Good forex brokers

In addition to its constant check on the service providing, authorities protecting clients throughout compensation schemes and other security checks, however, these conditions may vary from the regulator to another.

The whole concept of regulation is to oversee forex business in a particular country or region, protect clients and ensure safe conditions while trading forex. So in simple words, regulated broker means a safe and legit broker that is compliant to various rules and criteria set by the international authority with the purpose to provide secure trading and good customer service. So its trading environment and provided services like technical analysis, education and tools are also aligned to the best practices.

Brokers

Regulated forex brokers

When viewing the forex broker or a trading platform, it is the paramount priority to choose from the hundreds the most reliable one and the best forex provider, as it will determine the whole trading experience. Indeed, doing research and compare the vast number of forex brokers with many aspects to consider, maybe not an easy choice, as well time-consuming. So here we are ready to assist your selection and answer the most common questions.

Can I trade forex without a broker?

This may be the first question you would ask, as indeed forex market, FX or currency market is the largest global non-centralized exchange where trading process performed electronically via networks. While main forex participants are international banks and financial institutions operating huge volumes through a need to exchange currencies, presented as currency pairs, and assist international business with the conversion which is known as the interbank market.

Therefore, in order to trade fx you should be authorized dealer to do so, as well as operate a quite sufficient amount so before forex brokers were introduced to retail traders and global community it was not possible for trade markets. For this reason, forex trading brokers are the companies or agent if you like that gives retail forex traders access through its platform to operate forex market and trade various markets including commodity futures, indices, bonds, etc.

Do I need license to trade forex?

So this is another pleasant and great opportunity which is given by forex brokers, as you may access trading without financial or dealer license. Moreover, there are hundreds of opportunities with a relatively small investment which allows you to trade forex, do technical analysis and analyze markets almost instantly.

Are forex brokers regulated?

And now we will check the most crucial question if forex broker can be regulated, since the market is decentralized, and is it safe to trade forex? Obviously, this is the biggest trump you may fall as a retail trader if you choose a non-reliable, mainly non-regulated or offshore firm without a proper license you may easily fall into a scam and lose money.

So due to increasing demand and mainly that traders got no easy access to trading or financial education, the world countries established particular organizations or authorities in order to oversee the market proposals and regulate forex broker firms. So yes, forex brokers are regulated while holding a license from a local authority alike world known FCA in the UK, ASIC in australia, commodity futures trading commission CFTC in the USA, MAS in singapore and more.

What does a regulated broker mean?

How do I know if my forex broker is regulated?

In order to check if broker is regulated or not, you should verify this information through the official brokers’ website first, as regulated companies always provide its licenses. And the next step is to verify a license through the official regulatory website. However, in our forex broker review you will find all the necessary information and license check as well.

It is a fact, unscrupulous brokers may easily fake information and assure you of its license while its not true, so always verify information through the official source. As well, adhere to trade with brokers regulated in serious jurisdictions, not the offshore once, as they luck of strong regulation, requirements and necessary safety measures. Read more by the link why avoid brokers from st vincent & the grenadines.

How to choose best forex broker?

Security of funds is always first in forex trading, for that reason, we recall your attention to open an account with regulated brokers only. Making it simple, regulated broker means that you will trade forex with proper security of funds and investment itself, so first of all good broker is a sharply regulated broker.

Further on, you should also check the necessary conditions and select offer suitable for you and trading strategy you deploy.

For this reason, we assist your selection and provide an assortment of efficient regulated brokers with updated on a weekly basis in-depth forex broker list. A professional detailed analysis with trading fees account overview, platform breakdowns while sorted by regulation, country or trading conditions, along with traders comments so smarter decision is easier now.

Best forex brokers for 2021

Brokerage companies are scattered all over the world and have many differences in trading conditions, products and services. Some companies are regulated, others are not. Some have been around for decades, others are rather young. Certain brokers work as market makers and have fixed spreads, others provide STP or ECN accounts with direct market access and offer a much larger selection of underlying assets for trading. This site was created to help you find the best forex brokers for your specific needs and requirements. There are several sections and filters in the menu on the left. These can be used to create a custom list of entities with preferable parameters and characteristics. If you find a certain broker you are currently trading with or have used before, feel free to share your experience about it in the comments section meant for forex broker reviews.

The forex brokerage business has undergone a lot of evolution in the last decade. The global financial crisis of 2008 and the events that happened thereafter have reshaped the industry. At about the same time, new technologies came up and also contributed to the evolution of the forex market and forex brokerage business. It is important for traders to understand what forex brokerage is all about and how it will affect their trading ventures. Before we get to meet the best forex brokers for 2021, it is pertinent to identify the role that forex brokers play in a trader’s career and why it is important to go with a forex broker that can match your circumstances and aspirations.

