Best brokers for forex trading

The first broker we will take a look at for indian forex trading is alpari.

Today forex bonuses

Top 10 Best Forex Brokers in India for 2021, best brokers for forex trading.

This is the only international broker that is considered a SEBI compliant forex broker for indian traders. As an indian forex trader or any other, we would recommend that you display some degree of caution in your forex trading here. This is due to the revocation of many of their top-tier regulations due to 2015 bankruptcy. When thinking about which of the top forex brokers offer to take up on opening an account, you may or may not have considered brokers in india, or at least those that are available for indian citizens. If that is the case, then you find yourself in the perfect place.

Top 10 best forex brokers in india for 2021

Top rated:

So you are a forex trader, or a new trading looking to break into the forex trading world in india? You have likely considered the global and indian forex market very carefully.

When thinking about which of the top forex brokers offer to take up on opening an account, you may or may not have considered brokers in india, or at least those that are available for indian citizens. If that is the case, then you find yourself in the perfect place.

Here we have taken at the foreign exchange market for indian citizens and compiled a listing of the best forex brokers in india just for you.

Is forex trading illegal in india?

For indian citizens, this is the key question when getting involved in forex trading. The simple answer here is no. This however comes with some complexities for indian forex traders that we will explain.

Forex trading in india is regulated by SEBI (securities and exchange board of india) similarly to the way in which foreign exchange and trading is regulated in other countries. The difference comes though with the fact that the RBI (reserve bank of india) has made trading with some other currencies and the indian rupee illegal for fear of devaluing the indian currency.

With that in mind then, the only forex trading acceptable for indian forex traders to participate in is that of INR based pairs with major currency the USD, EUR, GBP, and JPY. The indian government have recently relaxed the rules to allow the introduction of trading on other major foreign currency pairs such as EUR/USD, GBP/USD, and USD/JPY. Other pairs are currently not available.

When it comes to online forex brokers and the indian forex market, it is however illegal for indian forex traders to use any online forex trading platform that is not regulated by SEBI. If you are reading this review as an indian citizen based abroad, then you typically have more freedom from these regulations and you can follow the regulations of your local area.

Disclaimer: the following top 10 illustrates international forex brokers that offer forex trading services in india. However, we couldn’t find any information regarding their SEBI compliances (except from alpari). If you’re based in india, and you want to open an account with them, contact local experts before taking any further action.

Top 10 of the best forex brokers in india today

1. Alpari

The first broker we will take a look at for indian forex trading is alpari. This is the only international broker that is considered a SEBI compliant forex broker for indian traders. As an indian forex trader or any other, we would recommend that you display some degree of caution in your forex trading here. This is due to the revocation of many of their top-tier regulations due to 2015 bankruptcy.

The broker is still regulated offshore by the FSC (C113012295). For indian citizens you can check up on the companies regulatory licensing through SEBI with the following registration numbers:

INE271381233
INE231376935
INE261383637

With alpari, there are no INR currency pairs available, though the other permitted pairs for indian traders are certainly available. The spreads with this broker start from 0 pips with the ECN accounts.

There are a total of 3 retail accounts available for indian traders. The standard account, ECN account, and micro account. The alpari minimum deposit starts from $5 for the micro account, $100 for a standard account, and $500 for ECN account holders. You can deposit indian rupee through a local bank transfer or neteller. This may incur some fees.

Fxdailyreport.Com

The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

Top best forex trading brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

Related articles of best forex broker for beginners

Best forex brokers with ZAR accounts 2021

We researched 10+ forex brokers that offer ZAR trading accounts, and have listed the best in terms of fees & features.

ZAR forex trading accounts are quite useful for traders in south africa. This will help you avoid losses in fees during the conversion of currency on deposits or withdrawals.

Having a ZAR account implies that all your funds with the broker will be kept in rand. In most cases, this would mean the broker likely has local bank account so you can access quick and convenient withdrawals and deposits through bank transfer.

However, only a few forex brokers in south africa offer ZAR trading accounts. Most of them claim to provide more or less similar trading environment and features. So choosing the best ZAR account broker is not easy.

7 best SA forex brokers that offer ZAR accounts

Hotforex – best ZAR account forex broker in south africa

Exness – ZAR account forex broker with low minimum deposit

XM – low spread ZAR account broker

Plus500 – good forex trading platform with ZAR account

Fxpro – trusted ZAR account broker

Marketsx – overall good ZAR base currency account

Blackstone futures – FSCA regulated

For this guide, we have done extensive research of 10+ forex brokers offering ZAR accounts to help you out. Then, we have chosen only the highly regulated and reliable brokers working in the south african market.

