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Which broker is the best forex broker?

BRKV – Every trader wants to find the best forex brokers. If you think the broker doesn’t matter when trading, you’re a fool. A broker plays as crucial a role in forex trading just as your strategy or tactic.

For example, you see a good price and decide to sell or buy, but the server of the broker is so slow that when your order is executed, the price has changed (we all know how fast the tide turns in this market) and you lose a chance to make profit, or worse, lose your money.

That’s just one example to show the quality of the broker has a profound impact on our trades. Therefore, we all want to find the best forex brokers. After years of trading and testing many forex brokers, our experts from BRKV have come down to the top 5 forex brokers in 2020:

  • Exness Exness.com
  • XM XM.com
  • HotForex Hotforex.com
  • FXTM FXTM.com
  • FBS

Continue reading to learn how these brokers are the best forex brokers in 2020.

STANDARDS OF THE BEST FOREX BROKERS

I can see that many traders think choosing the right broker is easy. Just choose the one that has low cost, or the one that has licenses, or the one that has big bonuses. Well, they are wrong. The one with low spread may have high slippages. The one with big bonuses may have really slow servers. To choose the right forex broker, you must look at many aspects and factors. Sound like hard work, right? Fortunately, you’ve got BRKV here. After 5 years of trading with many different brokerages, I am confident to list down the 5 best forex brokers in my opinion. These are the standards that I use to evaluate them:

Trustworthy Trading costs Trading conditions Customer services
Regulations Spread Accounts Payment system
Historical activities Commission Quotes Local offices
Trading volume Slippages Trading platforms Availability
Rebate / Bonus Leverage

And based on the standards above, I think those 5 I mentioned above are the best forex brokers of 2020 . Now, let’s go over to see how they can meet all the requirements of the best fx brokers. Moreover, if five aren’t enough for you, check out this article about 10 best forex brokers in the world that I wrote earlier.

TRUSTWORTHY

Regulations of the best forex brokers

When talking about reliability, you mean security and safety. Can that broker keep your fund safe? Can it be trusted? What if it is a scam broker? How to know if a broker is reliable? The answer is regulation, my friends. Regulation is like a certificate that trusted and famous financial organizations in the world gives to brokers if the brokers can meet all the standards required. It represents standards, capabilities, and reputation of a forex trading broker. When a broker is regulated by those organizations, you can put your trust in them completely. All the 5 brokers I mentioned above have trusted regulations so there is no favorite one.

However, make sure that you know what kind of regulation your brokers have, because a regulation of an organization can only be applied to those in the same country. For example, a US regulation can’t provide any protection to traders from South Africa or Thailand. Regulation only means that that broker is reliable enough to work with. Therefore, a broker doesn’t have to have too many regulations. One trusted regulation is enough.

Trading volume of the best forex brokers

Another factor that can guarantee the credibility of a broker is their trading volume. If the trading volume of the broker is high, it means that there are many people trading with that broker. Look at the monthly trading volume of my 5 best forex brokers:

  1. Exness: $395 billion
  2. XM: $300 billion
  3. HotForex: $280 billion
  4. FXTM: $108 billion

One more thing is how popular that broker is. If the broker is famous, it means they are big and rich, which makes them more reliable. I have these results from Google Keyword Planner about the most popular forex brokers:

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  • XM has around 40,000 search monthly. More details.
  • Exness has around 36,000 search monthly. More details.

Historical activities of the best forex brokers

Lastly, you should know things about your brokers in the past. For example, how they react to a certain event or crisis previously. Have they ever been accused with scamming? Or you can check their transparency. When it comes to transparency, no broker can beat Exness. Exness even upload all of their financial reports on their website Check here .

Learn more about Exness here Exness reviews.

TRADING COST

It’s not easy to make money from trading forex, which we can all agree on, so we need to find brokers who require little cost to trade on their platforms. The trading cost is the total expense we calculate from two main factors, spread and commission, and others.

Spreads of the best forex brokers

First, I will compare the spread of the 5 brokers I mentioned above. I can guarantee you that their spreads are among the best in the forex market. I will show you the spreads of the most popular currency pair, EURUSD. For more pairs, click the buttons next to the brokers.

So, you can see that Exness, HotForex, and XM are among the lowest spread brokers .

