We review the top Forex brokers in the industry
Know the top Forex brokers and binary brokers, their trading conditions and bonus offers
Tap into the high potential of the Multi Trillion dollar Forex market
In the last two decades Forex trading in the world has became very popular and today trillions of people across the globe trade Forex with a view to earn profits from this highly potential market. But it should be noted that though the Forex market offers a high earning potential it also comes with a high risk element. It is always advisable to take all your trading decisions with discipline and proper research.
Choosing the right Forex or binary broker
Choosing the right broker is as important for earning in Forex market as learning about the Forex market is. It is in this area where we can provide you with a lot of help, however your actual profitability is influenced largely by the quality of trading decisions you actually can take. Take your time to know your Forex or binary broker properly, it's trading terms and conditions and try to always take informed decisions all through your trading career.
We help your chose the right Forex and binary brokers
In the first place we don't merely review a Forex broker just because it's willing to pay us for advertisement. We only review reputed Forex brokers that are regulated or licensed, trusted by a large number of traders, have strong establishment and provide a trading environment where traders can actually make good profits.
We provide you with valuable information and insights about the top Forex brokers but we don't pinpoint a particular Forex or binary broker and say that this is the best one for you. We know some websites do it but that is based on their own profitability and based on advertising fees they generate. You know your trading requirements and risk capacity better than anyone else and so you have to do some work in analysing and comparing the Forex brokers, their trading conditions, min lot size, min deposit and so on, in order to pick the right ones for yourself.
Trading with more than one Forex or binary broker can facilitate your trading performance since this way you can benefit from certain features, trading conditions or bonus offers that a particular broker is offering. Note that all top Forex brokers compete with each other and strive to improve their performance in order to keep their existing customers and secure new customers.
What makes a good broker?
The most important thing that makes a good broker is it's reliability. We have seen brokers come up with excellent bonus offers and promotions but after a while they just wind up. So caution should be exercised before deciding to work with new entrants in the Forex industry, working with brokers that are established and trusted by a large number of traders across the globe is more advisable. it is important to consider the following before deciding to join and trade with a broker.
1. Licensing and regulation of the broker
This is the most important thing to consider in judging the reliability of a Forex or binary broker. A broker that is well license has to adhere with the guidelines of the regulating authority and thereby is safer to invest and trade. Also the reputation of the regulatory or licensing authority matters, the stronger the regulatory authority the more reliable the Forex broker usually is. Following are some of the strong regulatory authorities to look for
National Futures Association (NFA), Commodity Futures Trading Commission (CFTC) - United States
Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)
Securities and Exchange Board of India (SEBI) - India
Australian Securities and Investment Commission (ASIC) - Australia
Swiss Federal Banking Commission (SFBC) - Switzerland
Autorite Des Marches Financiers (AMF) - France
Investment Investment Regulatory Organisation of Canada (IIROC) - Canada
2. Educational material and demo account
Trading is not a place where a newbie can enter and start earning a lot of money straightaway. If a person wants to earn in trading, he has to devote time for learning and practice. Today demo accounts are given free of cost by almost every broker and also many top brokers provide educational material that can be used for learning. As the age old proverb still holds good, "First learn and then earn".
3. Quality of order execution
A good broker will fill your trade at the best possible price and with lease slippages or re-quotes. At normal market conditions like when there is no news, a good broker will fill your order fast and at market price, however at times of high impact news some deviations are acceptable. Leave a Forex broker instantly if even at normal market conditions you are facing often re-quotes or your orders are not filled at or close to the market price.
4. Trading costs, spreads and commission of the broker
Every time you trade you either have to pay for the spreads or commission, so the spreads and commission charged by a Forex or binary broker can impact your profitability. Today there is competition everywhere and also among the Forex brokers. Many competent Forex brokers today offer ultra low spreads and charge very less commission on trades and hence such brokers are more attractive than the others.
So it is important to take note of your trading or transaction costs. If you are a day trader or trade several times in a month it is important that you choose a broker with low spreads or commissions. Along with other parameters, we do consider the spreads and commissions charged by a broker, before reviewing and recommending it.
5. How simple and hassle free is the withdrawal process
Some brokers have instant deposit but when it comes to withdrawal they take several days and some even are on the hunt to find excuses to avoid making any payments. Such brokers should be avoided and it's better to work with brokers that are financially strong and offer hassle free and fast withdrawals. Time is money and there is no reason for any broker to take very long or make it hard for you to withdraw your own money.
There are brokers that have instant deposits and instant withdrawals which you can have a look at here. Of course there are other things also to look for and which we have considered before listing these brokers on our website.
6. Trading platform and mobile trading experience.
It is the trading platform through which a trader places his trades in the market and hence it's stability and qualitity matters a lot. The Metatrader 4 - (MT4) is still the most popular trading platform among traders across the globe though some traders choose to use the Metatrader 5 (MT5) and they are available both for Computers and mobiles. All good Forex brokers offer both these platforms and also certain other trading paltforms with some unique features.
7. Trading platform and mobile trading experience.
There are many instances where a trader might need to contact a Forex broker. So your Forex broker should have good customer support and should be easily approachable at the time of need. Leave a broker as soon as possible if it is not having good customer support or is not solving your queries on time. Note that some Forex brokers provide excellent support during account opening or during deposit of money but their after sales services is bad, some brokers turn dumb when it comes to queries related to withdrawal of money.
We do consider the quality of customer support before listing a Forex or binary broker on our website, but you as a trader needs to be always alert because none other than God knows what is in store for the next day.
Difference between Forex and binary brokers
We will not dive deep in this but it is important to know the basic difference between Forex trading and binary trading. So brokers that allow Forex trading are Forex brokers and brokers that allow binary trading are binary brokers. So lets see the basic difference between these two types of trading.
Binary trading : Binary trading involves fixed risks and Fixed rewards. In binary trading, a trader has to predict whether a trading instrument, such as a currency pair, commodity or cryptocurrency, will go up or down in a fixed period of time. In binary trading, traders are shown upfront the amount of profit they will earn if their predictions are correct. Note that in binary trading it does not matter how much the trading instrument has moved up or down in the given time, what matters is whether the instrument has moved up or down.
Forex trading : Coming to Forex trading, the profitability of traders depend directly on the size of their trade and on how much the trading instrument has moved up or down after the trade has been placed. In Forex trading also, the size of profit or loss can be restricted by using a "Take profit" or "Stop loss" but otherwise the profits can be anything and so the loss, without a stop loss it is very possible that the trader might lose all the money in his account.