Saturday, May 27, 2017




Before going over our updated list of recommended forex brokers for 2017, here are a few steps to assist you in choosing the right forex broker for you.

In the past decade, online forex trading has become increasingly popular worldwide. It´s a relatively new industry, but the number of forex service providers or forex brokers are considerable, which enables anyone to access the markets. Most forex brokers offer great services, but traders must make sure the broker they chose offers what they need.

The first thing to check when reviewing a forex broker is if they are regulated by a reliable financial authority. Then, check the execution and slippage so trading doesn't turn into a nightmare. Trading costs (spreads) are also important when considering withdrawals, trading platforms and customer support. Going over these steps should make it easy for you to find the forex broker that best suits your trading needs.

Another important thing for a forex trader is broker security. There's no peace of mind when you feel that your forex broker is dishonest; you won't be able to trade logically because the results will not depend on you, no matter how good a trader you are. So choosing a forex broker that is licensed and registered makes a difference.

Trading Partner
The most popular trading platform for novice traders! With 4 different trading platforms for a vast range of levels, meet the requirements of all types of traders. Also, Markets provide advanced auto-trading services! are known for their superb service and support (always available to advice on various subjects).
FX Broker Ratings
18% of traders chose this broker
Tallinex focuses on risk mitigation, leading to develop proprietary trading technologies. All Tallinex trades are transmitted swiftly and reliably to the world's largest banks through a PrimeXM FX bridge to Integral's FX Grid system, which is optimized for Forex trading. Our clients can therefore benefit from better ECN/STP technology and confidently trade the Forex markets through Tallinex.
Read more about Tallinex
There are many reasons why AvaTrade have more than 250,000 customers worldwide as of 2015, and the main ones are the highest trading standards; multi-lingual customer services; a variety of top quality trading platforms; consistent innovation; and an excellent reputation. AVA also offer attractive promotions on an ongoing basis. is a leading forex and CFD broker, providing traders of all levels – beginners or experienced – with a cutting-edge trading platform to suit their needs, enabling high-level trading of over 200 stock, commodity, currency and CFDs. Experienced traders will find the platform provides all the options and risk-management tools they need to optimize their strategies, while beginners will benefit from helpful training and support, and a real-time practice account.
FX Broker Ratings
21% of traders chose this broker
There are many reasons why AvaTrade have more than 250,000 customers worldwide as of 2015, and the main ones are the highest trading standards; multi-lingual customer services; a variety of top quality trading platforms; consistent innovation; and an excellent reputation. AVA also offer attractive promotions on an ongoing basis.
FX Broker Ratings
11% of traders chose this broker
Within the world of Forex, XM.COM is a market leader. Trading with XM.COM, there is no minimum deposit requirement. This is excellent for beginners who want to start trying on low volumes and minimal initial investment. XM.COM is by far one of the most client-friendly Forex brokers after comparing Forex brokers in 2015.
FX Broker Ratings
10% of traders chose this broker
The ideal trading platform for beginners as well as experienced traders! With over 1.5 million users eToro is one of the largest investment networks in 2015. Join eToro's revolutionary social trading platform, OpenBook, which Allows traders to see, follow and copy the most profitable traders.
FX Broker Ratings
12% of traders chose this broker
ETX Capital is a global provider of cutting-edge innovative technology giving their customers access to competitive pricing of over 6000 markets supported by their award winning customer service teams. Their customer orientated approach is the guiding principle behind all of ETX Capital business operations, from the technical operations, Sales, and of course, its Customer service.
FX Broker Ratings
3% of traders chose this broker
ITRADER is a leading broker that specializes in forex and CFD trading
We got a firm perception of ITRADER being a well established broker without any noticeable shortcomings.
FX Broker Ratings
19% of traders chose this broker
Focused on consumer products, Easy-Markets develops customized trading platforms and technology based tools. Easy-Markets provides web, desktop and mobile platforms for trading FX, commodities and futures. As the most veteran company in our 'Most Recommended Forex Brokers List for 2015', Easy-Markets truly is a market leader.
Tallinex focuses on risk mitigation, leading to develop proprietary trading technologies. All Tallinex trades are transmitted swiftly and reliably to the world's largest banks through a PrimeXM FX bridge to Integral's FX Grid system, which is optimized for Forex trading. Our clients can therefore benefit from better ECN/STP technology and confidently trade the Forex markets through Tallinex.
Read more about Tallinex
FX Broker Ratings
2% of traders chose this broker
Since 2010 24option has been leading the rapid paced growth of the binary options industry. Based in London, 24option offer the largest payouts and highest maximum profits per option trades in 2015. 24option has taken care of ease of use in every aspect of the platform. Registering, funding your account and trading are quick and easy.
Plus500 is one of the most client-friendly brokers around, and is one of the leading online "Dealing Desk" brokerages in the world, offering every kind of trading: stocks, commodities, indices, currencies and more. Plus500 platform is simply the best for online traders (advanced and beginners)! They also offer very low spreads across some of the majors in Forex brokers comparison.
Ever since FXTM was established in 2011, it continually innovates its core, by enlisting client-centric products and services in an entirely transparent way that justifies its position in the forex market and trading environment. With an impressive brokerage offering over 25 languages, and seminars at the local level by industry experts all in most regions, FXTM is sure to secure your trust. It is regulated in many jurisdictions and there is little reason to doubt its security.
FX Broker Ratings
19% of traders chose this broker is one of the most popular brokers in the Social Trading industry, creating a very innovative platform for investors available in the market. Traders can trade over 200 assets, including stocks, commodities, Forex, options, CFDs and Indices. Founded in 2012 by a team of inancial experts, Tradeo has been growing, focusing on creating many unique tools for its users.

