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Contents

HotForex Review

HotForex

Leverage: 1:30 | 1:1000

Regulation: CySEC, FCA, DFSA, FSCA

Min. Deposit: 5 US$

HQ: Cyprus

Platforms: MT4, MT5

Found in: 2020

HotForex Licenses

    HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12

HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701

HF Markets (SV) Ltd authorized by FSC (Mauritius) registration no. C110008214

  • HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
  • HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles) registration no. SD015
  • Top 3 Forex Brokers

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    • Our Review
    • HotForex User Reviews
    • HotForex News

    What is HotForex?

    HotForex is a multi-asset broker that offers Forex and Commodities through CFDs trading services through the choice of 7 account types and trading platforms with tight spreads averaged EUR USD 0.1. The broker brings access to unrestricted liquidity allowing any size or profile trader to make a choice between various spreads and liquidity providers via automated trading platforms and performance of any strategy.

    The brokerage firm itself was established in 2020 with its headquarter in Cyprus, yet in addition serves several global offices including Dubai, South Africa also offshore entities in St Vincent and the Grenadines.

    While indeed HotForex shows great interest and impacts mainly in African, Asian and MENA regions which brings some of the great opportunities to the global residents.

    Meanwhile, HotForex offers its trading service along with the applicable licenses that regulate the Forex industry, therefore delivers service trustworthily.

    Pros Cons
    • Founded in Cyprus known for its great technology

    • Regulated by the financial Investment Commission ASIC, CySEC, Financial Conduct Authority FCA

    • Broker with some of the best range of Forex and Commodities markets

    • Numerous industry awards

    • Low Fees

    • Only Forex and CFDs products

    10 Points Summary

    1. HoForex is a global CFD trading provider regulated in Cyprus, UK and South Africa, also with offshore entities in Mauritius and SVG

    2. HotForex considered safe due to its regulations set by ESMA CySEC, FCA, FSCA

    3. HotForex mainstays at the industry proven MT4 and MT5 as a Trading Platform

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    4. Good range of Forex and Commodities products including Cryptocurrency

    5. Demo Account available for strategy tests on an unlimited basis

    6. Open Live Account with as small as 5$

    7. Range of 6 Account types to choose from including CopyTrade and PAMM

    8. Trading costs are low and very competitive with no commission based on spread only

    9. Min deposit varies from 5$ up to 500$ depending on the account type you choose

    10. Credit Card, Bank Wire, e-wallets and Bitcoin accepted for money transfers with 0$ fee

    Awards

    Besides its attractive trading proposal at the first look there are some confirmations about its trustworthy business due to official figures and numbers, as well as numerous industry awards that HoForex holds and counting. Until now there are more than 500,000 Live accounts opened with the HotForex, along with multiple Industry awards and sponsorship HotForex prestigiously titles recognizing them as Best Clients Funds Secutiry Broker, Best Forex Provider, Top 100 Companies etc.

    Is HotForex safe or a scam?

    HotForex is a brand name of the HF Markets (Europe) Ltd. that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, along with cross border licenses due to its European position, authorizing the company to provide investment services within EEA zone.

    In simple terms it means the broker is regulated and authorized to offers its trading service along with necessary safety measures and controls applied.

    Pros Cons
    • Authorized and Regulated by CySEC, Financial Conduct Authority FCA, FSCA South Africa

    • Enabled Negative balance protection

    • Additional Civil Liability Insurance

    • Three entities based in offshore zones

    Is HotForex legit?

    In addition to its main license from CySEC, the broker holds other licenses to be able to serve clients from some specific jurisdictions including South Africa, Dubai, England and more. Which all in all maker HotForex legit broker.

    Also, there are HotForex entities that are registered in offshore zones alike Mauritius, SVG and Seychelles. While our general recommendation is not to trade with offshore brokers as they simply do not regulate Forex trading, due to HotForex multiple parallel regulations it is considered to be safe to trade with them.

