Top Online Forex Brokers for 2024

Forex brokers comparison is the ultimate platform with the aim to provide forex traders resources like, Forex Broker Reviews, Forex Brokers Comparisons, Forex Trading Reviews, Best Forex Brokers list, Forex Brokers by Country, Forex Brokers by Category, Forex Regulation, Online Forex Brokers List, Forex Account Types, Forex Trading Platforms, Forex Brokers Bonuses, Forex Signals, Forex Scam Brokers List, Forex Reviews, Forex Market news and Cryptocurrency news.

Forex brokers comparison was founded in 2007 and since then our expert team are providing in depth forex brokers & platforms comparisons which is industry standard. Our Top Online Forex Brokers ranking factors are carefully calculated & weighted with the considering over 250 criteria and Points. Experienced forex Traders around the world also provided user experience which our expert team took in consideration. To become a successful forex Trader, Forex brokers comparison has all the necessary resources. Find out your best forex brokers according to your trading style & Thrive in the forex market. 

FxPro Review

Leverage:up to 1:500 (1:30 for EU clients)

Deposit:from 100 USD

Spreads:Mid

Location:UK, Cyprus, Bahamas

Instruments:Currencies, Crypto, Indices, Metals, Energies, Softs, Stocks

Platforms:Web, MetaTrader 4, MetaTrader 5, cTrader

Funding Methods:

IC Markets Review

Leverage:up to 1:500

Deposit:from 200 USD

Spreads:Low

Location:Australia, Cyprus, Seychelles

Instruments:Currencies, Crypto, Indices, Metals, Energies, Softs, Stocks, Bonds

Platforms:Web, MetaTrader 4, MetaTrader 5, cTrader, FIX API (protocol)

Funding Methods:

FBS Markets Review

Leverage:up to 1:3000 (1:30 for EU clients)

Deposit:from 1 USD

Spreads:Mid

Location:Cyprus, Belize

Instruments:Currencies, Indices, Metals, Energies

Platforms:Web, MetaTrader 4, MetaTrader 5, Specific

Funding Methods:

XM Review

Leverage:up to 1:888

Deposit:from 5 USD

Spreads:Low

Location:Australia, UK, Cyprus, UAE, Belize

Instruments:Currencies, Indices, Metals, Energies, Softs, Stocks

Platforms:Web, MetaTrader 4, MetaTrader 5

Funding Methods:

HotForex Review

Leverage:up to 1:1000 (1:30 for EU clients)

Deposit:from 5 USD

Spreads:Low

Location:UK, Cyprus, South Africa, UAE, Saint Vincent and the Grenadines, Seychelles

Instruments:Currencies, Crypto, Indices, Metals, Energies, Softs, Bonds

Platforms:Web, MetaTrader 4, MetaTrader 5, FIX API (protocol)

Funding Methods:

Axi Review

Leverage:up to 1:500

Deposit:from 5 USD

Spreads:Low

Location:Australia, UK, UAE, Saint Vincent and the Grenadines

Instruments:Currencies, Crypto, Indices, Metals, Energies, Softs

Platforms:Web, MetaTrader 4, FIX API (protocol)

Funding Methods:

Pepperstone Review

Leverage:up to 1:200

Deposit:from $200

Spreads:low

Location:Australia, UK, Germany, Cyprus, UAE, Bahamas

Instruments:Currencies, Crypto, Indices, Metals, Energies, Softs

Platforms:Web, MetaTrader 4, MetaTrader 5, cTrader

Funding Methods:

If you are an experienced trader, you may have selected your winning broker through forex broker reviews. But have you ever thought of choosing a broker based on a comparison among the hundreds of brokerages for forex trading?

At ‘FXBrokersComparison.com’ we literally compare the brokers based on numerous variables and sort them according to their performance and forex broker rating retrieved from extensive research. We aim to provide the top 100 forex brokers list so that you can choose 100% legal brokers and start forex trading the right way. Thus, you can save your time and effort on research. 

You can pick any of the verified brokers from this list by checking forex reviews on individual brokers. 

Why Forex Brokers Review and Comparison are Important?

To trade perfectly, you must need the best forex broker. However, there are hundreds of brokers to choose from, and it is normal to get confused while choosing the right one for you. Hence, you need to compare the brokers via forex brokers reviews. But forex reviews become complicated as you need to choose the broker based on numerous criteria. And that is why you need to compare the forex broker reviews too.

Comparing different forex trading reviews will help you to find the right broker for your FX trading review.

Why Use Forex Brokers Comparison for Choosing a Broker?

Forex broker comparison can get you accurate and relevant information about different online forex brokers. As a result, you can have an idea about the forex market and forex brokers.

With  Forex Brokers Comparison, you can get the complete guideline for FX comparison as well as a comparison based on different criteria and work with forex trading reviews. Besides, there are numerous valid reasons to use the forex brokers comparison, which will ultimately provide you with the best forex broker in the world.

Here we have listed the top reasons to use our comparison report to compare the FX broker review. Let’s find them out.

Forex Reviews Comparison from Expert Team

We have a team filled with expert members who aim to bring out the right broker by comparing different forex broker reviews. The team also consists of traders and analysts who always look for updates and observe the brokers pull out the best option from multiple forex trading reviews. We have already been reviewed and found out more than 100 forex brokers, which are the best of the best. So, our cumulative expertise will surely help the traders on their successful forex trading journey.