The Great Importance of Genuine Broker Reviews

Trading with an unreliable broker is like entering a battle without any armor. When traders do this, they open up themselves to unpredictable risks, which is totally unnecessary. It’s really important to do your homework properly before choosing a suitable forex broker.

Therefore we pride ourselves, that here at FXLeaders we endeavor to provide the most accurate and unbiased broker reviews possible. As experts in the field, we know that a high-quality forex broker is an essential component of your trading success and capital preservation.

To assist you in choosing the best forex broker suited to your needs, we’ve taken much time and effort to compile the indispensable Definitive Guide to Forex Brokers.

Interested in Forex? Need to choose between the hundreds of Forex brokers out there? Have no fear! The Definitive Guide to Forex Brokers is here to present you with the most comprehensive overview of what Forex brokers are about and what they can do for you

Topics Discussed in The Definitive Guide to Forex Brokers

  • Security and Regulations – Check if and where the broker is registered and licensed.
  • Forex Broker Types – Pick the best forex broker to suit your trading style.
  • Trading Platforms – Most forex brokers offer Metatrader 4 or Metatrader 5 for free, but there are plenty with their own customized platforms. Have a look around to see what's best for you.
  • Spreads and Commissions – Find out for what and how much you are paying. I generally ask the customer support about spreads and other fees if I can´t find all the information on the website.
  • Social Forex Brokers - Learn how to use social trading and copy trading platforms.
  • Customer Support – Customer support is imperative when choosing a forex broker.
  • Extras – Bonuses, promotions, rebates, webinars, etc.


Security and Regulations

To protect your hard-earned money, you should only trade with forex brokers you can trust. You should avoid unregulated brokers at all cost and investigate under which authority your broker is regulated (and confirm that their license is valid).

The different regulating authorities enforce rules on their affiliated forex brokers that regulate aspects like the amount of leverage they may offer to their clients and which measures they should take to protect their client’s deposits and profits from trading. Click here to read more about forex broker regulations.


Forex Broker Types

Are you aware that there are different types of forex brokers? Not all brokers execute their clients’ trades in the same way. Functions like the spread, commissions, rollover fees, liquidity, re-quotes, slippage, reliability of execution, and many other factors, are influenced by the type of forex broker you use.

If you’re having a hard time sifting out the best forex brokers of this time, this guide is a must-read to educate you about the three main broker types and how they could influence your trading success in the forex market. To read more about forex broker types, just click here.


Trading Platforms

Trading platforms are also important. We used the Metatrader 4 or Metatrader 5 platforms at some point during our trading years and almost all forex brokers offer it. However, if you want more, there are plenty of brokers who offer their own trading platforms. Some of the platforms are confusing but some are surprisingly good. I won't mention them all though you should check out our new featured forex brokers list above and read about their trading platforms.

Costs are very important to anyone, as a result, spreads must be as small as possible in order for a forex broker to be considered a good, especially if you like to trade short term signals. In addition, there are other fees, such as deposit/withdrawal fees, dormant account charges, etc. Pay attention to dormant account penalties as well. Make sure to check all types of fees before opening an account with any broker.   

A trader must also test the broker's customer support. Sometime, a small issue can turn into a big nightmare if the customer support is not helpful. Other features which may be appealing are bonuses, rebates, promotions, trainings and webinars. They're not extremely important, in my opinion, but might be very appealing to others. You should take them into account if they are important to you.

Of course, you have to find a forex broker which suits your trading style. If you are a scalper or use a scalping strategy and your broker does not allow scalping or discourages playing with all sorts of tricks, you can't trade with them regardless of how reliable they are in other aspects. Every forex trader has his own trading style, so there's no single rule to follow. The only advice we can give is to try your strategy with them for a while and if their services match your need, go with them!


Spread and Commission

forex broker’s spread and commission structure is an extremely important consideration when doing a forex brokers comparison.

