Best Forex Brokers for 2021, list of forex brokers.

List of forex brokers


Trading resources are generally tools that are provided by a broker to enhance the trading experience and potentially improve a trader’s trading outcomes.

Today forex bonuses


Best Forex Brokers for 2021, list of forex brokers.


Best Forex Brokers for 2021, list of forex brokers.


Best Forex Brokers for 2021, list of forex brokers.

More is not always better. In this case, it is about finding the broker that has the right mix of trading resources that cover analysis, news and market insight. Leverage in forex is now a big deal. What started off in 2010 when leverage caps were introduced in the US by the commodities and futures trading commission (CFTC), has now been extended into the united kingdom and europe. Retail traders in the UK and EU have seen leverage caps reduced from as high as 1:500, to just 1:30 for major forex pairs. Minor pairs and cfds have even tighter leverage limits. This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who were caught out by ESMA’s decision. Some of the UK/EU brokers have also opened international divisions, where their international client accounts are being migrated to. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones.


Best forex brokers for 2021


Brokerage companies are scattered all over the world and have many differences in trading conditions, products and services. Some companies are regulated, others are not. Some have been around for decades, others are rather young. Certain brokers work as market makers and have fixed spreads, others provide STP or ECN accounts with direct market access and offer a much larger selection of underlying assets for trading. This site was created to help you find the best forex brokers for your specific needs and requirements. There are several sections and filters in the menu on the left. These can be used to create a custom list of entities with preferable parameters and characteristics. If you find a certain broker you are currently trading with or have used before, feel free to share your experience about it in the comments section meant for forex broker reviews.


The forex brokerage business has undergone a lot of evolution in the last decade. The global financial crisis of 2008 and the events that happened thereafter have reshaped the industry. At about the same time, new technologies came up and also contributed to the evolution of the forex market and forex brokerage business. It is important for traders to understand what forex brokerage is all about and how it will affect their trading ventures. Before we get to meet the best forex brokers for 2021, it is pertinent to identify the role that forex brokers play in a trader’s career and why it is important to go with a forex broker that can match your circumstances and aspirations.


Role of forex brokers


Forex brokers have several roles to play in the market. These roles have also evolved over time, as traders demand a lot more from their trading providers. Forex companies now perform the following roles:


A) access to the market


This is the core role of the forex broker. The forex market is a virtual market with no physical location. At the centre of forex market operations is the interbank market, where the big banks offer various currency pairs for sale. Professional and individual traders therefore do not have to proceed to a physical location to trade, but rather have to have a means of accessing the interbank market. They can only gain access to the interbank forex market using software known as platforms. These platforms are provided by the forex brokers. So without the brokers, nobody can get access to the forex interbank market to trade.


Access can be provided directly using the ECN/STP platforms (also known as direct market access platforms), or indirectly using the market maker platforms that route orders to the broker’s dealing desk. Traders should as much as possible, try to understand the implications of getting direct access to the FX market on one hand, and getting indirect access on the other. The type of access granted will determine factors such as amount of capital to start with, as well as the trading styles and processes to be adopted.


B) trader education


This is gradually but surely becoming a very important element of the forex broker’s functions. Research has shown that 90% of retail traders will lose 90% of their accounts in 90 days. This is a well-established market statistic. Majority of the losing traders (if not all) are traders who are uneducated about the market and who do not understand how to trade profitably. These will end falling by the wayside. No broker wants to spend money acquiring clients, only to have them quit the market after decimating their accounts in 90 days. With brokers realizing that such an arrangement is not good for business in the long run, many of them are now investing significantly into trader education. Videos, articles and webinars are the common means by which beginner traders are given an introduction into the forex market.


C) market research


Once traders get established on the platforms using trader educational resources, their trading activities can be sustained via the provision of market research tools, analysis and news feeds. Many brokers have incorporated this into their offerings as well. For the trader, this is a good thing.


Criteria to consider in choosing a forex broker


The criteria for choosing a forex broker have evolved over the years. While there are still some elements that are critical to the choice and which have remained constant over time, there are other parameters which have emerged and which will be considered below.