Commissions of the best forex brokers

Then, I’ll compare their commissions. All of them are commission-free for their regular accounts. For the ECN accounts, the commission rates are different. They have to charge commission for ECN accounts because the spreads then are nearly zero.

Exness commission $2.5 More details
HotForex commission $3 More details
FXTM commission $2 More details

Slippages of the best forex brokers

At this point, you may think that “Hey, I also see many other brokers who have even lower spreads and commissions.” You are right. There are tons of brokers who offer lower, why do I choose these five? Like I have said earlier, the total trading cost you have to pay depends on various factors, which slippages.

Slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed. Slippage often occurs during periods of higher volatility when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade. Therefore, when you consider a broker, you should also pay attention to their slippage.

Exness guarantees that there is no slippage on their platforms. XM says it hardly happens. I have traded with all these three and here’s what I can say about it. All brokers have slippages. It’s a natural thing in forex trading. The important thing is how much the slippage is. Is it lower than other brokers (I think slippages that are lower than 100 pips is good enough)? How do brokers compensate their customers? I think Exness and XM are the brokers who can handle very well when it comes to slippages. Another thing I see that you really enjoy is bonus and rebate. Indeed they sound good in the beginning. But everything has two sides. If you’re not careful, bonus may be the bait of forex brokers to hook you. You can learn everything you need to know about bonus in my article Best forex bonuses.

TRADING CONDITIONS

Trading products of the best brokers

Sometimes, people don’t just trade currency pairs only. Sometimes the market can be very rocky, so traders must stay away from it for a while. That’s when they turn to other trading products or different currency pairs. Therefore, a good broker must be able to offer traders various and diverse trading products such as: cyrptocurrency, commodities, precious metals, or CFDs. So we’ll give you the brokers with the most trading assets:

  • Exness: currency pairs, metals, cryptocurrencies, energies, indices, and stocks.
  • XM: currency pairs, stock, indices, commodities, cryptocurrencies, stocks, metals and energies.
  • IG: currency pairs, commodities, bonds, crytocurrencies, digital100s, options, indices, interest rates.

Accounts of the best forex brokers

There are 3 levels we can use to rank trades, which are: beginners, normal traders, and professionals. So, a great broker is the one who can provide different types of account for all types of traders. The conditions of the accounts of the 5 brokers I chose are similar. They all have 3 classes of account for each targeted trader type: mini/micro accounts, regular accounts, and ECN accounts for each type respectively. You can check each broker’s account here:

Leverages of the best forex brokers

Another factor you should know is the account’s leverage. Leverage is the tool that most traders in the world would love. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these licenses of these countries. So as I mentioned above, brokers with many licenses are often less competitive. Among prestigious international brokers, the following forex brokers have the best leverage:

  • Exness: 1:Unlimited for accounts that have under $1000 and have traded over 5 lots. For accounts that have more than $1000, the leverage is 1:2000. Learn morehere.
  • Hotforex: 1:1000. Learn more here.
  • XM: 1:888. Learn more here.
  • FXTM: 1:1000. Learn more here.

The most popular thing we trade in the forex market is currency pairs. Currencies are quoted in pairs. For example, the most common currency pair, EURUSD, is the Euro versus US dollar pair. From the quote of this pair, we are able to identify the value of the Euro compared to the value of the USD. For example, the quote is EURUSD = 1.1346, which means you have to pay an amount of 1.1346 USD to buy 1 Euro. Each broker gets their quotes from different liquidity providers so you can understand that their quotes will be different as well. As traders, we should choose the brokers who can offer the best quotes. There are other factors such as requote, which you can find in this article Best no-requote brokers .

Platforms of the best forex brokers

But one thing I would like to stress on is the trading platform of the broker. Currently, MT4 and MT5 are the two most popular trading platforms in the forex market. Every broker has those two trading platforms. However, their platforms are different in terms of execution speed and execution quality. These factors can affect your trading greatly.

For example, when you see good news and predict a good price, you log in to put in that price. However, there are many others who predict and log in as well, and the server is too weak so you order can’t be completed. Eventually, you miss a huge chance to make money. That’s why you need to do some tests first before trading with a broker. You can deposit a small amount of money into those brokers (like 10 or 20 dollars) and trade with them for at least a month. Also, try trading when there’s big news to see how their servers work and how much their slippages are. After testing by myself, I can give you 2 brokers that have very low slippage rates:

CUSTOMER SERVICE

Support teams of the best forex brokers

Forex trading is difficult. The best fx brokers must be able to support their customers at all time and in many different languages. Most brokers assist their clients via live chat or email. However, I think the most effective way is a face-to-face conversation. That means it is better if the broker has local offices in your country or region.

