Most Trusted Forex Brokers In 2018.
The Top 10 Forex Brokers for Beginners Sharon Anne Waldrop If you know the basics of foreign currency exchange or forex trading, also known as FX trading, and want to give it a try, there’s more to learn than you might expect. Our Top 10 of the best forex brokers it’s right for you then. Over time we have created several lists on the best forex brokers in every category (find them at the bottom of this post). But here we have gathered the very best of the best, the biggest trusted forex brokers in the world, with peaks of excellence in the quality of services.
For this reason, the users need to be extra vigilant when deciding on the best forex broker platform. The first step towards securing an online platform is through the use of a Secure Sockets Layer encryption, popularly known as the SSL.
If you come around a brokerage platform that is not secured with this encryption, then run away from that platform as quick as you can. Without SSL encryption, critical trader information can easily be stolen and used for malicious purposes. Some Forex brokers go a step further by providing a two-factor authentication process as a requirement for logging in.
This makes your account more difficult to hack by providing an extra layer of security. This is another important item that traders should look at when selecting their forex trading broker. Nearly all brokers provide traders with the opportunity to engage in trading via three platforms: The only notable difference is that several brokers provide their Forex trading service via the MT4 trading platform while a few provide the services via CTrader platforms.
Nonetheless, depending on which platform the broker has chosen to provide its services, there could be some key features unique to the platform. Others also allow traders to install custom indicators to refine their trading process. You need to assess the trading methods allowed by the broker on the platform. One of the most important features to look at is whether the broker offers guaranteed stop loss execution. The stop loss and take profit features are used by traders to mitigate trading losses while at the same time capitalizing on every bit of profit taking opportunity.
However, when the market experiences high volatility periods, the gaps between quotations could be large with short periods of time thereby leading to huge losses. The same thing goes for brokers that re-quote prices during high volatility trading sessions. In such cases, it is good to go for brokers that have stated clearly in their terms and conditions that there are no requotes.
This can prevent you from unnecessary losses as well as provide you with profitable opportunities. Another thing that traders should look at in this section is the negative balance protection feature. This feature protects traders from losing finances that are presently not in their trading accounts. Traders should also make sure that the type of broker they choose suits their trading needs.
Some brokers are nothing more but market makers, which mean that they do not provide liquidity by linking client trades direct to the main forex trading market the interbank market where banks and corporate traders are involved. These are the ones that link the clients to the interbank market. Others also offer trading access to the electronic trading network ECN where traders can see the best price offered at the moment as well as the buy and sell orders of other ECN participants.
These are the two main market accessibility networks offered by brokers. As for market makers, they can be highly unpredictable, and even cases of trade manipulation cannot be ruled out. Although all forex brokerage firms offer great deals of currencies, not so many have the luxury of emphasizing on most considerable pairs. For this reason, the chances of trading in liquidity would be almost inevitable. There are some brokers who would offer tens of currency pairs but miss out on the most valuable part, those that the trader would be interested in.
Most brokers offer multiple trading assets aside from currency pairs. It is possible to trade commodities, indices and various stocks on some platforms, especially those that provide CFDs trading.
Depending on your targeted range of market, it is good to assess whether the instruments that you are experienced in are available on the trading platform of the broker you choose. It does have to downloaded as a software package, but is nevertheless very easy.
Through the MT4 trading platform traders can choose from a number of charting options to track market performance of a range of currency pairs. It only takes a click of a button and trades are executed almost instantly, based on real-time information. There are also platforms for mobile devices, as well as a no-download trading platform called WebTrader. There are a number of options if you plan on opening an account with CM Trading, all of which have a demo account option.
Funding an account is easy with CM Trading as it accepts all major credit and debit cards, wire transfers, Skrill , and CashU. Withdrawals are an absolute breeze with many processed within 24 hours, providing all required documentation is in order. CM Trading also offer their own prepaid Mastercard to its clients. Customer support is outstanding, and is available 24 hours a day, 5 days a week. There is a live chat option, which is something we always prefer, as well as an email option, and the chance to speak with one of the sixteen international direct phone lines.
It has made its name for many reasons but the biggest by far is its reputation as the best training broker in the industry. The educational material available is better than any others and includes training videos, expert advisors, webinars, fundamental analysis, trading signals and much more. Although 24X7 customer service is an important aspect of a broker, the language, and medium of communication also matter to a great extent.
By language, we refer to the list of official languages used by the broker for customer interaction, and the efficiency of the individual customer support services that are provided.
Of course, most brokers offer English as the default language for customer support, but the global appeal of Forex trading means there is a chance that a majority of traders might not be proficient in English. Therefore, a decent broker must take such a factor into consideration and adopt multiple languages into its customer support services channel.
Last, but not least, there is something else that matters when it comes to maintaining good customer support services from the best Forex brokers — the primary method of communication between a broker and its clients, also known as customer support channels. These are different approaches to customer interaction channels. They are developed by a company to enable clients to reach someone from the support team and can be chosen according to individual trader preferences.
E-mails and online contact forms may involve a delayed response and tend to take longer when it comes to resolving an issue. Of course, when it comes to an emergency situation, it would be nice for the Forex trading site to offer the convenience of a live chat option for instant questions and answers.
There is an extensive collection of companies from all over the world. In essence, you have to carefully consider your own priorities. From there you will be able to devise a list of your preferential trading requirements. Which in turn will help you in your quest to find a reliable Forex broker.