Take Decisions on Online Forex Brokers

The forex broker reviews and comparisons made by our expert team will guide you to make your decision. It is evident that if you search for forex reviews, you will find hundreds of them, which are good enough to put you in a dilemma. Hence, from the confusions, you may end up registering with some scam brokers.

So, our forex trading reviews on forex trading companies will help you to find out the right broker according to your requirements. Moreover, the top 100 forex brokers list we have provided here will also help you to decide the top broker according to your requirement. Eventually, our list will save your time and effort in finding the best broker.

If you observe the forex market, you will certainly find thousands of options, but our top 100 forex brokers list will come in handy.

Numerous Criteria for Online Forex Brokers

When the FX Broker Comparison team looks for the forex brokers reviews, they compare the brokers by investing in them actually. While choosing the broker, there are more than 200 criteria to look for, and we practically check one by one and come out with the broker list based on the active forex trading reviews. However, among the hundreds of criteria, account types, fees, regulations, platforms, bonuses, customer service, withdrawal, and deposit methods are the top criteria for selecting online forex brokers.

We have multiple dedicated teams to check out these criteria and offer the best forex broker reviews. Ultimately this team effort helps everyone, including newbies and experts, to choose from a wide variety of forex companies.

Search the Forex Broker Reviews Easily

With the expansion of the internet, numerous forex reviews are available all over the world. And you will not know which review is solid unless they have trustworthy value and evidence. Moreover, sometimes you need to use the broker to know about them, which is both time and money consuming. So, our forex broker list featuring on this page will be helpful for you as we closely monitor relevant forex trading reviews.

Furthermore, you may also need to search for forex reviews for a specific broker. In that case, you may face problems searching for them online. But we have a solution for you as we have a category-wise comparison listing. Nevertheless, you will not struggle to find the best online forex brokers from our website according to your requirements.

When you search for the best forex broker reviews online, thousands of results will appear. So, those handful results are good enough to lead you in confusion. Hence, our listing will get you the easy search feature and finally yield you the best broker by comparing multiple forex trading reviews. So, you will be saving thousands of hours.

Proper Description of all Forex Brokers

As we have mentioned earlier, we provide the complete forex reviews based on the real-time market analysis. So, our description of brokers remains very specific and correct as the forex market does not give you false hope. You will certainly get the right forex brokers reviews. 

We aim to provide unbiased information on the brokers by researching forex trading reviews. So, you can check out the information of a broker on our site without any hesitation.

Get Notification about Scammers

While our research team looks for the best forex brokers online, they also verify the broker’s credibility. Through best forex broker reviews, we also find Forex scams brokers list. So, our users are getting solid information on each broker while they are also getting information on scammers. Our broker choosing criteria is built in a way that makes sure all the brokers we are offering here are legit by omitting the scammers. Therefore, the solid forex trading reviews applied perfectly to our brokers.

Moreover, we also have a scam brokers list when a broker is unable to meet all of our criteria. That being said, we always aim to pick the best forex brokers online so that traders can make a profit from forex trading.

Forex Brokers Comparison – Who We Are?

We are a team of professionals who conduct online forex trading reviews through different online forex trading company. Nevertheless, we have years of experience in using numerous best online forex trading platforms and offer forex reviews. Furthermore, we have been in the forex industry for 13+ years, and we have guided thousands of forex users to become successful in forex trading.

In our team, we have forex experts, researchers, analysts, writers and editors who always give you the update on everything related to FX broker review and are always on a hunt to get you the best brokerage for forex trading via forex broker reviews. As a result, you can become an expert trader step by step every day.

Besides, we represent the data in an organized way so that you can find everything easily in your need.

Why do We Offer Forex Broker Reviews and Comparison?

We have listed hundreds of brokers along with the top 100 forex brokers in the world. So, if you look at those, you may ask, what’s the reason behind our tremendous effort?

Firstly, we have passed our beginner level, and we know the difficulties to find the best forex trading company. We know every new trader finds it challenging to sort out the top brokers based on numerous forex reviews. Moreover, it is a common problem, and expert traders also face it. We also faced many horrifying experiences when we were in this phase. That is why we have created this website to help out the traders of all levels and offer the legit broker by providing the authentic review forex broker.

Forex Brokers Comparison – Who We Are

We will offer the best forex broker reviews with our years of experience that really worked for us. So, we will offer the things we know so that you can implement those for your trading on online forex brokers. Nevertheless, we aim to provide some methodologies on forex trading reviews that will work for all types of traders. As a result, any trader can find a trusted broker according to their needs.

Best Forex Brokers

Our research team has found out the 100 best forex brokers of recent time, which we have listed under this page. However, this list is not fixed and can be changed according to the broker’s performance. We know that the forex market never sleeps and always moves round the clock. As a result, brokers also need to cope up with that move, and they need to changes their offerings from time to time. Hence, the list of the best forex brokers online may change, and new brokers might emerge. So, we would recommend you to keep an eye on our broker’s list as well as on the list of forex brokers reviews.

Forex Brokers by Category

To choose the best online forex brokers you will need to go through the hundreds or thousands of brokers from different categories. So, you should have an idea about the forex brokers by category to ease your finding process. If you know the category you want, finding the broker as per the forex reviews on the category will be easier. So, how are the brokers categorized?

When you search for the forex companies, you can differentiate them by the offered products, trading conditions, liquidity, promotions, platforms, deposit options, bonuses, minimum deposit, business model, approval of US account, regulations, forex awards, and more. Moreover, forex trading reviews will also repost the differences.