First of all, a wider spread makes it more difficult to execute profitable trades because the price needs to cover a greater distance to your take profit. It also increases your risk of losing trades because the price is automatically closer to your stop loss.

Besides these trade hurdles, higher commissions, wider spreads, expensive rollover fees, and additional fees will eat away a substantial part of your forex trading profits in the long run. Make sure you do your homework on this topic properly! To find out more about forex broker spreads and commissions, just click here.


Social Forex Brokers

For investors who don’t like to do all the forex trading and forex market analysis themselves, there is an exciting way to access this massive market (and a wide range of other markets) in a really efficient way.

With the help of social trading and copy trading brokers, the amazing concept of copying profitable traders is made incredibly simple and easy on their platforms.

That’s not the only function of these brokers, however. If you have what it takes to trade the markets responsibly and profitably, you can earn money on their platforms as a ‘popular investor’. Your trades will be copied to the investors’ accounts who choose to copy you. The social forex broker will then pay you a commission according to the number of traders copying you, and/or the amount of money you manage in this way. To learn more about the exciting opportunities offered by social forex brokers, just follow this link.


Customer Support - Practical ways to evaluate your broker’s performance

I personally trade with a couple of different forex brokers because of fund management requirements. A few years ago, I tried to place two market orders with one of these brokers, on the EUR/JPY currency pair, which weren’t executed. When I contacted my personal account manager, he said he would have the issue investigated and get back to me.

The trades which weren’t executed would have made a profit and the broker calculated how much the profit would have been by looking at where my take profit order was supposed to be. The broker credited my trading account with this amount and said they were glad to perform a once-off compensation for the ‘loss of potential profits’. It was a once-off deal because they do not usually compensate for the loss of potential gains when it comes to order execution errors.

I was utterly amazed at the generosity of this broker, as the authorized manager went out of his way to do more than which was necessary to keep me happy. I didn’t expect from them to do the restitution, but they were happy to do it anyway. That’s amazing!

There are a few ways you can test the reliability of your broker with regards to customer service. Customer service is really important when you encounter serious problems with, for example, the platform you’re trading on. When you’re in such a situation, the speed at which the technical team solves the issue can determine whether you lose or make money.

For example, I had a charting issue with the same outstanding forex broker that was so generous to reimburse me for their execution errors. The issue was that the charts didn’t load when I launched the platform. Now to me, this is a massive problem. I don’t know about you, but I can’t trade without seeing charts in front of me.

Anyway, this was a really difficult problem for them to solve, but they got it right in the end. Problems like this can easily rob you of a profitable day’s trading. When things like this happen, the degree of support you get from your broker is absolutely critical.


How to gauge your broker’s responsiveness

1. Ask them for help with a few things, like for example, retrieving a lost password and username. Then take note of how long it takes them to assist you and sort out the problem.

2. First, deposit a small amount of money into your trading account. Request a withdrawal after a few days to see whether it is done as fast as the broker promised to do it. This will also give you the assurance that the forex broker actually allows clients to withdraw their funds (scamers often steal their client’s deposits).

3. Ask your broker to assist you with tasks like importing custom indicators, setting up charts, or running an account statement. Contact them via email and via their online ‘live chat’ function if they have such a service. If you see that you need to wait very long for assistance or if the representative doesn’t have the ability to help you properly, you definitely need to take note of these weaknesses.

4. Pay attention to how effective the broker’s communication is with its clients. For example, if they regularly notify their clients of important events or changes on their forex trading platforms. These events can include irregular trading hours due to holidays or changes in margin requirements, for example.

There are many other ways to evaluate your broker’s customer service, but taking some of these steps is a good place to start.


How to avoid choosing the wrong forex broker

We all would like to get the best things in life, and with all the fancy platforms, websites, and other promotions it is easy to be lured into choosing the wrong forex broker. For this reason it's important to trust your intuition and common sense, particularly when choosing a forex broker. If a forex broker looks too good to be true, then it's likely that he's no the forex broker for you.
However, it is easy to misjudge, so it helps to talk to other people who have been in the forex industry when trying to pick a forex broker with which to trade. Forex broker reviews help and there are many websites which offer forex broker reviews. We also have our own forex broker review section. Besides the reviews, the feedback websites offer a lot of information. 
Nonetheless, this information should always be taken with a pinch of salt. Firstly, because competition in the industry has pushed some dodgy brokers to misuse broker feedback websites, leaving a positive feedback for themselves while posting awful comments for their competitors.
Therefore, you can't necessarily trust what you are reading. For this reason it is important to check a lot of feedback before choosing a forex broker. The other reason is the some traders blame the forex broker for their own trading mistakes and write reviews explaining this. 
We've experienced this firsthand, even though we only offer advice (forex signals and analysis). You should conduct a thorough evaluation of all these factors in order to find a reliable forex broker and avoid choosing the wrong broker