Before you go into the wild world of Forex Trading and hunt The Best Forex Brokers, you should ask yourself a few questions:
Do you wish to place a wager on the Euro or the US Dollar?
Would you like to investigate other currencies?
Fortunately, the forex market has a lot of potential for traders who want an extremely regulated market. From Monday through Friday, you can trade 24 hours a day.
Here, a question arises: Are you willing and able to be available for all hours in a day?
To trade forex, you’ll need to have a brokerage account with a forex trading platform. The best forex brokers provide additional bonuses and trading tools specifically designed to help you understand volatile currencies.
While hunting the best forex broker, newbies and professional traders commonly consider some specific features and benefits. Meanwhile, the most important key points to be fortunate in the trading are:-
- trading experience
- product offerings (currencies, spread betting, CFDs, cryptocurrencies, indexes, commodities, etc.)
- fees (commissions and spread)
- trading platform (web-based, charting, mobile, downloadable software and third-party)
- customer support
- trading education
What exactly is Forex Trading, and how would it operate?
Forex trading is the process of exchanging one currency for another, often known as buying or selling currency pairs, using current forex market exchange rates. With an average daily volume of $6.59 trillion, the FX market is the largest global market.
What is a Forex Broker?
When trading foreign currency, you place your trades with a forex broker known as a currency trading broker using the brokers ‘ trading interface. On trading forex, you purchase and sell currency pairs, such as Euro / United States Dollar. You open an account, deposit funds, and purchase/ sell currencies on margin. The currency markets, usually, are open five days a week, 24 hours a day.
How to select a forex broker?
It’s critical to work with a forex broker who has all of the required licenses. Therefore, prefer a regulated broker who has a permit to offer his services in your country. Furthermore, a well-capitalized forex broker reduces the danger of the broker going bankrupt and losing your investment.
Let’s explore the Best Forex Brokers and their platforms based on low costs, real-time data, trading tools, and currency evaluation:
1. IC Markets:
IC Markets is the largest trustworthy ECN Australian forex broker globally, authorized by ASIC, Australia’s top financial regulator AFS, and has a CySEC license. As a result, it is regarded as a secure broker. It began its voyage in 2007 and is still going strong.
Min. deposit: 200$
Min. trade price: 1$
Website address: www.icmarkets.com
Profitability: 90%
Demo account: Yes
Currency: USD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, PLN, SGD
Supported languages: Eng, Rus
Active: Yes
Advantages:
- One of the safest brokers for depositing, trading, and withdrawing funds.
- Spreads start at 0.0, and there are no fees for deposits or withdrawals.
- IC Markets provides customer service 24 hours a day, seven days a week, while other brokers offer service 24 hours a day, five days a week.
- In comparison to other companies, the commission is also inexpensive.
- Order execution is speedy—average execution times of less than 40 milliseconds.
Disadvantages:
- Negative balance protection is currently unavailable.
- Because some brokers offer instant withdrawal, the withdrawal period is slightly longer than with other brokers.
2. Tickmill:
Tickmill is an ECN broker founded in 2014 and regulated by CySEC, FCA, FSC, and SC.
Min. deposit: 25$
Min. trade price: 0.01$
Website address: tickmill.com
Profitability: 80%
Demo account: Yes
Currency: EUR, GBP, USD
Supported languages: Eng, Rus
Active: Yes
Advantages:
- One of the safest brokers for depositing, trading, and withdrawing funds.
- The spread starts at 0.0.
- Protects against negative balance.
- In comparison to other brokers, the commission is minimal.
Disadvantages:
- MT4 and Web Trader are the only two trading platforms available.
3. Forex Time(FXTM):
FXTM is a well-known ECN/STP broker founded in 2011 and regulated by CySEC, FCA, and FSC.
Min. deposit: 5$
Min. trade price: 0.01$
Website address: forextime.com
Profitability: 80%
Demo account: Yes
Currency: EUR, USD
Supported languages: Eng, Rus
Active: Yes
Advantages:
- One of the safest brokers for depositing, trading, and withdrawing funds.
- There will be no commission at all.
- There are no fees collected for deposits or withdrawals.
- Withdrawal is immediate up to a certain point, usually 1 minute.
- Protection from negative balance.
Disadvantages:
- When compared to IC markets and Tickmill, spreads are slightly more significant.
- Because of the more excellent spreads, scalping might be tricky at times.
4. XM:
XM is the world’s most popular market-maker broker. The FCA, CySEC, and ASIC all regulate the company.
Min. deposit: 5$
Min. trade price: 0.01$
Website address: www.xm.com
Profitability: 80%
Demo account: Yes
Currency: EUR, GBP, USD
Supported languages: Eng, Rus
Active: Yes
Advantages:
- One of the safest brokers for depositing, trading, and withdrawing funds.
- Spreads start at 0.1 and go down from there.
- There are zero fees for deposits/withdrawals.
- Over 10,000 different products, including over 90 currency pairs, are available to trade at XM Group.
- Withdrawal is typically completed in two to six hours.
Disadvantages:
- Because it is an MM broker spreads widen during news hours.
5. Exness:
Exness offers ECN and market maker brokerage services. Since 2015, Exness has become the world’s largest retail FX broker.
Min. deposit: 1$
Min. trade price: 0.01$
Profitability: 89%
Demo account: Yes
Currency: USD, AUD, CHF, EUR, GBP, NZD
Supported languages: Eng, Rus
Active: Yes
Advantages:
- There is no commission (but ECN account charge commission)
- Payment mechanism that is available immediately.
- Leverage is limitless.
Disadvantages:
- When compared to IC markets, spreads are slightly more significant.
- Exness isn’t a publicly-traded company, and it doesn’t run a bank.
Final Words:
Finally, after weighing all of the advantages and disadvantages, I have concluded that a beginner should always start with a demo account to practice Forex Trading. Moreover, among the above 5 Best Forex Brokers, IC Market, Tickmill, FXTM, XM, and Exness are ranked first, second, third, fourth, and fifth, respectively.