    Legal entity Regulation Comparison
    HF Markets (Europe) Ltd Regulated by CySEC (Cyprus) registration no. 183/12
    HF Markets (UK) Limited Licensed by FCA (UK) registration no. 801701
    HF Markets (DIFC) Ltd

    Authorized DFSA (Dubai) registration no. F004885
    HF Markets SA (PTY) Ltd Licensed by FSCA (South Africa) registration no. 46632
    HF Markets (Seychelles) Ltd Authorized by FSA (Seychelles) registration no. SD015
    HF Markets (SV) Ltd Authorized by FSA SVG registration no. 22747 IBC 2020
    Authorized by FSC (Mauritius) registration no. C110008214

    How are you protected?

    For the funds protection, which is an important part of the regulated broker, HF Markets (Europe) Ltd. is a member of the Cyprus Investor Compensation Fund. It constitutes a claim of the covered clients against investment firms. Clients’ deposits are protected under the requirements of the regulators.

    While in addition to that HotForex made further efforts to safeguard traders with a Civil Liability insurance program for a limit of €5,000,000, which includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss. However, according to applicable laws and regulations, the conditions vary from the entity to another.

    Leverage

    While trading with HotForex you can operate with fixed or floating leverage, which is indeed a very useful tool, especially for the traders of smaller size. Levergae brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly.

    HotForex offers various leverage levels from the “modest” one as determined by European regulations and various other measures, and up to very high ratios. Yet, again always make sure to learn about high risks of leverage, as retail trading accounts lose money rapidly due to high leverage.

    Therefore, your leverage levels are firstly settled according to the regulatory requirement in the region or another also your prof level in finance, so make sure to verify with the customer support team which one you entitled to.

    • European entities that oblige to ESMA regulation, the maximum leverage ratio is set to a 1:30 on Forex instruments, 1:25 Spot Metals, etc.
    • South Africa residents may access leverage of up to 1:200
    • Higher leverage ratios like 1:400, 1:500 or even 1:1000 are offered through HotForex offshore entities since a particular registration does not limit offering and allows high leverage levels.

    Accounts

    If you want to open an account with HotForex, it provides you with an unparalleled variety of account options allowing you to select and enjoy a tailored trading experience with an offer of 6 different accounts with specific requirements.

    From the very beginning, you may sign in for Demo Account and then transfer it to a Live one just by depositing money.

    Pros Cons
    • Fast Account Opening, fully Digital

    • 6 Account types

    • Great options for a particular trading style

    • Very Low Min deposit free of charge

    • Micro Account and Islamic Account offered

    None

    What are the account types?

    So getting into detail about account types themselves, HotForex made it simple to understand and highly competitive due to its conditions. The range offers Micro, Premium, Zero spread, HFCOPY, AUTO and PAMM Premium Accounts and along with the Islamic Account suitable for traders from the MENA region or beyond.

    Each of the account types bringing the particular possibility for your trading strategy while allowing either beginning traders, investors or professionals to find its own way in trading. The options ranging from the opportunity to trade Micro lots, or specified account for Copy Trading or if you would like to become a Masker account. You may see below in our HotForex Review detailed discrepancy of each in order to understand what offering is about.

    How to open a Demo Account?

    To open a Demo account you should simply follow the process of risk-free account opening so you will get access to either MT4 or MT5 platforms with unlimited demo funds.

    And once you ready or decided to start Live Trading you can submit for a Live account where HotForex may ask you for confirmation of your documents including identity, residency and other prove before you start. In both cases, you will get access to myHF client area where you can manage all your accounts and finances.

    So here is the step by step process of Demo Account opening.

    Opening a Demo account step by step

    1. Go into HotForex Demo Account Sign In page

    2. If you are a new client enter your personal data First and Last Name, Country of residence, email, phone, etc. Or in case you’re existing client follow sign in

    3. Fill in all required information for the first register of myHF

    4. An account will be approved almost immediately, where through your client area you can get access to New Demo Account, follow with Live Account and manage your funds

    What instruments I can trade in HotForex?

    One of the HotForex Pros also its offered market range that includes 17 trading tools and 150+ trading products with access to global markets. These include Indices, Metals, Energies, Shares, Commodities, Bonds and due to increasing demand now offering Cryptocurrencies with Bitcoin, Ethereum, Litecoin, Ripple and more.

