Read our best and worst Forex broker reviews

Reviews are one of the main sources of information about forex brokers nowadays. Considering just how hard it is to get detailed facts about a company, many traders just don’t commit the extra effort to find out more about the company from the company itself. This is where forex broker reviews come into place. Websites like ours dedicate most of their time to contacting and interviewing forex broker representatives, gathering answers to common questions, and objectively rating their performance.

Below you will find a list of all the companies we have reviewed and rated according to their performance. We will also let you know exactly what methods we use to rate these companies and why some are better than others.

XM

XM review – One of the best Forex brokers on the market

Minimum deposit

$5

Licences

ASiC

Maximum leverage

1:30

Platforms

MT4, MT5

Oinvest

Review of Oinvest FX broker – can it be trusted?

Minimum deposit

$250

Licences

FSC

Maximum leverage

1:500

Platforms

MT4, WebTrader

IQ Option

IQ Option FX broker review – should you use it?

Minimum deposit

$10

Licences

CySEC, FSA

Maximum leverage

1:30

Platforms

Web

T1Markets

Review of T1Markets FX brokers – What can it offer?

Minimum deposit

$250

Licences

CySEC

Maximum leverage

1:500

Platforms

WebTrader

Forex.com

How to start trading with Forex.com broker

Minimum deposit

$100

Licences

NFA, CFTC, FCA, FSA, IIROC and CIMA

Maximum leverage

1:50

Platforms

WebTrader, MT4, MT5

Plus500

Plus500 CFD Forex broker review and everything to know

Minimum deposit

$100

Licences

FCA, ASIC, CySEC, FSCA, FMA, MAS

Maximum leverage

1:30

Platforms

WebTrader, Windows 10 Trader

Axiory

Read this review to find out if Axiory is legit FX broker

Minimum deposit

$100

Licences

IFSC

Maximum leverage

1:777

Platforms

MT4, cTrader

Capital.com

Detailed review of Capital.com FX broker – Is it good?

Minimum deposit

$25

Licences

FCA

Maximum leverage

1:200

Platforms

Web

Templer FX Trader

Templer FX Review – Is it worth your time?

Minimum deposit

$1

Licences

FSA

Maximum leverage

1:2000

Platforms

MT4

MiTrade

MiTrade FX broker Review and how does it work

Minimum deposit

$1

Licences

ASiC

Maximum leverage

1:200

Platforms

Web-based

TradeMax

TradeMax Review – Is it a scam company or a legit broker?

Minimum deposit

$1,000

Licences

ASiC

Maximum leverage

1:400

Platforms

MT4

Forexchief

ForexChief Review – How to stay away from scammers

Minimum deposit

$100

Licences

N/A

Maximum leverage

1:200

Platforms

MT4

FXTrading Corp

FXTrading Corp Review – Why should you avoid it

Minimum deposit

$300

Licences

N/A

Maximum leverage

N/A

Platforms

Web

How we rate brokers

You can find detailed explanation of the points we focus on when reviewing new and old forex brokers.

Regulated forex brokersRegulation & license

The very first step a forex broker reviewer needs to take is checking the company’s license, registration, regulation, and various other legal documents. The reason why this is the first step is that it usually dictates how the review is going to unfold from here. If the broker has a license, then the reviewer is free to continue the review, but if it doesn’t then the reviewer can stop right there and label the company untrustworthy.

The reason why regulation is so important can be found within the law itself. A license binds the company to adhere to local laws that are designed to protect the customer. This can include the following:

  • Negative balance protection
  • Customer remuneration
  • Compliance with all AML and Privacy Policy guidelines
  • Protection against fraud

A government license provides all of the above to its citizens in order to ensure a legitimate, safe, and accessible environment for everybody.

Trading instrumentsAvailable instruments

The next thing on the list of our forex broker review is always the financial instruments available with the company. The reason why we need to know about this is due to the following steps in the review. The financial instruments tell us what we could expect from the company. What kind of commissions or fees would be appropriate compared to what assets can be traded here?

