To trade forex, you need an online broker. Trading with a trusted forex broker is crucial for success in international currency markets. As a currency trader or investor, you may have specific needs related to which platform, tool, or research requirements you have. Understanding your investment style can help determine which fx broker will be best for you.
Each year, our team here at DIVEINFOREX.com spends five months testing the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for 2021.
How To Find The Best Forex Brokers
Below we’ve listed the main criteria for finding the best forex brokers in Jordan 2021. We will expand on each area later on in the article.
- Fees/Commission – This is the most important part of your global forex broker appraisal. One forex platform may charge you a tenth of the price for the same trade vs another. Take note of “hidden” fees, such as withdrawal or inactivity fees.
- Operating Model – Forex brokers usually operate one of two operating models: dealing desk or no dealing desk. A dealing desk broker owns its order book, meaning they create liquidity for clients. These are known as ‘market makers’ because if there is no one to take the other side of a trade (i.e buy what you’re selling), they’ll take it themselves. No dealing desk brokers (also known as ECN brokers) connect to a larger market where filling orders is not an issue.
- Market Coverage – The selection of assets on offer. Does the forex platform provide the FX pair or product you’re looking for?
- Accessibility and Affordability – Beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £/€ equivalent). It might be worth investing more for a platform that suits you better, so stay open-minded.
- Platforms – The forex trading platform and the tools it provides are your primary weapons in your personal war for profits. Personal preference will play a large part here, as many platforms offer very similar services, but look and feel very different. Remember many platforms are configurable, so they can be tailored to suit your needs.
- Strategies – Not all forex brokers allow every strategy. For instance, it’s common to see limitations on scalping, hedging and automated trading strategies (EAs). If this is what you’re interested in, you’ll need to check before you sign up that you’re selecting a forex broker for scalping, for example.
- Mobile Apps – Being able to trade on the go may be important. Some mobile apps are superior to others. Usually, the features available on desktop are not matched on a mobile app, so access to both is recommended.
- Deposits and Withdrawals – The ability to move funds to and from the platform, quickly and preferably cheaply is key. Forex brokers with instant deposits for debit/credit cards and PayPal are common, so look out for these where possible.
- Reputation – People talk. It is well worth listening to what traders say about their forex broker.
- Regulation – A proper regulatory framework is key. It gives you the reassurance that the forex platform is operating within the rules the governing body has assigned. This provides an element of trust between broker and client.
- Customer Support – You need someone to talk to if you run into problems. Competent support is a must. From opening an account, to help with the platform – customer support is important.
- Company Background and History – Knowing the past exploits of forex brokers can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet, for example.
- Education – It never hurts to improve your understanding of how the forex markets work. Some brokers offer extensive educational tools that will enable you to take advantage of movements when they occur.
- Account Opening/Registration – Is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening an account has been problematic in the past.
Best Forex Brokers for 2021
The global foreign exchange
(forex) market is the largest and most actively traded financial market in the
world, by far. When looking for the “best” Forex broker,
both beginners and experienced traders generally look for several key features
and benefits. Among the most important of these are: the overall trading
experience, the breadth and depth of product offerings (currencies, CFDs,
indexes, commodities, spread betting, cryptocurrencies, etc.), fees
(including spreads and commissions), trading platform(s) (web-based,
downloadable software, mobile, charting, and third-party platforms), customer
support, trading education and research, and trustworthiness.
Through extensive research and a strict adherence to our robust methodology, we have determined the best forex brokers in all of these areas and more, which has resulted in our top rankings below. Our mission has always been to help people make the most informed decisions about how, when, and where to trade and invest. Given recent market volatility and the changes in the online forex brokerage industry, we are more committed than ever to providing our readers with unbiased and expert reviews of the top trading platforms for traders of all levels, for every kind of market