If you register with the correct category, you can easily trade according to your needs. So, knowing the category, your want is one of the most important decisions you would need to make. Because if your strategies don’t meet with the category, you may face loss on your investment in the forex market. Besides, it has a huge possibility to affect your transaction, also the service quality.

Moreover, your trading capabilities will also depend on the broker types and categories.

Forex Reviews

We have mentioned earlier the top 100 forex brokers list we have featured. So, what are those, how do they work, how good are they?

If you want to look for these answers, we have individual forex reviews for each broker. So, we have included the best forex broker reviews and forex trading reviews for the 100 brokers we have enlisted. You will get the reviews on FP Markets, FXPro, IC Markets, XM review, HotForex, Axi, Admiral Markets, XTB, FBS Markets, and Exness.

You may pick any of the brokers after observing the detailed FX broker review. Currently, these are the top FX brokers in the world, and you can work with any of these without any confusion and get into the foreign exchange market.

Each of the top brokers was analyzed based on the comprehensive market trend and analyzing the forex trading reviews. We have used and traded on their platform and bring out the final review.

The individual forex reviews cover the statistical data. So, you don’t need to worry about reliability.

Forex Regulation

The forex market is so massive that it offers tremendous opportunities with unique challenges. However, forex is the biggest money market in the universe with the highest amount of liquidity. Despite its massive market, foreign exchange trading companies don’t have any central Forex regulations. But each country individually regulates the forex market to provide the proper security to the traders. However, the rules and regulations are almost similar. Eventually, these rules help us to measure and compare the forex trading reviews.

In each country, they have multiple governmental and independent agencies to look after the forex market. But the rules remain the same such as, the brokers will need to take licenses and register under the respective regulation area. On top of that, brokers also need to comply with the regulator’s audit and regular communications. Moreover, the brokers are also bound to offer uninterrupted service to all types of traders. For your information, we check all the regulatory body’s requirements while sorting the forex brokers reviews.

Nevertheless, the main goal for the regulatory authorities is to provide the safety of the client’s fund.

Cryptocurrency

Cryptocurrency has become a hot topic for the last few years. For your information, cryptocurrency doesn’t have any sort of physical activity or appearance. Perhaps it is a digital currency used to buy any services or goods online. But it has value against the dollars and other currencies.

Crypto uses an online ledger that ensures the security of the trading as well as the currency itself. But the only drawback of crypto is that it is not regulated worldwide. However, still, a million users trade this currency worldwide.

Cryptos run using computer networks, which can be traded via the exchange as well as can be stored in wallets. This currency contains a digital ownership record that is stored on blockchains. So, if anyone sends crypto to other users, they can send it to the receiver’s wallet directly. But, unlike the forex, the transaction doesn’t take time to be completed and added to the blockchain through a procedure called mining.

Besides the forex reviews, you will get to know crypto trading too.

Forex Broker Comparison

Forex comparison based on the best forex broker reviews and forex trading reviews will let you understand the different brokers and compare on your own. Therefore, you can easily choose the broker on your own. Furthermore, you can also make a list of the best forex trading companies for future reference. So, the forex broker comparison page will give you the complete guideline to choose the best broker among the hundreds of them.

Forex Brokers by Country

As we have mentioned that there are different brokers for different forex markets, so you better have the idea of FX brokers in different countries. But you should trade via the brokers from your country. Hence, your funds remain more secure. 

We have a huge list of the brokers in the FX brokers by country as per the origin and the countries they operate, which we retrieve through the FX broker review. As a result, the traders can sort and narrow the list before they go for the final broker. So, if you filter the forex reviews according to the countries, you will get the limited option of best broker, and eventually, it will be easier for you to select. Our list contains the best forex broker reviews according to the top countries in the world, and you can just choose the broker from your country list. Check our Forex brokers by country list to find the best Forex Brokers. 

Forex Account Types

Not all traders pursue the same expertise. Therefore, the brokers offer different Forex account types based on the user’s experience level. However, experienced traders should not go for entry-level accounts. That being said, each trader should know their level by assessing forex reviews as well as forex trading reviews before signup for an online forex trading account. So, our forex account type page will come in handy for you to understand the account types from the forex broker reviews and the level you are at. As a result, you can sign up for the account according to your expertise level.

Best Trading Platform Review

Platforms are the main part of an online forex trading account. Because, without the platforms, you cannot initiate trading with your intended forex trading company or even cannot analyze the currencies, execution of trading, and more. When you go for online forex trading brokers reviews with different brokers, there is a great possibility that you may come across different best forex trading platforms. However, there are very few platforms that are loved by all. But if you are totally new to forex trading and relying on forex reviews, you may not know which is the best trading platforms for forex unless you use it.

Therefore, you should know every detail about the forex trading reviews, platforms, and our forex trading platform review page can be your ultimate place to achieve knowledge on different types of platforms used in foreign exchange market trading.

Moreover, platforms are one of the top criteria to choose a broker. So, you need to check the best forex broker reviews to find the best forex trading platform review associated with a broker.

Forex Brokers Bonus

Forex bonuses can contribute to your profit, so you should put some effort into understanding the forex bonuses while you are checking the FX broker review. This will help you to make an estimation of your trading profit or loss. However, different online forex brokers may approach different bonuses. While each bonus is unique and has different offerings, some traders may not feel interested in bonuses. Whether you are interested in not, you should have some knowledge of bonuses through forex trading reviews.

