What Are The Top Forex Brokers Online?
Choosing a forex broker is one of the biggest financial decisions a trader can make in their career.
Resources
Do you choose the broker with educational resources and trading tools, one that can offer a trading platform that’s internationally recognised, such as MT4 and MT5
Difference
With most brokers offering all or most of the above, perhaps there are other key elements that make the final difference
Deciding Factors
Which factors will help you to choose the best broker for you? Read on for more tips and ideas on choosing the top forex brokers online today.
Tips On Choosing Your Broker
The top forex brokers tick the following boxes:
- Established, preferably for over five years.
- Licensed in your jurisdiction for accountability.
- *Act quickly on withdrawal requests.
- fer prices in line with the main market movements.
- Have responsive customer support.
- Answer your questions about what type of trading they offer.
- Have efficient on-boarding procedures.
Types Of FX Brokers
There are several main types of forex brokers.Some brokers are hybrid and combine both market making and no dealing desk, leaving the trader to decide what service they prefer. Market makers provide straight through processing (STP), meaning they buy directly into exchange traded contracts, reach an offer and then resell to their clients.This type of broker can also take their own positions. Market makers have been criticised because it means that the broker could trade against their customers’ positions.
Top Forex
Brokers
AvaTrade
AvaTrade is one of the oldest forex brokers and is a market maker.
FXGiants
FXGiants is a leading multi-asset broker founded in 2008.
CMC Markets
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
How Do ECN Brokers Work?
ECNs offer a trading platform connecting traders to currency providers like banks. The ECN broker may be a stand-alone or even part of a bigger platform which offers STP and NDD services. You would need to read about the broker’s different account types to understand what type of trading terms exist out there.
How Do Market Makers Work?
Let’s take the Gold versus USD – XAUUSD – currency pair as an example. A market maker buys up a percentage of the futures instrument traded on an exchange like COMEX and sells them back to their clients. The broker makes money on the spread between the bid and ask prices and the trader makes or loses money on the difference between the entry and exit prices of XAUUSD.
In this way, individual traders have access to more liquidity than they would have buying XAUUSD directly from an exchange.
Try Before You Buy
Before trading with real funds, it’s possible to use the broker’s demo account to try out and see the available financial instruments and trading conditions.
ForexBlogOnline is constantly researching how the forex markets work in order to deliver reliable and informed commentary and useful information. Have you read our broker reviews?