*General Risk Warning: Your capital might be at risk
IC Markets seems to be quite popular among traders for its low spreads and reliable execution speeds. Users appreciate the range of instruments available, including forex, CFDs, and commodities. The platform's customer service also often receives praise for being responsive and helpful in resolving issues. However, some users have noted challenges with account verification and withdrawal processes, which can be slower than expected. Despite these occasional hiccups, the general consensus is that IC Markets offers a solid trading experience, particularly for those looking to trade on a variety of markets with competitive conditions. Overall, it appears to be a trusted choice for both novice and experienced traders.
Markets.com has garnered mixed reviews from users across various platforms. While some traders appreciate the platform's user-friendly interface and the diversity of trading instruments available, others have raised concerns about customer service responsiveness and withdrawal processes. A number of users have highlighted the educational resources as a positive feature, helping newcomers navigate the complexities of trading. However, there are also reports of technical issues that can hinder trading activities. The general sentiment suggests that Markets.com offers a decent experience for those looking to trade but advises potential customers to be aware of the challenges they might face with support and managing their accounts.
Forex.com generally receives mixed feedback from users. Traders appreciate its user-friendly platform, the variety of instruments available for trading, and the educational resources provided, which are great for beginners. The customer service is often highlighted as responsive and helpful, addressing issues with professionalism.
However, there have been concerns over withdrawal delays and some users find the fees higher than expected. A few reviews mention difficulties with account verification processes. While the negative points can be a cause for hesitation, many traders seem to trust Forex.com for its robust platform and regulatory compliance. Overall, it seems to cater well to those looking for a reliable trading experience, but potential users should stay aware of the possible hiccups in withdrawals and fees.
AvaTrade, as reflected in user reviews across various platforms, is generally well-regarded for its user-friendly interface and the diversity of trading instruments available. Customers appreciate the platform's reliability and the educational resources provided, which are particularly helpful for beginners. The customer service team receives mixed feedback; some traders praise the support for being responsive and helpful, while others have experienced delays or less satisfactory interactions. There are mentions of smooth withdrawal processes, but a few users have pointed out issues with account verification and withdrawals taking longer than expected. Overall, AvaTrade seems to be considered a trustworthy broker, with many users expressing satisfaction with their trading experience, despite the occasional hiccup in customer service or fund management.
Easy Markets generally receives positive feedback from users, highlighting their user-friendly platform and responsive customer support. Traders appreciate the straightforward interface that makes it simple for both beginners and experienced traders to navigate the markets. The educational resources available are frequently praised, helping new traders to learn the ropes. Additionally, Easy Markets' transparent fee structure earns commendations, allowing clients to trade with a clear understanding of costs involved.
However, some reviews point out issues with withdrawal delays and occasional platform glitches. While these negative experiences are relatively few, they do remind potential users that no service is without its hiccups. Overall, the sentiment towards Easy Markets leans toward satisfaction, with many users feeling confident in recommending them as a reliable broker.
Exness, as seen through the lens of user reviews on platforms like Trustpilot and Sitejabber, generally receives praise for its user-friendly platform and responsive customer service. Traders appreciate the ease of account setup and the variety of available trading instruments. The broker is often commended for its quick withdrawal process, which users find reliable and efficient. However, some traders have expressed concerns over spreads and commission structures that they perceive to be higher than industry standards. A few reviewers also mentioned occasional difficulties with account verification or platform stability issues. Overall, while Exness garners positive feedback for its services, it's clear that there are areas where certain users feel improvements could be made.
Most fintech platforms offer access to traditional stocks and exposure to indices. However, if you wish to amplify your trading profits by trading Futures, there aren’t many platforms better than the NinjaTrader. From an extensive selection of Futures contracts to a diverse range of trading platforms to explore, NinjaTrader can be termed a one-stop Futures trading solution.
OctaFX, as seen through the lens of user reviews on platforms like Trustpilot and Sitejabber, generally receives praise for its user-friendly platform and competitive spreads. Clients appreciate the broker's responsive customer service team, which is noted for providing helpful support in various situations. However, some users have expressed concerns over withdrawal issues and account verification delays. Traders also highlight the educational resources available, making it a good choice for beginners. While most feedback is positive, there are occasional mentions of technical glitches during trading, which seem to be infrequent but worth noting. Overall, OctaFX appears to offer a satisfactory experience with room for improvement in certain operational aspects.