Role of forex brokers

Forex brokers have several roles to play in the market. These roles have also evolved over time, as traders demand a lot more from their trading providers. Forex companies now perform the following roles:

A) access to the market

This is the core role of the forex broker. The forex market is a virtual market with no physical location. At the centre of forex market operations is the interbank market, where the big banks offer various currency pairs for sale. Professional and individual traders therefore do not have to proceed to a physical location to trade, but rather have to have a means of accessing the interbank market. They can only gain access to the interbank forex market using software known as platforms. These platforms are provided by the forex brokers. So without the brokers, nobody can get access to the forex interbank market to trade.

Access can be provided directly using the ECN/STP platforms (also known as direct market access platforms), or indirectly using the market maker platforms that route orders to the broker’s dealing desk. Traders should as much as possible, try to understand the implications of getting direct access to the FX market on one hand, and getting indirect access on the other. The type of access granted will determine factors such as amount of capital to start with, as well as the trading styles and processes to be adopted.

B) trader education

This is gradually but surely becoming a very important element of the forex broker’s functions. Research has shown that 90% of retail traders will lose 90% of their accounts in 90 days. This is a well-established market statistic. Majority of the losing traders (if not all) are traders who are uneducated about the market and who do not understand how to trade profitably. These will end falling by the wayside. No broker wants to spend money acquiring clients, only to have them quit the market after decimating their accounts in 90 days. With brokers realizing that such an arrangement is not good for business in the long run, many of them are now investing significantly into trader education. Videos, articles and webinars are the common means by which beginner traders are given an introduction into the forex market.

C) market research

Once traders get established on the platforms using trader educational resources, their trading activities can be sustained via the provision of market research tools, analysis and news feeds. Many brokers have incorporated this into their offerings as well. For the trader, this is a good thing.

Criteria to consider in choosing a forex broker

The criteria for choosing a forex broker have evolved over the years. While there are still some elements that are critical to the choice and which have remained constant over time, there are other parameters which have emerged and which will be considered below.

1. Spreads/commissions

Spreads are the primary cost to the trader. Lower costs mean that the trader will have a chance to retain more profits, or at least reduce the losses that may be incurred. Competitive spreads are now a factor used in broker selection. It may not be immediately obvious how much savings on spreads can translate to, but high volume traders such as scalpers know that when up to 300 trades are placed in a month, then savings from reduced spreads can be substantial.

2. Leverage

Leverage in forex is now a big deal. What started off in 2010 when leverage caps were introduced in the US by the commodities and futures trading commission (CFTC), has now been extended into the united kingdom and europe. Retail traders in the UK and EU have seen leverage caps reduced from as high as 1:500, to just 1:30 for major forex pairs. Minor pairs and cfds have even tighter leverage limits. This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who were caught out by ESMA’s decision. Some of the UK/EU brokers have also opened international divisions, where their international client accounts are being migrated to. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones.

3. Regulation

Regulation will continue to remain a key factor in broker selection. Regulation ensures that traders are protected and that the trading environment is transparent and secure. The brokers presented on this site are regulated in their respective areas of operation, which ensures that traders who open accounts with them are assured of safety of their funds.

4. Broker type

A mention has earlier been made about direct and indirect access to the interbank market. As a trader, you need to know how each type of access will affect you. Market makers provide indirect access because they buy positions from the interbank market and resell them to their clients using a dealing desk. Market makers usually require smaller amounts of starting capital, provide fixed spreads, and tend to have more slippages and requotes. They provide a low barrier for market entry.

ECN brokers on the other hand, provide direct market access. They require large amounts as initial capital, provide variable spreads, but do not have slippages and requotes. However, they charge commissions on trades in addition to spreads. At the end of the day, the trader’s financial capacity will determine if a market maker or an ECN broker will be selected for the trading venture.

5. Trading resources

Trading resources are generally tools that are provided by a broker to enhance the trading experience and potentially improve a trader’s trading outcomes. More is not always better. In this case, it is about finding the broker that has the right mix of trading resources that cover analysis, news and market insight.

6. Customer support

Customer support can now be offered using a variety of means that were not in existence 10 years ago. Social media channels such as facebook and twitter, as well as messaging apps such as telegram can now serve as channels for receiving near-immediate responses from a broker’s customer support desk. Choose a broker with a diversified customer support structure which deploys these new means of communication.

