Currencies change in value all the time, and although these changes might not be quite as steep as TerraLuna’s recent nosedive, these changes always add up in the end. And this is the allure of the forex market. With millions of traders exchanging more than $5 Trillion in currency every day, there’s a lot of profit to be made.- trading forex brokers
However, to really get the best chance at earning decent money trading forex, you need to pick a top-notch broker. Seeing as it’s an online business, there are a lot of unregulated brokers in the space, and even many more simply provide terrible service. And these have cost a lot of forex traders millions of dollars.
You can avoid this by finding out beforehand which brokers are best. But we understand that there’s a deluge of information on the internet that can leave anyone significantly confused. To help guide you, we’ve compiled a list of the best forex brokers that we can recommend that you pitch your tent with.
Best trading forex brokers
Below is our carefully curated list of the best forex brokers in 2022.
1. MTrading- trading forex brokers
At the very top of the list is MTrading, a brokerage established in 2012 and licensed by The Financial Commission, and evaluated by Verify My Trade. MTrading is a market leader in the forex industry in Asia, and also has operations in parts of Africa and South America. With instant deposits free of fees, deposit bonuses up to 200%, and widely acknowledged industry best trading conditions, you’ll simply find nothing else better.
The next broker on our list is IG, one of the oldest forex brokers in the market, founded in 1974. With decades of years, dozens of awards and accolades, and a litany of certifications from regulators in multiple major economies, IG offers one of the most holistic forex trading experiences in the market. They provide an extensive list of tradeable assets, technical tools, and education programs to help newbie traders learn the ropes.
XTB is another market-leading forex trading platform. Apart from forex, traders can also trade indices, commodities, ETFs, stocks, and even cryptocurrencies. Across these asset classes, they offer a total of more than 3,000 tradeable instruments and 48 currency pairs. Traders on XTB can choose between their proprietary xStation 5 trading terminal and Metatrader 4. And traders can access leverage positions up to 200:1.
eToro is one of the highest-rated brokers for traders in developing economies. By providing an intuitive, simple-to-use trading platform and a signature social trading feature, they’ve shown out as the ideal choice for newbies in the market looking to learn as much as possible within a short time frame, while also earning significant profits. Not only do they support forex trading, but they also provide stock and cryptocurrency tradeable assets.
Registered by the UK Financial Conduct Authority and listed on the London Stock Exchange, Plus500 is one of the biggest forex trading brokers in the entire global market. Founded in 2008, it has built a significant presence in 50 countries across the globe and has racked up certifications from regulators all over, including in Israel, Cyprus, Australia, and Singapore among many others. They offer more than 2,500 tradeable assets and charge no commissions on trading.
Criteria to consider before picking a trading forex brokers
We didn’t pick the names for this list arbitrarily, and you shouldn’t either. Before you pick a forex broker, you must weigh them based on certain criteria to see which one is best for you. In this section, we go over some of these criteria.
The very first thing to check for is a license. To operate in any aspect of the financial markets, operators need to be licensed by regulators. These regulations exist to protect the interest of traders and the broker and the general industry too. So, if any of the brokers that you’re considering is not licensed, you should immediately take them out of your shortlist.
Usually, brokers have information about their licenses in the ‘About us” and lower ribbon sections of their websites. And then, you can also crosscheck the information you find against the databases of the regulators.
Fees and commissions
The next factor that you must consider is the fees that they charge. Fees always appear inconsequential, but they mount up. If you’re charged $1 for every button that you click on the trading terminal, they can easily amount to $20 in fees for a trading session. Of course, this is just hyperbole to demonstrate what we’re trying to say, not the actual fee structure of any broker. Read between the fine print to find what fees the brokerages charge. It will serve you much better to find brokerages that offer free deposits, withdrawals, or trades.
The next factor to consider is the currency pairs that are available to trade on the brokerages. It’s not uncommon for brokerages to focus on particular regions only. But while a trader in the United States might never have to worry, because the greenback is at the center of international trade, traders from Kuala Lumpur have to make sure that they’re choosing a brokerage that supports their preferred currency pairs.
Ease of deposits and withdrawals
The ease of depositing and withdrawing capital from any forex brokerage is also very vital. We’ve spoken a lot about the many opportunities in forex trading, but for anything to even happen in the first place, you have to be able to easily deposit capital for trading, and then as easily withdraw when you want to take profit.
Forex trading is a highly technical activity. Every single buy or sell decision is fraught with risks. But with indicators and other technical tools, traders can properly assess these risks and make informed decisions. When a brokerage just doesn’t have the requisite technical tools to equip its trader clients, it’s akin to sending snipers on missions without scopes for their rifles. So, before you make a decision, check well to be sure that the brokerages have the right technical capabilities.
Finally, you must always consider customer service. A brokerage could have all the technical capabilities and bonuses in the world, but it’ll all be useless without quality customer service. In a market as large as this, there will always be complaints. Before picking a brokerage, you must examine how well they respond to complaints – the speed of response, and the quality of assistance among other factors.
Forex trading is a high-stakes venture. Although the risks are significantly high, the potential profits are also enormous. Picking the right broker is very vital in determining which side of the coin falls to a trader, and losses can be quite brutal. So, before you begin to commit any capital to forex trading, it’ll serve you well to carefully examine what your options are based on the criteria that we’ve listed in this article.