Exness seems to have the best support team. This broker has very strong sales, support, and marketing team who is always available to the local markets. Besides, their IB network is also very strong. Therefore, if you have any problems, just chat with them on the website, and you will get the response instantly. Moreover, Exness supports clients 24/7.

You can find the contacts of my best forex brokers in 2020 here:

The payment methods of the best forex brokers

Last but not least, the payment system. You may think it is insignificant at first, but only when you really trade with a broker can you see how important it is. Most of the brokers are foreign, so you need to transfer and withdraw money overseas. That’s when the bank charge you transaction fees. Making money from forex is hard enough and now the banks take some from it? I don’t think so.

For example, when you transfer money via VISA card, it costs you 3 to 5% of the amount you transfer. The best fx companies must have various payment methods that are not only free but also convenient. Moreover, it needs to be fast. I used to have to wait days and weeks to withdraw my profit from a broker, which is really frustrating.

In this field, Exness has no competitor. How can Exness be so fast? Because Exness has an automatic withdrawal system that has zero human intervention. The machines of course make it quickest possible. Moreover, Exness also offers many local payment systems that are very convenient. You can deposit just $1 from your phone and it will take only 30 seconds and there is no fee at all. Yet the most advanced that only Exness can offer is that you can deposit/withdraw even on weekends. This is why most of traders like Exness. Here is my ranking:

  1. Learn more about Exness payment system
  2. Learn more about XM payment system
  3. Learn more about HotForex payment system
  4. Learn more aboutFXTM payment system

CONCLUSION

In the end, I think this is the most accurate rankings of my 5 best forex brokers:

Exness Open account now
HotForex Open account now
XM Open account now
FXTM Open account now
FBS

These five best forex brokers here are just the most suitable brokers for the major of traders. If you are still skeptical, you can open an account at each of them (they require very low minimum deposit). You can trade with them for 1 or 2 months to see if they really suit your trading style. I believe that you won’t be disappointed.

FXCM Review

With their history laid to rest, FXCM now offers great prices and a quality education suitable for most traders.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Our writers nor our editors receive direct compensation of any kind to publish information on TheTokenist.io. Our company, Tokenist Media, is community supported and may receive a small commission when you purchase products or services through links on our website. See more information here about how we make money.

FXCM – Reviews & Ratings

FAST FACTS:
• Demo Account: Yes
• Account Minimum: $50
• Regulation: FCA (UK), IIROC (Canada), ASIC (Australia), etc.
• Best For: Traders looking for a great education and low fees
• Asset Coverage: Forex and CFDs

Investor Warning: Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Clients who maintain account(s) with FXCM Australia Pty. Limited (“FXCM AU”), FXCM South Africa (PTY) Ltd (“FXCM ZA”) or FXCM Markets Limited (“FXCM Markets”) could sustain losses in excess of deposits.

FXCM (Forex Capital Markets) is a forex broker founded in 1999 in New York, currently based in London, UK. The company was banned in the US because of fraud charges. Global Brokerage, Inc. the previous parent company of FXCM filed for bankruptcy in late 2020.

FXCM is currently owned by the reputable Jefferies Group, formerly known as Leucadia National Corporation. The brokerage is regulated by multiple regulatory bodies like Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC), Australian Securities & Investment Commission (ASIC), etc.

Overview and Summary

  1. FXCM was involved in a scandal that resulted in them getting banned in the U.S. but they are successfully rebuilding their reputation.
  2. There are multiple platforms, some of which offer social/copy trading and algorithmic trading capabilities.
  3. The prices and fees are well below average and there are discounts for high-volume trading.
  4. Users can have access to a plentitude of good research tools.
  5. The education is outstanding and users can also get a demo account with £50,000 of virtual money.
  6. The selection of investment products is quite poor when compared to the competition.

Is FXCM a Scam?

FXCM has a history of fraudulent business practices that lasted from 2009 to 2020. Namely, the company offered its users a no dealing desk platform and gave them misleading information that damaged their trades.

This happened because FXCM had a relationship with an important market maker at the time. This concealed relationship led to a conflict of interest between FXCM and its users, which resulted in users losing money.