For example, if the broker offers CFD trading, then seeing commissions is not disastrous, but if there is the only FX, then spread is the only kind of “fee” there needs to be.

Spreads and commissionsSpreads and commissions

A spread is a primary way that forex brokers make money nowadays. Spread is the difference between the bid and ask price of the currency pair. The tighter the spread, the better the company (or at least in this regard). Usually, it’s common to see very tight spread of around 1 pip for major currency pairs such as EUR/USD, while exotic currency pairs like NZD/USD would most likely have much larger ones due to their better potential of profit but higher risk.

Commissions or fees are quite rare with forex brokers but very common with CFD options. The reason being is the nature of the trade itself. A CFD trade has a deadline, while an FX trade can be left open indefinitely (with relative fees). Plus, there’s no such thing as a spread with CFDs, no matter what they are traded on, so the brokers usually set commissions, which are percentages of the trade itself.

Moral of the story, FX=spreads (the tighter the better), CFD=commissions (the lower the better).

Trading Account typesAccount types

Now let’s talk about account types. This part of a forex broker review is very important because it helps us understand how beginner-friendly a company is.

Usually, we expect at least 3 account options for the traders. These would be divided into beginner, intermediate and advanced levels of FX. The more knowledge you have the more advanced account you can choose, which then comes with its own perks and tools.

Beginner account types mostly come with educational material to help the trader learn more, so we try to focus on that part specifically. Basically here’s the rating system:

  • If the beginner account has no free education, then it’s a big disadvantage.
  • If the advanced account does not come with exclusive perks, then it’s not worth paying extra for.
  • If the intermediate account is too expensive, then it does not provide the needed value.

Usually, we try to look at the minimum deposits here as well. The following minimums are acceptable, but higher deposits can also be OK if the provided value is sufficient:

  • Beginner deposit – $50-$150
  • Intermediate deposit – $150-$300
  • Advanced deposit – $300-$5000

Deposit and withdrawal Deposits & Withdrawals

Once all of the regulation and “expense” topics have been covered, it’s time to take a look at the deposits and withdrawals. These are the most important parts for many experienced traders as they want to know just how quickly and efficiently they can get their hands on their well-deserved profits.

In most cases, we focus more on the withdrawals as the deposits are usually instant. With withdrawals though, we are looking for fast and efficient ways to cash out the profits. If the only available options are Wire Transfer or Bank Transfer, then that’s a big disadvantage for traders, especially if they’re withdrawing large sums.

We believe that a large variety of payment options are beneficial for both the broker and the trader, so we don’t see any reason why companies would not deliberately do this.

Trading softwareSoftware

Software is not necessarily the most crucial part of a Forex broker review. We are well aware that the two largest available software providers don’t condone having both of them available on one company’s platform. So, for example, if a broker features MT4 or MT5, it’s very unlikely that they will feature cTrader as well.

However, the primary way we rate software is its accessibility on different devices. So, if a broker offers us either cTrader or MT4, we expect that it is accessible through smartphones and tablets. If the broker does not support this option, then there are quite a lot of questions to be asked. Plus it’s quite hard for full-time traders to leave their stations and still have access to the markets.

Forex Brokers reviewsWhy are forex broker reviews important?

There are quite a few reasons why forex broker reviews are an important commodity in today’s market. The first reason is a lack of forums or public platforms online where different traders can discuss the legitimacy and quality of brokers they’ve traded with. Forex broker reviews provide an objective view of a company’s features and allow traders to participate in the discussion where they can agree or disagree with the reviewer’s findings.

Another reason is the time and effort it takes to review a broker. Most people don’t have this time nor the resources to conduct extensive research, while reviewers have all the time on their hands. This helps us with digging for the truth no matter how long it may take and not be satisfied with a dishonest and vague answer.

We believe that reviews have the potential to be one of the best sources of information about forex brokers and other financial companies due to the expertise involved. All of the reviewers on our website particularly are ex or current forex traders, meaning that they know exactly what other traders may like or dislike.