For the safety of your funds, even if your consideration is ZAR base currency account, you must still trade with only brokers that are well regulated with FSCA or other top tier regulators like FCA, ASIC.

Best forex brokers with ZAR account

Bour research offers a comparison of the top regulated forex brokers offering ZAR trading accounts. This includes overall fees (spread +commissions), trading conditions, platforms, and local support.

1. Hotforex – best ZAR account forex broker

Overall rating 9.1/10

Trading fees (USD/ZAR): 90 pips on average for USD/ZAR with premium account .

Minimum deposit: R75

Regulation: FSCA, FCA

Bonus offer: 100% deposit bonus for new first time signups ($250+ or ZAR 40,000+ approx. Deposit required)

Ranked #1 ZAR account forex broker in south africa

Hotforex is one of the best ZAR account forex broker for traders in south africa. They are locally regulated with the south africa financial security conduct authority – FSCA (FSP no.46632). Plus, they have been regulated by 2 other tier-1 regulators FCA and CYSEC. Thus we consider HF markets safe for traders in south africa.

Hotforex offers direct marker access being an STP broker. This means your orders get straight-through processing with no dealing desk. Orders are placed directly with their liquidity providers. Therefore conflict of interest is absent.

Fees: we compared their fees and found the cost to be quite fair (though not the lowest). In terms of fees for trading, hotforex has the lowest spread with the zero account. There is no fee for deposits or withdrawals.

The average USDZAR spread with the HF premium account is around 90 (variable as per market conditions). For a zero account, it is usually around 45 pips. Premium account is a commission-free spread only. Zero account has a spread of + $6 per 100,000 units (1 standard lot).

Fair trading conditions: hotforex offers you 50 currency pairs including exotic, minors, and majors. Its trading instruments also include cfds on 56 shares, 4 cryptocurrencies, leading 11 indices globally, 8 commodities, 3 top global bonds, energies such as crude and brent oil, US natural gas, and spot metals – silver and gold. HF offers trading on the latest MT4 and MT5 platforms for all devices.

The minimum balance for opening an account is ZAR 76 approx. & there are no deposit or withdrawal fees. The max. Leverage offered is up to 1:1000 and the speed of order execution is fair. HF also allows scalping, hedging, eas, and swap-free accounts.

Good support: hotforex has a local phone number in south africa (+27-10-443-9924, 0-800-999-265). The live chat support is quick and helpful available 24X5 on weekdays. We did not experience a hold time of above 1 minute while connecting anytime.

Regulated with FSCA in south africa & FCA in the UK

Spread for premium and micro account is quite competitive. With zero account it is low.

New accounts can avail 100% deposit bonus

Very good customer support

No fees for deposit or withdrawals.

Customer support not available during weekends.

2. Exness – ZAR account broker with low minimum deposit

Overall rating 9.0/10

Trading fees (USD/ZAR): 194 pips on average for USD/ZAR . 1 pips for EUR/USD.

Minimum deposit: $1 (R15)

Regulation: FCA, FSCA, cysec

Ranked #2 ZAR account forex broker

Exness is one of the largest forex broker in terms of average daily trading volume. Exness is licensed by 3 top tier regulations i.E. FSCA, FCA & cysec, so it is considered a safe broker.

Fees: the trading fees at exness is very low compared to other forex brokers. With their standard account the average spread is 1 pips for major pair EURUSD, and the spread is much lower with pro account.

Wide trading instruments & features: exness offers over 100+ currency pairs, and cfds on 100+ metals, crptos, stocks & indices

The highest leverage at exness is 1:2000. Exness offers MT4 & MT5 trading platforms.

Good support: customer support at exness is very good. They offer support via email, live chat & phone support as well.

4. Plus500 – good forex trading platform with ZAR account

Overall rating 8.9/10

Trading fees (USD/ZAR): 160 pips on average for USD/ZAR . 0.8 pips for EUR/USD.

Minimum deposit: R1500

Regulation: FCA, cysec, ASIC

Bonus offer: 100% deposit bonus for new first time signups ($250+ or ZAR 40,000+ approx. Deposit required)

Ranked #4 ZAR account forex broker

Plus500 is one of the leading forex trading platform. They are well regulated with multiple top tier regulators including with ASIC, FCA & cysec. Moreover, their company is also listed on the london stock exchange and is thus considered a relatively safe broker for traders in SA.

Fees: plus500 offers competitive spread to the traders – as low as 0.6 pips for the benchmark EUR/USD. They also do not charge any fees for withdrawals or deposits.

Moreover, there is no other volume/lot based commission on forex trade. The only fees that it charges are the spread.

