broker.
These brokers are responsible to send orders directly to the liquidity providers without NDD or dealing desk intervention. Since they have contacts with multiple liquidity providers, either large brokers or banks, they would be able to generate their own bid and ask prices. Though, at least one liquidity broker is necessary to execute the plan.
Here, the thing to remember is that STP execution refers to ‘no re-quote or delay’ in sending orders. Everything needs to be done quickly before someone else fills the orders.
Practically, STP Forex brokers are responsible to bring variable spreads because of the changes in bid/ask price. This spread value still remains competitive and lower than the Market Makers.
One of the significant advantages of STP Forex brokers is that they do not make a profit on traders’ losses because the company operates on the criterion of earning from the number of orders executed and their trading size.
Low-Spread Forex Brokers
After an STP Forex broker, the next is a low spread broker that holds a lot of significance in the Forex trading industry.
In Forex trading, it’s quite difficult to find the best Forex broker who could provide access to multiple trading markets at an affordable price. Since the deals are not made face-to-face, traders should have to be really careful about their business practices.
There are a lot of traders who used to focus on cost factors and are attracted to those Forex brokers who advertise zero-spreads or the tightest spreads in the industry. The fact of the matter is they are aware of the cost structure and have the sense to decide whether to get into a business venture or not.
Types of Brokers & Impact of Low-Spread Offering
Typically, there are two types of Forex brokers: Market Makers or ECN brokers. The latter is responsible to pass the orders to the liquidity providers directly, based on the prevailing spreads.
ECN brokers can have low-spread offerings but, they used to recover the cost through transactions or commission-based pricing. According to the level of activity and trading style, an ECN Forex trading platform sets its pricing structure and that is why they always remain a lower alternative to the typical Market Maker.
On the other hand, a Market Maker gains from the Bid/Ask spread that used to multiple if traders opt to avail leverage in their trading strategy.
These brokers are an intermediary between the bank or liquidity provider, clients, and traders. For them, every day is a new day where the firm used to maintain a complete record of shorts and overs for all Forex pairings.
Forex Broker Bonuses
Another important aspect of Forex trading is the Forex bonus that tends to be of a different kind for each trader. As a regular promotion, this bonus is available for both regular and new customers on the websites they have been trading on.
The best part of a bonus is that it is rewarded without any kind of obligation. Members just have to get themselves registered officially on the website and they will be good to go.
However, there are certain types of bonuses that need some deposits in the account. It is, therefore, necessary to understand the nature of a Forex bonus before being sure about what to expect.
Forex Deposit Bonus
As the name suggests, a Forex deposit bonus is associated with the deposits made into the account. Normally, this bonus is available for all members – all they have to do is to make an initial or a next deposit in order to make themselves eligible.
The website will then measure the bonus in %. For instance, members who receive a 50% bonus against $100 deposit in the account, they will have $150 in the account to make the next trade.
Forex No Deposit Bonus
Like the previous one, this type of Forex deposit is also made on the deposits. However, the Forex broker doesn’t ask for any deposit to claim the bonus; instead, it will be a reward from the website against the first trades.
Welcome Forex Bonus
Similar to the no deposit bonus, the welcome bonus is available for new members only. It attracts new clients by offering an opportunity to try out the services of a Forex broker without risking their lot.
They can only use a certain amount and find out whether the welcome Forex bonus is an ordinary one or a no deposit bonus.
Bonuses for Regular and VIP Customers
Old and regular customers have the chance to avail bonuses against some special programs. They have to stay active for a certain time period in order to make themselves eligible for the Forex.
Their experience is the primary factor to receive a bonus. On the other hand, VIP bonuses require members to create a VIP account since they are a special type of bonuses and are more profitable and beneficial than the rest.
Pending Forex Bonus
This type of bonus cannot be used once it is received. It will remain usable and pending until the member performs a certain action of the platform. Usually, he/she is required to clear it in order to make it usable.
Some Forex brokers also include these pending bonuses into new customers’ accounts who are planning to make multiple trades to receive a bonus.
Forex Reload Bonus
Designed for regular customers, this Forex bonus requires members to either be a recent or an old client on the Forex trading platform. It allows members to deposit once again in exchange for a new bonus type.
Forex trading provides online investors with unlimited opportunities to trade and profit online. All you need on your side is a trustworthy and safe Forex broker to enjoy all the perks of the industry. Don’t delay and find the best fit for you, if you want to profit from Forex and CFD trading!