Forex Brokers

Forex Brokers
Forex Brokers Earth

I’ve experienced many forex broker scams in the past, and they still exist. In addition, the internet is full of fake information. Therefore, it’s not always easy to find a forex broker you can trust. Also, you may seek certain broker features before you make any decision to trade.

I’ll share the knowledge with you and help beginners and traders looking for a new forex broker. In the list I’ll share, you’ll find several forex brokers’ best features and flaws.

This information will help you save time, money, and, more importantly— 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 frustrate you in the end.

That’s why I made this unbiased, rich page to get you going in the right direction. Also, if you’re looking for special features, you’ll know which broker has what you need.

It’s straightforward, and you’ll know if a forex broker fits you in less than a minute. But, first, read the broker’s short description and see the pros and cons in each category.


  • 1. FinmaxFX

    Product Range

    CFDs and Binary Options on Currency Pairs, Stocks, Indices, Commodities, and Cryptocurrencies.

    • Excellent range of Cryptocurrencies
    • A good number of Stocks
    • Below average forex and commodities range
    • No additional asset information

    Trading Costs, Leverage, and Sizes

    Trade sizes are in dollars, rubles, or euros. The minimum investment per trade is $5. Leverage up to 1:5 for Crypto, 1:20 for stocks and commodities, 1:300 Currency Pairs.

    • No commissions
    • Up to 90% payout on binary options
    • No information about swaps spreads
    • Trading hours information is hard to find
    • Not transparent

    Withdrawals and Deposits

    Deposits and options available are Webmoney, Yandex, and Bank Wire. Document and Form submission is mandatory for live trading.

    • Easy deposits via e-wallets
    • Minimal deposits and withdrawals options
    • Some channels do not work correctly
    • Bank Wire details are not published
    • No clear information about fees
    • Inconsistent information

    Reputation and Regulation

    Max Capital holds a Certificate of Compliance from the International Financial Markets Relations Regulation Center – IFMRRC until April 2022.

    This organization is not officially recognized. However, IFMRRC is open for complaints and allegedly has a Compensation Fund. FinmaxFX.com domain with CFDs only holds VFSC regulation.

    • IFMRRC could provide 24/7 support
    • Very negative ratings on independent websites
    • Not regulated by an official regulatory body – Central Bank of Russian Federation
    • Several reports of scamming schemes
    • Generally unknown forex broker and address
    Start trading Read review
  • 2. IQ Option

    Product Range

    Currency pairs, Commodities, Stocks, Crypto, ETF, Binary Options, and Digital Binary Options. Total of 278 CFD assets and options.

    • Good range of shares published on many worldwide stock exchanges
    • Binary and Digital Options offered on forex and other assets
    • Unique ability to trade during weekends (OTC assets)
    • Good range of ETFs
    • The average currency pair offer
    • Uncommon trading schedule
    • Variable asset range availability

    Trading Costs, Leverage, and Sizes

    • Leverage up to 1:500 for certain assets, up to 1:5 for cryptocurrencies
    • No commissions
    • OK spreads and swap costs
    • Minimum of 0.001 lots trade size
    • Dormant account fees
    • A few assets are tradeable with the minimum deposit

    Withdrawals and Deposits

    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 $10 and a minimum trading amount of $1. However, if you want to try out trading, you can always start with a free demo account.

    • OK range of e-wallets supported
    • One free withdrawal per month
    • Fees for more than one withdrawal
    • Long processing time
    • May require more documents causing more delays

    Reputation and Regulation

    CySEC registration: IQOption Europe Ltd, license number 247/14, IQoption.

    • CySEC regulated broker for certain countries
    • Very negative ratings on independent websites
    • Many CySEC fines
    • Banned in several countries
    Start trading Read review
  • 3. Alpari

    Product Range

    CFD on currency pairs, Indices, Commodities, custom Portfolios.

