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A Complete Breakdown of the Best Forex Brokers

Before we can determine the best forex brokers around, let’s start by discussing the main duties a broker should provide; the safe custody of clients’ capital, a platform to access markets, quality service, and support in your language.

It is very important to choose your broker carefully. Since it will be your connection to the market. In other words, your broker is your ally in the markets. Let’s start by analyzing the two large groups of brokers that exist:

DEALING DESK BROKERS (DD) AND NON-DEALING DESK BROKERS (NDD).

Dealing desk brokers (DD):

These are brokers that are directly dealing with client trades. However, this group only has one main type; Brokers who act as counterparties to their clients’ trades. As a result, your trades may never actually reach the open market because the broker may be acting as the counterparty for most or even all its clients’ trades.

If your broker is your counterparty, it means that if your trade wins, your broker loses and vice versa. You should be aware of this conflict of interest, since the broker profits from your losses.

Often, these types of brokers are the ones that we find saturating social networks. They attract people with promotions and “offers” to open accounts with them, for instance. From my personal experience, I do not recommend working with this type of broker. Sooner or later it may become a problem.

Non-dealing desk brokers (NDD):

Their main advantage is that they are not acting as a direct counterparty. For example, within this group, we have two types; ELECTRONIC COMMUNICATION NETWORKS (ECN), AND STRAIGHT THROUGH PROCESSING (STP).

ECN Brokers create a network between their clients and their liquidity providers (large financial institutions, banks, other brokers, etc.)

Like STPs, the best available spread is achieved at all times. In this case, however, with a greater depth of the market by interconnecting with a greater number of participants.

STP brokers send the operations that you request directly to their liquidity providers, the orders are then executed directly and electronically without any manual intervention.

What is a liquidity provider?
A forex liquidity provider is an institution or individual that acts as a market maker in the foreign exchange market. Being a market maker means acting as both buyer and seller of a given asset class or exchange rate in the case of the forex market.
best forex brokers

These types of brokers are your best allies because they benefit if you win. So the broker’s compensation is generated by commissions or through a spread on trades.

Each year on average more than 200 brokers disappear only to be replaced by new entrants. There is nothing worse than dealing with your broker going out of business. Make sure you know where you’re placing your money

That being said, the following factors must be taken into account:

regulation, security of funds, spreads, and commissions as well as customer service.

The best forex brokers are regulated financial services firms. In order to act as such, they must have a regulatory license. This license establishes the conditions under which they can provide their services. The main regulatory frameworks are:

  • FCA (FINANCIAL CONDUCT AUTHORITY) from the UK.
  • ESMA (EUROPEAN SECURITIES AND MARKETS AUTHORITY) of the European Union
  • SNB (SWISS NATIONAL BANK) from Switzerland.
  • NFA (NATIONAL FUTURES ASSOCIATION) from the United States.
  • FINMA (THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY) from Switzerland.
  • CIMA (CAYMAN ISLANDS MONETARY AUTHORITY).

Related: Why you Should Avoid Unregulated Brokers

Spreads are the differences between the purchase (sale) price and the sale (purchase) price of a currency pair. Therefore, it is important to know the spread that each broker offers. This will help you make the best decision on which broker to use…

BEST FOREX BROKERS – Spreads are the differences between the purchase (sale) price and the sale (purchase) price of a currency pair, so it is important to know the spread that each broker offers in order to make the best decision on… Click To Tweet

A normal spread is considered within 1.5 PIPS to 2.1 PIPS. These are paid each time a trade is opened or closed. So, to obtain a favorable spread, we advise you to carry out trading operations at certain hours.  For example, USD/CAD trades on a tighter basis during North American trading hours. 

Choosing The Best Broker

Picking peaches is like picking a broker

Check out this Surfs Up! article for some pointers on what to take into account when evaluating the customer service of a Forex broker: 

  • Low spreads
  • Trade execution
  • Safety of funds and processing time

If there is a problem, you’ll want to contact a real person who speaks your language because it will make finding a resolution fast. 

On the internet, in addition to finding brokers, you will find rankings on the best brokers all with their own points of views. The following is what we consider to be the most solid list of the best forex brokers out there.

DARWINEX 

Darwinex is a technology provider helping traders develop their skills and build a verifiable track record. In short, their technology provides traders with regulatory cover to charge a 15% success fee.

Founded in 2012, they employ more than 40 people across their London headquarters and development office in Spain.”

Darwinex focuses on impact, takes calculated risks, empowers its clients and employees. It has platforms and technologies for DMA access to the FX, Stock, Commodities, in addition to Index CFD markets.

DUKASCOPY

At Dukascopy Bank SA, you can trade spot Forex, Metals, Binary Options, CFDs on bonds, commodities, indexes, stocks, ETFs, and cryptocurrencies through the same platforms.

Dukascopy Bank has a regulated capital of about CHF 40’000’000. It provides trading services based on the following main principles: Equal trading rights and a transparent pricing environment.

Dukascopy offers:

  • Attractive spreads.
  • ECN liquidity.
  • A wide range of trading orders (including stop-loss and limit).
  • Instant execution.
  • No price and execution manipulations.
  • Equal prices and liquidity for all clients.
  • Automated trading based on jForex API and FIX API.