    As for the trading costs, HotForex mainstays at the tight spread offering, as well bringing some of the most attractive spread opportunities among the industry, as well proposing spreads from 0 pips on some accounts. Also you should always check on the additional, non trading fees and charges for deposits or withdrawals all in all concluding your trading costs.

    Pros Cons
    • Based on variable spread with no commission

    • Various account with fees from 0 pip

    • Micro Lot trading

    • Low fees

    None

    Our find on Forex Fees

    HotForex fees are built in a transparent manner while the only charge is variable spread, which is a difference between bid and ask price, also HotForex does not offer fixed spread. HotForex does not charge additional fees or commission, thus your calculation of the position is quite seamless and easy despite the level of trader you are.

    Of course, spreads fees defined by the account type you use, thus Micro Account spread starting from 1 pip and Zero Account obviously offers 0 fee which averages spread from 0.2 pips most often. However, the difference between trading costs also defined by the margin requirements, which increase almost double in case you wish to trade with 0 spread. So make sure to verify account conditions in detail before you sign in.

    Below you may see a comparison of the most popular instruments, the typical spread based on Standard conditions, as well for your information compare fees to another broker FP Markets.

    Comparison between HotForex fees and similar brokers

    Asset/ Pair HotForex FXTM XM
    EUR USD 1.2 pips 1.5 pips 1.6 pips
    Crude Oil WTI 5 pips 9 pips 5 pips
    Gold 19 9 35
    BTC USD 30 20 60
    Inactivity fee Yes Yes Yes
    Deposit fee No No No
    Fee ranking Low Average High

    Overnight Fee

    As well always consider overnight or rollover fees as trading costs in case you holding an open position longer than a day. This fee is defined by each instrument separately and you will see it directly from the platform or upon the opening of the trade, see below example with Cryptocurrencies.

    However and unless you trading through swap-free accounts designed to traders following Sharia rules, as these accounts restricted from any interest rates or swaps.

    Fee conditions upon opening of trade

    An overview of the Non Trading Fees

    Lastly, there is a fee charged in case you didn’t use your account and show no activity for 6 months or more. After this your account entitled to 5$ HotForex inactivity fee per month.

    Despite this, there are no deposit fees or some of the withdrawals are free as well, which we will see in our HotForex review further.

    Deposits and Withdrawals

    Another important point is how to transfer money into your trading account, which is quite nicely organized at HotForex too. Besides broker issue its very own HotForex MasterCard for a straight transaction and the ability to make safe online payments.

    Pros Cons
    • Minimum deposit – 5$ for Micro Account

    • Wide range of deposit option including Credit Card, Bitcoin, WebMoney and fasapay

    • Free deposit and withdrawals

    None

    Deposit Methods

    To simplify the funding of accounts, HotForex offers over 14 methods to deposit or withdraw money. Those methods include

    • major credit and debit cards
    • wire transfers and domestic transfers available at some regions
    • vast of e-wallets, including Cryptocurrency transfer, and more.

    How do I deposit money on HotForex?

    So in order to deposit money on HotForex you simply need to select the payment provider of your preference, as well as the one that is available at your region and proceed with the payment. HotForex will process your withdrawal within short time and available 24/5.

    Along with that great options that allowing you to choose the most convenient option, there is specified minimum deposit amount that is determined by the payment method you choose. So always make sure to verify this info as well, aslo don’t hesitate to consult HotForex customer support and define all issues according to entity or regulatory rules etc.

    Typically you can top-up account from 5$, yet, if you just make a first deposit check out preferences on a minimum requirement according to the account type as well.

    Withdrawals

    As for the withdrawals once you decided to submit a request HotForex applies a simplified and pleasant policy to this process as well. And the last point withdrawal fee, which is actually 0$ is amazing news that allows you not to worry about extra fees. However, Wire Transfer may involve some correspondent fees according to your bank and international policies.

    How do I withdraw money from HotForex?

    In order to proceed with the Withdrawal, you should access your myHF area and submit a Fund Withdrawal request.