    • Great forex range
    • Custom Portfolios
    • Good Indices range
    • No Cryptocurrencies, individual stocks, or ETFs
    • Some outdated asset information on the website

    Trading Costs, Leverage, and Sizes

    Alpari offers leverage up to 1:1000 depending on the chosen account type. Leverage can be floating and fixed type. ECN type accounts have a commission of $3 per lot traded.

    • Competitive floating spreads for ECN type accounts
    • Great trade sizes variety
    • Competitive commission for ECN accounts
    • High leverage
    • Cashback for trading
    • Average spreads for Micro and Standard Accounts
    • Variable leverage
    • 6-month Inactivity fee of $5

    Withdrawals and Deposits

    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.

    • Various deposit and withdrawal channels
    • Reasonable withdrawal processing times
    • Cryptocurrency channels
    • Very high withdrawal fees

    Reputation and Regulation

    Alpari International is an Exinity Limited brand holding a regulation license from the Financial Services Commission of Mauritius.

    • Regulated by a recognized entity FSC Mauritius
    • Long presence in the forex industry
    • Mild regulator
    • Alpari was fined £140,000 in 2010 for speculative trading
    • Average client ratings
    Start trading Read review
  • 4. 24Option

    24option was initially a well-known broker dealing with Binary Options since 2008 and later the CFDs.

    However, Rodeler Ltd and its brand 24Option faced a regulatory ban by the FCA and CySEC. Currently, this broker does not accept any new clients. In addition, poor ratings and many fines made this forex broker close down.

    Start trading Read review
  • 5. 365 trading

    Product Range

    TD365 offers Forex, Precious Metals, Cryptocurrencies, Commodities, Bonds, Indexes, and Stocks.

    • Good range of equities
    • Several cryptocurrencies
    • Bonds category
    • No ETFs
    • There are no essential Precious Metals and Commodities range

    Trading Costs, Leverage, and Sizes

    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.

    • Good leverage
    • No commissions
    • Competitive Fixed Spreads on Couldtrade
    • Uncommon trade sizes
    • Not transparent enough

    Withdrawals and Deposits

    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.

      • Only basic funding channels
      • No information on funding fees

      Reputation and Regulation

      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.

      Start trading Read review
    • 6. AvaTrade

      Product Range

      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.

      • Overall great asset range
      • Options and Bond category
      • Addition of new, popular assets
      • Average Range of Stocks
      • Only two bonds offered

      Trading Costs, Leverage, and Sizes

      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.

      • High leverage for forex pairs
      • Somewhat fixed spreads
      • No commissions
      • Low Stop Out at 10% for non-EU clients
      • Inactivity fee for three months ($50)
      • Higher spreads than average
      • Substantial contract sizes for some assets

      Withdrawals and Deposits

      I’ve found out Bank Wire, VISA, MasterCard, Boleto, DinPay, FasaPay, GCard, Neteller, PaySec, SafeCharge, Skrill, Tranzila, UnionPay, VeriTrans, VoguePay, and WebMoney are available. The minimum deposit amount is $100.

      • Affordable minimum deposit
      • It gives a bonus for any successful referral
      • OK range of available deposit ways
      • No withdrawal fees
      • Withdrawal methods are obscured in the client portal until you deposit
      • Clients report withdrawal problems
      • Has a high minimum deposit amount

      Reputation and Regulation

      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 for profitable accounts.

      • It’s regulated
      • Has a large broker with a long history
      • Market maker type broker where conflict of interest is possible
      • Mixed client ratings on independent websites
      Start trading Read review
    • 7. Forex Club

      Product Range

      The categories included are Currency pairs, Precious metals, Commodities, Indices, Stocks, ETFs, and Cryptocurrencies. The total tradeable asset count is over 250.

      • Wide range of assets in each category
      • Exceptional local stocks, currencies, and indexes
      • Extensive crypto range
      • Optional portfolio investing
      • Asset Contract specification is obscured

      Trading Costs, Leverage, and Sizes

      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%.

      • Competitive spreads
      • High leverage
      • No swaps on Rumus
      • Trading costs and conditions are not always correct
      • Commissions
      • No micro-lots or accounts
      • Some assets do not execute fast

      Withdrawals and Deposits

      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 they are listed.