This was found out and was followed by a list of fraud charges and a $7 million penalty. The company was banned in the US afterward.

Restoring Their Reputation

Since this difficult period, FXCM has made effective moves to repair its damaged reputation. The new owner of FXCM is Jefferies Group, a well-known and trusted investment bank and financial services company based in New York.

The company is regulated by the aforementioned tier-1 regulators and is considered a low-risk broker. Things are looking good for the future reputation of FXCM, but it will be a while before it is completely healed.

Trading Platforms

FXCM offers multiple desktop and mobile platforms. Users can choose FXCM’s own Trading Station or some of the other well-known trading platforms like MetaTrader 4, ZuluTrade, and NinjaTrader.

Trading Station

Trading Station desktop (not to be confused with TradeStation) is FXCM’s main platform. It provides a good trading experience for all kinds of investors, be it beginners or advanced traders.

A noteworthy feature of Trading Station desktop is the Marketscope 2.0, a great charting tool that can run simultaneously with Trading Station. It includes a bundle of powerful tools and allows for some level of customization.

Trading Station Web

The web platform is very similar to the desktop version, as it gives users access to videos, news, market data signals, etc. It also has almost as many charting and drawing tools as the desktop version, and a clean, intuitive interface. Trading Station web is very stable and mostly runs without a hitch.

MetaTrader 4

MT 4 is a widely used platform in the forex industry. It is a good trading software overall and has a scripting language that allows users to develop their own indicators and scripts. MetaTrader 4 is much more accessible than Trading Station when it comes to the scripting language, but Trade Station seems to be the superior platform overall.

Ninja Trader

Ninja Trader has a few interesting features aside from the plentitude of trading and analysis tools. Tech-savvy traders can use NinjaScripts to develop their custom indicators and trading strategies easily, and the platform also has automated trading capabilities.

ZuluTrade

FXCM also provides ZuluTrade, a social and copy trading platform. The platform allows users to copy the trades of professional traders immediately as they occur. Users can also leave comments and communicate through the platform.

Algorithmic Trading

There are plenty of products to buy from the FXCM app store, like automated trading bots. The store has products for all the aforementioned platforms, as well as the Seer Trading Platform.

Seer is made for building, optimizing, back-testing, and deploying automated trading solutions. The addition of this platform is a great boon for tech-savvy traders with an interest in algorithmic trading.

Mobile Platforms

Trading Station mobile and MT 4 together provide a stable mobile trading experience, packed with features like the comprehensive trade ticket that allows for one cancels other orders. Trading Station mobile provides users with a bundle of drawing tools, indicators, and is great for charting in general.

Trading Station mobile offers a richer trading experience than MT 4 overall but has a couple of drawbacks. There are no push notifications and real-time alerts on the Android version, which are available on most other mobile trading platforms. Also, there is no two-level authentication.

Where FXCM Shines

Research and News

The offer of market research and analysis tools is not exactly at the top of the food chain but is certainly above-average. The offer of educational content is extensive, providing great overall forex-related education to traders of all skill levels.

Research Tools

FXCM users have access to a basic pack of tools plus a great selection of technical analysis tools. The charting tools are outstanding and very customizable with more than 50 available indicators.

There’s a market scanner feature that uses technical indicators to show traders when it’s a good opportunity to buy/sell. Unfortunately, the market scanner only works for a limited number of products.

News Feed

The news feed is very good and users can also use an economic calendar. The news is separated into categories. That way, users can specify what they are interested in, and receive news accordingly. FXCM’s daily newsletter, Before the Bell, provides helpful info and daily trading ideas based on the market analysis of FXCM’s experts.

Education

FXCM offers users a near-flawless educational experience that includes training videos, webinars, written content, as well as a demo account with £50,000 of virtual money. The company offers a bundle of great basic forex training lessons, and a considerable video archive full of well-produced, high-quality video lessons.

A lot of webinars, articles, and videos are free. Users also get free educational content when they sign up for the demo account. Keep in mind that the demo account is only available in a limited number of countries.

The demo account and the lessons are great if you are a beginner. Also, If you want to get started with forex, you can check out our beginner’s guide to forex trading.

Pricing

FXCM has low trading costs overall and no withdrawal, account, or deposit fees. However, the other fees are average, and there is an inactivity fee for accounts that have been idle for a year or more. The minimum initial deposit is only $50.