Our list of forex brokers

The list below features best forex brokers selected by us for 2021 year. This list has been prepared after due consideration of all the factors mentioned above. In this list, you will find many brokers that are offshore brokerages with high leverage, or offshore divisions of EU/UK brokerages that can provide high leverage trading platforms to their clients. Feel free to read our forex broker reviews and make an informed choice based on the contents of this website.

Fxdailyreport.Com

The metatrader 4 (MT4) is by far one of the most popular and used trading platforms in the industry. It is used to connect clients of different brokerage firms with top financial markets. It’s a product by metaquotes software corporation designed to allow traders to effectively trade in forex, cfds, and future markets. If you are a newbie trying to make head and tails of the industry, MT4 is definitely the platform to get with. But before you dive in head first, you need someone to hold your hand through the journey – an MT4 forex broker. And with the influx of brokers in the industry, choosing one can be tricky. Below are some tips that will help make the process easier:

Proper regulation

In an industry that requires a lot of trust, regulation is key. Proper regulation will ensure that the broker is capitalized in case of trading losses, keeps your money in safe, secure as well as segregated accounts and sticks to fair dealing practices to make sure your trades are always done at the current market prices. The MT4 forex broker you choose should have a strong regulatory record.

Most countries have taken the initiative of regulating forex trading. However, the fine print of the regulations may vary from country to country. Brokers who operate in different countries need to be registered and licensed. When making your choice, ask the broker which regulator has licensed them, and if possible, request to be provided with the registration number for verification.

Best metatrader 4 forex brokers fully regulated in 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker

Data security

When you are opening an account with your broker, you’ll provide lots of personal and financial information. Usually, you’ll be requested to provide copies of your passport, bank account information, utility bills, and credit card number.

Having poor internet security protocols puts your data at risk of theft. It could also disrupt your trading activities and even lead to identity theft. Before committing to any forex broker, ensure they have great internet security. The internet security could include SSL, a 2-factor authentication and a privacy policy.

To ensure that you always get the best rates at the required times, you should choose a broker with exceptional trade execution methods/practices. Essentially, forex brokers can be classified into two: market makers (those dealing desks) and STP brokers (those that pass your directives to interbank markets).

With market makers, any loss you make registers as a loss on their end and vice versa. But this doesn’t mean that they are working against you. The idea is to spread the bid when clients enter as well as exit the trades. They offset the risk of the trade with other trades from their clients and with their current liquidity provider.

On the flip side, STP brokers route all your directives to financial institutions like hedge funds, mutual funds, and banks. They see a good quote in the interbank market and then add some fractional pips as compensation before they route the order to liquidity providers.

Product coverage

Today, you can trade several currencies with a broker. A good broker will grant you access to several capital market areas via one forex account. It’s therefore important to note that broad coverage doesn’t always mean deep coverage. If your goal is to trade a lot more than forex, then the number of products that your broker covers is imperative.

Now that you know how to pick an MT4 forex broker, let’s look at the benefits you stand to gain using the MT4 platform.

Exemplary user experience

The MT4 interface is user-friendly. This enables forex trading newbies to navigate the volatile and complex market with great comfort and ease. Moreover, MT4 has a mobile app which allows access to the platform anytime and anywhere.

MT4 supports lots of languages all over the world. This means that you can use the platform in your native language.

Charts
in addition to its user-friendliness, MT4 provides advanced chart features, which help traders to analyze the technical aspects of their market. Also, you can change the style and color of the charts and use different templates that you like.

Communication
the platform has advanced tools of communication which enable the brokers to communicate with traders in real time. This gets rid of long email threads which can be a pain to follow. It makes trading and collaboration easier and simpler.

As you prepare to venture into the forex trading, be patient and a good communicator. Hopefully, you don’t think it is a get rich quick scheme, but you will undoubtedly enjoy great returns if you do it right.

Forex brokers that accept mobile money

This article describes forex brokers who accept the use of mobile money for forex deposits and withdrawals. But what is mobile money all about?

Mobile money refers to money stored in an account that is operated by telecom companies, in which the user’s mobile phone and other telephony details such as the phone number are integral components of the transaction process. This is possible because phone numbers are unique in themselves, and every phone device comes with a unique international mobile equipment (IMEI) number. The unique nature of phone numbers can be enhanced by subjecting each user to biometric registration, in which physical traits that cannot be replicated in any other human being such as the fingerprint, are captured and assigned to the phone number. That way, a user can perform financial transactions over a mobile network using the phone number as a unique identification number, just the way every bank customer would have a unique bank account number, cheque books or savings passbooks of years gone by.

The mobile money payment channel is very common in africa, where it is used as a tool for financial inclusion. Many african countries and indeed countries of the middle east have large unbanked populations. Accessing services such as a forex trading account require financial inclusion, where a user of the financial system can be identified and the individual’s financial history can be profiled, in compliance with international laws against money laundering.

