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CFD and forex trading are leveraged products and your capital is at risk. They may not be suitable for everyone.

Actual forex bonuses

FOREX trading accounts, forex registration.

Please ensure you fully understand the risks involved by reading our full risk warning. What markets does FOREX.Com offer?

FOREX trading accounts

Choose an account type that best suits your trading style.

FOREX.Com account

Advanced trading platforms with customizable interfaces

Trade forex, equities and more, all on one account

Fast, reliable trade executions

Metatrader account

Dedicated FX trading platform

Exclusive in-platform market news and analysis

Trades execute at the best available price

DMA account

Trade on prices as low as 0.1 on all major FX pairs

Get commission discounts as low as $20/m traded

Split the spread and place orders within the top of book spreads

What information do I need when opening an account?

We will need you to provide us with your name and address to establish your identity. Typically, we can verify your identity instantly. For more information, see our account document faqs.

What markets does FOREX.Com offer?

You can trade over 80 currency pairs at FOREX.Com. View our full range of markets.

When is forex market open for trading?

You can trade forex at FOREX.Com 24 hours a day, five days a week. For details, read our forex trading times article.

Is there a charge for central clearing?

We provide central counterparty clearing through an omnibus segregated clearing account (OSCA) free of charge as standard to all clients. If you wish to open an individual segregated clearing account (ISCA), fees apply:

For an individual these charges are: £13,000 account opening fee, plus account maintenance and transaction charges

For a corporate entity these charges are: £200,000 account opening fee, plus account maintenance and transaction charges

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Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

CFD and forex trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.Com is a trading name of GAIN capital UK limited. GAIN capital UK ltd is a company incorporated in england and wales with UK companies house number 1761813 and with its registered office at devon house, 58 st katharine’s way, london, E1W 1JP. GAIN capital UK ltd is authorised and regulated by the financial conduct authority in the UK, with FCA register number 113942. GAIN capital UK ltd is a wholly-owned subsidiary of stonex group inc.

FOREX.Com is a trademark of GAIN capital UK ltd.

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Forex registration

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Ideal for traders who want a traditional, spread pricing, currency trading experience

For traders who are seeking ultra-tight spreads with fixed commissions.

Not available on metatrader.

Recommended bal. $25,000, min. Trade size 100K

Active trader program

Cash rebates of up to $10/mil volume traded

Professional guidance from your own market strategist

Reimbursement of any bank fees on all wire transfers

How do I open a joint or corporate account?

What are the differences between a demo and live account?

How does FOREX.Com make money?

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Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Contracts for difference (cfds) are not available to US residents.

FOREX.Com is a trading name of GAIN global markets inc. Which is authorized and regulated by the cayman islands monetary authority under the securities investment business law of the cayman islands (as revised) with license number 25033.

FOREX.Com may, from time to time, offer payment processing services with respect to card deposits through its affiliate, GAIN capital UK ltd, devon house, 58 st katharine’s way, london, E1W 1JP, united kingdom.

GAIN global markets inc. Is part of the GAIN capital holdings, inc. Group of companies, which has its principal place of business at 135 US hwy 202/206, bedminster, NJ 07921, USA. All are separate but affiliated subsidiaries of stonex group inc.

Forex registration

Feel free to contact us by live chat, call back, email or freephone 24 hours a day, 5 days a week (monday to friday).

Legal: this website is operated by trading point of financial instruments limited with registered address at 12 richard & verengaria street, araouzos castle court, 3rd floor, 3042 limassol, cyprus.

Trading point holdings ltd is the holding company of trading point of financial instruments limited, XM global limited, trading point of financial instruments UK limited, trading point of financial instruments pty ltd, trading point MENA limited.

Trading point of financial instruments limited is authorised and regulated by the cyprus securities and exchange commission (licence number: 120/10).
XM global limited is authorised and regulated by the international financial services commission (IFSC) (000261/106).
Trading point of financial instruments UK limited is authorised and regulated by the financial conduct authority (FRN: 705428).
Trading point of financial instruments pty ltd is authorised and regulated by the australian securities and investment commission (AFSL 443670).
Trading point MENA limited is authorised and regulated by the dubai financial services authority (DFSA) (reference no. F003484).