With that note, we have listed out all the available bonuses offered by different brokers along with the detailed information. Thus, you can check those out and acquire some knowledge about forex bonuses before signup with a broker with the bonus offerings.

Forex Signals

The traders always keep an aim to increase their profit. Thus, they need to go for automation and take the help of technology. Forex signals help the traders step up their forex automation process. That is why having proper ideas and knowledge will surely help you to increase your earnings. To help out the traders regarding signals, we have provided a detailed guideline about forex signals with the help of an FX broker review. If you observe the signals from our page, you can easily apply them in your trading. Our research team has done extensive research to find out the signals based on multiple forex reviews.

Forex Scam Brokers List

As a non-finance person, you may not have an idea about how big the forex market is. For your information, the forex market is massive and valued at 6.6 trillion. Therefore, many scammers are there in the industry to lure some money from that massive market. While the expert traders can get scammed, the new traders have a great possibility to get scammed too. So, regardless of your trading expertise, make sure you know the forex scammers so that you don’t sign up with them. As a result, your investment at least remains safe from the scammers.

So, don’t forget to take a look at our scam brokers forex reviews list before choosing a broker. We always update the list by observing the forex market. So, whenever scammers emerge in the market, we add them up on the lists. Our forex scam brokers list aim to provide you the fake online forex brokers so that you can find the real forex companies by avoiding them.

How We Find the Best Forex Brokers? Our Criteria for Choosing Brokers

Choosing the best broker makes your job half done. And that is why we always recommend all the traders to choose the best brokers. With that in mind, we listed out the best forex brokers and represented them via forex broker reviews. So, you may want to know the process we follow to bring out the best broker. We specifically follow some criteria to provide the forex brokers reviews. What are those?

Read on to know the conditions we follow to find the forex trading companies.

Our Methodology

We follow a specific methodology while always working on improving it gradually. Over the years, we have updated our methods to cope up with the growing forex market. We check out every detail of forex brokers reviews. In a word, you can say that we analyze each and every point of a broker. While our research team always keeps working on finding and updating all forex brokers list, our users also contribute from their experience. They help to find the best online forex brokers they benefit from. 

On top of that, we always keep an eye on the forex reviews and forex trading reviews we have already made and keep the users updated. One of our top methods for forex brokers reviews is to interview the traders and let others know about the brokerage for forex trading. 

We have been doing this since 2007 and successfully helping the traders to select the best online forex trading platform via the forex broker rating.

We have presented our findings on different pages of our website under multiple categories. As a result, it becomes easier for the users to compare the forex reviews and choose accordingly.

Regulations

Forex regulation is a top priority for us while conducting review forex broker on forex companies. Nevertheless, every broker needs to be regulated by the specific regulatory body of the country they are operating. However, some brokers may operate without regulations. Hence, these kinds of forex companies are risky; perhaps you can call them scammers. So, checking the regulatory status lets us know the broker’s validity. 

For every online forex brokers reviews, we check the regulatory status, and we only review forex broker the regulated brokers. However, during this process, if we find any unregulated forex companies, we put them on the scam brokers list.

To check the regulatory status, firstly, we find out the license number of the respective broker and crosscheck the regulatory status.

Identify the Trader’s Needs

We work closely with the traders to understand their needs and vision. Therefore, we discuss with the traders and try to collect their requirements from a broker. But the requirement depends on the trader, and it is different for each trader. That is why we separate the broker via forex trading reviews as per the trader’s requirements. As a result, traders regardless of their experience can select the broker from different forex brokers reviews.

Narrow Down According to the Investment Goals

So, the trader’s requirement is in our hands; then, we narrow down the best forex broker reviews according to the specific requirement. We use the users’ investment goal to do this. Forex companies also monitor the trader’s needs and offer multiple options to track the forex reviews. Therefore, we analyze all the FX broker review offerings and bring out the best one for the prospective traders.

Fees

Fees can affect traders’ decisions on a specific broker. Our online forex brokers reviews found that the fees directly affect profitability as most brokers charge fees on each trading. So, if a trader knows the fees beforehand, they can allocate their investment on online forex trading. 

To make the traders’ calculation easier, we choose the best online forex trading account that offers the minimum fees. As a result, traders can maximize profit by using our recommended forex companies.

Platform Testing

Normally, forex companies provide the platform information before traders sign up. So, you will know what to expect when you register with that particular broker. But you have to use the platforms to know its quality. On the other hand, it is not possible for all to check each platform one by one. Thus, we check all the available platforms when we conduct the best forex broker reviews. Although there are very few platforms that are outstanding, and almost all the brokers use those. MetaTrader 4 and MetaTrader 5 are the top platforms loved by all. 

Testing Devices

For the forex broker reviews purpose, we test all the platforms in different devices on the high-speed internet so that we can present the actual data for the forex reviews. We normally use an 802.11n wireless WiFi network. However, if the WiFi is not available, we don’t hesitate to try the 4G network. For your information, we test all the web platforms on the latest Google Chrome Browser for computers as well as for mobile devices.

Furthermore, all the platforms and most online forex trading company have their apps for Android and iPhones. So, we also test them to see the accessibility of the forex market.