      • Many deposit channels
      • Low or no fees
      • Low minimum deposit
      • Limited withdrawal channels
      • Some channels might not work
      • Longer than expected withdrawal times

      Reputation and Regulation

      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.

      • Large broker group
      • Long history
      • No official regulation
      • Low ratings
      Start trading Read review
    • 8. Libertex

      Product Range

      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.

      • Many assets
      • Good range of categories
      • Wide range of cryptocurrencies
      • Russian stocks and other localizations
      • Asset range isn’t the same across different platforms

      Trading Costs, Leverage, and Sizes

      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.

      • Spreads from 0 pips
      • High leverage for certified pro traders
      • Competitive spreads and trading costs
      • Normal Swaps
      • Commissions for some assets
      • No micro lot sizes

      Withdrawals and Deposits

      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.

      • Reasonable withdrawal times
      • Local channels for deposits
      • Low or no fees
      • No Crypto deposits

      Reputation and Regulation

      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.

      • CySEC compensation fund
      • Well regulated
      • Transparent
      • Beginner traders can easily fall victim to clone websites
      • It’s a prominent broker but doesn’t have enough client reviews
      Start trading Read review
    • 9. ETX Capital

      Product Range

      Overall, 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.

      • Many trading instruments
      • Great variety of assets
      • Limited crypto offer
      • Limited crypto trading (shorting or closing only)
      • MT4 platforms don’t have the same excellent asset range

      Trading Costs, Leverage, and Sizes

      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 until 1:30.

      • No commission, even for some stocks
      • OK spreads
      • Low minimum deposit
      • No scalping is allowed
      • Small leverage
      • Larger minimum trade sizes for certain assets
      • High Stops Level (unsuitable for high-frequency trading)
      • Non-standard trade sizes

      Withdrawals and Deposits

      Traders will have Bank Transfer, bank cards, Neteller, Skrill, and UnionPay options available. The platform charges withdrawals below $100 $10. In addition, ETX Capital allows up to 5 withdrawals within a month for free.

      • E-wallets available for complete withdrawal and deposit
      • Affordable minimum deposit amount
      • Free withdrawals have a $100 minimum
      • Limited funding channels

      Reputation and Regulation

      ETX Capital is an established broker that offers a wide asset range but doesn’t need 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.

      Start trading Read review
    • 10. IG.com

      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), and Bonds. Spread betting and CFDs.

      • Comprehensive asset range
      • Spread Betting and CFD trading
      • Rare to find shares, ETFs, Currencies, and more
      • Beginner traders will not understand most of the content
      • Some special offers, like DMA Shares trading, is available once you’re a professional trader
      • Basic Crypto and precious metals range on MT4

      Trading Costs, Leverage, and Sizes

      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 stops levels. Leverage starts at 1:200. Stop Out is at 50% and Margin Call at 100% level.

      • OK leverage
      • No commissions except for shares
      • Spreads are not competitive
      • Wide Stop levels
      • Clients report expensive swaps
      • Asset specifications don’t have swaps disclosed in MT4
      • Trading conditions are not good enough on MT4 for automated, fast trading

      Withdrawals and Deposits

      The minimum deposit amount 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.

      • The broker charges no fees
      • It has a limited number of deposit and withdrawal channels
      • Higher deposit minimum with cards
      • The broker can ask you for more documents about your fund’s source

      Customer support

      • Low waiting time
      • Knowledgeable staff
      • No multilingual support on IG.com
      • Client support is not up to the broker’s standards
      • Clients often complain about Customer Support quality

      Reputation and Regulation

      There is no potent regulator who regulates 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 from clients. Complains are various, from trading problems, support, and documentation.

      • Long history
      • Large broker
      • Various features
      • Low client ratings
      • Inconsistent trading conditions
      • Mild regulation
      Start trading Read review
    • 11. Grand Capital

      Product Range

      You can trade Forex, Commodities, Stocks, Indices, ETFs, Cryptocurrencies, Futures, and Bonds.