Orbex generally receives positive feedback from users who appreciate its user-friendly platform and helpful customer support. Traders highlight the ease of opening accounts and the educational resources available, making it a good choice for both beginners and experienced traders. The broker's range of instruments and competitive spreads are often mentioned as key advantages. However, some users have expressed concerns over withdrawal times and fees, suggesting there's room for improvement in the processing speed. Overall, Orbex seems to be regarded as a reliable broker with a solid offering but could benefit from addressing the few issues raised by clients regarding withdrawals.
NordFX generally receives mixed feedback from users. Traders appreciate its user-friendly platform, quick account setup, and the variety of trading instruments available. Clients also highlight the convenience of having multiple account types to choose from, catering to different levels of experience and investment sizes. The broker's customer service is often described as responsive and helpful, with a professional approach to resolving issues.
On the flip side, some traders express dissatisfaction with withdrawal processes, citing delays or complications. There are also occasional mentions of concerns about spreads and trading conditions not being as competitive as advertised. Despite these critiques, NordFX maintains a loyal user base who value the overall stability and reliability it offers in the forex market. It's important for potential clients to weigh both the positive experiences and the criticisms when considering NordFX as their broker.
Forex Brokers | Demo account | Min trade price | Available in |
---|---|---|---|
1.IQ Option | Yes | 0$ | - |
2.Alpari | Yes | 0$ | - |
3.Raceoption | Yes | 1$ | - |
4.365 trading | Yes | 5$ | - |
5.JustForex | Yes | 0$ | - |
6.AvaTrade | Yes | 1$ | - |
7.Forex Club | Yes | 0$ | - |
8.Xm.com | Yes | 0.01$ | - |
9.Libertex | Yes | 20€ | - |
10.ETX Capital | Yes | 0$ | - |
11.IG.com | Yes | 1$ | - |
12.Grand Capital | Yes | 1$ | - |
13.Trade.com | Yes | 0$ | - |
14.Forex.com | No | 0.1$ | - |
15.UFX | Yes | 0.01$ | - |
16.Easy Markets | Yes | 0.01$ | - |
17.ThinkMarkets | Yes | 1$ | - |
18.AAATrade | Yes | 0.01$ | - |
19.Saxo bank | Yes | 0.01$ | - |
20.Swissquote | Yes | 0.01$ | - |
21.LiteForex | No | 0.01$ | - |
22.IQ Cent | Yes | 0.01$ | - |
I’ve experienced many forex broker scams in the past, and some still exist.
In addition, the internet is full of fake information.
Therefore, finding a forex broker you can trust is not always easy.
Also, you may be looking for certain features before deciding on a trading platform.
I’ll share knowledge with you to help beginning and experienced traders looking for a new forex broker.
In the list I will share, you’ll find several forex brokers’ best features and flaws.
This information will help you save time, money, and, most important — your nerves.
Unfortunately, you may be dealing with a scam broker without knowing.
The first step in trading is avoiding a bad broker who will only frustrate you in the end.
That’s why I made this unbiased, informative page to get you moving in the right direction.
Also, if you’re looking for a particular feature, you’ll learn which broker has what you need.
The information is straightforward, and you’ll know if a forex broker fits you in less than a minute.
But, first, read each broker’s short description and consider the pros and cons in each category.
FX options and CFDs in currency pairs, commodities, stocks, crypto, ETFs. A total of over 300 CFD assets and FX Options.
WebMoney, Skrill, Perfect Money, Netteller, Mpesa, AdvCash, VISA, and MasterCard are available.
However, not all deposit and withdrawal channels may be available in your country.
Therefore, IQ has customized some payment methods for different countries.
The platform has a minimum deposit of 20 euros and a minimum trading amount of $1.
However, if you want to try out trading, you can always start with a free demo account.
24/7 customer support is available via live chat, email, and phone in multiple languages.
CySEC registration: IQ Option Europe Ltd., license number 247/14, IQ Option.
