Best Forex Broker Platform [Review 2021]
Published: January 4th, 2021 by Andrew
What are the Best Forex Brokers? Many traders who start trading on the currency market often find themselves wondering which broker to use. This guide explains in detail what are the features that we absolutely must expect from a Forex Broker and which are useful for traders (the guide is aimed mainly at those who have never done forex trading or are in their first experiences). We will also publish concise reviews of some of the best broker platforms such as ForexTB or eToro.
Best Broker List
Let’s start our guide with a list of recommended broker platforms. We have exclusively selected forex brokers who are licensed and regulated (the only truly trustworthy), free and commission free. Since the guide is aimed primarily for traders, we have also decided to review only brokers that are simple to use and also suitable for those who know little or nothing about forex.
Min. Deposit: 200€
Min. Deposit: 250€
Min. Deposit: 400€
Min. Deposit: 10€
Min. Deposit: 100€
Min. Deposit: 250€
eToro forex broker
eToro is the great option for traderswho decide to open a forex trading account. It is a trustworthy, reliable, honest and completely free broker (zero commissions for real). Traders choose eToro not only because it is very easy to use but above all because it is possible to trade by copying, in a completely automatic way, what the best traders do.
How? With the patented Copytrader system. With this tool, it is really easy to select the traders who in the past have obtained the maximum profit with the minimum risk. Just one click to select a trader to copy: all his operations will be replicated automatically!
eToro therefore offers two fundamental advantages to those who start forex trading: on the one hand it is possible to obtain results from the very first operations (they are the same operations of the best traders in the world, copied in real time) and on the other it is possible to learn by observing what they do the best.You can sign up for free on eToro by clicking here
To learn more, read the eToro broker review.
Trade.com forex broker
Although relatively little known, Trade.com is one of the best forex brokers ever, for both experts and traders. It is a trustworthy, honest and very easy to use broker.
It offers the possibility to operate with Metatrader but also with a great internal platform.
For traders, it is possible to study thanks to a large didactic section, full of video courses. We have to say a few words for this Trade.com educational area. It is truly one of the best ways to start forex trading: the videos are many and allow you to study forex starting from the basics up to the most complex and fruitful strategies. You can enter the Trade.com educational area for free by clicking here.
The advantages of Trade.com do not end there: there are automatic tools that allow you to analyse the most widespread sentiment on an asset (Traders Trend).
For example, if you want to do forex trading on the euro / dollar it is possible to know if most of the professional traders are focusing on strengthening the euro or the dollar.
Obviously it is not 100% secure information (nothing is certain when trading forex) but statistics show that this type of indicators are usually excellent.You can sign up for free on Trade.com by clicking here
Read our full review of the broker TRADE.com.
ForexTB forex broker
ForexTB is one of the favorite choices of those starting out in forex trading. This broker is very easy to use even for those who are really traders. It is not just a matter of intuitive and accessible interface: all those who register are assisted (free) on the phone by a true forex expert.
This expert’s advice is essential for starting forex trading without painful mistakes.
Those who want to learn more also have the opportunity to download an excellent guide to forex: the success of this guide (hundreds of thousands of downloads in a few months) shows that it is really worth it.
Why have so many people downloaded it? First of all, it’s free and many of the forex courses are paid and cost a lot. Then it is a simple guide, there are no technical words and even those who do not know anything about forex can study it. And finally, don’t waste time with theory, it goes straight to the point: explain how you make money with forex. You can download the ForexTB guide for free by clicking here.
The benefits of ForexTB are not over, writing the full review of this forex broker would occupy this guide entirely. We just point out that ForexTB offers a completely free, unlimited and unconstrained demo account.You can join ForexTB for free by clicking here
If you want to know more, you can read our full ForexTB broker review.
Iq Option forex broker
Iq Option is a very simple and intuitive forex broker to use, reliable and trustworthy. It is the preferred choice of many traders because it allows you to start with a very small starting capital.
While other serious forex brokers require capital between 100 and 250 euros, Iq Option requires just 10 euros.
In practice, Iq Option has broken down every type of entry barrier to the forex market: you don’t need to be a professional (it’s very intuitive and then there are hundreds of free video courses) and you don’t need to have a large capital, since just 10 euros are enough.
Iq Option also offers an excellent demo account, unlimited and without constraints, perfect for those who want to learn forex trading without risk.You can sign up for free on Iq Option by clicking here
Read the review of the Iq Option broker.
Trustworthy and Reliable forex brokers
We have seen the review of a number of excellent forex brokers, great for both traders and professionals (but we have selected them with an eye for traders).
What are the requirements that a good forex broker must meet? In the first place it is imperative that it be trustworthy and reliable.
Everybody knows that: there are many scams in forex (perhaps less than in the past, anyway) and those who want to avoid the risk of experiencing painful scams must be very careful in choosing a trustworthy broker.
How do you have the mathematical certainty of not being scammed? Just choose licensed and regulated forex brokers.
An authorized and regulated broker (such as eToro), in fact, operates after having obtained authorizations from the competent European supervisory authorities and must comply with the very strict regulations governing financial investments with the aim to protect investor money.
