Forex Brokers Reviews 2023 – Find the Best Forex Brokers with Reviews and Ratings
To start forex trading, making the forex brokers list should be the first job. Forex brokers play a significant role in getting anyone accesses to the forex market. However, trading through the right broker is should be the second priority. We have invested a handsome amount of money in getting the right broker, and we made a top forex brokers list, which you may select without any doubt.
This article will take you through the facts we have used to sort out the top forex brokers list. Besides, those elements will also help us to review a forex broker. So let’s find those in detail.
How did we make Forex Brokers List?
The forex market is so competitive that making top forex brokers list through all the available brokers can give anyone a headache. Choosing the right broker makes traders forex trading jobs half done. Keeping that in mind, considering the strategy, flexibility in the capital, personal goals, etc. we have made a top forex brokers list so that you can kick start your forex trading.
Important Facts We Considered While Making Best Forex Brokers Directory
It doesn’t matter how or why you trade forex currencies. But, it is essential that you trade with reliable brokers. If you are a new trader, it is not advisable to invest all your money into a particular broker. Instead, it would be best if you invest in our handpicked top forex brokers list and try a few of them. As a result, you can find the best one for you. Since thousands of brokers are available out there, we made the forex brokers list, based on the following facts.
- Security: It is the first and foremost factor anyone has to look into a forex broker. After all, you are not going to put thousands of dollars into an unsecured broker. So, we researched all the brokers and tried to know how secure they are. All the brokers with a satisfactory result, we put in our forex brokers list.
- Transaction cost: No forex broker will offer you free of cost transactions. Whether it is a small amount or large, you are subject to getting charged according to your transaction whenever you trade something. However, the cost varies from broker to broker.
The charge is taken as spread or commission, so we listed the brokers with the most affordable and cheapest rates. Sometimes, a trader has to sacrifice low transactions for a more reliable broker. Some brokers are expensive, and some are pretty reasonable. Those reasonable brokers are worthy of investing, and we keep them in our top forex brokers list.
- Deposit and Withdrawal: The broker’s funding method is another essential fact to check, including the fees applied for each method. Besides, we also look for deposit and withdrawal requirements, fund accessibility, etc. Usually, a good forex broker makes the transaction process accepted by all the traders and gets in the top forex brokers list.
Additionally, when traders deposit the fund, they want to start trading as soon as possible. So, we eliminate any brokers with the delay of fund availability and keep them out of our forex brokers list.
- Competitive platform technology: Outstanding deposit and withdrawal methods, including low commission, will not add any value if the trading platform is outdated. If the platform has a poor interface, difficult navigation, and delays in the transaction, it will be a real struggle for a trader. On our list, all the brokers offer updated platforms such as Meta trader 4 and Meta trader 5.
- Business Model: Typically, brokers follow the dealing desk (DD) and non-dealing desk (NDD) model, while some works as a hybrid. However, the NDD model is more recognizable as you will get all the options like DD. On the other hand, the hybrid model is also popular as they offer a combination of NDD and ECN. So, NDD and hybrid model is our top priority for the forex broker list.
- Spreads and slippage: When we tried to figure out the broker list, asked them what sorts of spreads are available as brokers make commissions on spreads. We found that many forex brokers offer variable spreads while others offer fixed spreads. Besides, some brokers offer a mix of variable and fixed. So, when we made the top forex brokers list, we strictly considered those factors.
- Margin and leverage requirements: These two are another main factor while deciding to trade with a specific broker. Usually, the high leverage option is an exciting prospect. However, high leverage can also wipe your account in seconds. So, to keep our picks on the safe side, we considered the average leverage brokers in our forex brokers list.
Besides, we also checked whether our listed brokers are regulated or unregulated. Let’s check our methods out.
Regulated vs Unregulated Forex Brokers
To become a super trader, it is vital to select the right broker, therefore choosing the perfect broker is the first job. However, when we made the top forex brokers list, we carefully checked for the regulated brokers.
When we shortlisted the brokers, we have found both regulated and unregulated brokers. However, an online broker needs to be financially regulated by regulatory bodies. On the other hand, we also found some unregulated brokers who are quite popular too. But, investing in those unregulated ones is riskier as you are putting in real money. When a broker is unregulated, no regulatory organizations or bodies will take any kind of liabilities if they cheat with you. That is why we also looked for scam brokers when we made the forex brokers list and kept those away from the top forex brokers list.
Between regulated and unregulated brokers, it is super safe to choose regulated ones. They can never cheat with any trader, and they are transparent. On the other hand, we will also guide you on the forex brokers scam list to keep you safe. So, you won’t invest in them even by mistake.
How did we sort the regulated Forex Brokers List?
Once we made a final list, we checked their official website. If the brokers are regulated, they will have the license number or official regulation certificate on their website. Sometimes, scammers put fake licenses or certificates! To stay safe from scammers, we verified the license through the respective official website.
What does a regulated broker mean?
Regulatory bodies work to protect traders and ensure a safe trading environment. A regulated broker means a legit and safe broker, which complies with the authority’s rules and regulations. Usually, regulatory authorities set rules for both traders and brokers to keep the forex trading safe and secure.
Benefits of Trading with Top Forex Brokers
Financial markets have become more accessible for the last two decades. As a result, forex trading has become more popular. Let’s find the benefits you will get when you trade with our selected forex brokers list.
- Access to the largest financial market: Not all brokers will provide you the same opportunities. So, you might have to work with several brokers to get the most out of the forex market. The foreign exchange (forex) market is considered the largest financial market in the world. With the legit forex brokers we enlisted, you can access the 4-5 trillion dollar market.
- High volume and liquidity: Liquidation makes the forex market valuable. It means a large volume of currency can be traded at any moment without any wait. Once you have completed your trading, you can liquid your virtual earning.
- Independent market: Given the size of the forex market and the number of participants it has worldwide, no one can control the market and play monopoly. You will trade real-time with other buyers/ sellers.
- Always open: Unlike the local exchange market, the forex market always remains open, so that anyone from anywhere can trade anytime.
- Open for all: Anyone can trade on the forex market. As a starter, you can invest a small amount and gradually increase your income with patience.
Besides benefits, you have to consider underlying risks while trading with the top forex brokers.
What are Some of the Facts Associated with Forex Brokers?
Before trading with our forex brokers list, you have to keep in mind that there are some risks associated too. Such as-
- Regardless of the amount, you will be responsible for your loss.
- Exchange rates are volatile, fluctuate at any moment, and can go against you in milliseconds. It may cause a significant loss for you.
- As you already know that the market is open 24 hours, you may have to invest plenty of time to track any open positions.
- Predicting the market is quite tricky as you have to consider various factors.
Those are the most common risks. However, there are some other risks that you will get familiar with while trading. In terms of trading, choosing the right forex broker or making the top forex brokers list won’t reduce your risk. It is you whose action can reduce the risk.
Trading with our forex brokers list will give you the ability to access the currency market with ease. However, choosing from hundreds of brokers is not an easy task. A misleading or scam broker can give you the worst experience. That is why we made the top forex brokers list, from which you can choose any of the brokers without any doubt.
Indeed, doing proper research to find out the best forex brokers is time-consuming. To save your time from researching, we did your research part and brought all the top forex brokers together. You will just need to pick a broker and start trading.
Top Rated Online Best Forex Brokers 2023