Spread pricing data is available on the spreads cost page on their website. There are no side-by-side comparisons to help users determine the real cost of the trade, though. This lack of data is a potential deterrent for traders, but it is by no means a huge concern.

Active Trader Account

Clients that deposit $25,000 or more have access to the tier 1 Active Trader account. This account type gives users more research options, and the commission rate is lowered to $30 per million. The round turn price for EUR/USD pairs is only £4.

Tier 2 Active Trader account is reserved for users who trade in volumes exceeding $150 million per month. Here, the commission rate is $25 per million and there are also other smaller discounts for Active Trader account users.

Assets Standard Account Active Trader Account
EUR/USD Avg. spread cost is 1.3 pips. Spread cost is 0.7 pips
GBP/USD Avg. spread cost is 1.8 pips Spread cost is 0.8 pips.
EUR/GBP Avg. spread cost is 2.3 pips. Spread cost is 0.6 pips.
S&P 500 CFD Avg. spread cost is 0.38 pips. 0.38 pips

Customer Service

The customer service representatives are very professional and respond quickly. Users can contact customer support via email, live chat, and phone. The phone service is available in 42 countries.

The only downside is that Customer support is not available during the weekends. On working days, they are available 24 hours a day.

Where FXCM is Lacking

Range of Offerings

The list of investment products isn’t impressive compared to the other big names in the forex world. Users can only trade forex and CFDs. FXCM offers users five cryptocurrencies that are provided through CFDs. These are Bitcoin, Etherium, Litecoin, Ripple, and Bitcoin Cash ABC.

There are only 39 currency pairs to choose from, as well as 14 Stock Index CFDs and 10 Commodity CFDs. There are no single-stock CFDs available.

All in all, FXCM doesn’t get a good rating when it comes to the range of investment types. There are many better alternatives among the best forex brokers.

Conclusion – What are FXCM’s Strengths and Weaknesses?

FXCM offers low prices, very good research tools, and multiple powerful platforms. Tech-savvy traders will find many great features for algorithmic trading, and opening an account is very quick and simple. Customer support representatives are praiseworthy and the educational content is superb.

However, users can only trade a limited selection of forex and CFDs, and the mobile and desktop platforms are lacking in usability when compared to the competition.

About Author

Tim Fries Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim is also the co-founder of Protective Technologies Capital ( protechcap . com ).

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Member Since Mar 18, 2020 69 posts Adam Cantor (AdamCantor) Feb 19 at 13:18

akevi posted:
So i came across several forex traders and the ones i found actually good for a beginner is either Global Prime or FP markets, but if you have good experience you can figure out or by now one would know which one to use.

did u read any reviews first mate

Member Since Feb 11, 2020 10 posts akevi Feb 21 at 11:06

AdamCantor posted:
akevi posted:
So i came across several forex traders and the ones i found actually good for a beginner is either Global Prime or FP markets, but if you have good experience you can figure out or by now one would know which one to use.

did u read any reviews first mate

Yes i did, check out on forex peace army and other sites as well you’ll know that FP Market is good, a broker that provides a minimum of 100$ opening most people consider it to be a scam or a non-regulated, FP Market is regulated with ASIC and also its a Global forex trading broker. It has tighter spreads, various platform and maximum leverage to 1:500.

Member Since Feb 11, 2020 13 posts Martinki Feb 24 at 11:24

I see there are many brokers providing the same leverage, what about the Forex fees ?

How long does it take to open an account with FP Markets ?

Deposit and withdrawal process is it quick ?

Member Since Feb 11, 2020 10 posts akevi Feb 25 at 10:10

Martinki posted:
I see there are many brokers providing the same leverage, what about the Forex fees ?

How long does it take to open an account with FP Markets ?

Deposit and withdrawal process is it quick ?

Yes, many brokers provide the same leverage, the commission you seek is lower.

To open an account with FP just takes few minutes its done in one day.

There are no issues or complains on the Deposit or withdrawal process till date.

Member Since Feb 11, 2020 8 posts KQad Feb 26 at 09:11

FP Markets are good, i started trading with it and its been sometime now and they are really professional brokers.

Their spreads are low and have a commission is low compared to any other broker that is legitimate and they have a 24hrs customer service.

No spread widening issues like the other brokers, no depositing or withdrawing fees with my visa card, ecn pricing and fast execution.

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