There is a misconception hovering around the top 10 forex brokers. That idea says that they are only available to a select few that have been specially chosen to trade with them. We’re here to tell you that’s not true at all.
In fact, we’re here to give you a list of the top 10 forex brokers, so that you can start trading with the best as well.
This trading platform was set up in 2003 by a company called XTB Limits. They are regulated by CySEC, which means they can legally participate in the trading market. They can provide you, the trader, with both demo and live account and they have a fantastic customer support service that you can use in case you have additional questions for them. You can open a live account either in EUR, USD, GBP or PLZ. The minimum deposit is $100, and their most typical spreads vary between 0.3 and 0.6 pips.
XM is the second entry on our top 10 forex brokers list. They are owned by Trading Point of Financial Instruments Company. Just almost all of the today’s popular brokers, they too are located in Cyprus. Evidently, they are also licensed and working legally. Therefore, you won’t be risking any money or the security of your personal information while trading with XM. They were established back in 2009 and, since then, they have managed to gather over 100 000 customers on their platform.
#3. HY Markets
Hanyep Capital Markets is the company that stands behind HY Markets. They are both British, and their headquarters, as well as their main offices, are to be found in London. Still, the latest reports of the market show that they have spread their online administration all through the world. They are currently regulated by the English FSA national regulator. They have a long history behind them, dating back to 1999.
Their latest financial reports show that AvaTrade has a monthly turnover of some 60 million USD. They are Irish, so they have their offices in Dublin, but they also have agencies all over the world, in cities such as Paris, Tokyo, Milan or Sydney. They’ve been around since 2006, and they have great mobile apps if you want to trade on the go. They also offer a MacTrading option, a web trading one that has an extension for your browser, a mobile version of their site, and apps for both Android and iOS. You can use them on both a tablet and a smartphone.
They offer demo accounts, which you can use to practice your trading. As far as the live accounts go, a standard account requires a minimum deposit of $10 so, if you’re a beginner, this will serve you well, as you won’t be risking or losing a significant sum of money. The leverage with Instaforex is quite large, of 1:1000. They offer several spreads but the average is approximately 1.6 pips. As far as assets go, you have a vast plethora to choose from – 107 currency instruments, trades on gold and silver, futures CFDs, 34 US stocks, and 107 currency instruments.
#6. Fresh Forex
They offer many types of accounts, such as the following: a particular type called the Islamic account, designed for Muslim traders, should their countries of residence allow trading. They also have demo accounts, in case you’re a newbie in this field, standard accounts that require minimum deposits, ECN accounts with spreads that start from 0 pips, and partner account meant for all traders that wish to trade together and share the risks.
#7. Plus 500
They are regulated by a trifecta of institutions – CySEC, FCA, and the ASIC. They were launched in 2008, and their headquarters are in Israel. Still, just all the others, they don’t only trade there, as they also have offices in Cyprus, Australia, and the UK. They one single account type. It starts with a minimum deposit of $100, and you can work your way up from there. The spreads are as low as two pips as far as the major currency pairs are concerned, and their maximum is 1:294.
- The eToro Openbook, which is their social platform. You can copy trades to your personal account and interact with other traders at the same time.
- eToro WebTrader, which is an online platform for managing your portfolio. It has a lot of trading tools, a user-friendly interface, and charting software which you will find very useful as you move along.
- eToro Mobile Trader – as the name suggests, it’s Toro’s mobile version of their online website. It is free to download for everyone and works on both Apple and Android systems.
#9. Iron FX Solid Trading
This is yet another trading platform based in Cyprus. The most interesting thing about it is that it has won many an award since they have started in 2010, such as the Best Mobile Platform in 2014, and Best Forex Broker. Despite all this, they went a bit off track in 2015 because a few of their Chinese affiliates filed some 160 complaints against them.
They also had some complaints coming from the media in Hungary, but they overcame that pebble on the road and are now back on track.
If you love football, then you will be happy to find out that OctaFX is now the sponsor of the Southampton Football Club. Their headquarters are in St. Vincent and the Grenadines, and they have been legally registered since 2011. In 2014, they won the award for being the best ECN Broker in Asia. They also won the award for the best broker in Central Asia.
They have more than one platform on which you can trade should you wish to. Two examples include the MT4 or the MetaTrader 4, a name with which you might be familiar and CTrader. The latter is somewhat new on the market but it has already gathered legions of interested traders. Experts say that, since it also offers a demo account, the CTrader is surely an option you should try.
The secret to finding the top 10 forex brokers is to know where to find them. And for that you need to do some research. It’s all about the filtering process so that you can make sure you locate the one that suits you and your needs best.