1. Spreads/commissions


Spreads are the primary cost to the trader. Lower costs mean that the trader will have a chance to retain more profits, or at least reduce the losses that may be incurred. Competitive spreads are now a factor used in broker selection. It may not be immediately obvious how much savings on spreads can translate to, but high volume traders such as scalpers know that when up to 300 trades are placed in a month, then savings from reduced spreads can be substantial.


2. Leverage


Leverage in forex is now a big deal. What started off in 2010 when leverage caps were introduced in the US by the commodities and futures trading commission (CFTC), has now been extended into the united kingdom and europe. Retail traders in the UK and EU have seen leverage caps reduced from as high as 1:500, to just 1:30 for major forex pairs. Minor pairs and cfds have even tighter leverage limits. This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who were caught out by ESMA’s decision. Some of the UK/EU brokers have also opened international divisions, where their international client accounts are being migrated to. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones.


3. Regulation


Regulation will continue to remain a key factor in broker selection. Regulation ensures that traders are protected and that the trading environment is transparent and secure. The brokers presented on this site are regulated in their respective areas of operation, which ensures that traders who open accounts with them are assured of safety of their funds.


4. Broker type


A mention has earlier been made about direct and indirect access to the interbank market. As a trader, you need to know how each type of access will affect you. Market makers provide indirect access because they buy positions from the interbank market and resell them to their clients using a dealing desk. Market makers usually require smaller amounts of starting capital, provide fixed spreads, and tend to have more slippages and requotes. They provide a low barrier for market entry.


ECN brokers on the other hand, provide direct market access. They require large amounts as initial capital, provide variable spreads, but do not have slippages and requotes. However, they charge commissions on trades in addition to spreads. At the end of the day, the trader’s financial capacity will determine if a market maker or an ECN broker will be selected for the trading venture.


5. Trading resources


Trading resources are generally tools that are provided by a broker to enhance the trading experience and potentially improve a trader’s trading outcomes. More is not always better. In this case, it is about finding the broker that has the right mix of trading resources that cover analysis, news and market insight.


6. Customer support


Customer support can now be offered using a variety of means that were not in existence 10 years ago. Social media channels such as facebook and twitter, as well as messaging apps such as telegram can now serve as channels for receiving near-immediate responses from a broker’s customer support desk. Choose a broker with a diversified customer support structure which deploys these new means of communication.


Our list of forex brokers


The list below features best forex brokers selected by us for 2021 year. This list has been prepared after due consideration of all the factors mentioned above. In this list, you will find many brokers that are offshore brokerages with high leverage, or offshore divisions of EU/UK brokerages that can provide high leverage trading platforms to their clients. Feel free to read our forex broker reviews and make an informed choice based on the contents of this website.



Forex brokers


List of forex brokers


Current and transparent information about forex brokers.
The list shows the most important parameters to go into the details of forex broker click “more”.


Forex brokers are intermediaries that provides software for online currency trading. Brokers for their services charge a small commission from forex investors. The above forex brokers list presents popular forex companies with characteristics the most important parameters. Compare details of offers that will help you to choose good forex broker.
If you are looking for a specific type of broker, check the following comparison:
– brokers for scalping
– managed accounts
– spread comparison
– methods of deposits and withdrawals


What’s new?


Meefx – welcome bonus 5 USD


Instaforex – one million option


MFM securities – matador contest


Forex4you – trading hero contest


Justforex – 2021 trading contest


Risk warning:
investors should be aware of the serious risks of investing in the forex market, binary options and other financial instruments. Trading on the forex and cfds using the leverage mechanism carries a high level of risk and may not be suitable for all investors.


Disclaimer:
all content on the brokersofforex.Com is provided for informational purposes only and shall not in any way be regarded as financial advice. Brokersofforex.Com and persons associated with brokersofforex.Com disclaim liability for any loss resulting from the use of information contained on this website. The published comments are private opinions of the users. Brokersofforex.Com is not responsible for their content. Used names and trademarks belong to their respective owners and are used for informational purposes only.



From may 25, 2018, the general data protection regulation (GDPR), applies to all personal data processing of individuals from the european union.
We comply with this regulation and we would like to inform you about the rules of processing your personal data.