    Opening an account step by step

    1. Access your myHF page and account area

    2. Select ‘Fund Withdrawal’

    3. Chose the appropriate withdraw method and amount

    4. Confirm necessary data and processing time/ fees

    6. Follow up and check on the process or confirmations through your page

    How long does it take to withdraw money from HotForex?

    Various payment methods will process withdraw money I slightly different time. HotForex accounting team confirms transactions quite quickly, within business days of course, yet the matter might take longer due to payment providers.

    Alike Wire transfer will take 2-10 working days, also depending on your bank and international policy processing, while ewallets will load the request Instant.

    Trading Platforms

    So talking about trading software, HotForex provides an award-winning MT4 Platform and its newer version MetaTrader 5 as its trading software. It is not a surprise choice, as platforms enable one-click trading along with numerous tools and access to institutional quality technology through advanced configuration. So whether you are a very beginner or an advanced trading veteran software is suitable for both.

    •Mainstays on an industry known MT4 and MT5

    •Customer friendly design

    •An advanced range of tools

    •Automated trading and PAMM capabilities

    •No restrictions on strategies

    •Possibility to have MT4 and MT5 accounts simultaneously • No proprietary platform

    WebTrading Platform

    What is also great with MetaTrader is its computability with various devices. MT4 and MT5 terminals available in various versions that suit your personal needs and allows efficient trading through the Desktop Platform, WebTerminal which is compatible with any browser. Or by the use of MT4 MultiTerminal with access to manage multiple accounts simultaneously.

    So its full range of over 12 platforms, due to range of versions, powered with fast execution, fully applicable with provided tools and available to trade all the offered instruments.

    Mobile Trading Platform

    Of course, there is a mobile trading platform as well a HotForex Mobile Application with an option to trade “on the go”. MT4 and MT5 mobile trading are known for its advanced capabilities and interactive charts with almost the same productivity as its full versions. Besides, there are over 30 technical indicators and 24 analytical objects, so mobile capabilities are truly great.

    Look and Feel

    Does HotForex allow scalping?

    Yes, HotForex allow scalping and places no restrictions on the strategies, however various entitites and regulations may apply some conditions so you better always check terms and conditions before start.

    Particularly about scalping there is no restriction and HotForex range of accounts alike with Zero spread may assist you even better to trade this strategy.

    Moreover, there is a possibility to copy trade or become a professional master to be copied through an advanced PAMM technology designed by HotForex. PAMM program is indeed an amazing opportunity to invest at the beginning, or maybe for a long term without having to trade the markets yourself by simple follow of the Fund Manager from the ranking list.

    Placing Orders

    How do I manage my risk?

    Also while placing an order you should manage your risks smartly while tools like Limit Order and the stop loss orders will assist you. Stop loss will set a particular position to be automatically closed at the predetermined price, sot that you won’t lose more than you define.

    Customer Service

    Another important point while choosing the broker and within our HotForex Review is customer service. Eventually, the broker provides support in 27 languages that is an impressive number which covers world trading need and allowing traders from almost any country to join trading and get quality support.

    As we check the traders reviews and satisfaction statistics HotForex provides a good level of customer support along with support materials.

    •Customer oriented policy

    •Supporting 27 languages

    •Fast answers • No 24/7 customer service

    Research and Education

    Education is another strong point of HotForex since the broker concentrates and putting efforts on Africa and Asia regions so its allows you to improve Forex experience and results. There are course, Live Webinars, Video Tutorials, Daily Analysis and Market Outlooks along with News Feeds so with HotForex you have all potential to become a better trader whether you’re a beginner or a professional one.

    Also, understanding that good research is the most valuable in trading as well, HotForex provides a range of analytical and research tools. This including Analytical Objects, Economic Calendar, Autochartist and Trader’s Board for comprehensive analysis, as well as additional Premium Trading Tools.

    In addition, there is a VPS Hosting available, while free VPS packages provided to those who deposit from 5,000$.

    •Wide range of currency pairs

    •Copy Trading capabilities

    •Comprehensive Market Analysis

    •Economic Calendar • None

    Conclusion

    Overall, the HotForex review presents a global brokerage company with a well-established customer oriented operation that provides a secure, as well regulated trading environment suitable for almost every demand.