GLOBAL PRIME

Global Prime is a 100% Australian-owned and operated Forex and CFD broker. Above all, it specializes in low latency connectivity to tier-1 bank liquidity and ECNs for an unrivaled trading experience.

With it, traders have access to all major global markets. Including Forex (48), Metals (5), Energies (3), Commodities (12), Indices (15), Digital CCY (5).

They provide spreads from 0.0 pips because of their deep interbank liquidity supported by ECN technology. Equinix NY4 (New York) tech and platform hosting cross-connects to trading counterparties for the lowest latency, and Institutional grade transparency with automated trade receipts.

IC MARKETS

Established in 2007 in Australia. IC Markets’ reason for existence comes from the want to build a client-centric trading solution. In addition to offering the latest technology to retail and institutional traders alike. As brokers, they aim to create the best and most transparent forex trading experience for retail and institutional clients

They have spreads from 0,0 Pips. Fast orders execution, institutional-grade trading, and access to global markets.

Like:

  • Forex Markets.
  • Commodities.
  • Stocks.
  • Indices.
  • Bonds and Digital Currencies.

IC Markets trading platforms are compatible with Windows, MAC, Android, iOS, and Web Browsers.

They have the possibility to make instant deposits, fast withdrawals, and transfer funds, for instance.

0% commissions with PayPal, Visa, MasterCard, Skrill, and Neteller.  ITs main platforms are MT4, MT5, and C-TRADER.

PEPPERSTONE

Established in 2010 and is based in Australia pepperstone has over 73,000 traders across the globe with over 12.55B trading every day.

Pepperstone offers over 1,000 trading instruments. Similarly, traders can trade an extensive range of CFDs on FX, Commodities, Cryptocurrencies, Shares, ETFs, and more. Pepperstone offers 24/7 support offers to trade with FX CFD spreads from 0.0 pips on 14 pairs. 

Its brand recognition is one of the reasons it makes it on our list of best forex brokers

ROBOFOREX 

RoboForex, operating since 2009 and regulated by the IFSC. From the moment of its foundation, RoboForex has focused on providing the best trading conditions. They use innovative technologies and many years of experience.

RoboForex is an international broker, that offers 7 asset types and more than 12,000 instruments for trading.

In conclusion, Roboforex traders can trade with tight spreads starting at 0 pips. Traders have access to its affiliate program with 50% profit sharing. Most importantly, Its main trading platforms are MetaTrader 4 and MetaTrader 5. 

TICKMILL

Tickmill has services in over 200 countries and has a 0.20 sec. average execution time, over 115 million trades executed, and 142 billion average trading volume by month. It has Advanced charting and analytical tools, sophisticated order management tools.

Expert Advisors are available, and the ability to trade from your desktop or mobile device. It has 11 deposit/withdrawal options including bank transfer, Via, and MasterCard.

Accounts have a $100 minimum deposit for Pro and Classic Accounts. Traders need a $50.000 minimum balance for a VIP account. 

TRADEVIEW MARKETS

tradeview markets

Tradeview is one of the best forex brokers. Regulated by CIMA as well as the MFSA in Malta. To open an account you need to make a deposit starting at 100 USD. The maximum leverage is 1: 400. The spreads are very tight ranging from 0 to 0.7 PIPS in normal market conditions.

Tradeview Markets have advisors at your disposal. Customer service is available in English, Spanish, Chinese, Arabic, Korean, Russian, French, Italian, Japanese, Hindi, and Portuguese.

They offer a social trading platform, TradeGateHub. Where you can interact with pros, watch live trading sessions, and interviews industry leaders.

Tradeview’s state-of-the-art trading platforms are designed for active traders looking for an edge. Tradeview is one of the brokers that offers the most variety in terms of trading platforms. You can choose from platforms such as Metatrader 4, Metatrader 5, cTrader, Sterling-Trade pro, Sterling-Trade Web, Rhino Trader, and Currenex.

With over 100 options to trade from. Tradeview offers the best support to fulfill traders’ needs. It has  experienced and professional staff, one-step credit set-up via their prime broker, 24/6 hour global operations and technical support, and senior professionals tailor the service to your requirements and trading style, providing excellent execution and service

One of the best forex brokers around

Thanks to Tradeview’s advanced trade processing technology. Clients get efficient settlements utilizing industry-standard protocols. Including FIX and Harmony, automated straight-through processing (STP) – vendor integration support (RTNS, Logiscope, Sierra, Charles River, Fund Studio, etc).

Highly secure infrastructure with strong encryption protocols, including digital certificates and dual authentication login. Flexible reporting customizable to your needs, and sophisticated pre and post-trade allocation capabilities. 

At Tradeview, you can be assured your account funds and deposits are protected with due diligence and protective measures from their dedicated team. There are several excellent reasons why clients experience paramount safety and ease of mind when transacting with Tradeview: 

  • Accounts with Top Tier Banks
  • Segregations of client funds
  • Tradeview has been a regulated broker for more that 10 years
  • Risk Management by providing an automated risk management system that ensures that our clients’ account balances will never go negative. 

But don’t just take our word for it. Go out and open a demo account and try out what working with that broker will be like!

Remember to visit Tradeview’s TradeGateHub


Richard Ellison, CFA CAIA

Consultant