We would also like to inform you that this site uses cookies to provide better services.
Please be advised that by continuing to use this site, without changing your browser settings, you agree to the saving of cookies.


Privacy overview


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Best forex brokers – top 10 brokers 2021 in ukraine


How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.


The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.


But we can help you choose…


Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.


Forex brokers in ukraine


How to find the best forex broker


The main criteria for finding the best forex brokers in ukraine 2021 are these – we will expand on each area later on in the article:



  • Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

  • Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

  • Accessibility and affordability – beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.

  • Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

  • Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

  • Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

  • Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

  • Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

  • Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

  • Company background and history – knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.

  • Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

  • Account opening / registration – is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been problematic in the past.



best forex brokers list


Broker costs


The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.


The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.



  • The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

  • Besides the spread, a commission is charged as well. This commission is based on the amount you trade.



Spreads


Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.


The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.


A currency market and spread go hand in hand.


Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.


The lowest spreads suit frequent traders.


Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.


Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.


What is the rollover rate?


Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.


Forex pairs traded


While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?


If you are trading major pairs (see below), then all brokers will cater for you.


If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.


Majors


The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf


That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.


Such flexibility is obviously a major asset, positively impacting the overall quality of the service.


What about crypto?


Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.


The massive volatility associated with these products makes scalping a viable strategy for profitable trading.


Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.


Micro accounts


Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.


Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.


Note however that the spreads/commissions on such micro accounts tend to be quite adverse.


It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.


Trading platforms


Forex trading platforms are more or less customisable trading environments for online trading.


They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.


Metatrader 4 or 5


Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.


Trading view


Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.


Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.


While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.


If you want scalping, see if your broker is a forex broker for scalping.


For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.


They lack all the advanced analysis and market research features, and as such, are hardly useful.


Tools & features


From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.


Again, the availability of these as a deciding factor on opening account will be down to the individual.


Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.


Deposits and withdrawals


There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.


At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.


Otherwise, the payment process largely hinges on the accepted money transfer methods.


It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.


Education


Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.


A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!


Payment methods


The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.


Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.


We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.


Proper forex brokers always provide a local-specific payment solution to their target countries.


Customer feedback


Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.


You have to take this type of feedback with a grain of salt, to say the least.


First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.


Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.


That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.


The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.


Forex brokers mobile trading app


Regulation


Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.


ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:


ESMA have jurisdiction over all regulators within the EEA


The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).


Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).


Outside of europe, the largest regulators of trading accounts and brokers are:


These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.


Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.


So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.


Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.


Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.


Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.


Security


Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.


Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.


A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.


Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.


Demo accounts


Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.


Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).


FX leverage


For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.


In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.


Just note that higher leverage increases potential losses, just as it does potential profits.


Company history


A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.


This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.


What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.


Bonus


From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.


Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.


Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.


Additional account details


When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.


Order execution types


Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.


Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.


If you are looking for this method specifically, you will need to seek out an ECN forex broker.


Ecns are great for limit orders, as they match buy and sell orders automatically within the network.


Some other options that your forex broker can use are:



  • Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

  • Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

  • Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

  • Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.



Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.


Broker reporting


Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.


Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.


This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.


If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.


These examples yet again showcase the importance of a proper regulatory background.


Account types


From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.


Micro accounts might provide lower trade size limits for example.


Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.


So research what you need, and compare it to what you are getting.


Scams


Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;



  • Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

  • Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

  • Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.



If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.


With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.


We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!


Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.


Difference between A broker and A market maker?


A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.


A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.


The conflict of interest in this setup is obvious, but it does happen.


The bottom line


Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.


Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.


Forex broker reviews


Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.


If we can determine that a broker would not accept your location, it is marked in grey in the table.



Forex brokers


List of forex brokers


Current and transparent information about forex brokers.
The list shows the most important parameters to go into the details of forex broker click “more”.


Forex brokers are intermediaries that provides software for online currency trading. Brokers for their services charge a small commission from forex investors. The above forex brokers list presents popular forex companies with characteristics the most important parameters. Compare details of offers that will help you to choose good forex broker.
If you are looking for a specific type of broker, check the following comparison:
– brokers for scalping
– managed accounts
– spread comparison
– methods of deposits and withdrawals


What’s new?