What forex brokers accept mobile money

The number of forex brokers that accept mobile money for deposits and withdrawals is still relatively low. Despite this fact, there are already a couple of solid forex brokers who work with mobile money.

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.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

Forex brokers and mobile money

With the passage of the european securities and markets authority (ESMA) rules of 2018, it has become very expensive for traders to open and operate trading accounts with UK and EU forex brokers. This has led to a mass migration of traders to so-called offshore locations and loss of business for many of these EU brokers. The loss of business has hit many of them so badly, that their loud protests have caught the attention of the european commission, which has instituted a process to review the mifid II protocols that ESMA derives its regulatory powers from.

Some EU brokerages have been able to adapt to the situation by creating international divisions to handle clients from outside the EU. Africa represents a huge opportunity for forex brokers because the penetration of forex trading on the continent is relatively low. However, there is a large unbanked population in the african market. For the unbanked, mobile money represents one of the major means of transaction. This has led to a slight increase in the number of forex brokers that accept mobile money for transactions. Kenya and ghana are two countries where the use of mobile money is very high.

Forex brokers that accept mobile money in ghana have an advantage because even those who operate bank accounts also have access to mobile money. Mobile money usage in ghana is driven by telecom companies such as airtel/tigo, MTN and glo. In kenya on the other hand, the most popular mobile money payment system is vodafone’s M-pesa.

Mobile money as a funding method

To be able to get registered on a mobile money network, the user must have a phone number, with a registered SIM card matched to the user by means of biometrics. This provides an infallible means of identification, allowing the user to perform transactions on the mobile phone.

Forex brokers that accept mobile money in ghana are then able to accept deposits in the local currency, the ghana cedis (GHS). Withdrawals are also conducted in the local currency. Users have the option of operating forex accounts in the local currency (if the broker allows it), or they can still maintain foreign currency accounts, in which case the appropriate conversion rates and charges are applied.

Since the mobile money registration process also incorporates biometric registration, all data can be harmonized and checked by the brokerage’s compliance department to ensure that appropriate know-your-customer (KYC) protocols are followed.

Benefits of using a forex broker that accepts mobile money

The benefits of using an FX broker that accepts mobile money are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are processed in a matter of minutes.

B) it is a cashless method which allows the user to transact without carrying money.

C) the convenience of this transaction method is virtually unrivalled. A country like ghana has mobile money outlets on virtually every street. You can simply walk into a vendor’s shop, deposit ghana cedis with the vendor, have your mobile money wallet funded and you proceed to fund your forex account.

D) no need to fill any forms and there is no waiting time. You can do your forex account funding anytime, including weekends and holidays.

Drawbacks of using a forex broker that accepts mobile money

What are the drawbacks of using forex brokers that accept mobile money?

A) initial sign-up processes can be a hassle. There are instances of registration failure due to problems with the internet network.

B) forex brokers that accept mobile money are relatively few. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts mobile money

Presently, the number of forex brokers accept mobile money in ghana and around africa are few. However, this could change quickly as more brokers are entering the african market. For a user, make sure to use online forums and other information sources to get a first-hand account on the experience others have had with the mobile money transaction process. You can also check the table above to see some of the most popular FX brokers that are accepting mobile money.

How to find a good forex broker?

Forex trading has picked up pace in the last 10 years. You don’t have to be a traditional investor or trader to step into the forex trading market. While it is fairly easy to start trading, making a profit is not as straightforward as you might think. You need to understand every pro and con of a currency pair, you need to decide the position that you will be holding, you need to check if forex trading is legal in your country, and more. But, all the hard work and research will amount to nothing if you do not have a reliable forex broker by your side.

A few years ago we wrote an article on how to find a good forex broker in 17 practical steps. This year we realized that we need to give a simple answer to this question.

Find a forex broker that you can trust. It is imperative because they will be in control of your monetary investment. What if you have good capital and a plausible trading strategy but your broker is not trustworthy? They can run off with your money, leaving you with nothing but a bruised pocket!

There are three the most important things to consider when traders want to find a good broker: regulation, support, payment options. If traders want to find a good forex broker they will need to analyze the most important broker’s characteristics such as regulation and security of funds. The security of funds and regulation is very often correlated. The greatest security in trading for any trader represents A-grade brokers regulation. High reputable brokers are regulated by USA (commodity futures trading commission CFTC, NFA) – japan (FSA japan) – united kingdom ( financial conduct authority FCA) – australia (australian securities and investments commission ASIC) – singapore (monetary authority of singapore MAS) – hong kong ( securities and futures commission SFC) – switzerland (financial services and markets authority FSMA) – germany (federal financial supervisory authority bafin).