Trading conditions & features: there is only a single account type for retail traders at plus500. The minimum deposit is ZAR 1500 and the max. Leverage is 1:300 for SA traders. The broker also provides protection for the negative balance and assured stop-loss protection. This is without charging any additional fees.

Traders can choose from 71 currency pairs, 1000+ cfds on stocks. The other asset classes include 8 commodities, 7 cryptocurrencies, 8 indices, 6 energies, and 4 precious metals.

Plus500 offers you its proprietary trading platforms for web and mobile trading. On the downside, this platform is not accessible in desktop.

Decent support: customer support is available through live chat, email & whatsapp. There is also a decent faqs section for self-help.

Live chat support can be accessed only when logged in. It is necessary to fill contact form for availing e-mail support. On testing, we received a response within 1 hour on a weekday.

Regulated with 2 tier 1 regulators FCA and ASIC.

Competitive spread for forex majors and crypto cfds.

Their platform provides access to 15 crypto cfds.

No charges for withdrawals and deposits.

Good mobile platform/app.

Good risk management features including guaranteed stop loss protection & negative balance protection.

Plus500 proprietary platform for trading is not accessible on desktop.

Third party popular metatrader or ctrader platforms are not available.

Account options are limited.

Education section for traders is very limited.

Why choose a ZAR account forex broker?

There are a few advantages to trading with a broker that offers ZAR base currency accounts.

A. Depends on your mostly traded trading instrument:
this is if your account is funded through the most frequently traded quote currency. For instance, if you mostly trade south african rand pairs with quote currency in ZAR such as USDZAR, EURZAR, GBPZAR, then there may be certain advantages to opening ZAR account.

If your account is funded in ZAR, then your account balance will be in rand, and all your profits too will by default be converted into ZAR (rand) once you close the trade. In case you are trading mostly ZAR quote currency pairs, then a conversion transaction will not be required. You will also save the commissions if your broker charges commission for the transaction to convert.

It is preferred if your account currency is the same as the quote currency of your most traded pairs. If not, you will lose during the re-conversion of funds to your funding currency each time you trade. You may have to pay an extra commission each time you trade if the broker charges for conversion. This could add up to much eventually.

B. Conversion charges during withdrawal (by your bank and/or the broker):
once you decide on the withdrawal, you will want to get withdrawal from your broker in your south african bank account.

In case you hold a ZAR account, the broker can directly send your withdrawal in rand. Instead consider a case where you request the withdrawal in USD (if your base currency is US dollar), then your bank, broker (or both) may charge you fees for the USD wire transfer to your SA based bank account.

Here, the currency conversion fees/spread on exchange rates of anywhere from 2%-6% could be charged by your bank. If the USD/ZAR exchange rate is 19, your bank will charge its fees on the exchange rate and offer you around 18.6. Your broker and bank may also levy wire charges for receipt of USD payments.

But in case of ZAR account, it is very likely that the rand withdrawal transfer by broker be from the broker’s local bank account in south africa.

This will save you the fees for withdrawal that can incur for your wire withdrawals.

Comparison of forex brokers with ZAR accounts

Below comparison table shows the features, fees of SA forex brokers that offer ZAR accounts.

ZAR forex broker	regulation	average spread (EUR/USD)	leverage	minimum deposit	visit website
hotforex ZAR account	FSCA, FCA, cysec	1.2 pips with premium account	up to 1:1000	$5 (

Frequently asked questions: ZAR account forex brokers

Which is the best forex broker that offers ZAR trading accounts?

According to our comparison these 3 brokers offer ZAR base currency option & are better than most other brokers out there for similar features:

FSCA regulated & offers ZAR account: hotforex

Good trading app: plus500

Low spread: XM broker

Are there any advantages to opening a ZAR trading account?

Yes, there are some benefits but it mostly depends on your choice.

If you mostly trade on rand pairs like USD/ZAR then it is preferred to open a ZAR account with the broker. As you could save on the conversion losses.

Moreover, another plus point to creating ZAR account over USD or EUR, is that you can make deposits & withdrawals in rand. In this case, there will be no losses on exchange rates or transfer fees that would be charged by your bank (or broker) if you were to say make transfer to your broker in USD.

Which ZAR base currency account forex brokers are regulated with FSCA?

As per our research, there are about 10 FSCA regulated forex brokers that offer ZAR accounts. We have listed 3 such brokers here in our list (last updated in august 2020): hotforex, fxpro & blackstone futures. We will add more ZAR account offering brokers in this list once we have compared their features & fees.

In terms of fees (USDZAR benchmark) – hotforex has 90 pips spread on average with their premium account (1.2 pips for EURUSD). Blackstone futures has spread as low as 10 points (variable) for USD/ZAR currency pair.

