Hey Traders, in this article I’m going to be telling you about the 5 Best forex brokers For Beginners and Pro Traders. These brokers have been around for a while and have cemented their spots as reputable brokers in the forex market. But before we dive in, here are some of the factors you need to consider when seeking a broker.
Reputation What do the reviews say about a particular broker? Are people happy with their services, or are they bad?
- Spread and Commission. This is the amount of broker charges you per trade.
- Customer Service and Support. How responsive is the broker to your complaints?
- Payment Method and Deposit Withdrawals. How easily can you put money in and get money out of your forex account? Very important.
- Fast Market Execution.
- Margin and Leverage. This is all about how much you are able to control with the amount in your account.
- Currency Pairs. How many currency pairs are available for you to trade?
Here’s the list of the best 5 brokers in the world.
1 = Exness
Exness Group was founded in 2008 and is regulated by CYSEC, FCA, and FSA. You can deposit a minimum of $1 and they offer a maximum leverage of 1 to 2,000. You can trade over 100 currency pairs. As usual, trading fees depend on the account type and the market traded.
There are no fees for deposits and withdrawals which can be done via the following channels.
Exness deposits and withdrawals
Visa, MasterCard, Bitcoin, PerfectMoney, Neteller, WebMoney, Skrill, Tether, etc. Exnes offers 24-7 customer support in English and 11 other languages.
Exness was awarded Best Global Forex Customer Service by the Global Forex Awards in 2019.
Do not miss a chance to get additional monthly bonuses and payouts for trading at EXNESS Group.
Exness Partner code; 7379213
2 = IC Markets
IC Markets is a reputable forex broker that has been in the market since 2007. They are based in Australia and regulated by the Australian Securities and Investment Commission ASIC.
IC Markets is known to have some of the lowest fees in the currency market. The average spread for EUR to USD is 0.1 while USD to CAD is 0.6. The other currency pairs fall somewhere in between.
For commissions, IC Markets charges $3.50 per lot per side for both MetaTrader 4 and 5 and $3 per $100,000 on cTrader. The minimum deposit is $200 and you can access a maximum leverage of 500 to 1. On IC Markets, you get to trade 60 plus currencies, 10 plus cryptocurrencies, and 215 plus CFDs.
IC Markets deposits and withdrawals
Withdrawals and deposits are free and you can transfer funds via BankWire, Visa, Mastercard, PayPal, Skrill, etc.
IC Markets has great customer support. You can reach them via phone, email, or live chat.
On IC Markets, you will need to provide photo ID and proof of residence for verification.
IC Markets was awarded the Best Lowest Spread Forex Broker for 2020.
3 = Forex Time.
FXTM is one of the leading forex brokers out there. They launched in 2011 and are based in Cyprus. They are regulated by several financial institutions in different countries, like the FCA, CYSEC, and FSCA. That tells you that they are indeed trustworthy.
FXTM offers low spread 0.1 for AUD JPY and 0.1 for EURJPY. FXTM charges no commissions on a standard account. FXTM lets you deposit a minimum of $10 and offers a max leverage of 1 to 1,000. On FXTM, you can trade up to 59 currency pairs.
FXTM deposits and withdrawals
For depositing and withdrawing funds, you have a lot of options. Bank Wire, Credit Cards, Skrill, Neteller, WebMoney, PerfectMoney, eWallets, and even Bitcoin
Deposits are free while you are charged up to $3 for withdrawal.
Customer support is great. They offer multiple languages available 24-5.
To become a verified client on FXTM, you will need proof of identity and proof of address. FXTM was awarded the Best Trading Experience for 2019 by World Finance Awards.
4 = FBS
FBS is a huge forex broker in Asia, founded in 2009. They have offices across Asia and are regulated by the IFSC in Belize. FBS lets you deposit a minimum of $1 and they offer a maximum leverage of 1 to 3,000, the highest in the industry. Deposit starts from as low as $0 up to $1. On FBS, you can trade over 35 currency pairs.
FBS Deposit and Withdrawal
Deposit and Withdrawal methods abound. Visa, BitWallet, Local Exchangers, PerfectMoney, Skrill, StickPay.
FBS may charge a fixed commission or a percentage commission or a combination of both depending on the withdrawal and deposit methods used. Customer support is quite good as they offer 18 languages.
FBS was awarded the Most Progressive Forex Broker Europe 2019 by International Business Magazine.
5 = OctaFX
OctaFX was founded in 2011 and regulated by CYSEC, Cyprus Securities and Exchange Commission. OctaFX lets you deposit a minimum of $5 for a maximum leverage of 1 to 500. You get access to about 28 currency pairs and other commodities including crypto. The spread will depend on the type of account and the trading platform. Spread can range from 0.1 to 30 pips.
OctaFX FBS Deposit and Withdrawal
As for withdrawals and deposits, you could use any of the following. Credit Card, Cryptocurrencies, Wire Transfer, Skrill, and NetTeller.
Best part is that there are no fees associated with withdrawal and deposit on OctaFX. OctaFX offers customer support in multiple languages 24-5. All you need to verify your account on OctaFX is a government issued photo ID.
Awarded Best Broker 2019 by Global Banking and Finance Review.