      • Great asset range
      • Unique currency indices
      • Portfolio collections for beginners
      • You can’t trade all possible assets of this broker in one account

      Trading Costs, Leverage, and Sizes

      Trading sizes are standard from 0.01 lots without uncommon contract sizes. 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.

      • Micro Account sizes offered
      • High leverage
      • Competitive spreads
      • Commissions are high for some assets
      • Variable leverage can make some traders uncomfortable

      Withdrawals and Deposits

      You can choose 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.

      Minimum deposit starts from $10 for Micro accounts up to $500 for ECN Prime.

      • Serenity escrow for crypto deposits
      • Local bank transfers
      • Low minimum deposit
      • Crypto funding
      • Bonuses and Payback programs
      • No cards use for deposits; however, there are cards for withdrawal
      • Withdrawal Fees of up to 3.5%

      Reputation and Regulation

      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 that pretend as 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.

      • FinCom regulation with $20,000 compensation fund per case
      • Has Escrow
      • No official regulator
      • Various client ratings
      Start trading Read review
    • 12. Trade.com

      Product Range

      The Trademark of the Trade.com broker 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.

      • One of the best asset coverage
      • Multiple solutions
      • Each category has uncommon assets
      • Crypto is available only on the Web platform
      • Crypto trading isn’t open 24/7
      • A bit shorter trading hours for forex

      Trading Costs, Leverage, and Sizes

      Spreads are dynamic officially but behave like fixed 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%.

      • Standard contract sizes
      • Commissions
      • Dormancy (90 days) and conversion fees ($25)
      • Wide spreads
      • Reduced leverage
      • Expensive broker for small deposit accountsс

      Withdrawals and Deposits

      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.

      • No fees
      • OK range of funding options
      • The minimum deposit of $100 isn’t enough for trading conditions
      • You cannot see which withdrawal options are available to you from the portal

      Reputation and Regulation

      Markets.com brand was fined multiple times until the brand change 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.

      • Regulated
      • Large capital
      • Bad history
      • Conflict of interest is possible
      Start trading Read review
    • 13. Forex.com

      Product Range

      Cryptocurrencies are only available on the Forex.com and MT5 platform. All combined, Forex.com offers over 4500 assets in Forex, Indices, Commodities, Precious Metals, and Cryptocurrencies.

      • Numerous assets in the forex and stocks category
      • Minimal MT4 products
      • Only Forex.com platforms offer a complete asset range
      • No ETFs or Bonds
      • Has a limited number of Crypto
      • Short trades are only possible with ETH and BTC

      Trading Costs, Leverage, and Sizes

      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.

      • OK leverage
      • Fixed and variable spreads
      • Rebate program for active traders
      • Spreads are not competitive
      • Minimum trade size isn’t adequate for smaller accounts

      Withdrawals and Deposits

      You can pick Skrill, Neteller, Wire Transfer, and bank cards to deposit. 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.

      • No fees
      • Few funding channels
      • Withdrawal minimum
      • No crypto funding

      Reputation and Regulation

      Forex.com is an old broker with a robust global presence and regulation. Forex brokers with that asset range are few.

      If you’re an average trader and do not belong to this group, Forex.com can only offer a wide range of assets. Trading conditions are also not the best.

      Start trading Read review
    • 14. UFX

      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, used to be under CySEC regulation until 2010.

      Currently, this forex broker has a limited operation under no regulation or actual 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 have in various ways. There is no doubt that you should avoid this broker.

      Start trading Read review
    • 15. Easy Markets

      Product Range

      If you register under the BVI FSC regulator, you will have a full range of assets and leverage.

      Easy Markets have Forex, Precious Metals, Indices, Stocks, Commodities, and Cryptocurrencies markets. Easy Markets platform also features options trading.

      • Above-average instruments range
      • Diverse markets
      • No ETFs and Bonds
      • Average Stocks range

      Trading Costs, Leverage, and Sizes

      Easy Market only has fixed spreads and no commissions. Spreads start from 0.9 pips on VIP Accounts to 2 pips for Standard Account on EUR/USD pair.