While all forex brokers offer metatrader platform these days, payments and support are characteristics that are vital for future cooperation. Regulated and good forex brokers will offer several deposit and withdrawal options and provide fast payments. Good brokers offer live support, efficient ticket systems with fast response in 24 hours.

Some tips on how to get a broker on forex:

You can only find a compatible forex broker when you are aware of your needs. First, you should know how much you will trade. Once you have decided that, assess if you will be comfortable with making big or small moves. By figuring this out, you can make informed choices while selecting a broker. If you believe that you will be capturing small moves by trading a number of times in a day, an ECN broker will be the right choice for you. This type of broker will be a good option for those traders who will be scalping.

It would also be wise to have a particular number when it comes to investment. If you have a small capital, you will be trading micro-lots. With an investment of $5000, you can shift to the mini-lots. It is not tactful to open a standard account with capital that is less than $50,000. Now, choose a broker that is suitable for your lot size. You must also check the payment and withdrawal options offered by different brokers.

2. What is the broker offer?

By identifying your needs, you would be able to shortlist a few brokers. It’s time to compare the selected brokers. Every broker has a different USP, you need to find the one that will make trading easier for you. If you are a day trader, you won’t be needing a trading desk because there will be no time for back-and-forth communication. Day traders trade directly as making an offer through a trading desk is a time-consuming process and often leads to re-quotes. Thus, you can choose a broker that offers this liberty but this will not be ideal for those who are holding long positions. Such traders will find it extremely difficult to function properly without a capable dealing desk or customer support.

The next and the most important thing that you need to check is if your broker is regulated or not. There are a number of regulating authorities but you should focus on those brokers that are regulated in countries like the U.S.A., canada, new zealand, japan, U.K., and australia as these countries are deemed to be financially established.

Look for a broker that can offer competitive spreads. You are more likely to get it if you are a day trader. The next checkpoint on the list is the types of accounts that the broker is offering. Having the option of a demo account is major traction for many traders as they get to test the trading platform before investing the real money. You can use this demo account to test other services offered by the broker. For example, you can send numerous emails using the demo account and note the time taken by the customer support in responding. If they are not quick and efficient enough, it would be better to look elsewhere.

3. Look for reliable reviews

A majority of people read reviews before investing in anything. This is a good practice and can save you from making mistakes but when we are talking about brokers, you must know the source of information as well. Never blindly follow anything that you find about the broker if you cannot link it to a credible source. This holds for both positive and negative reviews. Positive reviews can be paid while the negative ones can be fueled by competitors. Rely on your objectivity and authentic published reviews. You can also talk to the other traders and investors who are using the services offered by your shortlisted broker.

The other three points must have helped in eliminating a lot of brokers from your list. Now, instead of relying on someone else’s opinion, you can test the remaining brokers yourself. The best way to check if the broker delivers what they promise is by using the demo account offered by them. Once you have opened a demo account, start trading. Since these are dummy trades, you will not be losing any real money. Check if the spreads are tight and the trades are being executed instantly. You must also see how good is the trading platform. Is it constantly crashing? Are there glitches? If the trading platform is not fast enough, you can miss many opportunities in the future.

Test out the demo account for a couple of weeks and then open a live account. Do not invest more than 10% of your capital at this time. Don’t forget that you are still testing the broker. Trade with this amount for a couple of weeks and keep posing questions to customer support. Check how quickly they respond to your queries.

The next crucial factor to check is the withdrawal time. After trading for at least two weeks, you must initiate a withdrawal. You might have to pay a small fee for it. The ideal time for this transaction should be 2-3 days. If it is taking longer, it can cause problems in the future with bigger withdrawals.

5. Be wary of bonuses

Always remember that nothing in the forex market comes for free. There are many brokers that offer bonuses, for example, ‘get $100 bonus cash when you open a $500 account with us’. They might credit your account with the bonus cash but they will definitely take it back from you in the form of one charge or another. Usually, the trader will get some kind of restriction when he or she can withdrawal money based on trading volume.

Conclusion
good brokers are regulated, with excellent and efficient payment systems and hard-working support.

Best forex brokers for 2021

Role of forex brokers

A) access to the market

B) trader education

C) market research

Criteria to consider in choosing a forex broker

1. Spreads/commissions

2. Leverage

3. Regulation

4. Broker type

5. Trading resources

6. Customer support

Our list of forex brokers

Top 10 best forex brokers for automated trading for 2021

Top rated:

Are you looking for the best forex brokers for automated trading because you are interested in automated forex trading or forex algo trading, and you’d like to try it with the best brokers?