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.04% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money. Please consider our risk disclosure.

Trading point of financial instruments limited provides investment and ancillary services to residents of the european economic area (EEA) and the united kingdom.

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Here is an overview of some of the functions our cookies provide us with:

Verifying your identity and detecting the country you are currently visiting from

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Allowing third parties to customize content accordingly

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Forex expert advisors

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*CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

By using automated forex tools, you acknowledge that you are familiar with these risks and that you are solely responsible for the outcomes of your decisions. We accept no liability whatsoever for any direct or consequential loss arising from the use of this product. It's to be noted carefully in this respect, that past results are not necessarily indicative of future performance.

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REX – registered exporter system

The registered exporter system (the REX system) is a system of certification of origin of goods based on a principle of self-certification.The origin of goods is declared by economic operators themselves by means of so-called statements on origin. To be entitled to make out a statement on origin, an economic operator has to be registered in a database by his competent authorities. The economic operator becomes a "registered exporter".

The REX system is the term used to designate the system of certification of origin as a whole, and not only the underlying IT system which is used for the registration of exporters.

For the time being, the REX system is used by EU exporters in the context of some ftas, in the context of the GSP of the EU and in the context of the overseas association decision.

The REX IT system has been developed by the european commission and is made available to the member states of the EU, to the GSP beneficiary countries and to the octs. It takes the form of a web application accessed with a username and a password as a website through internet. The only technical requirement is then to use a device connected to internet to be able to use the REX system.

Functionalities of the REX IT system

The main functionalities of the REX system are:

Registration of exporters: exporters apply to become registered exporters by filling in an application form and by returning it to their competent authorities. The competent authorities register exporters who submit complete and correct application forms.

Modification of registration data: once registered, a registered exporter has the obligation to communicate to his competent authorities all changes on his registered data. The competent authorities then perform the modifications in the REX system for the registered exporter.

Revocation of exporters: in some cases, a registered exporter will be revoked from the REX system. This can happen for instance if the company ceases to exist or if the registered exporter commits fraud. Depending on the reason, the revocation is done either on request of the registered exporter or on the initiative of the competent authorities.

With those three functionalities of registration of exporters, modification of registered data, and revocation of exporters, it is the responsibility of the competent authorities to keep at all-time an accurate repository of registered exporters.

Publication of registered exporter's data

The data of the REX system is published and maybe searched online on this website.

Thanks to this information, economic operators using statements on origin are able to verify the validity of the registrations of the registered exporters who submit those statements on origin.

Through his registration data (specifically, box 6 of annex 22-06 of the UCC IA), a registered exporter may decide if he wants all his registration data to be published or not. If he doesn't consent for the publication of all his registered data, an anonymous subset of the registered data (the REX number of the registered exporter, the date from which the registration is valid and the date of revocation if applicable) are anyway published to allow operators to verify the validity of those registrations as well.

Application of the REX system in the EU

In the EU, the REX system is applied by the economic operators in the following cases:

EU operators exporting originating goods to GSP beneficiary countries for the purpose of bilateral cumulation of origin

EU operators exporting originating goods to octs for the purpose of bilateral cumulation of origin or for the purpose of benefitting from unilateral preferences granted by an OCT to the EU

EU operators exporting originating goods to third countries with which the EU has a free-trade agreements which provides that the origin of goods is declared by exporters registered in the REX system;

For the time being, the following agreements are concerned:
- The agreement between the EU and canada (CETA)
- The agreement between the EU and japan
- The agreement between the EU and vietnam
- The agreement between the EU and UK (EU-UK TCA)
- The stepping stone EPA between the EU and cote d’ivoire
- The stepping stone EPA between the EU and ghana
- The interim EPA between the EU and eastern and southern africa (ESA).

The agreement between the EU and singapore which entered into force very recently (november 2019) provides that the origin of goods originating in the EU is declared by approved exporters and not by registered exporters. This is because the agreement between the EU and singapore was concluded many years ago, before that the REX system was existing.

In the context of the EU-UK TCA, will also be registered re-consignors in northern ireland re-consigning goods to the EU and replacing with replacement statements on origin proofs of origin issued or made out in third countries with which the EU has a preferential trade arrangement.