ZAR account brokers comparison summary

Here are our 2020's 3 recommended best forex brokers with ZAR account.

Trading cfds is risky. Your capital is at risk.
Disclosure: we earn a commission if you sign up with a broker through referral links in this review. This helps us cover the expenses for running the website.

Hotforex is the #1 ZAR account broker

Forexbrokers.Co.Za is a broker comparison & education website for south africans. We aim to help traders in south africa find the best forex brokers. Read more..

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Risk disclaimer

Risk warning: trading leveraged instruments such as forex & cfds are risky and can result in lose of your capital. Read full risk disclaimer..

Top 10 best forex brokers in india for 2021

Top rated:

So you are a forex trader, or a new trading looking to break into the forex trading world in india? You have likely considered the global and indian forex market very carefully.

Here we have taken at the foreign exchange market for indian citizens and compiled a listing of the best forex brokers in india just for you.

Is forex trading illegal in india?

Disclaimer: the following top 10 illustrates international forex brokers that offer forex trading services in india. However, we couldn’t find any information regarding their SEBI compliances (except from alpari). If you’re based in india, and you want to open an account with them, contact local experts before taking any further action.

Top 10 of the best forex brokers in india today

1. Alpari

The broker is still regulated offshore by the FSC (C113012295). For indian citizens you can check up on the companies regulatory licensing through SEBI with the following registration numbers:

INE271381233
INE231376935
INE261383637

Top 8 best forex brokers for trading in 2021

With an average daily turnover of over $5 trillion, the forex market is exponentially growing and gaining popularity adding millions of new users each day.

Therefore, it becomes essential for you to choose a trusted and reliable forex broker as markets are already subjected to risk, however it’s beneficial to have peace of mind knowing that your capital is in safe hands.

List of best forex brokers

Below we have compiled a detailed list of the best forex brokers in the industry and provided an in-depth overview to help you choose the forex broker that best suits your needs.

1. IG group

Established in 1974, IG group is well known & one of the best forex brokers in europe. Being a publicly-traded company & trusted in six tier-1 jurisdictions, IG is a highly safe & reliable broker for forex as well as cfds trading.

IG also offers rewarding features as an online forex broker and has a global presence including countries like new zealand, japan, the united states, and of course, the united kingdom. Additionally, if you are a resident of europe and intend to benefit from international market opportunities, then IG also offers opportunities to trade in etfs.

Benefits:

IG group being one of the best forex trading company provides access to a wide range of investment products. Its investment products include currency pairs which are around 104 as well as cfds which are around 19500. They also provide the option of cryptocurrency trading as cfds.

Leveraging its size and reputation as one of the top forex brokers in the world, IG provides competitive pricing regardless of the product you choose.

If you are a professional CFD trader who trades with high volumes, then IG also offers attractive discounts through its active trader rebate programme. Rebate hierarchy is of 2 levels with level 1 being of £50 million worth of transaction volume per month which offers 10% of the spread rebate and level 2 being of £300 million worth of transaction volume per month which offers 20% of rebate.

With an astonishing selection of trading platforms, IG is termed as one of the best forex brokers to use. Facilities provided serves amateur as well as professional traders. Moreover, IG group’s advanced web platform services provide an amazing trading experience.

Limitations:

Even though IG’s L2 dealer platform can be considered for active trading due to its discount offerings, the MT4 platform still lags in performance and is limited in the product range.

IG developed mobile stands among the top in the industry, however, it is not recommended for stock and investment research as the only information access it offers is from reuters. If you are into investing in stocks research and invest in best day trading stocks.

2. CMC markets

Established in 1989, CMC markets is a public traded and renowned UK forex broker making it one of the best forex brokers in europe. Adapting to the changing technological advancements and developing a next-generation online trading platform proves CMC markets is well equipped to provide a futurist and feature-rich trading experience.

Being one of the top forex brokers in the world, CMC markets offers a wide range of products and trading instruments like cfds and spreads in varied asset classes. Apart from that it also provides an opportunity to invest in cryptocurrencies and government bonds.

Benefits:

CMC markets is regulated by one of the most trusted regulatory agencies in the united kingdom i.E. Financial conduct authority which enhances its credibility as well as reliability. Moreover, all client funds are strategically segregated in the various UK and european banks ensuring the safety of client funds.

CMC markets‘ highly prompt and interactive customer service distinguishes them from the rest of the brokers making it one of the best forex trading companies. You need to be able to reach a broker quickly as time is of the essence in trading.

Limitations:

The biggest limitation is faced by residents of the united states as like most of the UK forex brokers, CMC markets also doesn’t accept US clients because of the regulatory conditions.