Meefx – welcome bonus 5 USD


Instaforex – one million option


MFM securities – matador contest


Forex4you – trading hero contest


Justforex – 2021 trading contest


Risk warning:
investors should be aware of the serious risks of investing in the forex market, binary options and other financial instruments. Trading on the forex and cfds using the leverage mechanism carries a high level of risk and may not be suitable for all investors.


Disclaimer:
all content on the brokersofforex.Com is provided for informational purposes only and shall not in any way be regarded as financial advice. Brokersofforex.Com and persons associated with brokersofforex.Com disclaim liability for any loss resulting from the use of information contained on this website. The published comments are private opinions of the users. Brokersofforex.Com is not responsible for their content. Used names and trademarks belong to their respective owners and are used for informational purposes only.



From may 25, 2018, the general data protection regulation (GDPR), applies to all personal data processing of individuals from the european union.
We comply with this regulation and we would like to inform you about the rules of processing your personal data.


We would also like to inform you that this site uses cookies to provide better services.
Please be advised that by continuing to use this site, without changing your browser settings, you agree to the saving of cookies.


Privacy overview


Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.


Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.



STP forex brokers


Straight through processing or STP brokers are sending traders’ orders directly to the market without dealing desk intervention (or NDD) means straight to the liquidity providers the market is consistent of and the ones particular broker cooperating with.


Typically, the broker has many liquidity providers that are either banks or larger brokers generating its own bid and ask price. However, it’s still an option to execute through one liquidity provider, as some brokers practicing that as a result bringing deeper liquidity pool.


The STP execution also means there is no re-quote or delay in filling orders, as the technology executes in extreme speed, sorts quotes among the offering and filling orders at the best available price just adding-on small fixed markup usually 1 pip to the quote. Most often, the STP type brings variable spreads due to the changing bid/ ask prices, yet at a very competitive spread value usually lower than market makers.


However, one of the advantages among STP execution is that the broker never makes profits on clients’ losses since the company gains its net from a number of executed orders and more interested in the trading sizes.



  • The best STP forex broker is a crucial choice for any trader in its successful trading experience, as you may see loads of unscrupulous brokers or offer among the industry proposals. Yet, the fact remains the same, only regulated brokers are constantly overseen in all stages of operation, so maintaining secure trader’s money management, deliver fair dealing conditions and may be considered as safe to trade with.




Fxdailyreport.Com


The forex market transacts enormous amounts of money every day. With possible trillions moving in and out of the market every trading day, the forex market offers a great profit potential. However, where there is profit, there is also the potential for loss. In this case, the loss could begin with choosing the wrong broker. These factors should help any trader looking to invest in forex:


Regulatory compliance
before settling on a broker to trade with, it is important to know who regulates them. If a broker operates in a number of countries, they must be regulated by the authority mandated to oversee financial institutions in those states. For instance, if a broker is based in australia and operates in the US and UK, they must be regulated by the regulatory bodies of those three countries (ASIC, NFA and CFTC, and FCA and PRA respectively).


Regulatory bodies make sure that the broker you want to invest with operates within the financial laws of the host country. They also provide consumer security to traders by lending legitimacy to a broker.


Top 10 legit forex brokers


brokerinfobonusopen 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

top 10 legit forex brokers


Data safety
how safe is your most valuable data? Currently, data has become a high-value asset to third parties. When you get into forex, you must submit sensitive user information to your broker. This includes personal and financial information that could be sold off to data banks if it got into the wrong hands. Standard data safety measures involve using SSL, or two-step verification every time you log on to a broker’s site.


Fees
any fees incurred are the standard cost of doing business. However, these expenses could affect your profits, especially if they are hidden. Still, your broker has to charge. Most brokers will opt to make their profit from spreads. Spreads are the difference between the ask and the bid price. Tight spreads mean you can easily enter and exit the market, and as such, a broker will reap maximum profits on wider spreads. Tight spreads are common in higher trading currency pairs such as the dollar/euro pair or dollar/pound pair. Highly volatile pairs will have wider spreads.


Other expenses that you might incur include fees charged during any fund transfers (deposits and withdrawals) and additional costs related to your bank account. It is, therefore imperative that you have another party look at the fee clause in your broker-trader contract to make sure you have full knowledge.