EU re-consignors replacing proofs of origin (form A certificates, EUR.1 certificates, origin declarations, statements on origin, …) where there is re-consignment within the EU or to norway or switzerland (in the GSP).

Application of the REX system in the context of the overseas association decision

Since 1 january 2020, the REX system is applied by the overseas countries and territories (octs) in the context of the overseas association decision (“OAD”), council decision 2013/755/EU, as amended by council decision (EU) 2019/2196.

The OAD does not provide for a transition period for the application of the REX system by the octs. Therefore, as from 1 january 2020, tariff preference will be granted at import in the EU on products originating in octs only on presentation of statements on origin made out by registered exporters. Certificates of origin EUR.1 or origin declarations made out by approved exporters are no longer admissible in the EU.

Pre-requisites for the application of the REX system

To effectively apply the REX system, an OCT has to satisfy two prerequisites:

Submitting to the commission an undertaking providing for administrative cooperation in the framework of the REX system (article 36 of the OAD)

Communicating to the commission the contact details of the competent authorities dealing with the registration of the exporters and administrative cooperation (article 39 of the OAD).

Norway, switzerland and turkey have in their GSP scheme rules similar to the ones of the GSP scheme of the EU. Therefore, the REX system is also applicable in the GSP schemes of those 3 countries. In particular, the REX system is applied:

By re-consignors in norway or switzerland re-consigning goods to the EU and replacing with a replacement statement on origin a statement on origin made out in a GSP beneficiary country.

Exporters in norway, switzerland or turkey exporting materials to a GSP beneficiary country under cumulation.

Dates of application of the REX system for all octs

The table below shows when an OCT satisfies the 2 pre-requisites for the application of the REX system.

Overseas countries and territories (OCT'S)	*effective application date of the REX system ()**
aruba (AW)	01/01/2020
bonaire, saba, sint eustatius (BQ)	30/01/2020
curaçao (CW)	01/01/2020
french polynesia (PF)	01/01/2020
french southern and antarctic territories (TF)	15/07/2020
greenland (GL)	01/01/2020
new caledonia and dependencies (NC)	01/01/2020
saint barthelemy (BL)	REX system not yet applied
sint maarten (SX)	07/12/2020
st pierre and miquelon (PM)	01/01/2020
wallis and futuna islands (WF)	REX system not yet applied

(last update on 01/01/2021)

Application of the REX system in the GSP scheme of the EU

The REX system applies since 1 january 2017 in the GSP (standard GSP, GSP+ and EBA). It progressively replaces the former system of origin certification based on certificates of origin form A issued by governmental authorities and on invoice declarations made out under certain conditions by economic operators.

GSP beneficiary countries use the system made available by the european commission and do not have to develop themselves their IT system.

When regional cumulation is applied by beneficiary countries of the GSP, the origin of the goods exported from the beneficiary country supplying the materials is also declared by registered exporters by means of statements on origin.

Since 1 may 2016 and the entry into application of the union customs code (UCC), the rules of the REX system in the context of the GSP are laid down in commission implementing regulation (EU) no 2015/2447 (the UCC IA, for "implementing act").

Dates of application of the REX system

All GSP beneficiary countries had the possibility until 30 june 2016 to notify the european commission if they preferred to start the application of the REX system later, i.E. As from 1 january 2018 or as from 1 january 2019.

The dates of application of the REX system by all GSP beneficiary countries are presented below:

Application of the REX system as from 1 january 2017

Angola, burundi, bhutan, democratic republic of congo, central african republic, comoros, congo, cook islands, djibouti, ethiopia, micronesia, equatorial guinea, guinea bissau, india, kenya, kiribati, laos, liberia, mali, nauru, nepal, niue island, pakistan, solomon islands, sierra leone, somalia, south sudan, sao tomé & principe, chad, togo, tonga, timor-leste, tuvalu, yemen, zambia.

Application of the REX system as from 1 january 2018

Afghanistan, armenia, bolivia, ivory coast, eritrea, gambia, guinea, malawi, mozambique, myanmar, niger, rwanda, sri lanka, sudan, swaziland, syria, tanzania.