Like IG group, CMC markets also has the major product and facility constraints on its MT4 platform.

3. IC markets

Founded in 2007, IC markets is a fairly young brokerage company but getting included in our list shows that it definitely at par with companies that have been in the business for a long time. Headquartered in australia, IC markets proves to be a blessing for algo traders.

The brokerage company is building it’s brand and reliability one step at a time. At present, it holds regulatory status in one tier-1 jurisdiction and one in tier-2 jurisdiction putting it in the list of reliable brokerages for trading in forex and cfds.

Benefits:

IC markets provides an astounding amount of market research accommodating both technical and fundamental analysis. This enables traders and investors alike to stay updated and develop their future strategies.

IC markets offers highly attractive costs with the opportunity of scalable execution which makes the brokerage platform a blessing for algorithmic trading.

IC markets holds a strong place in being one of the best metatrader brokers due to its advanced MT4 and MT5 platforms for both, web as well as desktop.

Limitations:

IC markets’ trust score among its competitors remains low as it is not a publicly-traded company and has authorization from only one of tier 1 regulators i.E. Australian securities and investment commission.

The brokerage company only offers limited trading instruments with only 61 currency pairs and 230 cfds making it less attractive for active traders

In comparison with industry leaders, IC markets research tools are quite lagging and don’t cater to traders’ needs.

4. Plus 500

Another young growing brokerage company on our list is plus 500 which was founded in 2008 and headquartered in israel. Plus 500 is a publicly-traded company and prides itself as primarily an online trading platform.

Plus 500 has its global presence through its subsidiaries which are located throughout europe and asia-pacific and are listed on london stock exchange since 2018. Moreover, the brokerage company was the first one to offer bitcoin CFD in 2013 putting it on the best forex brokers’ list.

Benefits:

Plus 500 offers a comprehensive product mix on its platform by providing access to forex, stock index, shares, options derivatives, commodities, etfs as well as cryptocurrencies to clients around 50 countries.

Plus 500 enjoys the trust of the UK market as it is regulated by the FCA which is one of the major regulatory agencies of the country. Also, its user-friendly webtrader platform makes it reliable and attractive to clients around the globe.

One of the biggest benefits of plus 500 is its facility of negative balance protection ensuring client protection as this facility restricts losses to the total capital in the account.

Limitations:

As explained above the importance of having a broker on call, plus 500, unfortunately, lacks in the same forte. With its customer service limited to online modes like chat and e-mail, traders are unable to reach a broker in the time of need.

The biggest limitation is faced by residents of the united states as like most of the UK forex brokers, plus 500 also doesn’t accept US clients because of the regulatory conditions.

Professional traders who adopt multiple research tools from third parties will also be disappointed as the brokerage company doesn’t offer the desired facility on its webtrader platform.

5. OANDA

Established in 1996, OANDA is one of the most reputed and trusted forex brokers. In fact, its advanced and high-quality market research makes the brokerage firm one of the top forex brokers in the world.

Being a globally trusted name OANDA is regulated in each of the six tier-1 jurisdictions which enhance its credibility as well as reliability.

Benefits:

One of the major benefits of OANDA is the relief it offers US traders as it accepts US clients. This feature provides the firm a competitive advantage and distinguishes it from the rest of the brokerage firms

OANDA platform is well designed keeping in mind the slightest of needs for traders. Its platform offers a wide range of tools inclusive of dow jones FX select news and advanced trading calculators making fxtrade an efficient and convenient platform.

OANDA market research tools are also state of the art, providing in-depth economic analysis, real-time data, and advanced data analytics.

Limitations:

OANDA is not suited for beginner US traders as it doesn’t offer the facility of negative balance protection to them. This can be highly detrimental as if the stop loss is not maintained, the client capital balance can go negative making the loss unlimited.

The brokerage company offers limited trading instruments with only 70 currency pairs and merely 55 cfds making it less attractive for active traders.

OANDA can also prove to be quite expensive if you are an occasional trader as it charges inactivity charge each month in addition to its other operating fees like deposits and withdrawals etc.

6. Forex.Com

Established in 2001, forex.Com was introduced as a part of new jersey-based GAIN capital holdings which is a global leader in online trading services since 1999. Forex.Com is one of the reputed names in forex trading providing an excellent range of instruments globally. It also offers user-friendly and real-time tools for in-depth market research and screening. Being one of the most technologically advanced platforms, forex.Com prides itself as the #1 rated online broker making it one of the top brokers of the world.

Benefits:

Forex.Com offers a wide range of instruments to profit from giving traders numerous opportunities.