We can help you find one.

Let’s face it, most of us are not able to trade forex 24/7. Even if we wanted to, we have plenty of other commitments that stop us from doing so, and, in the end, it’s simply not practical. But there is a way around this by using forex brokers with automated trading.

Forex automated trading broker allow traders to keep making a profit even when they are not in front of the screen. The technology used by forex auto trading brokers can vary significantly and so it is well-advised that traders interested in this area should do a considerable amount of research before making a decision.

Some of the best forex brokers use algo trading (algorithmic trading), cutting-edge technology that utilizes powerful computers to calculate complex mathematical formulas. While other, less legitimate brokers, only claim to offer their traders such advanced technology, which can sometimes cost you dearly.

That’s why we made this list.

Top 10 of the best forex brokers for automated trading and algo trading for 2021

Here are the best brokers for automated forex trading.

1. Pepperstone

If you are looking for the best possible automated trading experience, then pepperstone is the broker for you. Widely regarded as the best forex broker in australia, pepperstone is also a solid all-rounder with plenty of other excellent features to win over traders, including the choice of either ECN or STP accounts and the option to trade with ctrader web. Pepperstone also offers a good selection of currency pairs and major stock indices as well. And, finally, pepperstone has been awarded ‘best forex ECN broker’ by the UK forex awards for 2018, further reason to celebrate.

Traders of all types are attracted to trade with pepperstone for a number of reasons. Not least of these is the fact the minimum deposit remains reasonable at $200, and the trading cost is very low with spreads available from 0 pips. If you are interested in algo trading, then a range of powerful tools to help you are also provided thanks to the ctrader platform as well as a rewarding active trader program to help you reduce costs further.

2. IC markets

IC markets takes great pride in the high number of trades they can handle, which they claim is as high as 500,000 per day and total approximately 15 billion USD. IC markets also offer access to one of the best automated trading platforms available today, ctrader algo, which allows traders to develop their own trading algorithms and create customized indicators for technical analysis. Their innovative use of the technology has earned them widespread recognition. On top of this, both the trusted MT4, and MT5 trading platforms are offered and provide for the use of eas too.

All of these features and a high-speed ECN execution method have made IC markets one of the top brokers in australia and around the world, particularly for those interested in algorithmic trading and scalping this way. Trading costs too are kept extremely low with spreads from just 0.1 pips and the no minimum deposit policy attracting many new traders.

3. FP markets

With offices in beijing and shanghai, this australian broker has been busy developing a firm grasp over the asian forex market since its formation in 2005. Since those early days, FP markets has acquired 36 awards for its service, which is primarily focused on providing DMA. With FP markets’ ECN account, traders can utilize automated trading, which includes the ability to build your own trading algorithms or download those built by expert advisors. This makes it a very popular choice among those who want to get involved in automated trading.

Added to this, the cost of getting started remains very low with FP markets. This can help in bringing in new traders worldwide who are attracted by the low minimum deposit starting from only $100 or equivalent. The trading cost one you are in also makes for an appealing proposition. These start with a very low spread of just 0 pips and with extremely fast execution speeds.

4. Admiral markets

Admiral markets is one of few truly international forex brokers, with offices in several countries and meeting the standards set by a variety of different regulators. With admiral markets, traders can use automated trading with the admiral.Markets and admiral.Prime accounts for MT4, and admiral.MT5 and admiral.Invest for MT5 accounts. Traders can also benefit from admiral markets volatility protection tools, which have been credited as some of the best.

If you are looking for a global broker with a huge range of assets to choose from, then admiral markets is the ideal choice with more than 4,000 assets to choose from including bonds, etfs, and cryptocurrencies. The minimum deposit too remains reasonable at $100 and with a very competitive trading cost from 0 pips. New and experienced traders can also benefit from a very strong education section with the broker including information on auto trading, and a range of other trading techniques to help you grow as a trader..

5. XTB

XTB is another international and heavily regulated forex broker that has been operating in most of the world for more than 14 years. Automated trading is available with XTB for both standard and pro accounts on both MT4 and xstation platforms. XTB is also highly decorated with awards from a number of organizations, even including the highly influential forbes and bloomberg, and was voted best ‘CFD broker of 2018’ by the wealth & finance international awards.

A very attractive point for traders at XTB is the fact that more than 1,500 assets in total are available to trade. This provides options to all types of traders in many markets. All of these assets too can be traded with excellent spreads that start from as low as 0.1 pips on forex and there is also no minimum deposit with XTB. This makes it an ideal choice for those who are new to trading or interested to try auto trading for the first time.