CFD on currency pairs, indices, commodities, and custom portfolios.
Alpari offers leverage up to 1:1000 depending on account type.
Leverage can be floating or fixed. ECN-type accounts have a commission of $3 per lot traded.
Generally accepted channels are FasaPay, TC Payment, Skrill, Neteller, Qiwi, Cryptocurrencies, TC Pay Wallet, WebMoney, Perfectmoney, Latin American solutions, Nganluong, GlobePay, Bank Wire, VISA, MasterCard, and Maestro.
Alpari International is an Exinity Limited brand holding a regulation license from the Financial Services Commission of Mauritius.
Support is available via live chat, email, and phone in multiple languages.
The IFMRRC is a less recognized regulatory body compared to established financial authorities, raising concerns about investor protection. Additionally, the registration in the Marshall Islands raises further concern about the platform’s trustworthiness.
TD365 offers Forex, Precious Metals, Cryptocurrencies, Commodities, Bonds, Indexes, and Stocks.
Trading with TD365 doesn’t involve commissions, even for stocks. Spreads are fixed and competitive but only on the Cloudtrade platform. Leverage is up to 1:200.
TD365 doesn’t have any other options except bank transfers and bank cards. You can only deposit once you send your ID/residence documents to TD365.
If there’re any costs related to funding, they’re not yet published.
According to Trade Nation, TD365 is a broker related to them, but it’s another company. TD365 uses the Bahamas Securities Commission license of Trade Nation, so I am not sure there is any regulation.
Also, TD365 does not have many client ratings, and that points to a small client base. However, trade Nation is regulated and offers the same trading features as TD365.
JustMarkets is regulated in three jurisdictions and offers more than 200 tradable assets including forex, stocks, cryptocurrencies, commodities, and stock indices via contract for difference (CFDs).
Boasting a nearly flawless 4.8 out of 5 rating on TrustPilot based on customer reviews, it’s no surprise that they also just won the Best Broker Asia award as determined by Fintech Awards 2022. JustMarkets doesn’t provide services to residents of the US, UK, EU, Japan, Canada, or Australia. Let’s jump and see what JustMarkets has to offer you.
AvaTrade has a lot to offer when choosing tradeable CFD assets.
You can pick from forex, indices, stocks, bonds, precious metals, commodities, ETFs, cryptocurrencies, and forex options.
AvaTrade does not charge commissions.
The platform has allegedly fixed the spreads, but in some instances, AvaTrade states they can widen.
The leverage is up to 1:400 for clients outside the EU and some other countries.
Bank Wire, VISA, MasterCard, Boleto, DinPay, FasaPay, GCard, Neteller, PaySec, SafeCharge, Skrill, Tranzila, UnionPay, VeriTrans, VoguePay, and WebMoney are available.
The minimum deposit is $100.
AvaTrade is a popular broker with a large marketing budget and worldwide presence.
Several authorities regulate it.
However, you’ll have to check the company to agree to their terms.
The AvaTrade website publishes all the licenses.
However, clients mostly complain about withdrawals, especially from profitable accounts.
The categories included are currency pairs, precious metals, commodities, indices, stocks, ETFs, and cryptocurrencies.
The total tradeable asset count is over 250.
You’ll have slightly different trading conditions with each platform.
The commission isn’t fixed and can change from $0 to other amounts.
For example, crypto has a 1% commission.
Leverage is also variable from 1:20 to 1:999, depending on the asset.
Spreads are variable, from 0 pips. Stop Out is at 20%.
Channels available are bank cards, Bitcoin, Tether USDT, Skrill, Neteller, Jeton Wallet, Webmoney, VLOAD, and wire transfers.
In addition, there are some small fees with e-wallets.
The withdrawal channels are Bitcoin, USDT, and wire transfer.
The minimum deposit amount is $10.
Unfortunately, not all channels are compatible with certain countries, even if listed.
Forex Club has been fined several times to date.
Also, the brokers’ group doesn’t operate in several countries.
In addition, clients’ ratings from independent sources are negative.
XM is highly regulated, overseen by three regulatory agencies. It serves five million clients in over 190 countries and provides support in more than 25 languages. It doesn’t provide services to the residents of the USA.