    The services and products are tailored to specific requirements while bringing a comprehensive range of clients’ accounts, platforms, tools, and instruments with an ability to choose a suitable strategy. So either you wish to join copy traders or to use EAs, perform scalping or become a partner etc. there is an option for all.

    As well, HotForex pricing strategy shows transparent prices with one of the lowest rates among the industry, also with applicable negative balance protection available for traders worldwide. Hence, throughout the general proposal and trading solution HotForex earns the name of a trustworthy company which is also confirmed by the number of HotForex traders too.

    Nevertheless, it is always good to know your personal opinion about HotForex so you may share your thoughts in the comment area below.

    No review found.

    HF Markets, known by its trading name HotForex, has got its license from the Dubai Financial Services Authority (DFSA) and has now announced about the operations in the United Arab Emirates (UAE). HF Markets already has operations in the UK, South Africa, and Cyprus. The Dubai Financial Services Authority (DFSA) is the financial regulatory agency.

    Only a week ago we have been informed that HotForex has acquired a license to operate in the UAE and now the broker has revealed that it has got the esteemed Financial Conduct Authority (FCA) license. The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the.

    Only a few days after receiving a new FCA license and a few weeks after opening its Dubai office HotForex is rebranding. Retail online forex broker has announced it will rebrand its European entity as HF Markets by the end of January, 2020. The group of companies in the HF Markets Group have been using.

    The award-winning forex and commodities broker on CFDs, HotForex partnered with the Santos e-Sports, one of the world’s biggest electronic sports teams, announcing about the launch of the very first broker and esport partnership. Santos HotForex e-Sports, the esports division of Santos FC, has become one of the world′s biggest electronic sports clubs in just.

    Templer FX Broker Review

    Minimum deposit

    Bonus

    Maximum leverage

    Year founded

    Regulation

    Trading platform

    This is not a verified broker!

    We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

    This post is meant to warn forex traders against using this broker as well as highlight the various ways such brokers manage to get away with forex scams. The Templer FX scam is also, unfortunately, very unsophisticated. I’m not saying that scams are a good thing, but I like to get that eureka moment when I realize where something is wrong. In this case, the warning signs are so obvious I found myself yawning as I kept checking off the usual checkboxes of a scam broker. Nevertheless, keep reading and perhaps you won’t ever fall into such traps ever again.

    Is Templer FX legit?

    At first glance, Templer FX seems to be a legitimate broker. The trademark Templer FX is used by Templer Holdings Management Limited, which is licensed to the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. The provided license number is 23395 with the FSA and FSP161410 with the Financial Service Provider Commission.

    However, I was taught never to judge a book by its cover, a philosophy that works both ways. So, after I’m done looking at what they want me to see, I dig deeper to see what they are hiding.

    Can Templer FX be trusted?

    I had a hard time trusting Templer FX especially after looking at the Templer FX reviews on several broker review websites. Actually, I should say, a lack of reviews; the number of reviews for Templer FX can be counted in one hand. A lack of reviews does not directly translate to a scam, but you should be wary of such brokers. I understand that every company had to start from the bottom, but why risk being the Guinea pig that finally alerts the rest of us. Not when there are so many other proven brokers out there.

    Besides, ask yourself why a company that boasts of being founded back in 2004, more than a decade ago, would have so few Templer FX opinions. I know of many forex brokers who are less than 5 years old that have pages of reviews you can’t go through in one seating. One of such examples is the IQ Option, the broker was founded in 2020 and has hundreds of reviews. So, why does Templer FX have so few of them. Perhaps they haven’t been around as long as they say they have been; and that’s the first red flag.

    In fact, a check of the PDF attached to the broker’s website reveals that they received their license in 2020! Isn’t it convenient that they can brag about being among the pioneers in the industry and escape decades of criticism?

    What really irked me about Templer FX forex broker, though, was their financial regulator, the FSA. While the FSA is not a bad regulator itself, they are not among the top 5 in trustworthiness. I have found that many scam brokers choose these offshore regulators who turn a blind eye to their clients’ wrongdoing just so that they can receive the annual license fee and pay their staff.

