These brokers have been around for a while and have submitted their spots as reputable brokers in the forex market. But before we dive in here are some of the factors you need to consider when seeking a broker.
Reputation. What the reviews say about a particular broker are people happy with their services or are they bad? Spread and Commission. This is the amount of broker charges you per trade. Customer service and support. How responsive is the broker to your complaints? Regulation and license. Are they regulated by the official body in their country? You have to ensure that they’re regulated. Payment method and deposit withdrawals. How easily can you put money in and get money out of your Forex account very important? Fast market execution. How quickly does a broker fulfill your trade? Margin and leverage. This is all about how much you were able to control the amount in your account. Currency pairs. How many currency pairs are available for you to trade?
Here’s the list of the best five forex brokers in the world:
- IC Markets IC market is a reputable Forex broker. It has been in the market since 2007. They’re based on Australia and regulated by the Australian Securities and Investment Commission. ASIC IC markets are known to have some of the lowest fees in the currency market. The average spread for EURO/USD is 0.1 while USD/CAD is 0.6. The other currency pairs fall somewhere in between for commissions. IC markets charge three dollars and fifty cents per lot per side for both Metatrader 4 and 5. And 3 dollars per 100 thousand dollars on cTrader. the minimum deposit is $200 and you can access maximum leverage of 500:1. IC markets you get to trade 60 plus currencies 10 plus cryptocurrencies and 215 plus CFD Withdrawals and deposits are free and you can transfer funds via bank wire Visa MasterCard PayPal Skrill, etc. IC markets have great customer support. You can reach them via phone email or live chat on ic markets. You will need to provide a photo ID and proof of residence for verification IC markets was awarded the best lowest spread Forex broker for 2020.
- Forex Time (FXTM) FX TM is one of the leading forex brokers out there. They launched in 2011 and are based in Cyprus. They’re regulated by several financial institutions in different countries like the FCA CYSEC and FSCA. That tells you that they are indeed trustworthy. FXTM offers low spread 0.1 for AUD/JPY and 11.1 for EUR/NOK, the other currency pairs fall somewhere in between. FXTM charges no commissions on a standard account. FXTM lets you deposit a minimum of 10 dollars can offer max leverage of 1:1000. On FXTM you can trade up to 59 currency pairs. For depositing and withdrawing funds, you have a lot of options. Bank wire credit cards, Skrill, Netteller, Web Money, Perfect Money, Uwallets, and even Bitcoin Deposits are free while you are charged up to three dollars per withdrawal. Customer support is great. They offer multiple languages available 24/5 to become a verified client on FXTM. You will need proof of identity and proof of address. FXTM was awarded of the best trading experience for 2019 by World Finance Awards.
- Forex Financial Brokerage Service (FBS) FBS is a huge Forex broker in Asia founded in 2009. They have offices across Asia and are regulated by the IFSC. FBS lets you deposit a minimum of $1 and they offer a maximum leverage of 1:3000, the highest in the industry. Spread starts from as low as 0 up to 1 pip. No Commission is charged On FBS, you can trade over 35 currency pairs. Deposit and withdraw methods abound Visa, Bit Wallet, local exchangers. Perfect Money, Skrill, stick pay FBS may charge fixed commission or a percentage commission or a combination of both depending on the withdrawal and deposit method used. Customer support is quite good as they offer 18 languages. To get verified on FBS all you need to provide is a copy of your government-issued ID or passport. FBS was awarded the most progressive forex broker Europe 2019 by International Business Magazine.
- OCTAFX OctaFX was founded in 2011 and regulated by CYSEC (Cyprus Securities and Exchange Commission). OctaFX lets you deposit a minimum of $5 for maximum leverage of 1:500. You get access to about 28 currency pairs and other commodities including crypto. The spread will depend on the type of account and the trading platform. Spread can range from 0.1 to 30 pips. OCTAFX charges no commission on Mt 4 and Mt 5 but does on cTrader as 0.03. For withdrawals and deposits, you could use any of the following credit cards, cryptocurrencies, wire transfer, Skrill, and Netteller. The best part is that there are no fees associated with withdrawal and deposit on OctaFX. OctaFX offers customer support in multiple languages 24/5. All you need to verify your account on OctaFX is a government-issued photo ID. Awarded best broker 2019 by Global Banking and Finance Review
- Exness Exness Group was founded in 2008 and is regulated by CYSEC, FCA and FSA. You can deposit a minimum of $1 and they offer a maximum leverage of 1:2000. You can trade over a hundred currency pairs as usual trading fees depend on the account type and the market treated. Standard accounts commission-free and spread starts from 0.0 Pips. There are no fees for deposits and withdrawals, which could be done via the following channels MasterCard, Bitcoin, Perfect Money, Netteller, Webmoney, Skrill, etc. Exness offers 24/7 customer support in English and eleven other languages. To verify your account, you will need proof of residence and photo ID. Exness was awarded the best global Forex customer service by the Global Forex Awards in 2019.