Platforms and software
A trading platform serves as your gateway to the market. A reliable platform should be highly responsive and easy to navigate, and it should have the necessary tools that allow traders to react to the market in real time. It is common for brokers to have a custom-made trading platform. However, if your broker does not have their own software, they most likely use more common trading platforms such as the metatrader 4 (MT4) or metatrader 5 (MT5).


Each platform has several features that give them an edge over competitor platforms. One of the common features of an excellent platform is the ability to run on different devices and their compatibility with various operating systems. Some platforms come with inbuilt strategies that you can use to plan your trades. Additionally, you can develop your own strategies and save them into the platform.


To expand your options, some platforms let you communicate with other traders to chart strategies or to learn from more experienced traders.


Ease of transaction
A legit forex broker allows you to access your money easily. Reputable forex brokers use the money you deposit to trade, and once they make their profit, what you earn should be easy to withdraw. Some brokers make these processes seamless by offering more access options. For instance, you can deposit or withdraw your money through paypal, debit, and credit as well as direct wire transfers.


Currency pairs
on any day, there are plenty of currency pairs getting traded. A legit broker should at least offer the major pairs. The euro, dollar, yen, and pound are the most popular currency pairs.
However, a trader can choose which pairs they prefer to trade. More established brokers tend to have a broader range of currency pairs. Check if your broker offers the currencies you would like to trade.


Accounts
A good forex broker allows traders to open an account of their choice. The initial amount determines which account you can create. Some brokers will let you open accounts with as little as $50. However, such accounts are considered risky because of the lack of flexibility with open positions. The required amount to open a standard account is about $10,000. In some cases, a broker will offer exclusive accounts that require initial capital of up to $20,000. These types of accounts usually have VIP benefits such as fewer fees and premium tools. In islamic countries, brokers may offer accounts that adhere to sharia law. These accounts do not accrue interest.


It is also vital to know if your broker offers a demo account with which you can trade risk-free before you go live. Demo accounts don’t require any financial commitment and are perfect for beginners looking to get hands-on market experience.


Customer services
forex trading is a 24-hour business rife with a number of issues that require immediate assistance. A good broker is only as effective as their support system. Fortunately, most legit forex brokers have customer service that allows you to speak to agents, lodge ticketed complains and receive technical support on various platforms. Timely support ensures that you get real-time help with sensitive information when you need it.


Broker type
the type of broker you choose in this case is purely based on profit. Electronic communication network brokers (ECN brokers) have the edge over dealing desk brokers (DD) brokers since they offer better spreads, translating to better profits for a trader. ECN brokers match trades between other traders, unlike DD brokers who might have to trade against their own clients.


Additional services
other than the basics, a good forex broker could sweeten the deal for you by offering in-house services such as tax statement preparation, up to date market news, additional expert analysis and occasional classes that help you better your skill as a trader.



25 best UK forex brokers for 2021


Steven Hatzakis


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 the united kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the financial conduct authority (FCA), which is the financial regulatory body in the UK. The FCA's website is FCA.Org.Uk. We recommend UK residents also follow the FCA on twitter, @thefca.


The FCA was formed out of the financial services act of 2012, effectively replacing its predecessor, the financial services authority (FSA). For a historical breakdown, here's a link to financial conduct authority webpage on wikipedia.


Best UK forex brokers for 2021


To find the best forex brokers in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their trust score. Here is our list of the top UK forex brokers.