Forex.Com offers an inbuilt trading view chart that will enhance your trading experience with its programming language pine script offering traders the to develop custom indicators at no extra cost.

Forex.Com offers the UK and european clients a facility of negative balance protection ensuring client protection as this facility restricts losses to the total capital in the account.

Limitations:

Forex.Com doesn’t offer its US clients a facility of negative balance protection which is highly detrimental as if the stop loss is not maintained, the client’s capital balance can go negative making the loss unlimited.

Even though the live chat service is advertised, it is unavailable on the platform. Being an online broker, efficient customer service is way more necessary.

7. FXCM

Established in 1999, FXCM is operated by jefferies financial being a leucadia company. The brokerage company is trusted by clients globally for trading in forex and cfds because of its long-standing reputation as well as 3 of its regulatory authorities being in tier 1 jurisdiction.

Moreover, its best-in-class platform and tools as well as customer service make it one of the best forex brokers to use for amateur and professional traders alike.

Benefits:

FXCM not only competes but supersedes its competitors when it comes to advanced trading platforms and tools. It provides best in class platforms like MT4, tradingview, and ninjatrader8 making it a blessing for algorithmic trading and one of the best forex sites for trading.

FXCM offers premium research material on its platform inclusive of content from trading central, investing.Com as well as fxstreet.

Availability of premium content from efx data on FXCM trading platform also provides quality market data.

Limitations:

FXCM only offers limited trading instruments with only 39 currency pairs and 82 cfds making it less attractive for traders

We wouldn’t recommend FXCM for retail traders as the brokerage company was banned from the US market just 2 years ago and trust issues still persist.

Transparency concerns have also been observed relating to its net costs, subscriptions, and unavailability of direct interbank.

8. TD ameritrade FX

Established in 1971, TD ameritrade is one of the best forex brokers in the USA. The firm remains one of the biggest names in the industry and is continuously building on the legacy. With its highly user-friendly platform and interactive services, TD ameritrade is the recommended forex broker for beginners.

The availability of multiple platforms on the platform serves traders of all spheres. For beginners, the brokerage firm’s best in class educational material offers great insights.

Moreover, active investors benefit from its state of the art thinkorswim platform that provides all needed data and tools to decode market opportunities.

Benefits:

The user-friendly platform offered by TD ameritrade ensures convenience for all and it’s well designed mobile application provides an informative but simple experience.

Availability of the advanced thinkorswim platform on the web provides traders access to advanced tools and real-time analysis to trade in multiple instruments like equities, options, forex, and much more on the web.

TD ameritrade is one of the top forex brokers in the world offers a wide range of instruments in varied asset classes.

Limitations:

TD ameritrade doesn’t offer cryptocurrency trading and only provides the option of trading in CME bitcoin futures

You might have to shift among multiple platforms. For an instance, if you wish to trade in options then the trade-specific tools are confined to thinkorswim platform, however for the purpose of fundamental analysis, one would need to access the web portal.

So this was a list of the best forex brokers in the industry. Since your forex broker will be your trading partner, choose them carefully, and make sure they are reputable and fit your requirements as a trader.

Ready to succeed as a forex trader? Learn how elliott wave forecast can help you improve your success.

About elliott wave forecast

Elliott wave forecast is a leading technical analysis firm helping traders around the world make smarter trading decisions. Daily coverage of stocks, etfs, indices, forex, commodities, bonds & cryptocurrencies.

Best forex brokers kenya for 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the capital markets authority (CMA) to accept residents of kenya as customers, unless based in kenya.

The capital markets authority is the financial regulatory body in kenya. Website: https://www.Cma.Or.Ke/. We also recommend that residents of kenya follow the CMA on twitter: https://twitter.Com/cmakenya.

The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here's a link to the capital markets authority webpage on wikipedia.

Best forex brokers kenya

To find the best forex brokers in kenya, we created a list of all brokers that list kenya as a country they accept new customers from. We then ranked brokers by their trust score ranking.

Here is our list of the best forex brokers in kenya.

IG - best overall broker 2021, most trusted

Saxo bank - best for research, trusted global brand

Interactive brokers - great for professionals and institutions

City index - excellent all-round offering

XTB - best customer service, great trading platform

FOREX.Com - great all-round offering

Etoro - best copy trading platform

Kenya forex brokers comparison

Compare kenya authorised forex and cfds brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.

