- Forex Trading
- Online Brokers
Top 10 Best Forex Brokers 2019
Choosing a forex broker is not a simple task - and it’s made even more difficult when you consider just how big the internet is. There’s plenty of good out there for sure, but there’s also plenty of bad. At Market Moves, we only present you with the best brokers - firms that have passed our stringent quality assurance checks. With these sites, we’re confident that you can speculate on the markets with the finest tools and service options available. Here’s our top 10 best brokers for March 2018:
How to find the best forex brokers
At first, the world of forex may seem like a dense and impenetrable subject matter. Once you start doing a bit of reading and start practicing however, the market becomes much clearer. Choosing a broker is a similar process; at first, you scratch your head wondering which site is best - and finally you learn to spot the keepers.
But that selection process can sometimes be a long and arduous one, wasting your valuable trading time as you jump from site to site. To save you all of that unnecessary trial and error, here’s a few thing to ask yourself when you’re thinking of signing up to a new broker:
Is my money secure? Fund protection should be one of your key priorities when selecting a new broker to trade with. Fortunately, most regulated brokers are required to segregate your money into a separate bank account.
Do they offer the currency pairs I want to trade? Not all brokers allow trades on the same currency pairs - some brokers will have a limited selection of minor and exotic pairs to trade on for example. For major FX pairs however, chances are high that you will find plenty of brokers willing to trade. Most sites will have a list of the currency pairs available to trade plus the spreads available.
Does the broker offer fixed spreads or floating spreads? Speaking of spreads, before you you sign up and trade with a broker, you should find out if the spreads are fixed or floating. A fixed spread is great for first time traders or for those who are looking to protect themselves against market uncertainty (although even fixed spreads can be adjusted during times of hardship). Floating spreads on the other hand fluctuate and change depending on market conditions. In healthy economic conditions, floating spreads can be extremely competitive.
What leverage can I expect? Using leverage, a trader can dramatically increase their returns on an initial investment. However, leverage is a double edged sword; it can also lead to huge losses - that’s why it is important to set loss limits. The leverage you will typically find included 50:1, 100:1, 200:1 and a very high 500:1. In the right experienced hands, leverage can be a useful tool - but it’s not recommended for new traders.
Can I use the MetaTrader 4 platform? MetaTrader 4 (or MT4 as it is commonly known) is one of the most popular trading platforms available online, offering traders a suite of advanced features. Used primarily for trading forex and analysing financial markets, the platforms versatility makes it ideal for new users and more experienced traders. One of the most popular reasons to use this software is the trade execution times. Typically, the best brokers will offer this platform to download, allowing you to plug in and start trading once MT4 has installed. In an ideal scenario, you would want a broker to offer their own software platforms and MT4 as a backup.
Is there a mobile trading application? Mobile devices have changed the way we perform everyday activities - and now they are trading the way we trade too. Most brokers will offer their own proprietary application as a downloadable app on the Android or Apple app store. Some will also offer the popular MetaTrader 4 mobile apps.
Do they offer an Islamic account? If you’re a Muslim investor, choosing the right broker that follows Sharia law principles will be of utmost importance. Not all brokers offer Islamic specific accounts - but the ones that do can offer interest free forex trading. If you’re looking for an Islamic forex broker then we have created a page to compile these brokers.
Do they offer a free demo account? Practice trading accounts are simply invaluable. Not only do they give new traders the chance to learn about how trading works - but they can also be crucial for experienced traders as well. For example, if you want to test out a new strategy - chances are you probably won’t want to use live funds in case the strategy fails. This is why a demo account is so versatile - and all of the best forex brokers will offer one. There are even some brokers that will allow you to instantly switch from a live account to a demo account with just a single click!
Is my country restricted? It’s a sad fact that not all brokers can offer trading services to all jurisdictions. Most sites will make this perfectly clear in the terms and conditions or as you are trying to sign up. To save your time, you could look out for location specific forex brokers - like UK forex brokers.
Do they offer free research tools? Research and analysis can really define the results of a trade. That’s why research tools are plentiful - and when you sign up to a site, you will have access to those tools. Regular market news updates, economic calendars and market sentiment information can help you inform your next trade or even help you to spot a potential trading opportunity. Some brokers will restrict some tools to a live account, so do keep this in mind.
What kind of support do they offer? Problems are bound to happen - and the best forex brokers will do everything in their power to get you trading again. Most brokers will offer live chat as standard - but you will also likely find extensive FAQs and help guides should you need further assistance. Additionally, you could also have access to a direct phone line - with certain VIP accounts also being eligible for direct account management. If you’re a MT4 user, you also get access to the MQL5 community.