Libertex has over 250 CFD products. It has categories ranging from Forex currency pairs, precious commodity metals, Commodities, Stocks, ETFs, Options CFD, and Cryptocurrencies. Unfortunately, Crypto isn’t available to certain countries.
Trading commissions start from €0 to €7 (depending on assets) per lot traded in Metatrader platforms, while the Libertex platform may have a variable fee expressed in percentage.
Cryptocurrencies have 0.4% commission. Spread is a dynamic type. Stop Out is at a 50% margin level.
Bank transfer, Bank cards, Skrill (1,9% fee), Sofort ( for Germany, Spain, Italy, Austria), Ideal (Netherlands), GiroPay (Germany), Trustly, P24 (Poland), Rapid, Netteler, Multibanko. Withdrawal options are limited to Bank transfers.
Libertex is a large forex broker with some history. It’s relatively popular but does not have many client ratings.
The company was fined €160,000 for inappropriate margin stop out and leverage limits in 2020. In Addition, Libertex has some problems with clone websites that tarnish its reputation.
You can trade forex, crypto, commodities, precious metals, stocks, and indices in MT4.
Trader Pro platforms categories are indices, stocks, ETFs, crypto (set to closing only currently), precious metals, bonds, commodities, and no-commission stocks.
ETX Capital doesn’t charge commission except for specific stocks. Spreads are variable and competitive, but you’ll not be impressed. Although the EU and UK regulate the ETX Capital, it doesn’t have high leverage above 1:30.
Deposits can be made by bank transfer, bank cards, Neteller, Skrill, and UnionPay.
The platform charges a $10 fee for withdrawals below $100.
In addition, ETX Capital allows up to 5 withdrawals within a month for free.
ETX Capital is an established broker that offers a wide asset range but doesn’t require the large deposits typical for large brokers.
Client opinion is mixed about this broker.
Among the independent rating websites, ETX Capital is rated even worse.
Most problems are withdrawals, technical trading issues, and inadequate customer support.
You’ll find almost every tradeable asset from indices, forex, shares, ETFs, commodities, cryptocurrencies, digital 100s (not available for retail traders), options, interest rates, sectors (industry), bonds, spread betting, and CFDs.
Spreads are floating, and commissions are paid only for shares trading, from 0.08% to 0.18% per side.
Trading sizes are standard – 0.01 lots minimum but with increased stop levels.
Leverage starts at 1:200. Stop Out is 50%, and Margin Call is 100%.
The minimum deposit is $300 for bank cards and no minimum for wire transfers.
Deposit and withdrawal channels are bank wire, VISA, MasterCard, and PayPal.
IG.com also has a minimum withdrawal amount of $150 for cards unless you have less on your account.
There are no potent regulators who regulate the IG.com domain.
Instead, the Bermuda Monetary Authority has licensed IG International Limited.
Other domains for the specific country have different regulators.
IG.com forex broker doesn’t have the best reputation among clients.
Complaints are various, including trading problems, support, and documentation.
You can trade forex, commodities, stocks, indices, ETFs, cryptocurrencies, futures, and bonds.
Trading sizes are standard from 0.01 lots. Micro account currency is cent value allowing small value trading.
The leverage of the Standard Account is up to 1:500. Spreads are dynamic for all accounts.
For example, ECN, MT5, and Crypto accounts have spread from 0.4 pips, while Standard has one pip.
Commissions exist for all accounts except for Micro.
You can deposit BTC, ETH, and USDT from crypto.
Other funding channels are Bank Transfers, Astropay, FasaPay, Help2Pay, M-PESA, Neteller Ngan Luong, PayRetailers, PayTrust, Paylivre, Perfect Money, Skrill, Thunder X, Vload, and Webmoney.
The minimum deposit starts from $10 for Micro accounts to $500 for ECN Prime.
Grand Capital doesn’t have a lot of positive feedback from the clients.
However, I can’t be sure if the broker is at fault for every bad rating.
The reason is scam traders often pretend to be affiliates of Grand Capital.
Grand Capital isn’t fully regulated, but it doesn’t mean this broker is problematic.
For example, you can test small withdrawals before significant investments.
The primary benefit of Trade.com is the vast number of tradeable assets.
