Introduction of the Best Forex Brokers for 2017
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- Regulation: CySEC, FSB, ASIC
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Almost 75% of forex trading around the world is carried out by the large banks, however private people are now becoming more involved and the number of forex brokers is growing fairly quickly, albeit both legally and illegally. Therefore, included in this article are some pointers for choosing a reputable forex broker.
Tips for Selecting a Reputable Forex Broker
It is important to choose a broker who is registered with the relevant authority in the country from which they trade and authorised to do so. There are various other points to consider when looking for the right broker...
|Best Forex Brokers 2017|
|Brokers||Reward||Min. Deposit||Platforms||Max Leverage||Regulation||Website|
|Markets.com||$25 Free||$100||WebTrader, Mobile Trader, MT4||1:200||CySEC, FSB, ASIC||Read Review|
|Trade.com||$25 Free||$250||WebTrader, MT4, Mobile Trader||1:200||CySEC, MiFID||Read Review|
|HYCM||$25 Free||$50||WebTrader, Mobile Trader, MT4, Web-based MT4||1:300||FCA, MiFID, SFC, DFSA||Read Review|
Desktop, WebTrader, Mobile
|1:294||CySEC, FCA**||Read Review|
|XM||£20 Free||£5||Android Trader, iPhone App, MT4, WebTrader||1:888||ASiC, CySEC, FSP||Read Review|
|IronFX||$10,000||$500||MT4, PMAM, Webtrader 4, AutoTrade||1:500||CySEC, FCA, ASIC, UCRFIN||Read Review|
|Easy-Forex||$2,000||$25||WebTrader, Mobile Trading, MT4||1:200||ASiC, CySEC||Read Review|
|eToro||$1,000||$200||OpenBook, WebTrader, Mobile Trader||1:400||CySEC, FCA, MiFID, NFA||Read Review|
|Instaforex||100%||$1||WebTrader, Mobile Trader, MetaTrader||1:1000||ECN||Read Review|
|Avatrade||$10,000||$100||WebTrader, Mobile Trading, MT4, Mac Trading||1:400||ASiC, BVI, NFA, FSA||Read Review|
*CFD Service - Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).License
Forex Brokers must be licensed in the country or countries from which they trade, and be regulated so that if there are any complaints, clients are able to file a complaint. If a broker is not registered and you have a complaint, there will be no recourse to any assistance by a regulatory body. Also, if the broker is not licensed and they go insolvent, your money will not be protected.Immediate Payouts
Brokers should be able to pay your funds as and when you request them. Some will offer same day payouts, while others will provide a 24-hour turnaround service. Anything longer than this is not necessary and there is no reason for a broker to delay your payments further.Payment Methods
Look at the payment methods offered by the broker to see if they offer the method which is most convenient for you to make deposits into your trading account.Demo Trading Platform
Does the broker offer to open a demo account for you to practice on? This is an important aspect to consider because it provides an opportunity for you to gain vital skills essential in the forex trading markets.Currency
Does the broker offer the option of depositing in Pounds and also withdrawing in Pounds? It is important that you can keep the majority of your profits and not be held hostage by erratic GBP exchange rates. Also check whether there are any currencies that are not traded to be sure the ones you want to trade are available.Fees and Commissions
The majority of brokers will charge a fee for each trade you make. Sometimes they will be hidden and sometimes they will charge even if you make a loss so that they will always be paid. Don't forget to compare the commission charges of each of the brokers you are considering signing up with as these can vary widely.A Choice of Trading Platforms
Look for a broker who offers a choice of trading platforms so that you can use the one which best suits you.
Find out more about Regulations
Forex trading is classed as a 'regulated activity' and therefore all forex brokers must be registered with the relevant governing body in the country from which they trade. For example, in the UK, all brokers must be registered with the FCA (Financial Conduct Authority) and thereby will be authorised and regulated
Here are five firms which are regulated by the relevant governing bodies globally:Plus500
Established in 2008, Plus500UK Ltd is a firm based in the UK, authorised and regulated by the FCA. It provides the Plus500 trading platform and is a subsidiary of Plus500 Ltd which is a company that is listed on AIM (an equity market of the London Stock Exchange) and has its head office in Haifa, Israel.Markets.com
This is a Forex and CFD provider which offers their user-friendly in-house trading platforms for trading. They have developed a mobile app which their clients can use to make trades, making it that much more convenient. They state that they do not charge commission or fees on deposits nor on withdrawals. Read Markets.com review now.Xtrade
Xtrade is regulated by ASIC and owned by Xtrade AU Pty Ltd under Australian law. It is based in Cyprus, in the city of Limassol. They are authorised to operate by Cyprus Securities and Exchange Commission (CySEC) which is the financial regulatory agency in Cyprus and as an EU member state, the financial regulations as well as the operations conform to the European MiFID financial harmonisation law. Xtrade also has a branch in Italy.IronFX
Ironfx was established in 2010, has 10 different trading platforms and serves both retail and institutional clients globally from their 8 offices around the world. Read IronFX Review.XM Trading
XM Trading was established in 2009 and has 3 offices in Hungary, Greece and the head office in Cyprus. They are licensed by CySEC and ASIC. Learn more on our XM Forex Review.
Payment Methods in Details
- Company:Plus500 Ltd
- Licensed & Regulated by:CySEC, FCA
- License Number:250/14
- Support:Live Chat
There are various ways to pay into a forex trading account, but the most convenient and secure is via credit card. Traders log into their forex accounts and input credit card details to make a payment. This method usually takes about a day for the funds to clear, however because the accounts are margin accounts, it means that you're able to leverage the broker's funds to trade and brokers generally provide a leverage of between 50:1 and 200:1, for example, having to deposit $250 to trade positions of $50,000.
Other methods of payment are making a deposit directly from your bank account, using a debit card, or using any one of the money transfer companies that exist, such as PayPal and Skrill.
Bear in mind that some of the best forex brokers 2017 and firms will offer differing payment methods.
Forex trading can carry with it a large risk and anyone considering signing up with a broker should discuss what they or their firm offers to clients and be completely clear before going ahead. It's also essential to discuss all the possible risks associated with the activity of trading ahead of opening a trading account.
Unfortunately, fraud and scams do exist within this industry, as with so many others and it is therefore important to research any possible forex brokers thoroughly before making your choice. When you have begun trading, always be fully aware of the pros and cons of any trade before deciding and most of all, ensure that the broker you choose is properly licensed, authorised and regulated in the country from which they operate.