      Leverage is up to 1:200 on the Easy Markets platform and 1:400 for MT4.

      • Fixed spreads
      • No commissions
      • High leverage
      • Trading features aren’t cheap
      • Wider spreads may not be appropriate for fast trading strategies

      Withdrawals and Deposits

      Depending on your country, withdrawal and deposit channels may differ. However, the broker will charge 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, $2000 for Premium, and $10,000 for VIP.

      • Low minimum deposit
      • Multiple funding channels
      • The broker charges no withdrawal fees
      • No crypto funding

      Reputation and Regulation

      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.

      • OK ratings
      • Regulated, large broker
      • Profitable traders complain
      • Conflict of interest
      Start trading Read review
    • 16. ThinkMarkets

      Product Range

      You can trade in either 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.

      • Many assets in each category
      • Mini contracts for Precious Metals
      • Rare currencies, Crypto, and futures
      • No ETFs

      Trading Costs, Leverage, and Sizes

      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 Crypto are do not have increased contracts, and this way, you can trade more small amounts. Leverage is up to 1:500. Stop Out is at 50%.

      • Smaller trade sizes than usual
      • Competitive spreads
      • Up to 1:500 leverage, 1:10 for crypto
      • Commission of $7 per lot for ThinkZero Account
      • Higher spreads than advertized

      Withdrawals and Deposits

      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 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 amount.

      • OK range of channels
      • Cryptocurrencies channels for unregulated regions
      • Some withdrawal fees
      • High minimum for-profits withdrawal via Bank Wire

      Reputation and Regulation

      ThinkMarkets has several entities, each with a different registration location. The broker is marketing three regulations FCA, FSCA, and ASIC.

      • Regulated for certain countries
      • Overall good ratings
      • Competitive with top forex brokers
      • Insurance fund of 1 million $ per client, although the insurance house name is unknown
      • No regulation for specific countries, but better leverage, crypto funding, and other benefits
      • Complaints repeat about the same issues
      • Variable trading conditions
      Start trading Read review
    • 17. Paxforex.org

      Product Range

      Paxforex offers an average range of tradeable assets. VIP and Standard Accounts are the only accounts that offer Stocks. All asset categories shown are Forex, Precious metals, Indices, Crypto, and Stocks.

      • Good Forex range
      • No Commodities or energy assets
      • Has a small number of Crypto and other assets

      Trading Costs, Leverage, and Sizes

      Cent accounts offer minimum treading sizes from 0.0001 lots. However, pay attention to contract specifics since sizes may not be standard for every asset.

      Spreads are variable and are more excellent for Cent and Standard accounts. Leverage is up to 1:500.

      • It has a low minimum trading size comfortable for beginners
      • High leverage
      • No commissions
      • Low Stop Out
      • Wide spreads for Cent and Standard accounts
      • Higher swaps

      Withdrawals and Deposits

      Paxforex has mostly e-wallets as funding options. You can deposit via Bank Wire, Bitcoin, Ether/Ethereum, FasaPay, Neteller, PerfectMoney, Qiwi, Skrill, Uphold, and WebMoney.

      With FasaPay, it depends on whether your country allows it. Card deposits aren’t possible. Cent Account minimum deposit is $10, Mini $100, Standard $2000, and VIP $10000.

      • Crypto deposits and withdrawals
      • No fees charged
      • Low minimum deposit amount of 10$
      • No bank card channels
      • Has a high minimum deposit for a Standard service

      Reputation and Regulation

      Clients mostly complain about trading conditions and withdrawals. In addition, the FBI seized the broker website in 2020, yet it does not mean you’re dealing with a scam broker.

      Paxforex remains only as a broker for small accounts without enough reputation or regulation for serious investors.

      • Small accounts allow you to risk money you can afford to lose
      • A large number of fake ratings
      • FBI seizure
      • Offshore and no regulation
      • Small broker that could close up anytime without notice
      Start trading Read review
    • 18. Saxo bank

      Product Range

      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.