  • IG - best overall broker 2021, most trusted

  • Saxo bank - best for research, trusted global brand

  • CMC markets - best web platform, most currency pairs

  • 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




Best forex brokers UK comparison


Compare UK 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 brokeraccepts GB residentsauthorised or regulated by the FCAaverage spread EUR/USD - standardminimum initial deposittrust scoreoverallvisit site
IG yes yes 0.745£250.0099 5 stars visit site
saxo bank yes yes 0.800$10,000.0099 5 stars visit site
CMC markets yes yes 0.740$0.0099 5 stars N/A
interactive brokers yes yes N/A$094 4.5 stars visit site
city index yes yes 1.100 £50.0093 4.5 stars visit site
XTB yes yes 0.860$0.0092 4.5 stars visit site
FOREX.Com yes yes 1.400$100.0093 4.5 stars visit site
etoro yes yes 1.00$20091 4 stars visit site
swissquote yes yes N/A$1000.0099 4 stars N/A
FXCM yes yes 1.400£30092 4 stars N/A
avatrade yes 0.910$100.0093 4 stars visit site
FP markets yes 1.140$100 AUD81 4 stars visit site
plus500 yes yes 0.600€10098 4 stars N/A
pepperstone yes yes 1.160$200.0090 4 stars N/A
IC markets yes 0.800$20083 4 stars visit site
tickmill yes yes 0.530$100.0081 4 stars visit site
fxpro yes yes 1.510$100.0089 4 stars visit site
vantage FX yes yes 1.350$20079 3.5 stars N/A
moneta markets yes yes 1.300$200.0079 3.5 stars N/A
HYCM yes yes 2.00$10084 3.5 stars visit site
eightcap yes $10069 3.5 stars N/A
VT markets yes 1.30$20079 3.5 stars N/A
blackbull markets yes 0.76$20070 3.5 stars N/A
octafx yes 1.100$559 3.5 stars N/A
hotforex yes yes 1.20$5083 4 stars N/A
easymarkets yes 0.900$100.0081 3.5 stars N/A

How to verfiy FCA authorisation


To identify if a forex broker is licensed to operate in the united kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker's UK homepage. For example, here's the key disclosure text from IG's website,


Both IG markets ltd (register number 195355) and IG index ltd (register number 114059) are authorised and regulated by the financial conduct authority."


Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG markets limited.


Summary


To recap, here are the best UK online forex brokers.


Best UK Forex Brokers


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.


IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.


OANDA - cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.


Plus500uk ltd is authorised and regulated by the financial conduct authority (FRN 509909).


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.


© 2021 reink media group LLC.
All rights reserved.



Forex brokers to avoid


Best Forex Brokers for 2021, list of forex brokers.


If you trade forex, you need to make sure that your brokers are legitimate and above board – and that you can trust them to help you out. While most forex brokers are decent and honest, not all are. It pays to be able to defend yourself against less scrupulous brokers. Avoiding broker fraud ought to be a priority for people who trade foreign exchange pairs, then – and that’s where we can help. Below is a list of brokers who we have deemed to not be trustworthy for a variety of reasons. And if you are concerned about a particular broker, contact us with details to alert us with the potential broker fraud going on. From there, we can go ahead and research and review the broker in question and help prevent other users from falling victim to any dodgy practices. And we’ll use this information to keep the list as updated as possible – so check back here for all the latest updates when you can.


Table of contents


Investigated brokers


The sad reality of the foreign exchange trading world is that there are people who are out to make a fraudulent buck from innocent traders trying to build their portfolios. Whether it’s insider trading or some other manipulation of the international markets, trading fraud can take many guises – and it can even have links to the wider stock markets as well. As a result, it’s wise to keep yourself fully informed about what the brokers you are considering are up to – and make decisions to avoid those who don’t offer the level of safety and security you require.


Below is an up to date list of the brokers which we strongly advise traders to choose to avoid. There are plenty of other brokers out there who are trustworthy – and with these traders below exhibiting behaviours like copying websites of others, receiving warnings from regulators and more, it’s well worth avoiding them as you choose your own preferred provider.


Various global institutions have criticised the range of brokers included on this list. Whether it’s the australian securities and investments commission or the regulators of nations such as cyprus, there are organisations on here which have faced the wrath of some of the world’s leading oversight bodies. But, we’ve gone even further and responded to intelligence from our users in order to bring you an up to date list of brokers which, in our opinion, ought to be avoided. (see the full list at the bottom of this page).


Latest added forex brokers to avoid



  • OT capital. They have gotten a warning from ASIC.

  • EU capital. They ask you to deposit over and over again. They even try to get you to log in to your bank account over a shared screen.

  • Multiplymarket is a clone of trading technologies.

  • Bluetrading has an FCA warning for claiming to be FCA regulated when they, in fact, are not.