Application of the REX system as from 1 january 2019

Bangladesh, benin, burkina faso, cabo verde, cambodia, haiti, indonesia, kyrgyz republic, lesotho, madagascar, mauritania, mongolia, nigeria, paraguay, philippines, samoa, senegal, tajikistan, uganda, uzbekistan, vanuatu, vietnam.

Pre-requisites for the application of the REX system

To effectively apply the REX system, a GSP beneficiary country has to satisfy two prerequisites:

Submitting to the commission an undertaking providing for administrative cooperation in the framework of the REX system (article 70 of implementing regulation (EU) 2015/2447)

Communicating to the commission the contact details of the competent authorities dealing with the registration of the exporters and administrative cooperation (article 72 of implementing regulation (EU) 2015/2447).

Transition period

There were 3 different dates for the application of the REX system: 1 january 2017, 1 january 2018 or 1 january 2019. The first set of beneficiary countries contains all GSP beneficiary countries which did not notify a postponement of the application of the REX system or which directly confirmed they wanted to start applying the REX system from 2017. The second and third sets of beneficiary countries contains the countries according to the date they notified to the european commission.

/taxation_customs/file/rex-transition-schema01gif-0_enrex-transition-schema01.Gif

The global transition period is maximum 3.5 years.

When a beneficiary country starts the application of the REX system, the system of origin certification with certificates of origin form A continues to apply in parallel during 12 months. In case those 12 months are insufficient for the beneficiary country to abandon the system with certificates of origin form A, an extension of 6 additional months is possible.

/taxation_customs/file/rex-transition-schema02gif_enrex-transition-schema02.Gif

Details of a one-year transition period for a GSP beneficiary country, illustrated for the application of the REX system starting on 1 january 2017

Application of the REX system starting on 1 january 2017

For instance, for the first group of beneficiary countries (2017):

From 1 january 2017, the competent authorities of a beneficiary country which effectively applies the REX system start registering in the REX system exporters who request it. From 1 january 2017, and if the country effectively applies the REX system, the exporters are entitled to make out statements on origin for consignments of origin goods having a value below 6 000 EUR.

Until 31 december 2017, the competent authorities may continue to issue certificates of origin form A at the request of exporters who have not yet been registered in the REX system (green arrow). The competent authorities should cease issuing certificates of origin form A for exporters who have been registered in the system (yellow arrow). If the transition period is insufficient for a beneficiary country, it may request an extension by maximum six months (grey arrow), i.E. Until 30 june 2018.

At the end of the transition period, consignments above 6 000 EUR will be entitled to GSP preferential tariff treatment in the EU only if accompanied by a statement on origin made out by a registered exporter.

The same applies for the second and third groups of beneficiary countries (2018 and 2019). Therefore, the ultimate deadline for the application of the REX system by all beneficiary countries is 30 june 2020.

Because of the COVID-19 pandemic, some beneficiary countries of the third group (2019) are facing serious difficulties to respect the 30 june 2020 time-limit for the application of the REX system. Those countries in which the REX system could not be deployed or used due to the pandemic may benefit from another extension of the transition period to 31 december 2020, as established by regulation (EU) 2020/750. The beneficiary countries willing to benefit from that possibility should notify DG TAXUD (TAXUD-UNIT-E5@ec.Europa.Eu) in writing by 15 july 2020 at the latest, providing:

An explanation why an extension of the transition period is necessary due to the COVID-19 pandemic

A work plan containing detailed information on how the notifying country intends to fully apply the REX system by 31 december 2020

A beneficiary country which benefit from that extension of the transition period shall submit to DG TAXUD (TAXUD-UNIT-E5@ec.Europa.Eu) by 30 september 2020, a report detailing the progress made in implementing the work plan, and elaborating on any corrective measures necessary to meet the time-limit of 31 december 2020 for the application of the REX system.

Dates of application of the REX system for all GSP beneficiary countries

GSP beneficiary countries

Effective application date of the REX system (*)

End of the transition period (**)

Registration demo

RISK WARNING

Trading in contracts for difference (‘cfds’) carries a high level of risk and can result in the loss of all your investment. As such, cfds may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to cfds or (b) any direct, indirect, special, consequential or incidental damages whatsoever. For more information about the risks associated with trading cfds please find and read our ‘general risk disclosure’.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Forex24 does not provide services to residents of the USA, canada, japan, north korea, iran, belgium and some other regions

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CONTACT INFO

Located at 5 nikou kazantzaki, george court, 1st floor, ayios theodoros, 8035 paphos, cyprus.