You can trade forex, stocks, ETFs, indices, crypto, bonds, commodities, and precious metals.
Choose another area if you want to sell on the DMA market (with over 100,000 assets), IPO, Spread Betting, or customized asset management.
Spreads are dynamic (officially) but behave like fixed spreads on my MT4.
Commissions are only applied to stocks, up to 0.20% per lot for Silver Account.
There’s also a minimum fee of $10 per trade for stocks. Stop Out is at 50%.
Available channels are Bank Cards, Skrill, Paypal, and Neteller.
In addition, you might also have EPS, Giropay, iDEAL, Multibanco, Neteller, Przelewy24, SafeCharge, Trustly, and SafetyPay.
The Markets.com brand was fined multiple times before it changed to Trade.com.
Then, Trade Capital Markets took it over.
Trade.com retained the assets range Market.com had, but the trading conditions are different.
TCM holds licenses from CySEC, FSCA, and FCA for UK clients.
Cryptocurrencies are only available on the Forex.com and MT5 platform.
Forex.com offers over 4500 assets in forex, indices, commodities, precious metals, and cryptocurrencies.
Depending on the account type, you may be charged commissions.
For example, the commission account charges $5 per lot traded on forex CFD and shares.
Leverage can be up to 1:200. Trade sizes are not standard.
You can deposit with Skrill, Neteller, wire transfer, and bank cards.
For withdrawals, you can only select bank cards or wire transfers.
The minimum deposit is $100.
The minimum withdrawal amount is $100 unless you want to close your trading account.
Forex.com is an old broker with a robust global presence and regulation.
Forex brokers with that asset range are few.
Forex.com offers a wide range of assets.
Trading conditions are also not the best.
Many authorities have flagged this forex broker as a scam. Furthermore, every website warns people about the severe risk to their capital. The company group of brands under domains such as UFXBank.com, UBinary.com, and others is down.
Reliantco Investments Ltd, the company behind UFX, was under CySEC regulation until 2010. This forex broker currently has a limited operation under no regulation or address. The company even employed bogus SEO to get fake Google rankings, fake reviews, and manipulators over the phone.
The UFX.com website is full of fake information. There are numerous reports that UFX has scammed clients in various ways. There is no doubt that you should avoid this broker.
Registering under the BVI FSC regulator will give you a full range of assets and leverage.
Easy Markets has forex, precious metals, indices, stocks, commodities, and cryptocurrencies.
Easy Markets also features options trading.
Easy Market has fixed spreads and no commissions.
Spreads start from 0.9 pips on VIP Accounts to 2 pips for Standard Accounts on EUR/USD pair.
Leverage is up to 1:200 on the Easy Markets platform and 1:400 for MT4.
Depending on your country, withdrawal and deposit channels may differ. The broker has no withdrawal fees.
Available channels are bank wire, bank cards, AstroPay, BPAY, FasaPay, Giropay, iDEAL, JCB, SOFORTNeteller, Skrill, UnionPay, WebMoney, WeChatPay, Sticpay, Bitwallet, and Perfect Money.
The minimum deposit for the Standard tier is $25, Premium is $2,000, and VIP is $10,000.
Easy Markets holds multiple regulation licenses that you can check.
Advanced traders may like fixed spreads and many markets to trade.
In terms of reputation, Easy Markets has good ratings on some websites, although I welcome client reviews.
Unfortunately, independent ratings are not that good.
Clients mostly complain about profit withdrawals, high trading costs, and conflict of interest.
You can trade in currency pairs, commodities, precious metals, stocks, indexes, futures, or cryptocurrencies.
Also, you might be interested in spot gold and silver mini contracts that allow trading smaller amounts.
From my testing, the spread was more than one pip on average.
For example, the bitcoin spread is $25 per lot.
ThinkMarkets also has mini contracts for gold and silver, meaning one lot is 10 ounces of gold, not 100.
For other assets, it starts from 0.01 lots.
Low-value cryptos do not have increased contracts, so you can trade smaller amounts.
Leverage is up to 1:500. Stop Out is at 50%.
ThinkMarkets supports only two deposit and withdrawal options for Australian regulated clients – POLi and bank wire.