  • Facebook group investment/profits, FBO trading signals & bitcoin investments – they don’t allow withdrawals and block you as soon as you ask for a withdrawal.

  • ECN capital. They claim to be cysec regulated but are not.

  • GBCFX – unregulated broker having issues handling withdrawals.

  • Forex365options – they make you pay fees that aren’t even in any terms and conditions. Website hardly works either.

  • Toptrades.Co – not regulated so should be avoided.

  • Fx-premium. They are copying the website of JFD brokers so should be avoided!


Most trusted forex brokers


But despite the fact that there are clearly some untrustworthy web brokers out there in the forex world, it’s also the case that some brokers are more worthy of your trust. Many legitimate forex brokers have taken steps to gain the trust of their users, whether that’s by implementing rules against money laundering or simply by segregating client funds away from the operational funds of the broker’s business.


It’s not always possible to identify the legitimate foreign exchange brokers from first glance – but that’s where we can help. The list below is based on reviews which assess everything from the apps offered by particular forex brokers to the reputations they have among users for fairness.


To see a full list of our trusted foreign exchange brokers, why not check out this table?



Best forex brokers in nigeria for 2021


We compared & then selected the 8 best forex brokers in nigeria that are regulated with FCA (UK), cysec & FSCA.


Best Forex Brokers in Nigeria 2021


Forex trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.


In a rapidly developing country such as nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated nigerian forex brokers and avoid the bad ones.


In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept nigerian investors.


List of 8 best regulated forex brokers in nigeria for 2021


There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage offered, minimum deposit, funding & withdrawal methods and time taken etc.


Our below vetted list is created especially for nigerian traders; it will quickly allow you to compare the key features that you need to look for in any reputed forex broker.


Best forex brokers in nigeria


Here’s our updated list of the 8 best performing forex brokers in nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):


1. FXTM – best forex broker in nigeria (instant order execution, low deposit & easy withdrawals)


Overall rating 9/10



  • Fees: 1.9 pips average spread for EUR/USD with standard account. And 0.3 pips (plus $0.4 per mini lot) with ECN MT5 account.

  • Account minimum: ₦2000 or $10 (cent account)

  • Leverage: 1:1000

  • Promotion: no deposit bonus available currently


Ranks #1 forex broker in nigeria


Forextime or FXTM is the best forex broker in nigeria, and they are one of the few forex brokers that has local office & phone number in nigeria. They are safe for nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, cysec in cyprus, FSCA and FSC of mauritius. FXTM is our recommended forex broker for nigerian traders.


FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a top tier regulation, so we consider them to be a safe broker. They offer various account types, all of them can be funded in USD or naira & have very low minimum deposit requirements starting from just ₦2000 with the cent account. This makes FXTM a very good choice for nigerian traders.


Apart from forex trading, FXTM also offer other instruments such as cfds on commodity futures and cfds on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded its range of currencies & now offer 57 major & minor currency pairs.


Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.


FXTM broker offers local customer support in english & has 19 deposit & withdrawal options which includes many methods for nigerian traders including bank deposit & card payment. Even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.



  • FXTM is a highly regulated forex broker, so trading with them is safe. They are regulated globally with 3 top tier regulators i.E. FCA(UK), FSCA & cysec.

  • You can start trading with ₦2000 deposit, making them a good option for new traders.

  • Low spreads for most major & minor currency pairs including EUR/USD with ECN MT5 account.

  • Fast withdrawals in nigeria.

  • Live chat support is available 24/5 & for few hours during weekends. Their support overall is quite good.




  • FXTM has bit higher spread with their standard accounts compared to other brokers. For ex. Their typical EUR/USD spread with standard account is around 1.9 pips on average, but its still competitive.



2. Hotforex – best regulated forex broker with low spread & 100% deposit bonus



Overall rating 9.0/10



  • Typical fees: 1.2 pips spread for EUR/USD with micro account & 0.3 pips with zero account. This would be variable depending in the market conditions.

  • Account minimum: $5 (₦2000)

  • Leverage: 1:1000

  • Promotion: get 100% bonus on new deposits with at-least ₦30,000 deposit required.