    Think about it, if you worked for an independent institution like the FSA, would you push away potential clients by acting tough? You would rather let them slide on minor offences because, after all, it is unlikely someone will fly to Saint Vincent just because they were scammed for $1,000. I also know this is a cynical view of the world, but it’s the reality as I’ve seen it in my years of forex trading.

    Worse still, you can’t even check through the FSA website to confirm if Templer FX is actually a client of theirs. That’s one of the problems you face when dealing with such financial regulators. Such things do not happen with CySEC and FCA regulated brokers like XM Forex, whose licence number can be easily checked on the regulator’s website.

    From the flimsy regulation and questionable company profile based on their own website and client reviews, I would not recommend working with Templer FX. If anyone at Templer FX would like to shed some light on their employer, the floor is open in the comments section below. This Templer FX review was not to bash anyone, but to ask the serious questions most traders ignore.

    This is not a verified broker!

    We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

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    Forex Brokers Checklist

    1. Regulation.

    It’s common sense that your account should be safer with the regulated brokers, it’s also clear that The Financial Conduct Authority, FCA (UK) or National Futures Association, NFA (US) are preferred regulators to, say, Vanuatu Financial Services Commission, FSC or self-regulatory bodies like FMRPC.

    Unfortunately, the strictest regulation does not guarantee a positive trading experience, otherwise we wouldn’t send our members periodic notifications on the outrageous regulators findings like this one.

    Advice. To stay informed please Join Forex Peace Army and stay subscribed to our Core Members List, also get our 10 World’s Worst Forex Brokers Report

    2. Reputation.

    This is the reason why we created Forex Peace Army in 2006. In the past retail forex industry was a barely regulated “wild west” with traders reviews and community discussion as the only source of truthful information about the companies.

    We witnessed the very positive changes with regulators in the recent years, but this did not diminish the role of consumer reviews. Our members indicate problems with companies months and even years before regulators step in and dealt with their dirty operations.

    What about professional broker reviews some other sites have? Please ask yourself, why would professionals spend time to write these long, well-illustrated, and comprehensive reviews? Additionally, ask yourself, why professional reviews tend to nearly always be overall positive, only occasionally mentioning minor flaws. The obvious answer is that these “professionals” are looking to get compensated for their time.

    Traders’ reviews may not look as appealing as professional reviews, but they are unbiased, current (describe what is going on with the company now), and based on actual experiences with the broker. Forex Peace Army is committed to keep its broker reviews as honest as humanly possible; our editors are extremely experienced and have an advanced suite of custom coded tools to enable them to screen out fake, paid, self-promoting reviews as well as fake negative reviews from competitors.

    Advice. If you know the name of the forex broker start typing it the “Search by name” box above or browse the list of all brokers. Read the reviews and especially pay attention to the following points:

    • ease of withdrawals
    • ease of deposit
    • cancellation of profitable trades
    • ease of account opening and verification
    • execution speed and reliability
    • slippage
    • stop hunt
    • professionalism of support

    Additionally, please search our Scam Alerts Folder for recent traders complaints, and pay attention to alerts posted on review pages.

    3. Conditions.

    Carefully reading and understanding trading conditions of a particular forex broker is an important part of research that unfortunately often gets overlooked. Let us give you a few examples:

    • if you are planning to use a scalping strategy, high spreads may render your strategy unprofitable
    • if you are planning to profit on news events, pay attention to special trading condition during major economic announcements
    • if your forex robot requires high leverage and low margin requirements, this combination may not be available with this particular broker

    Other important factors to research:

    • Minimum deposit
    • Availability of currency pairs, precious metals, oil, crypto currencies
    • Commissions and Fees
    • Competitive rollover fees
    • Trading restrictions, FIFO, minimum open trade time, news trading restrictions, arbitrage restrictions, etc.

    Advice. Always carefully read and understand the forex broker’s trading conditions before opening a trading account. Do not hesitate to ask support if you don’t understand something or have additional questions

    Next, practice on a demo account at the broker. Do sufficient testing of your trading strategy, forex expert advisor, forex signal service or whatever else you are planning to use with this particular broker. Remember, profitability on a demo account does not always mean a live account will be profitable. Losses on a demo account may underestimate losses on a live account.