6. Avatrade

If it is web-based trading you are looking for, avatrade has some of the best options available to traders. Additionally, avatrade supports two methods of automated trading once integrated with your avatrade account. Duplitrade, which allows you to copy the trades of expert traders and/or zulutrade, the well-known social trading platform, which allows you to copy-trade in real time. The irish broker has forged a well-trusted reputation among auto traders and the wider industry.

Getting started with avatrade remains very accessible thanks to the fact they have a minimum deposit of only $100. They are also one of the few to make fixed spreads available. These start from a competitive 1.3 pips. New traders too can be attracted by the very unique avaprotection service. This can shield your account from losses for a short period while you learn the ropes. This kind of positive risk management, and the excellent auto trading infrastructure combine to make the broker an excellent choice.

7. FXTM

Also known as forextime, FXTM has an excellent reputation in the forex industry, building a solid client base of 10,000 traders in 135 countries. With FXTM, traders are able to automate the trading strategies of expert advisors, which adds a layer of trust to their service. Those interested in FXTM will also be happy to know that they offer a demo account which gives you access to $1,000,000, plenty to push the platform to its limits.

Once you have moved beyond this extensive demo account, you will have access to another excellent choice of 6 total account types. This choice includes a cent account, and a fast-executing ECN account type. The minimum deposit is another very appealing point from FXTM to all traders. This starts from $10 with a cent account, or $200 with an ECN account. The cost of trading too remains highly competitive with very low spreads starting from 0 pips with an ECN account.

8. Hotforex

Hotforex has built a renowned reputation on its expert customer service, focusing on providing traders with what they want, even winning the ‘best customer service award’ at the 2015 european CEO awards. Hotforex offers automated trading via their auto account, which allows traders to receive trading signals from the MQL5 community within hotforex’s MT4 trading terminal. Plus, with a deposit as low as $5 and leverage as high as 1:1000, hotforex is appealing to both beginners and professionals.

Hotforex are also very well-known for their extensive educational support infrastructure. Here you will find a range of videos, articles, and other helpful content. This can be very helpful to both new and experienced traders in developing their skills further. The trading cost at hotforex is also a very competitive point that attracts many traders to the broker. Spreads here can start from as low as 0 pips.

9. Octafx

Octafx is another option ideal for those based in asia with a number of their traders being based there. Octafx offers automated trading through their MT4 platform which utilizes expert advisors (robots), and they claim lowers the chances of slippage costs. Octafx was also awarded ‘best ECN broker’ by the UK forex awards 2017 and, currently, they are offering their traders a 50% bonus on every deposit. The estonian broker has developed an excellent reputation among traders since their foundation in 2011.

You can get started with trading and auto trading alike at octafx for a very competitive minimum deposit from just $100. This works to keep the broker very accessible to all. Once you have opened your octafx account, you will be pleased to find an offering that includes many assets to trade with, 28 of which are forex pairs, and at a competitive spread that starts from 2 pips fixed, or 0.4 pips variable.

What is the best automated trading software?

Now that you know a little about each of the top automated forex trading brokers you can choose from, it is natural that you may wonder what the best trading platform is for getting started in automated trading.

The answer to this question on the best software is metatrader. The trading software developed by metaquotes of course refers to and includes both MT4, and MT5 trading platforms. These are supported by almost every forex broker and are lightweight enough to run on almost any device, trading in a broad range of markets including forex, stocks, and many more.

This is some of the most trusted software and trading platforms in the industry. Their own encryption process means that your data is kept completely secure at all times, and focusing on auto trading, they have the very best support infrastructure of any software. This includes eas which are automated trading strategies that can be developed by you or another member of the huge platform support community for use within the metatrader trading platforms providing the best access to support and advancement when it comes to auto trading.

Pros and cons of automatic trading

Naturally, as with any other form of trading, there are a few positives and some drawbacks associated with automatic trading. Here are a few we have found:

How to choose A good forex broker?

Not even legends in the type of a larry williams or a martin schwartz will have a lot of luck in currency trading if the broker is unwilling to collaborate – it has a staggering function in figuring out what type of experience you will have as a forex trader. The absence of clear rules and precedents makes huge chances, as well as huge risks for the unprepared ones. Yet, aren’t there consistently different sides to a story? To help people avoid the “dark-side” of forex, here you can find the best offers in the online brokerage business and find out which forex broker is better. If your plan is to explore the exciting world of currency trading, you must be familiar with best forex brokers. It’s recommended to read latest broker’s reviews at specialized resources.

How to find best forex brokers

Finding the best forex brokers for your needs usually takes some research. A lot of online brokerage firms presently go after your record, so bounty exist to browse.