Forex24 is a brand owned and operated by lydya financial ltd, a cyprus investment firm (CIF) regulated and supervised by the cyprus securities and exchange commission (cysec) with CIF licence number 300/16 and company registration number HE334292.

The company is also registered with: FCA in UK with reg. No. 782501; bafin in germany with reg. No. 1349943; CONSOB in italy with reg. No. 4624; ACP in france with reg. No. 75980; CNMV in spain with reg. No. 4373.

Risk warning:cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Registration demo

RISK WARNING

Forex24 does not provide services to residents of the USA, canada, japan, north korea, iran, belgium and some other regions

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CONTACT INFO

Located at 5 nikou kazantzaki, george court, 1st floor, ayios theodoros, 8035 paphos, cyprus.

Best forex brokers – top 10 brokers 2021 in the united kingdom

How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.

The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.

But we can help you choose…

Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.

Forex brokers in the united kingdom

How to find the best forex broker

The main criteria for finding the best forex brokers in the united kingdom 2021 are these – we will expand on each area later on in the article:

Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

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.

Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

Company background and history – knowing the past exploits of your forex broker 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. You want peace of mind that your trading funds are segregated, and held safely and securely.

Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

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 a trading account has been problematic in the past.

Broker costs

The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.

The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.

The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

Besides the spread, a commission is charged as well. This commission is based on the amount you trade.

Spreads

Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.

The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.

A currency market and spread go hand in hand.

Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.

The lowest spreads suit frequent traders.

Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.

What is the rollover rate?

Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Forex pairs traded

While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?

If you are trading major pairs (see below), then all brokers will cater for you.

If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.

Majors

The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf

That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.

Such flexibility is obviously a major asset, positively impacting the overall quality of the service.

What about crypto?

Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.

The massive volatility associated with these products makes scalping a viable strategy for profitable trading.

Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro accounts

Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.

Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.

Note however that the spreads/commissions on such micro accounts tend to be quite adverse.

It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.

Trading platforms

Forex trading platforms are more or less customisable trading environments for online trading.

They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.

Metatrader 4 or 5

Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.

Trading view

Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.

Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.

While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want scalping, see if your broker is a forex broker for scalping.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.

They lack all the advanced analysis and market research features, and as such, are hardly useful.

Tools & features

From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.

Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.

Deposits and withdrawals

There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.

At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.

Otherwise, the payment process largely hinges on the accepted money transfer methods.

It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.

Education

Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.

A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!

Payment methods

The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.

Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.

We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.

Proper forex brokers always provide a local-specific payment solution to their target countries.

Customer feedback

Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.

You have to take this type of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.

Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.

That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.

The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.

Regulation

Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.

ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:

ESMA have jurisdiction over all regulators within the EEA

The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).

Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).

Outside of europe, the largest regulators of trading accounts and brokers are:

These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.

Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.

Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.

Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.

Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.

Security

Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.

Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.

A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.

Demo accounts

Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.

Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).

FX leverage

For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.

In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.

Just note that higher leverage increases potential losses, just as it does potential profits.

Company history

A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.

What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

Bonus

From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.

Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.

Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.

Additional account details

When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.

Order execution types

Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.

Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.

If you are looking for this method specifically, you will need to seek out an ECN forex broker.

Ecns are great for limit orders, as they match buy and sell orders automatically within the network.

Some other options that your forex broker can use are:

Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.

Broker reporting

Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.

Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.

This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.

If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.

These examples yet again showcase the importance of a proper regulatory background.

Account types

From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.

Micro accounts might provide lower trade size limits for example.

Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.

So research what you need, and compare it to what you are getting.

Scams

Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;

Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.

If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.

With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.

We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!

Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.

Difference between A broker and A market maker?

A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.

A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.

The conflict of interest in this setup is obvious, but it does happen.

The bottom line

Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.

Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.

Forex broker reviews

Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.

If we can determine that a broker would not accept your location, it is marked in grey in the table.