Forex Brokers Reviews Category

As we have mentioned earlier, we assess the forex reviews based on numerous variables. We weigh the forex companies based on points that are allocated through percentage. For example, we provide more value on commission and fees. That is why this category weighs 21%. Next, we emphasize research. Hence it is 17%. Offering trading investments or instruments also gets17% value. So, we weigh more than 200 criteria. 

Forex Brokers Reviews Education Feature

We look at the forex trading reviews to know the broker’s education offering for their traders. Whether they offer advanced education features for all or not. Usually, education features let the traders understand the forex more and keep themselves updated on the recent trends. Furthermore, education tools are highly essential for the new traders as they can get the opportunity to learn from scratch. Therefore, for the online forex brokers reviews, we value the education tools too.

Deposit and Withdrawals

The funding process is an important feature as you will need to deposit and withdraw money. So, there is no value if the broker puts barriers for deposits and withdrawals. The easy access to the ways of funding is what we keenly look at. Therefore, our best forex broker reviews emphasize easy payment options such as bank transfer, debit or credit card, bitcoin, or any digital payment solution.

Customer Support

Let’s think for a moment, and you face a problem while accessing the forex market or the platform while trading. However, the problem can be technical and non-technical. In both cases, prompt customer support is needed. While assessing the forex reviews and FX broker review, we put out the effort on checking out the platforms. Though you may not need to talk with customer support all the time, a simple live chat can give you the ultimate solution too. Hence, we focus on all types of customer support such as phone calls, live chat, email, etc. So, we analyze different communication methods offered by forex companies

So, our forex brokers reviews keep the forex trading companies ahead that have great customer service in terms of several communication methods. However, forex customer service usually doesn’t remain active on weekends, while some forex trading companies offer 24/7 customer service. So, we consider both types of brokers for forex trading reviews and observe their quality of service. 

Feedback from Clients

The users of a particular broker can get you the actual condition of a broker. So, the user can tell if the broker is good or bad. For that, we analyze the forex brokers reviews available in public. Further, we also talk with the real users to get their feedback about the broker they have been using. Based on the trader’s direct feedback as well as the publicly available forex reviews, we assess the broker.

Furthermore, we also open a demo or real online forex trading account with that particular broker and work on having the firsthand experience. That is how we compact the list and offer final forex broker reviews on online forex.

Top Qualities of a Good Forex Broker

While all the online forex brokers claim themselves as best, very few of them maintain the quality to become the best. When we research for the forex reviews, we have found that there are few qualities each broker should maintain to become the best. However, we have mentioned that we assess around 200 criteria to assess a broker. But all of them are not the top criteria. Rather a list of the criteria stays on the top priority while looking for the best forex broker reviews. So, what are those?

To measure the quality of online futures brokers reviews, we always see the above-mentioned criteria. However, some brokers might achieve a good score on other criteria except those we have mentioned above. In that case, we cannot keep them on the list of top 100 forex brokers in the world. 

Instead, we emphasize the top criteria for the FX broker review. So, if any broker scores good on the top criteria, we keep them ahead in the top 100 regulated forex brokers.

What Is Forex Trading?

In simple words, forex trading explained as buying and selling of different currencies. If you find difficulties in understanding forex trading, you may think of the regular stocks. In regular stocks, the traders usually buy and sell the stocks with the aim to have some profits. Customers usually work on taking a position on different currencies and hold them for a price rise. When the price goes up and becomes higher than the buying price, they sell the currencies.

However, multiple forex reviews suggest that there is no rule that the price will always rise significantly. Prices may also fall sometimes. Therefore, traders can make loss too. While the loss is inevitable sometimes, you can minimize it by applying some tricks, tips, and overall dedication.

Forex trading is widely known as foreign exchange trading and FX Trading, which is mainly the conversion of different currencies. Nevertheless, the forex market is considered the most active money market that has a daily $5 trillion trading volume.

Forex trading explained a network of buyers and sellers who buy or sell currencies according to their needs. Usually, forex trading companies, banks, or individuals work on currency conversion. In most cases, people buy or sell the physical currencies for their needs, while others may trade them online intending to gain profits.

Therefore, the currency fluctuates all the time and can affect stability. That is why traders tend to make profits by taking advantage of the currency fluctuations. However, the volatile market condition cannot always ensure profits, and it can lead to some losses too.

So, proper understating of the online forex trading brokers reviews with the help of forex reviews will let you work on profits. That is where we can help you out. You will get all the relevant information about forex trading explained at the FXBrokersComparison.com.

Further, our detailed forex broker reviews are there too. For details, don’t forget to look at the best forex brokers section, as we have offered the best brokers found from the FX broker review.

What is a Forex Market?

As per the bookish definition, the place where foreign currencies are traded is identified as the forex market. Nevertheless, as per the forex broker reviews, forex market doesn’t have any physical appearances. Instead, it operates virtually online as a result; it is widely known that the forex market never sleeps. Usually, it allows the traders to buy or sell currencies. The most interesting fact is that, despite having a massive market, it does not have a central regulation. But still have regulations based on the countries.

So, the trading is done electronically online. The facts suggest that the forex market stays open 24/7.

What Are the Different Types of Forex Brokers?

We aim to provide safe online forex brokers that have an easily understandable feature. Therefore, we would recommend the traders to have a proper idea as well as knowledge on all types of FX broker review. As per numerous forex reviews, forex market has multiple types of brokers. Nevertheless, online forex brokers are important to handle trading transactions.

The forex market mainly contains three broker types. So, choosing the right type of broker is an important decision to look at. And you need forex broker reviews to identify the right broker type as per your requirements.