Forex broker	accepts KE residents	average spread EUR/USD - standard	minimum initial deposit	trust score	overall	visit site
IG	yes	0.745	£250.00	99	5 stars	visit site
saxo bank	yes	0.800	$10,000.00	99	5 stars	visit site
interactive brokers	yes	N/A	$0	94	4.5 stars	visit site
city index	yes	1.100	£50.00	93	4.5 stars	visit site
XTB	yes	0.860	$0.00	92	4.5 stars	visit site
FOREX.Com	yes	1.400	$100.00	93	4.5 stars	visit site
etoro	yes	1.00	$200	91	4 stars	visit site
avatrade	yes	0.910	$100.00	93	4 stars	visit site
XM group	yes	1.600	$5-100	84	4 stars	visit site
FP markets	yes	1.140	$100 AUD	81	4 stars	visit site
pepperstone	yes	1.160	$200.00	90	4 stars	N/A
IC markets	yes	0.800	$200	83	4 stars	visit site
fxpro	yes	1.510	$100.00	89	4 stars	visit site
vantage FX	yes	1.350	$200	79	3.5 stars	N/A
moneta markets	yes	1.300	$200.00	79	3.5 stars	N/A
HYCM	yes	2.00	$100	84	3.5 stars	visit site
VT markets	yes	1.30	$200	79	3.5 stars	N/A
blackbull markets	yes	0.76	$200	70	3.5 stars	N/A
octafx	yes	1.100	$5	59	3.5 stars	N/A
hotforex	yes	1.20	$50	83	4 stars	N/A
easymarkets	yes	0.900	$100.00	81	3.5 stars	N/A

How to verify CMA authorisation

To find a list of authorized forex brokers, residents can download the list of licenses report from the capital markets authority website to verify the authorisation of a broker.

More forex guides

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this website (www.Forexbrokers.Com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with forexbrokers.Com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses forexbrokers.Com or any of its reviews, products, or services. Forexbrokers.Com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While forexbrokers.Com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by forexbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.

Best forex brokers

Luke jacobi

Contributor, benzinga

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.Com

Forex trading is arguably one of the easiest financial markets to begin trading in. To get started, you just need to open and fund an account with a regulated online broker. Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level.

Best forex brokers right now:

Best overall forex broker: FOREX.Com

Best for ultra-low spreads: cedarfx

Best for beginner traders: etoro

Best for non-US traders: HYCM

Best for commodities: avatrade

Best for intermediate traders: pepperstone

Best for advanced forex traders: interactive brokers

Best for mobile traders: plus500

Best forex platform: IG markets

Table of contents [ hide ]

The best forex brokers

Benzinga’s picks for the best forex brokers in 6 key categories appear below along with details about each broker and a screenshot of their trading platforms.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

1. Best overall forex broker: FOREX.Com

FOREX.Com is a subsidiary of GAIN capital holdings (NYSE: GCAP) and ranks as the best overall forex broker.

You will only need $50 to open up an account to start trading up to 80 currency pairs on FOREX.Com’s advanced trading platforms, which include metatrader for non-U.S. Residents.

This broker accepts U.S. Clients and is regulated in the U.S. By the commodities futures trading commission (CFTC) and the national futures association (NFA). FOREX.Com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.

You can check out benzinga’s FOREX.Com review for more information about this excellent broker.

Account minimum

Pairs offered

Commisions

2. Best for ultra-low spreads: cedarfx

Cedarfx believes in combining the finest market conditions with excellent pricing and technology so clients can grow their accounts. A low spread generally indicates that volatility is low and liquidity is high and cedarfx prides itself

Cedarfx offers 2 account types: 0% commission accounts and eco accounts.

You get access to direct access to global financial markets, with over 170+ tradable assets available through metatrader4. Trade forex, crypto pairs, stocks, indices and commodities through a single platform!

You can practice your strategy and get familiar with the MT4 platform before trading using deposited funds through the free demo account.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

3. Best for beginner traders: etoro

Etoro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, etoro has excellent educational resources for forex beginners. Etoro’s intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, etoro does not support the metatrader 4 and 5 (MT4 and MT5) trading platforms.

The broker lets you trade over 2,000 different assets and has a minimum deposit of $50. Etoro currently accepts clients from most U.S. States where it is registered with the U.S. Financial crimes enforcement network (fincen) as a money services business, instead of with the NFA and CFTC as an online broker. The company is also regulated in australia, the U.K. And cyprus in the EU.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

4. Best for non-US traders: HYCM

Highly regulated HYCM offers stocks, forex, indices, cryptocurrencies, commodities and etfs. The company also offers excellent trading conditions and great liquidity.

HYCM uses metatrader 4 to trade the markets and adds in technical analysis, flexible trading systems and expert advisors (eas).

You’ll also encounter low spreads and low-cost trading, which includes 3 spread levels: fixed spreads, variable spreads and raw spreads:

You can access up to 500:1 leverage through HYCM, depending on where you live and which currency pair you’re trading.