      • One of the best product offers
      • Rare categories
      • Portfolio investments
      • Limited range to specific platforms
      • Crypto is limited to BTC, ETH, and LTC

      Trading Costs, Leverage, and Sizes

      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, Gold only 1 ounce. Bitcoin has a 0.01 unit minimum trade size.

      • Trading sizes can be smaller
      • Costs are displayed when trading
      • Dividends
      • Commissions
      • Spreads are not competitive for Classic tier
      • Conversion up to 1% and Inactivity fees

      Withdrawals and Deposits

      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.

      • No fees for EEA countries
      • Minimum deposit of at least $2000 (country-specific)
      • The usual minimum deposit is $10000
      • Limited withdrawal/deposit options
      • Platinum tiers require at least a $200,000 minimum deposit without much benefit
      • Withdrawal procedure is more complicated than usual

      Reputation and Regulation

      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 the client feeds, I’ve concluded that the most problems traders face are: lousy support, unwanted phone calls, conflict of interest, and connection problems.

      Start trading Read review
    • 19. Swissquote

      Product Range

      Swissquote offers the ultimate product range. But, 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.

      • Bonds and Forex options category
      • Good currency range
      • No ETFs
      • No crypto CFDs

      Trading Costs, Leverage, and Sizes

      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.

      • No commissions
      • OK leverage
      • Spreads are not competitive
      • Fees for inactivity after six months (10$)
      • Custody fees for eTrading

      Withdrawals and Deposits

      Swissquote 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.

      • No fee
      • Limited funding options
      • It rejects some banks

      Reputation and Regulation

      Swissquite 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. If you’re not interested in putting significant capital for investment or trading, consider other brokers.

      Start trading Read review
    • 20. LiteForex

      Product Range

      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.

      • Full Forex and Precious Metals range
      • Good Cryptocurrency range
      • OK range of stocks
      • Commodities are limited to Brent and WTI
      • No ETFs or other markets

      Trading Costs, Leverage, and Sizes

      Liteforex charges commissions for the ECN type account. Leverage is at 1:500 level; 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.

      • OK spreads on ECN accounts
      • High leverage
      • Low Stop Out level
      • Low Swaps (except for Crypto)
      • High commissions
      • Classic Account has high spreads

      Withdrawals and Deposits

      Deposit channels are Bank Cards, AdvCash, WebMoney, Perfect Money, QIWI, and several cryptocurrencies.

      The minimum deposit for Account opening is $50. Withdrawal options are AdvCash, Alipay, Bank Transfer, bank cards, China UnionPay, QIWI, Perfect Money, WebMoney, and several cryptocurrencies.

      • Good range of funding channels
      • Affordable minimum deposit amount
      • An above-average number of Crypto accepted
      • Multiple funding currencies are available
      • Fees for withdrawals can be extreme
      • Most of the channels might be unavailable to you

      Reputation and Regulation

      Liteforex.com is not regulated. Libertex.EU domain is only for EU countries and regulated by CySEC.

      Interestingly, both domains have similar ratings and similar problems 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.

      • CySEC regulation for EU clients
      • Long presence in the industry without fines
      • No regulating law for specific clients
      • Average ratings
      Start trading Read review

    *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.

    Things to consider

    • Regulation. Scam brokers don’t have information about regulation laws. If they’ve, it’s a fake website. Or a company without any power to control the broker. Also, regulated brokers can use various excuses to hold your funds.
    • Ratings. Even if a broker is regulated, it doesn’t mean your funds are safe. Regulators are slow. A broker can claim your trading isn’t according to terms and cancel any profits you made. Therefore, you need to read the ratings from independent websites.
    • Reviews. Many scams buy a lot of forex broker reviews. Also, scams have a network of fake review sites. This way, they push their fake reviews up in google search lists. Broker scams can have very high budgets and even involve government officials: read-only forums and independent ratings.
    • Do your research. Check every broker from reliable sources and seek news headlines for the broker name or domain. You’ll likely find they are penalized or blocked.

    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.