So, what are those three Types?

These are no-dealing desks, market makers, and ECN Brokers. Each of these broker types has its own methods to initiate trading. So, you should know each type before choosing them. As a result, you will know the ways to work with each forex broker type.

Let’s get to know the details of each broker type we have found while conducting the forex broker reviews.

Non-Dealing Desk

Known as NDD offers direct access to multiple interbank forex markets. From the definition, you can clearly understand that it doesn’t have any sort of dealing desk operator. Usually, non-dealing desk brokers are responsible for trading mutual funds, hedge funds, etc. The NDD brokers work on picking the best offer for the traders after comparing with multiple providers. Furthermore, it also adds spreads and work on finding the best possible offering in the market.

So, it is clearly visible that NDD doesn’t use the dealing desk to complete the client’s order. Therefore, you will stay on your side while trading, but they work more as a middleman to complete your trading deal with the other party.

Through this, the NDD broker will connect with other reliable traders or organizations who would like to trade. The other reliable traders can be hedge funds, banks, other brokers, or even mutual funds.

Now the question is, why would the NND do all these?

The benefits they will get are a small commission or take fees from adjusting the spreads.

Market Makers

Unlike the NDD, market makers don’t offer access to the interbank network. While researching for the forex broker reviews, we come to know that this type of broker is widely known as the dealing desk broker. Normally, the market makers directly work with the traders and offer them a rate, which the trader can accept or deny. Hence, it signifies that you will deal with the broker directly.

If the trade has a large value and the broker predicts the overturn of the current rate, they tend to initiate the trade quickly. Market Makers seem to include this trading activity in their trading book. But it all depends on the transaction and market size.

Nevertheless, several forex reviews identified that market makers might offer a two-sided market through a specialist broker who is also working as their in-house broker. So, if the price is agreed upon by both parties, the market maker will initiate the trade for both parties.

So, the trader will sell the offer side or buy the bid side at the quoted price of the deal. The main goal of the market maker is to cover the spreads.

However, if the trading size is big, the market maker can apply the quick trading feature if they think the market will reverse. Moreover, they can add the transaction in the trading book too.  

ECN Brokers

ECN sometimes represents the NDD broker as they interconnect the traders through the electronic communication network. Besides, they also allow the traders to contact other participants. So, you will be able to start trading with banks, hedge funds, or multiple retail traders. Unlike the other forex broker types, ECN doesn’t include the spreads but takes the commissions from the traders, which is their income source.

Usually, ECN brokers don’t have any sort of dealing desk. Instead, the brokers offer an electronic platform for trading, where the traders, as well as the pro-market makers, put their offers and bids via the platforms.

However, the trader who offers the price remains anonymous. So, if anyone doesn’t want to reveal their identity, they can use the ECN brokers.

Some traders might find this process a bit complicated, but once you get acquainted with it, you will love it. For that, you need to understand the ECN broker’s activities, and you can understand that using the forex broker reviews.

How To Sign Up with a Forex Broker?

If you ever opened a bank account, you know how easy the process is! Opening a forex broker account works exactly the same way if you choose a good brokerage for forex trading after look at numerous forex broker reviews. So, you will need to supply your details to open the account initially. The broker will then verify your details. On top of that, you may need to go through some step-by-step processes for the final activation for foreign exchange trading. Following are the step you might need to go through.

  • In the initial step, the prospective trader or investor will have to visit the broker’s website, and you will surely see the signup button anywhere on the page. You will not face any difficulties in finding the button.
  • Once you find the signup link, hit that, and you will be redirected to a new page, or the signup page may pop up. After that, you need to fill out the form with the required personal information.
  • The personal info you will need to supply are name, contact address, contact number, email, ID number, date of birth, employment info, SSN or Tax ID, currency type you need, and finally, a strong password.
  • After the verification, you may also need to put additional information such as annual income, net worth, previous trading experience, trading strategy, and goals.

But, filling out all those information will not complete your online forex trading account opening process right away. Some brokers may take time for further verification, and you will have to wait for the final verification. And your account will be approved accordingly.

How To Sign Up with a Forex Broker

However, the account opening application might get denied by the forex trading company. In that case, try to look out for the lacking and ask the reason to the broker. You may also need to reapply after covering up the lacking. Sometimes, brokers may hold the account and ask for more info.

Let’s see the account opening process at a glance.

Information, a broker, will ask

  • Name and address
  • Date of birth
  • Citizenship
  • Valid email
  • Phone number
  • The currency you will be using
  • A strong password for the online forex trading account
  • ID number, SSN
  • Employment status

These are the basic data you require to submit. On top of that, some brokers may also ask other questions such as-

  • Annual income
  • Net worth
  • Trading vision
  • Past Experience. 
Compliance with the Industry

Modern forex trading is comparatively new in the financial industry. After 2008 all the countries that allow Forex trading became strict about monitory forex activities. Therefore, both traders and forex trading companies need to comply with underlying rules and regulations and spread their positivity via forex reviews.

So, when you sign up with a broker, make sure the broker asks you for the above-mentioned information. Also, ensure that you check that out through the online forex brokers reviews. If any broker misses out on asking any of these info, you should double-check with the proper regulatory authority. Besides, if you are confused about regulatory bodies, you may look at the forex scammers list.