In other words, a licensed and regulated forex broker cannot scam their clients even if they wanted to. Above all, licensed brokers are required to keep client money in separate trust accounts, so it would not be lost even in the unlikely event of the broker’s bankruptcy.
Furthermore, these brokers subscribe to guarantee funds similar to bank ones and which usually cover a capital of up to 25,000 euros per trader. Much more than enough coverage, given that most traders start with a capital between 100 and 250 euros.
A broker who is authorized in one European country is automatically authorized to operate in all other countries of Europe. This guarantees European traders the opportunity to access the best forex brokers who are based in every European county.
We advise you to be wary of brokers who are not regulated, only regulated brokers in Europe can guarantee maximum safety and reliability.
NO ESMA forex broker
In recent times, NO ESMA forex brokers are becoming increasingly popular. What is it about? And why do some traders try to use them? It is a very important issue because many of those who try to use NO ESMA Broker are scammed and lose a lot of money.
The ESMA rules
But let’s go in order. ESMA stand for “European Securities and Market Authority) and it is the European authority for financial instruments and markets, the body that since 2011 has the task of supervising financial markets in Europe and protecting investor money.
In simpler words, ESMA is concerned with protecting traders and investors, preventing them from being scammed and losing their money.
Over the years there have been several scams related to the world of forex, we have already talked about it. Apart from brokers who simply closed overnight or reset the trader’s account without justification, one of the most painful scams was related to bonuses.
In practice, the unregulated brokers (let’s remember this detail well) offered bonuses which, if accepted, prevented you from withdrawing the capital before trading for a very high amount. Since the bonuses were all accepted, no one could withdraw the capital even those who were earning.
Another scam was based on the incorrect use of financial leverage, even here the brokers who behaved badly were the unregulated ones.
Did ESMA intervene to stop these scams and what did it do? It simply banned bonuses and severely limited leverage.
Result? Unregulated brokers (who don’t care about ESMA and legislation in general) continue to defraud their clients in the ways they see fit while traders who have always operated with regulated forex brokers (and therefore profitably used leverage and bonus) have seen themselves deprived of this opportunity.
Now, the new ESMA rules are a bit limiting and therefore some traders have started looking for NO ESMA brokers. The problem is that this is a very bad solution as unregulated brokers usually scam their clients. We do not recommend operating with these brokers in the most categorical manner.
There is a simple solution to the problem. When ESMA issued its rules, the lobby of professional traders made itself heard and obtained the ability to continue trading without limitations.
How do you qualify as a professional investor? There are few requirements to be met. Brokers like Trade.com offer complete support to perform the entire procedure for free in a few minutes. Obviously the qualification is portable, so even if you change broker you will continue to be able to operate without limitations.
If you are a trader, however, do not worry about the ESMA rules because after all they do not harm you (of course, collecting free trading bonuses was a great thing). Being recognize as a professional trader is useful by experts who need high financial leverage to earn the most.
Australian forex brokers
Some experts are happy trading with Australian forex brokers. In this case, we are not dealing with unregulated brokers but with regulated brokers outside Europe in a legislative context that is, after all, as good as the Australian one.
We reiterate once again the concept that traderhave not suffered a great deal of damage from ESMA rules. The only concrete damage is to have lost the trading bonuses in money but in any case the serious brokers offered limited no deposit bonuses (25 euros), while the deposit bonuses were proportional to the amount invested and to collect high bonuses they needed, in fact, high deposits.
And usually it’s the experts who start with a high capital, the traders start with 100 or 250 euros (or 10 euros in some cases).
Free forex brokers (no commissions)
One of the fundamental criteria for choosing a forex broker is to avoid (always) paying commissions. The best brokers are completely free and do not charge any type of commission. Paying commissions is never smart.
How do commission-free brokers make money? After all, they have expenses to face and they are private companies, so they have to make profits.
These brokers operate with a much more advantageous mechanism for the client: the spread. Basically, a tiny difference between the price at which a currency pair (or any other financial asset) can be bought and the price at which it can be sold.
It is easy to understand how the spread is a much more advantageous mechanism than commissions. To understand it better, just consider that there are brokers who apply 7 euros of fixed commission on each operation. Those who start with a capital of 10 euros could not even make 2 operations.
That’s why the best brokers do not apply commissions and also guarantee to those who have very little capital available to do forex trading: Iq Option, where you can start with just 10 euros, has no commission!
The choice of the forex broker is really important, especially for those approaching the currency market for the first time. In this article we have reviewed some of the best forex brokers, carefully selecting the most suitable ones for traders.
In particular, we have chosen only brokers that are trustworthy, reliable and easy to use. Some of these brokers allow you to get exclusive benefits as well. For example, in the case of eToro the ability to automatically copy what the best traders do.
First of all it has to be regulated, then don’t charge fixed commissions and finally offer low spreads.
All those included in our article. In fact, language assistance is a fundamental aspect to determine the goodness of the Broker.
The average is € 200, some even offer lower investments.