Account minimums with HYCM may vary depending on your base currency and the type of account you open. You should have at least $100 to $200 ready to go before you open an account.

You can customize your account levels with varying fee structures to fit your risk tolerance and trade frequency.

HYCM even offers swap-free accounts that do not accrue interest for each of its fee types to allow islamic investors to trade freely without worrying about being in conflict with religious laws.

You’ll also find a range of education and research tools for endless education opportunities through HYCM.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

5. Best for commodities: avatrade

Avatrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (europe, australia, japan, british virgin islands, UAE and south africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).

Avatrade offers an exceptionally user-oriented perspective, including a 24-hour multilingual support desk for a broad range of instruments, platforms and services for every level of trader. Instruments include:

Forex

Stocks

Commodities

Cryptocurrencies

Indices

You’ll find a range of automated trading platforms, including desktop, tablet, mobile and web-based trading with metatrader 4, metatrader 5, its proprietary webtrader, avaoptions and the award-winning avatradego. Client funds are held in segregated accounts for increased security and fast profits withdrawal.

Avatrade’s innovative technology and cutting-edge trading features also include 1-on-1 training sessions with a dedicated account manager.

Commissions

Account minimum

6. Best for intermediate traders: pepperstone

U.K.-based pepperstone gets our vote for best broker for intermediate traders. It has regulatory oversight in the U.K. And australia, although it does not currently accept U.S. Clients. The broker lets you trade in 61 major, minor and exotic currency pairs and requires a minimum deposit of $200. Pepperstone provides support for the metatrader 4 and 5 and ctrader platforms.

In addition to forex, pepperstone offers trading in cryptocurrencies, energy, metals, commodities and stock index contracts for difference (cfds). Customer balances are maintained in segregated accounts for safety in the australian national bank and barclays U.K.

Pricing

Account minimum

7. Best for advanced forex traders: interactive brokers

Interactive brokers offers some of the lowest costs in the business, including a $0 commission on U.S.-listed stocks and exchange-traded funds (etfs). Because of interactive’s world-class brokerage services in 33 countries that cover 134 markets worldwide, the company has oversight from most of the world’s largest financial regulators, including the U.S. SEC, CFTC and NFA. Interactive also submits to regulatory oversight in the U.K., australia and canada, and it has agencies in japan, hong kong, india and luxembourg.

Interactive brokers offers trading in 23 different currencies and their pairs, and the broker requires a $10,000 minimum margin deposit that is applied to commissions for the first 8 months, followed by a $2,000 minimum starting on the 9th month.

Minimum commissions apply, as well as maintenance fees and charges for inactivity, so interactive brokers would be best for advanced, active and well-funded professional traders. Interactive’s proprietary trading platforms, including its client portal, desktop trader workstation (TWS) and mobile application have been rated as some of the best in the business.

8. Best for mobile traders: plus500

U.K.- based plus500 has oversight from the FCA and is a leading provider of CFD trading on over 1,000 tradable assets including forex currency pairs, stock shares, cryptocurrencies, etfs, options and indices. The company keeps your money in segregated accounts but does not offer services to U.S.-based clients.

Plus500 offers trading in 70 currency pairs featuring competitive spreads on its forex cfds and leverage of up to 300:1. The intuitive interface featured on both the plus500 desktop and mobile trading platforms can be accessed immediately by novices and professionals, which makes plus500 our pick for mobile traders.

Commissions

Account minimum

9. Best forex platform: IG markets

IG markets gives clients access to trade cfds in more than 17,000 different markets including forex, shares, indices, commodities, bonds, etfs, options and short-term interest rate cfds. You can trade up to 80 different currency pairs through IG and the broker requires a $250 minimum deposit.

IG accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as metatrader 4 and prorealtime. It also allows application programming interface (API) trading.

Forex market explained

In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market’s overall expectations of future events.

Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.

Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. The daily candlestick chart below shows changes in the exchange rate of the EUR/USD currency pair, which is the european union’s euro quoted in terms of the U.S. Dollar from november 2018 until april 2020.

Risk and reward in forex trading

Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade.

Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.

Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.

Choose your broker wisely

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements as a trader. Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.

Methodology

These top brokers were chosen for this review for various reasons depending on the specific category in which we felt they excelled. Baseline requirements included the strength of their regulatory environment, their generally good overall reputation with clients earned over an extended period and a substantial number of currency pairs available for trading.

So, let's see, what was the most valuable thing of this article: discover our top 10 featuring the best brokers for indian traders, including useful advices and information about forex trading regulation in india. At best brokers for forex trading