Forex Trading and Risk

Investing in forex is risky, and no forex broker can guarantee you to make a profit. Hence, you should understand the underlying risk properly using the forex trading reviews as well as forex reviews before you go for forex trading. However, it is okay for newbie traders to face loss initially.

Moreover, you may face risk due to market volatility, leverage, limited regulatory protection, creditworthiness, or even due to liquidity on currency pairs. The leveraged forex trading can indicate that the market movement can affect the funds you have deposited. But you can reduce the potential risk by choosing the best broker, and forex broker reviews will assuredly help you out.

Deposits and Withdrawals Method, How does it Work?

The deposit and withdrawal methods depend on the broker’s policy. But almost all the forex trading companies have the same deposit and withdrawal method. Commonly, the forex trading company offers bank transfer, credit/ debit cards including Visa/Master card and digital payment solutions. However, sometimes forex trading companies also offer transaction methods based on the availability of local transaction methods.

The working procedure for the deposit methods is just like a regular bank transaction. While most of the funding of the case becomes available right away after you deposit, bank transfer may take time to get funded. On the other hand, withdrawals need approval from the brokerage firm. Hence, it may take time to process the money. The required time depends on the broker’s policy. Some brokers may process the -withdrawal in 3-5 business days, while some online forex trading company may take 7-10 days.

Are Forex Brokers Safe?

Each forex we have recommended on our site is safe. However, we cannot guarantee the other brokers we did feature or the broker listed as a scammer. Our recommended brokers had to pass all 200 criteria we look for in the forex broker reviews. Furthermore, we have years of experience. So, if you want to check a broker outside of our list brokers, you have to keep in mind the following four facts.

Know Your Facts

While choosing a broker based on forex reviews, make sure you collect all the facts and take all information based on that. Identifying the list of the facts will surely let you get an idea of the prospective broker. However, you should be in a hurry while going for the forex brokers reviews. 

Avoid the New Brokers

As the forex market is growing, new forex trading companies also emerge in the market so often. If you are a new trader, you should avoid signing up with the new brokers. Even if you are an experienced broker, you should avoid it, too, unless you are confident about the broker. In case you decide to trade with a new brokerage for forex trading, make sure you have checked their forex reviews.

Research

Don’t forget to do your homework properly before choosing a broker. Don’t just fall for the advertisement. Do extensive research on the intended broker and find all the forex broker reviews on that particular broker. After that, you can make your move.

Communication

If you contact the broker and they don’t communicate properly, you should avoid it. The broker should answer all the queries.

How to Avoid Being Caught Out by a Scam Broker?

As we have mentioned earlier, there are hundreds of scam brokers out there who just want to lure money from the trader. All over the world, traders lose millions of dollars each year due to forex scams. Nevertheless, you may not know who is a scam or who is legit initially unless you carefully check the online forex brokers reviews. But there are some common features of scam brokers you should keep in mind to avoid.

Signal Seller Scams

Traders usually buy signals from different providers to ease their trading activities. Signal seller scammers usually don’t provide the signals or advice they get from the investors.

Robot Scammer

Forex robots are responsible for the automatic buy and sell of currency. The scammers sell fake robots that don’t really work.

Brokers Scams

Sometimes scam forex trading companies pretend to be legitimate brokers, and they tend to offer lucrative investment deals. But ultimately, they don’t even have the license.

Pyramid Schemes

Pyramid schemes collect new members into investment groups with the hope of making them successful traders. The members need to provide a subscription fee. These kinds of activities are considered fake.

Ponzi Schemes

Ponzi schemes advertise the non-existent forex funds that offer an extremely high return in a small period of time.

These are the scams you might face in your forex trading career. But the real question is how to avoid them. You need to be very experienced to avoid scammers from the beginning of your forex career. But, that is time-consuming. But you can avoid them easily by choosing the broker from the top 100 regulated forex brokers list. Furthermore, you can check out all forex brokers list on our “Forex Scam Brokers List” page. And you can avoid all the listed online forex brokers on this page.

The Benefits of Demo Trading in Forex

The forex demo account is a great way to understand a forex broker as well as forex trading. It allows the trader to trade in real-time with virtual money. That is how you will get the initial knowledge if you are a newbie. On the other hand, if you are an experienced trader and need to test a broker, you can open a demo account initially and then go for the investment if you find it good while doing demo trading.

Furthermore, some great benefits include: it is free of cost, so you can practice yourself without worrying about loss. A demo account can provide you a firsthand experience on platforms. If you have a good strategy in your mind, you can test that through the best demo trading platform.

How We Compiled the Top Online Forex Brokers List?

To make the list of top 100 forex brokers in the world, the first thing we did was research. After that, sorted out all the available regulated forex brokers according to the forex trading reviews. Hence, you can mark the list as top 100 regulated forex brokers too. After that, we have checked if the brokers meet the criteria we have mentioned previously in this article. Then we checked the forex broker rating for each broker from different verified sources. That’s how we picked each broker and compiled the top forex brokers reviews list.

Wrap Up

Regardless of the experience, choosing a broker through forex broker reviews comparison is the ultimate way to find the best forex broker. And our forex reviews based on comparison would make your job easier. Moreover, we update the forex trading companies based on the current trend and the broker’s performance.

So, recommendations on brokers and comparisons can be your one-stop solution.

Forex Brokers Comparison FAQ

Do I Need a Broker for Forex?