    If you are happy with everything so far, open small live forex trading account and test it again (including the withdrawal process). Increase the account size gradually.

    Keep an eye on the newer reviews for your broker here on Forex Peace Army. Also, after you’ve tested the forex broker’s live trading system thoroughly, please leave a review to share your experience and help other traders.

    4. Trading platforms.

    There are a few common trading platforms like Metatrader, cTrader, TradingView Web Platform and also proprietary ones developed and maintained by particular fx brokers like Dukascopy’s Jforex (and others too numerous to name here).

    A common trading platform like MT4 or MT5 gives you access to the marketplaces full or free and paid trading signals, expert advisors, and other forms of trading ideas. In-house developed platforms often give you access to broker-specific features (like API access for algorithmic trading or connection with Social Trading applications or Money Managers).

    Advice. Common platforms like MT4 are a good start for beginner traders. You can download the software with your PC, Mac, or mobile device. You will be able to try many brokers without additional learning curve of proprietary trading platforms and enjoy extensive array of indicators, and trading strategies available through the marketplace.

    5. Bonuses.

    Who does not like bonuses, freebies, or promotional offers? We do too, but urge you to read the fine print. Some bonus terms are reasonable while many others are traps designed to keep you from withdrawing your money.

    Always read and make a copy of the bonus terms before accepting any bonus from a forex broker.

    6. Icing on the cake.

    As this niche gets more competitive, to attract traders forex brokers often add free useful (and expensive if purchased separately) tools and services for account holders that may include:

    • Educational materials for novice traders.
    • Market news and webinars
    • Forex expert market commentary
    • Economic calendars
    • Calculators and trading tools
    • Technical analysis tools
    • Personalized trading strategy and market advice
    • Reuters or AP/Dow Jones financial newswires
    • Automated strategy builders

    You are certainly encouraged to take advantage of such offers.

    Advice. Before paying for expensive trading tools or services check if they are available with a good forex broker for free, at substantial discount, or with some minimum account balance.

    Trusted Forex Broker Reviews

    Not even legends in the calibre of a Larry Williams or a Martin Schwartz will have much luck in currency trading if the broker is unwilling to cooperate – it has an overwhelming role in determining what type of experience you will have as a forex trader. The lack of clear rules and precedents creates great opportunities, but also huge risks for the unprepared.
    But aren’t there always two sides to a story? To help our visitors avoid the dark side of forex, we have carefully screened the best offers in the online brokerage business, and prepared a selection of some of the most reputable and efficient brokers for your exclusive benefit. If you have any plans to explore the exciting world of currency trading, we are sure that you will find our list an invaluable guide in the crowded and sometimes shady world of the forex brokers. We recommend reading our listed brokers’ review pages for user reviews, e.g. OctaFX or FXTM review page.

    Safest Forex Brokers 2020

    *Broker offers variable spreads which are subject to fluctuating market conditions. Spreads tend to be tight during times of deep liquidity but can also widen significantly during times of low liquidity.

    Want to be featured on this broker list? Use our contact form here.

    More country specific forex broker listings:

    Finding the Best Forex Broker – FAQ

    Finding the best forex broker for your needs takes some research. Hundreds of online brokerage firms now compete for your account, so plenty exist to choose from. Check out our recommended top list above, or read our FAQ below with excellent points to consider before choosing your broker, or see this extensive five step guide on how to choose a forex broker.

    Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Other sweeteners can include account opening bonuses and other features like mobile trading and SMS market alerts.

    Basically, you want a forex broker you can trust to handle your money and your trades so that you can get on with the business of trading forex without worries. Anyway, to make the process of finding a broker simpler, the list above covers most of the key comparison points between forex brokers so that you can be better prepared for a successful search.

    In the end of this page you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.

    But first we will go through some of the criteria and features you should look for when searching for the best forex broker for you.

    Regulation

    Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest.

    Is there a benefit to where a broker is located?

    Location can make a big difference, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.