However, when you are confident about your primary requirements, you can adopt the following when searching for a reputable trading platform, registering a live Forex account, and trading the markets. Take some advice from good friends, family, or other helpful people in your social or professional circle.
Those who already have some form of experience in the Forex markets, either through trading or other activities are the best to approach. Seasoned Forex traders should have many years of trading experience in the market. This will have exposed them to some of the top rated Forex brokers offering the best services in the industry. Seeking help from people around you is an optimum choice, as it will help you to get reliable and genuine information about a Forex trading company.
As well as some useful tips for to how to proceed with a broker. Dealing with real people and reviews can also help you learn the best features of a broker and how to get the best trading conditions for your investments. Professional advice from experienced traders can be incredibly helpful for your trading career, so never underestimate their help or assistance.
Seeking expert advice does matter a lot to a trading beginner, as there are numerous risks and loopholes in the industry with the potential to create a hostile environment for amateur traders who are new in the field.
Expert reviews from experienced and trusted professionals Read through focused Forex broker reviews that are capable of offering a clear insight into the intrinsic qualities of a Forex broker. Many websites provide different types of reviews according to their overall affiliate or promotional campaigns, but here at TopRatedForexBrokers. We will never recommend a scam broker and are committed in our efforts to discover the numerous top rated Forex brokers in the market.
A Forex broker review not only provides brief information into the details of a specific trading platform, but also provides some vital data into understanding which broker is safe to use and which ones to avoid. Broker reviews are excellent in providing you with preliminary facts you should be aware of before registering for a live trading account. It could be because the broker restricts traders from your country, because of regulatory issues or the lack of deposit methods you can use to make a payment.
Comprehensive research through online and offline sources Do your own research to complement the information found through Forex broker reviews and advice from other market participants.
Regardless of the numerous online reviews and snippets of advice, the onus falls upon you as a trader to perform your own research. Of course, it will take time, but it will be time well-spent. Well-planned research will require you to evaluate the different aspects of the leading FX brokers you may come across online. And that includes checking out their features, reliability, regulatory protection, and efficiency of trading features through comprehensive broker analysis.
The job of researching a Forex broker and finding out all the relevant information is not as complex as one might assume. You can visit several online trader forums that have exclusive discussions about the different Forex companies, and you can join in with the discussion.
You can also see what the big traders are talking about regarding the overall services rendered by a particular FX broker. Make a list of the most-discussed brokers and start investigating them one by one. Visit rating pages that contain expert opinions and reviews from existing traders. Because they will have sampled the trading platforms through live trading accounts under real market conditions. Shortlist your preferred FX companies by visiting their official websites and getting in touch with the customer representative teams.
Test the different brokers through live or demo trading accounts You can experience the reliability and efficiency of a broker by registering for an official trading account and investing your own money. Keep your initial investments to a minimum by depositing small amounts into individual broker accounts and by making a few trades with each account to analyze the overall convenience and reliability of their trading environments.
Of course, trading the markets with real money to find the most trusted Forex brokers, may sound too risky and expensive in the long run. Other free alternatives might work for you. The majority of FX brokers you find from your Google search or via other methods, usually offer a great and convenient feature, known as a demo account.
A Forex demo account is an excellent, risk-free trading environment that provides you with the chance to make free trades. A demo account requires an official registration with a broker. And you may be required to submit several pieces of information such as personal info, email address, physical address, phone numbers, and other personal data.
You can use a demo account to make trades under live market conditions, but you cannot lose or win money due to the simulated nature of such types of trading account. Demo accounts are considered as mere simulations, and only intended for practice. You should certainly use the demo account feature if you are a newcomer to the Forex market. The best way to put your ideas and new found knowledge to the test is by trading with zero risk which is afforded by a demo account.
Even though most leading Forex brokers offer a demo account as part of their trading services, you should be aware that a demo account is usually offered only for a limited period of time. Demo accounts have a specific trial period, and brokers may offer up to 2 months demo for a trader to get used to the platform. In some cases, brokers might limit the demo period to 1 week, while other brokers may offer unlimited demo accounts. Therefore, you should consider your options carefully to ensure you are able to learn the dynamics of the markets well before your demo trial period runs out.
If a you fail to make the required deposit, you may no longer be granted access to the website or its trading features.
In order to enjoy a brokers services you will have to officially register and either open a demo account or use their full suite of trading features. Once you register with a Forex broker, you can begin your trading experience and start earning money from the financial markets. Regardless of the enthusiasm displayed by FX brokers, traders, and other market players, we would advise you to exercise caution when dealing with the Forex markets.
Forex trading is a legitimate investment opportunity, but professional traders have worked for years to reach a level of experience that enables them to replace their regular jobs and bring more funds for their official and personal enjoyment. Successful investing in the financial markets involves exercising extreme caution, having patience, and building up sufficient skills and knowledge to read the markets accurately.
As a beginner, you should concentrate on harnessing and managing the various psychological factors of trading, and controlling your greed in order to preserve your profits and cut your losses. With consistency and perseverance, you can follow in the footsteps of the most accomplished traders in the market.
Learning the art of successful trading will take time and experience, and nothing else can replace hands-on experience that the market can give you. The Forex market has a reputation for disciplining even the most frivolous investor, which is why we ask you to have faith in your abilities and develop trading strategies to suit your trading style.
Although 24X7 customer service is an important aspect of a broker, the language, and medium of communication also matter to a great extent. Withdrawal is the process of taking out your money including deposits, profits, and bonuses from your trading account.
CM Trading is also a bit of a newcomer, as it was established in