Yes! You definitely need a broker to trade forex. Typically, forex trading means buying and selling the currencies, and technically, you cannot buy or sell currency without a broker. Even if you trade currencies in any money exchange store, you are buying or selling the currencies via a middleman. Forex brokers exactly worked like that but online. For that, you will surely require sign up or open a forex account first with the broker. After that, brokers will let you use the forex trading platform upon verification.

If your account gets approved, you must need to deposit money to your forex trading account to get started. Nevertheless, brokers connect with the other forex traders. In simple words, forex brokers are the bridge between the million of the trader and the trillion dollars’ worth forex market. If you want to trade without a broker, you will not be able to connect with another trader; perhaps there is no way to trade Forex without a broker.
Furthermore, trading FX is a highly risky business, and losing money is inevitable sometimes. But, the broker may reduce the potential loss. However, brokers are not free of cost. You will need to pay some commissions or fees as a charge for using their service. Fees and commissions come in different forms. Make sure you know everything about a broker before jumping in for the trading. So, it is evident you certainly need a broker for Forex.

Are Forex Brokers Reliable?

Forex brokers are reliable if you can choose the right broker. Alternatively, it can be said that not all forex brokers are reliable. Nevertheless, you can rely on the reputed best forex brokers. You need to rely on the best brokers because there are numerous scammers available with lucrative offerings and lure your hard-earned money. Therefore, you should not trust a broker initially by looking at their promise and unbelievable offering.
So, there is no alternative to find a reliable broker. To omit the unworthy and scam brokers, you can check our scam brokers list, and this will help to choose trustworthy brokers by avoiding scammers.

Furthermore, checking the forex brokers’ reviews and understanding all the terms and conditions will also help you. So, you will need to check some requirements before signing up with a broker. Your criteria may include regulations, account types, minimum deposit, withdrawal method, leverage, fees, commissions, educational tools, customer support, and more. All these together make a broker reliable. Hence, you should look for good feedback on these requirements.
And a reliable broker will never turn you down.

How Do I Calculate Forex Trading Costs?

Forex trading costs are the price or fees you need to pay to run your forex business. It usually incurs you to make any transaction, and you will need to pay fees to the broker. Usually, brokers impose the trading cost in terms of commission and spread. Furthermore, some additional costs might also incur.
For each trade you order, you will need to pay a specific amount which is ultimately known as trading cost. However, the calculation might look simple when you think about just paying a small amount of money. But if you are a big investor, the trading cost is something you need to look at to maximize profitability.

So, the main cost of trading is spreads and commission fees. A broker will usually show you two prices of a currency, the buying (bid) price, and the selling (ask) price. And the change between bid and ask prices is your trading cost.

For example, you want to buy EUR/USD, and you see 1.3000 in the price chart. But the broker will show you the quotes 1.3002 and 1.3000. So, if you buy the currency, you will need to buy at 1.3002, and your trading cost is 2 pips. That’s how you calculate the trading fees. So, for the large investor, changing a single pip can make the difference.
In addition to that, the broker may also impose a certain commission on each of the trade. Commissions may come in two types, fixed and relative fees. The fixed fees can be a standard charge imposed per trade. On the other hand, relative fees depend on the trading volume or size. For the high trading size, the commissions will be higher.

Can I Trade Forex Without a Broker?

The straight answer is NO. You cannot trade without a broker. But, if you think, technically, you can exchange any currency without the online forex broker. To illustrate, let’s assume you have some US dollars cash in your hand and you need local currency. Now you know someone who needs a US dollar for local currency. You can give your dollars to that person, and you can get the local currency from him upon the decided exchange rate. This is also trading. But this is a one-time exchange, and you may not be able to find someone over and over.

Now, if you eager to make money through forex trading, you need a broker. A few times of physical trading will not get you the desired profit, and that is time-consuming too. Instead, trading with the forex broker will give you the chance to earn money. So, you just need a forex broker to trade Forex professionally.

Do I Need a License to Trade Forex?

You don’t require any distinct license to trade Forex. You only need to sign up or register with a broker to start your forex trading. However, the forex broker needs to be licensed by a proper regulatory body to provide the brokerage service.

On your part, you need to register with the forex broker properly. You will require to provide multiple personal information to register with a broker legally. Through registering with the broker, your safety as well the broker’s safety is ensured. Whenever you register with the broker, you need to provide your name, address, IDs, geographical info, and more. This info will be verified by the broker, which is observed by the regulatory authority.
So, your information remains safe. Moreover, you can file a complaint against the broker if they don’t treat you right. The proper registration will help the regulatory authority to identify you and take action against the broker.

How Do I Know if my Forex Broker is Regulated?

When you select a broker, the first thing you have to look at is the regulations. A regulated broker is highly essential to have security and get all the forex benefits. An unregulated broker might scam you and lure your investment.

To understand if your forex broker is regulated or not, you simply need to visit their website. As per the regulatory authority’s rule, every broker needs to put their license number on the website along with the regulatory body they are licensed within their website. Therefore, traders can get that number and verify it with the regulations. Needless to say, the regulatory body contains all the licensed broker’s information in its database.

So, you need to visit the regulatory company’s website that the broker registered with. After that, put the license number of the desired broker and check if the regulatory authority’s website shows the broker’s name. If you see the broker’s information, you can be assured that your desired broker is regulated. Alternatively, if there is no info about the broker, it is unregulated. But you have to make sure that you looked with the proper regulatory authority. It is because there might be multiple regulations in your location.

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Top Forex Brokers Review
Top Forex Brokers Review