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Popular Forex Brokers That You Might Want to Check Out

Currencies / Forex Trading Jul 22, 2021 - 05:04 PM GMT

By: Steve_Barker

Investing in Forex opens up a lot of opportunities for beginners since the investment is minimal. Nevertheless, one thing you need to consider is which broker you will use. This is not as simple as it sounds because of various factors such as regulation, currency, and more that you must think about before settling on one.

Top Forex Brokers

This post will cover some of the best brokers currently on the market, including some pros and cons of each choice.

OANDA

OANDA has been operating for almost 25 years and is considered one of the very best brokers available. Their platform includes many valuable tools that are available to use for anyone using their service. This is extremely handy as it allows you to see which currency pairs are doing well and which to avoid. You can find further information in this Oanda review. One final thing to add is that it is interesting that they offer the chance to trade specific cryptocurrencies. This is something that not all Forex trading platforms allow. The fact they include this in their offering is a fantastic way to dip your toe into the world of crypto.

Pros

1. Great platform.
2. Easy to use analysis tools.
3. Can trade in crypto.
4. Easy to open an account.
5. Included app.

Cons

1. Crypto is currently resigned to Bitcoin.
2. No 24/4 support.
3. Cannot trade in stocks.

AvaTrade

Another popular Forex choice is AvaTrade who might not have been operating for quite as long as OANDA but certainly has the clout to match them. They are very trans[aprent with their regulations credentials and claim to be regulated in 6 jurisdictions. Why is this important? It means that wherever you are, it is highly likely that your money will be safe. As well as offering cryptocurrency trading options, they seem to have several more offerings than OANDA. Like OANDA, you can also trade in Contracts For Differences (CFDs), which can be a great way to break up your regular Forex trading routine and try something slightly different. One final point worth mentioning is that they have an app that is a fantastic option for those who need to keep up with trades and movements.

Pros

1. They have an app.
2. Easy to use and intuitive interface.
3. Quick account set up.
4. No deposit or withdrawal charges.
5. Choice of 7 cryptocurrencies to trade.

Cons

1. Inactivity fees can add up.
2. Costs are not high but not cheap either.

JustForex

JustForex is another extremely popular choice. They offer perhaps the fastest order execution of all other brokers at 0.01 seconds. You may not be familiar with the importance of this, but it means that you will get the trade closest to what you saw on the screen in a world where every millisecond counts. Like other choices, you can trade in other instruments such as crypto, CFDs, and even precious metals commodities.

Pros

1. Lots of training materials are great for novice traders.
2. Multi-Account Manager (MAM) accounts.

Cons

1. Not as regulated as the other choices (It is still regulated, just not to the same degree).
2. The USA only (no other countries allowed to use the platform).
3. Charge on withdrawing your money which can sting a bit.

BDSwiss

BDSwiss is one of the big boys in the market and has been around since 2012. They currently cater for over a million Forex traders worldwide and claim to have one of the fastest execution of orders compared to their competitors. One benefit that this presents international customers is that it is available almost worldwide and supports various languages. Additionally, they offer six different products to trade, including:

1. Forex.
2. Commodities.
3. Shares.
4. Indices.
5. Cryptocurrency.
6. ETFs.

This spread of options to trade in can keep trading a fun activity and allow you to hedge against riskier bets.

Pros

1. Regulated.
2. Commission-free trading.
3. Multi-country and language.
4. Lots of training materials.
5. Many different products to the trade.

Cons

1. Has access to a paid “VIP” section which is a bit annoying as it contains some useful features.

Exness

The last option on this list is Exness who has been around since 2008. They offer a range of features familiar to seasoned Forex traders and a few extras that are pretty useful if utilized properly. For example, you can set a withdrawal amount that is automated when the threshold is met. This leaves you focused on trading rather than thinking about when and how you will take out your money. Some of the stats they purport to include are:

1. 107 currency pairs.
2. 81 different stocks and indices.
3. 7 Cryptocurrencies to trade.
4. 12 precious metal and energy commodities.

This is a fine selection of things to trade all in one platform. They are regulated by no less than seven different regulatory bodies giving you complete peace of mind. These bodies include some of the strictest around, such as the Financial Conduct Authority (FCA), a UK-based regulator, and Cyprus Securities and Exchange Commission (CySEC), a well-established regulator. Like the other options, they offer many analysis tools and calculators to figure out which trades you want to execute and avoid. They also provide a variety of methods to deposit and withdraw money. This is useful because some platforms make it unnecessarily challenging to do such a simple task.

Pros

1. Easy to deposit and withdraw.
2. Lots of options to trade.
3. Straightforward account setup.
4. Automated withdrawal.
5. Demo trading account.
6. Highly regulated.
7. Speedy execution.

Cons

1. No multi-currency accounts are available.

How To Choose A Forex Broker?

Although this post has given the top 5 choices, plenty of other options might appeal to your requirements better. Therefore it is vital to understand what you should look for in an ideal Forex broker. Some things to check for include:

1. How they are regulated.
2. What kind of support do they provide.
3. What instruments you can trade.
4. How fast they execute orders.
5. How much commission do they charge
6. How long they have been around.
7. If they offer any training (for novice traders).

Once you have these bases covered, you can choose one, set up an account, and begin trading!

Choosing the right Forex broker is a vital part of trading FOrex efficiently. If you choose one that presents too many challenges, you might get put off. Conversely, if you choose one that is easy to set up but underregulated, you might also find issues down the road, but the brokers in this post should give you a good starting point.

By Steve Barker

© 2021 Copyright Steve Barker - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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