    Forex Trading in the UK

    Early in the last century, nearly 50% of the world’s foreign exchange was conducted using the Pound Sterling. Today, daily forex trading turnover in the London market represents 41% of the world, more than double that of the United States at 19%. If you choose a reputable UK broker, then you can be assured that the firm can draw upon a broad pool of experienced and professional staff in the UK.

    From a regulatory perspective, UK forex brokers must also comply with one of the strictest regulatory bodies around, the Financial Conduct Authority (FCA). Once again, the pool of UK staff will be very aware of best business practices and related compliance issues, another reason to choose a UK broker, if at all possible. One must, however, be due diligent when choosing a broker that claims to have offices in London, since the marketing aspect of this location has caused many overseas brokers to set up a “shell” presence in the UK to gain your trust, but without the benefits listed above. If you prefer a UK broker, then make sure that they are headquartered in London and have a significant presence there.

    Forex Trading in Australia

    The Australian Forex/CFD/Cryptocurrency landscape is an intricate one, where at least three different types of brokerages peddle their services. There are unlicensed, unregulated brokerages with a global reach, whose services may indeed be accessible to Australian traders too. Then, there are financial service providers who are not based in Australia, but who are licensed by ASIC to peddle their products there. Finally, there are Australian born-and-bred operations, firmly under the authority of ASIC.

    If you are looking for a forex broker in Australia or that offers services for Australians then make sure to go here.

    Data Security

    When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.

    Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.

    Dealing Spreads

    Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.

    Commissions and Fees

    Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per transaction basis or on a volume dealt basis. Additional fees might be involves in making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.

    Order Types

    Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some brokers also offer support for OCO (one-cancels-the-other) and trailing stops. If either of these more specialized order types would be suitable for your trading plan, then be sure that your chosen broker supports them and make sure that you fully understand the limitiation of these different order types.

    Currency Pairs

    Since more currency pairs often means more opportunities to profit, you will want to make sure that your forex brokers offers all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.

    Deposit Required

    Unless you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading forex. Often, the more money you place on deposit, the more features you have access to or the tighter your dealing spreads become. Make sure that you research the broker thoroughly before sending a deposit.

    Account Types

    Account types vary considerably between brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits. Here is a list of forex brokers that offers demo accounts.

    Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.

    Leverage

    Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.

    Naturally, amplifying your risk by using leverage can result in larger gains, as well as larger losses, so be sure to use leverage wisely and avoid trading beyond your means.

    Margin Requirements

    Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. As a result, most forex brokers require that their clients place a certain amount of funds on deposit to cover such potential losses. This is known as the broker’s margin requirement.

    Since margin requirements vary among brokers, you will want to make sure that the broker you choose has guidelines you can live with. Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.

    Trading Platforms

    Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.

    In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.

    Mobile Trading

    Some forex traders require the convenience of trading and keeping in touch with the forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.

    Algorithmic Trading

    Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by forex trading platforms that support this capability.

    If you think you might want to automate your trading plan, check to see with brokers you are considering to see if they support this type of trading and how they do so.

    ECN Brokers

    ECN Brokers are brokers who use an Electronic Communications Network to provide price quotations and trading opportunities to their clients. The best way to picture an ECN is as an Exchange. Through an ECN, the broker puts various market participants into touch, directly. What that means is that it matches up trades so a seller will always find a buyer and vice-versa.

    CFDs – Contracts for Differences

    These days, CFDs are all the rage as far as online trading is concerned. These Contracts for Differences offer traders (and brokers) several advantages, which make the setup a very attractive one indeed.

    A CFD is in essence a futures contract arrangement, between a broker (the CFD provider) and a trader (the client), the object of which is the difference between the current value of a traded asset (which can be just about anything, given the impressive market coverage of this financial derivative) and its value at the end of the contract. Find more information about CFD brokers here.

    Market Alerts

    Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.

    Support

    Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.

    Information Resources

    Newer traders often require educational materials about the forex market and trading in general to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.

    Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.

    Dealing Desk Access

    Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.

    Managed Forex Accounts

    There are three types of managed forex accounts, Individual, Pooled and PAMM accounts. Here is a list of recommended managed forex accounts that offers this kind of forex accounts.

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