Unregulated broker business allows bank cards, bank wire, Neteller, Skrill, and Cryptocurrencies.
The minimum deposit for the ThinkZero Account is $500, while the Standard Account has no minimum.
In addition, bank wire withdrawal has a fee of $25 and a $100 minimum.
ThinkMarkets has several entities, each with a different registration location. The broker is marketing three regulations FCA, FSCA, and ASIC.
AAATrade is a Cyprus-based broker that provides access to shares, as well as CFDs in stocks, forex, crypto, indices, and commodities. The broker is regulated and there is no minimum deposit amount, which means you can start trading with any amount you wish.
If we focus only on CFD instruments, Saxo bank offers over 9000 assets.
For CFD trading, you will have stocks, ETFs, indices, forex, bonds, commodities, index options, and precious metals.
In addition, cryptocurrencies are traded over ETPs and under the forex category.
Saxo Bank charges commissions and has variable spreads.
Dividends also apply to stocks. Contract sizes are not standard, but for the CFD category are smaller.
For example, oil has 25 units per contract, cold only 1 ounce.
Bitcoin has a 0.01 unit minimum trade size.
Saxo Bank offers only bank transfers and card deposits.
Some investors might also be interested in portfolio transfers (stocks, bonds, and ETPs).
Withdrawals are made via platform or by filling out a form. Only a bank transfer is available.
Saxo Bank is a heavily regulated and known retail broker.
Yet, similarly to other substantial brokers with a long history, it doesn’t pay attention to client support.
Based on client reviews, I’ve concluded that the most problems traders face are: poor support, unwanted phone calls, conflict of interest, and connection problems.
Swissquote offers the ultimate product range.
If you’re interested in CFDs, you’ll find 200 instruments.
Categories covered are forex, forex options, stocks, commodities, bonds, precious metals, and indices.
In addition, crypto is available but only through the eTrading platform, without any leverage or shorting.
The minimum trading size is 0.01 lots, and Swissquote has standard contract sizes.
Prime Account offers about 60% better spreads than the Standard Account.
The leverage is up to 1:100, but Swissquotes can adjust this.
All accounts have a 30% Stop Out level.
Swissquote’s only funding options are bank transfers and bank cards.
The broker will not work with banks lower than AA grade.
The good news is they don’t charge any fees for withdrawals/deposits.
Swissquote is regulated and one of the most secure banks.
It’s also long in the retail forex business.
However, weak customer support could be a significant concern for ordinary traders.
Among independent rating websites, Swissquote holds poor ratings.
Consider other brokers if you’re not interested in investing significant capital for trading.
LiteForex offers CFDs on precious metals, currency pairs, indices, stocks, and oil.
Overall, the broker has an average product range compared to other brokers but is better in some categories.
LiteForex charges commissions for the ECN-type account. Leverage is at 1:500; for Crypto, it’s 1:10.
LiteForex puts low Stop Out and Margin Call levels at 100% and 20%, respectively.
Minimal trading sizes are standard 0.01 lots.
Deposit channels are bank cards, AdvCash, WebMoney, Perfect Money, QIWI, and several cryptocurrencies.
The minimum deposit to open an account is $50.
Withdrawal options are AdvCash, Alipay, Bank Transfer, bank cards, China UnionPay, QIWI, Perfect Money, WebMoney, and several cryptocurrencies.
LiteForex.com is not regulated.
Libertex.EU domain is only for EU countries and is regulated by CySEC.
Interestingly, both domains have similar ratings and similar problem reports.
Clients mostly complain about withdrawals and trading.
Still, LiteForex has a medium rating overall because it has a long history and solid presence worldwide.
Support is available via live chat, email, and phone in multiple languages.
The IFMRRC is a less recognized regulatory body compared to established financial authorities, raising concerns about investor protection.
*General Risk Warning: Your capital might be at risk
You’ll face a scam broker if you blindly search the internet. To spot them, I’ll give you a few general guiding points.
In addition, you should ask the brokers about regulation and their actual location.
Then check the location and check whether the license is published.
Again, check the ratings. You’ll notice that most scammers can’t cover their tracks completely.
If you take the above precautions before trading with any platform, your capital will be safe.