Finding the best forex broker that has a quick execution capability, a reliable trading platform and which can be trusted with your record store may be the main things you will need to guarantee yourself of. Other options can include account opening bonuses and different features like mobile trading and SMS market alerts.

Basically, you need a forex broker you can trust to deal with your cash and your trades so you can continue ahead with the business of trading forex without any worries. Anyway, to make the process of finding a broker easier, the rundown above covers the vast majority of the key examination focuses between forex brokers so you can be better prepared for a successful search.

Firstly, go through some of the criteria and features you should look for when searching for the top forex brokers for you.

Regulation

Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. In some cases, they will even be regulated by more than one organization. Such guideline provides you with the security of knowing the broker’s deals are being overseen by an independent authority with the goal of keeping the business clean and honest.

Is there a benefit to where a broker is located?

Location can make a major effect, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers since london is the center of the foreign exchange.

Data security

At the point when you either enter or store your personal data online, it can come to unfriendly hands that may use it for their own personal gain. Accordingly, a first concern while picking a specialist is that they scramble all information went into online structures utilizing industry-standard SSL-encryption or better.

Dealing spreads

Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.

Commissions and fees

Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per-transaction basis or on a volume dealt basis. Extra charges may be involved with making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.

Types of orders

Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some of the brokers also offer support for OCO (one-cancels-the-other) and trailing stops. On the off chance that both of these more particular request types would be appropriate for your trading plan, then be sure that your chosen broker supports them and ensure that you fully understand the limitation of these diverse request types.

Currency pairs

Since more currency pairs often mean more opportunities to profit, you will want to make sure that your forex brokers offer all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like gold and silver, as well as an oil, especially if they will be trading the currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.

Deposit required

If you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading at forex. Usually, the more cash you put on deposit, the more features you have access to or the tighter your dealing spreads become. Ensure that you research the broker thoroughly before sending a deposit.

Types of account

Account types vary extensively between brokers, however most of them offer demo accounts for practice trading, mini accounts for junior traders with a low minimum initial deposit, standard accounts for more experienced ones with a moderate deposit, and finally VIP accounts for larger initial deposits.

Leverage alludes to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. This means you can control a $50,000 trading position with just $100 allocated from your portfolio.

Margin requirements

Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. Accordingly, most forex brokers necessitate that their customers place a specific measure of assets on store to cover such likely misfortunes. This is known as the broker’s margin requirement.

Trading platforms

The majority of forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These typically either appear take the form of web-based platforms that use access via your internet browser or client-side platforms that you download to, install and run on your PC.

Forex trading big

Reap big in currency trading

Top features of good forex brokers

When you know what to expect in a forex broker, you can make sure that you look in the right direction and choose one that will prove to be efficient and effective for you.

This is why it is important for you to know what the forex broker is offering you in order for you to open an account with him. What forex brokers provide does not differ from one country to another since forex markets are part of a global market. You can see more in this fxcm review.

In this internet age, a client does not have to choose a forex broker who is located in his home country and can choose a broker from anywhere in the world.

Here are some characteristics of a good global forex broker:

1. Good financial backing

Many new forex traders do not understand the need to check into the assets of a forex brokering firm. They feel that the firm does not need to have a large asset base since they would be getting deposits from clients anywhere. However, this is not true.

A good forex broker needs to have financial backing or it should have a good asset base of its own. With this assurance you will feel confident that your funds with the forex broker are secure and that the forex brokering firm will not become insolvent suddenly. Getting your money out of an insolvent firm can be very difficult.

2. Efficient trading platform

The trading platform is important software that is used in forex trading. It allows traders to manage their accounts, trade in the market, carry out technical analysis and receive forex news too.

Since it is the application that you use to place orders, it needs to be responsive and quick, given that the forex markets are extremely dynamic and volatile.

There is a simple way of checking these aspects. Every forex broker allows a demo or trial period when you can practice on the platform for a period of time. This is the best way of evaluating a forex trading platform.

3. Client friendly trading account

The trading account includes many aspects of what the forex broker is offering you. Part of the specific features of the trading account include the spreads offered, the leverage available, the minimum deposit required to open an account and the minimum lot size in which you can trade.

Aspects such as the methods of withdrawal of your funds are also included in the trading account. You need to ensure that access to your account is easy and that you will be able to retrieve your monies when you want to.

4. Customer service

The forex markets are open throughout the day and night, starting from sunday night (when the australian exchange market opens on its monday morning) to friday evening in the united states.

The market never sleeps and therefore the forex brokers providing service to clients should not sleep either. Customer service personnel should be available to answer questions at all times for clients who need clarifications or assistance.