Ranks #2 forex broker in nigeria


Hotforex is our recommended low cost broker for nigeria. They have a local office & phone support in nigeria & are a highly regulated broker (FCA, FSCA & cysec). They are a 100% STP broker which ensures very fair dealing. Plus they offer very good order execution on all trades, have really low spreads for EUR/USD & other majors, and very good customer support as well. We highly recommend hotforex for beginner traders looking for a well regulated low cost broker in nigeria.


Hotforex was established in the year 2010. They are regulated with FCA (UK), cysec & even financial sector conduct authority (south africa), so we find them to be a trusted broker for nigerians.


They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with zero account (1.2 pips with premium, micro accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).


Further, hotforex offers trading on various platforms that can be accessed from android, iphone and desktop. You can trade on the metatrader 4 or metatrader 5 platforms, both of which are the most widely used trading platforms in the world.


Hotforex also offers local bank withdraw and deposit methods for nigerian traders, and there are many wallet options as well. Plus, hotforex have ongoing deposit bonus promotion available for traders in nigeria.



  • Hotforex is a highly regulated broker, as they are regulated by 3 top-tier regulatory authorities FCA, FSCA & CYSEC. This ensures very fair dealing.

  • Low minimum deposit requirements of $5.

  • Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0.3 pips typical spread for EUR/USD with their zero account.

  • Very attractive 100% sign up bonus for new customers & good loyalty program for existing customers.

  • Hotforex offers local deposit options like bank transfers for nigerian customers. You would need to talk to their live chat for the local bank funding options.

  • Very good support available via live chat, phone & emails.

  • 100% depoit bonus available for every deposit of $250 or higher.




  • Their commission per lot of $6 (roundturn) with zero account is higher than other brokers like IC markets, FXTM that offer similar low spread ECN type accounts.



3. Octafx – low spread broker, commission free local deposits, withdrawals & 50% deposit bonus



Overall rating 8.9/10



  • Fees: 1.1 pips typical spread for EUR/USD with MT4 micro accounts. And 0.7 pips (plus $0.3 per mini lot) with ECN ctrader account.

  • Account minimum: $50 (₦18,000)

  • Leverage: 1:500

  • Promotion: 50% deposit bonus on all deposits


Ranked #3 forex broker in nigeria


Octafx is a cysec regulated forex broker that also accepts nigerian clients. They offer good trading conditions including competitive spread, fixed as well as variable spread MT4 accounts, local nigerian bank deposit & withdrawal methods, and multiple trading platforms i.E. MT4, MT5 & ctrader for mobile, web, and desktop.


Octafx is a forex & CFD broker that was established in 2011. They have 3 account types i.E: MT4 micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & ctrader ECN account for professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for scalping & hedging.


Their trading instruments on offer are limited though, as octafx offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, and 3 main cryptos (bitcoin, ethereum and litecoin).


Their support is also very responsive in handing issues. Their live chat support is available for 5 week days, and email support is available 24/7. They also have whatsapp text support available. But they don’t have a nigerian phone number currently.


The funding & withdrawal options at octafx are very wide for nigerian traders. They offer instant funding via skrill, neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their gtbank account. Also they offer BTC funding & withdrawal.



  • Octafx is a cysec regulated forex broker, so it is considered safe for nigerian traders to trade with them.

  • Their spreads for major currency pairs is quite competitive. For ex. Their spread for EUR/USD starts from 0.4 pips even with their beginner MT4 micro account.

  • Local deposit & withdrawals options available in nigeria, and they don’t charge any fees with this method. Also instant wallet funding and withdrawals options are available.

  • Their support overall is good, as their live chat support is available 24/5, and their email support is available 24/7.

  • They have a 50% deposit bonus available for all deposits.




  • Octafx has lesser trading assets available as compared to other forex brokers. They have 28 currency pairs, cfds on 4 metals, 10 indices & 3 cryptos (bitcoin, litecoin, ethereum).






So, let's see, what was the most valuable thing of this article: list of the best forex brokers for 2021 providing access to foreign exchange markets. Explore forex broker reviews, ratings, and trading conditions. At list of forex brokers

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