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What is the best forex broker?

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This did not use to be a problem when I first wrote Trading Online published by the Financial Times back in 1998! Back then, you just wanted to know the name of any broker.

Get free Forex Brokers list on:- FX-List.com

The biggest problem today is who can you trust. I get hundreds of emails a month from private investors asking me which brokers they can trust. The reason is technology has meant a proliferation of brokers and brokers realised that instead of matching buyers and sellers (like estate agents) there was more money to be made by being the house. They then realised there is more money to be made by:

widening the spread between the bid and offer ie buy and sell price
By moving the price so you could not exit at the ‘market’ price but only the brokers price
liquidating your positions by changing margin rules
Spiking prices to knock out your stop losses (usually late at night!)
And a growing number decided to just steal your money - they will call you up and say they will manage it, and then if they get lucky, they will not return it, and if they ‘lose’ then you have nothing anyway and the broker wins.
So the answer to your question is in my view, the same as finding a plumber! Go by the views of someone reputable and trusted in the industry ie word of mouth from someone who uses a specific broker.

I for instance was called by Bloomberg, who I trust as the most reputable brand alongside Financial Times. And since I used to present a trading online programme for three years on Bloomberg TV, the team knew me well. They introduced me to a broker, who previously I had not dealt with. And I said to Bloomberg, I would use the broker only if Bloomberg have done their due diligence on them. That is how I got to use and know one of the brokers I use. Yes, I am that careful. I need to know their CEO, go to their offices!

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It’s very unfortunate that majority don’t actually understand how to select the right broker, and make no mistake, if you don’t know such basic stuff then you are not meant to succeed. The selection of broker is so much based upon common sense, and that’s with going for broker that’s proper regulated.

I only prefer FXLinked, as they are a highly reliable and trustworthy company with regulated by FSA, and have some lovely features that include with low spreads, which often goes to 0.0, and then there is also bonus available upto 100%. So a properly regulated broker with such features, it’s perfect combination! 

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  • 2 weeks later...

I'm going to venture to say that there is no holy grail-type "best" broker. It depends what's most important for you. Is it safety of funds (segregated accounts)? Regulation in a safe country? Low spreads? ECN/STP execution so that you aren't subjected to requotes? The best bet would be to compare brokers and try a few demo accounts for a few weeks to get a feel for the broker that's right for you. Here's one forex broker comparison page that lists a few solid brokers side by side.

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  • 2 months later...

I have tried to choose my platform after conducting proper market analysis and one of my trader friends has recommended ForexChief and I have started trading with it. I am truly in love with its features and services provided to me. I am enjoying full freedom to work with any trading strategy. I am receiving lowest zero spread, reasonable leverage of 1:400, re-quote and slippage free timely and fastest trade executions along with complete professional guidelines.

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Our selection when it comes to picking broker has to be really good because it makes a major difference in how we go with doing things. We should always make sure we go through Forex broker reviews and pick the very best because this is a very much necessary aspect and unless we are certain, it’s not possible to get benefits. I find it all super easy through Forexing, a wonderful place for getting all info whether reviews, bonuses, no deposit bonuses or more, it’s awesome help.

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  • 5 months later...

When anyone wants to start a online trading, he has to choose a broker for better guideline. Not only newcomers, Old investors also has to choose a broker so that they can easily operate their trade.It is difficult to choose the best broker from so many brokers in the market. Making profit will be difficult with wrong broker. When I was searching a broker for me, I researched so many brokers in the market. Every broker has some lacking. But finally I found TP Global FX, which has tight spreads, dynamic leverage and seamless deposit or withdrawals. It also provides the demo account facility for the newcomer to understand the market. For all these facilities I am working with this broker.

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  • 4 months later...

I don’t know if my broker is best or not but one thing I am convinced is about security and I feel this should be the meter of judgment. And this is where I highly prefer Forex Birds. A wonderful broker with extra-ordinary benefits that include low spreads, high leverage, fast execution without any problem with slippage. It is great for Forex India, as for the Asian region, they have excellent setup with excellent support service to make people highly comfortable.

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  • 2 weeks later...

Bonus is always preferable for the traders but sometime traders become emotional which is bad in trading. Traders should control emotions therefore, they should gain more knowledge on forex. FreshForex broker always provides the best guidelines and techniques for which investors can control themselves. It also provides the best offers and bonuses.

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Currently, it is fair to say that offers all-round services are most reliable and preferred. It takes me to FXlist site, as through them. All types of broker can be found. More importantly, the pros and cons are put in with such detailed way that it simplifies the selection process so so much. Hence, if one needs Forex broker or Cryptos, it’s easily found here https://fx-list.com/crypto-forex-brokers and is the preferred choice for me.

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  • 1 year later...
On 6/16/2021 at 2:46 AM, AkashHasan said:

Bonus is always preferable for the traders but sometime traders become emotional which is bad in trading. Traders should control emotions therefore, they should gain more knowledge on forex. FreshForex broker always provides the best guidelines and techniques for which investors can control themselves. It also provides the best offers and bonuses.

Bonus can be a good thing, but it shouldn't be the sole thing we look at when choosing a broker. For me it was regulation first, in fact I had to verify Forexchief credibility as a regulated broker from the respective agency just to sure, they were truly regulated.

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On 9/12/2022 at 11:40 PM, pradegxs said:

Regulation is really crucial part in trading if you want to avoid problems in the future like what will happen if broker goes bankrupt. FCA regulated broker Hotforex offers segregated accounts and this feature really makes me confident that my funds are safe. 

Very important indeed, and more important is for you to verify if the broker is actually regulated because some put fake document on their site. It was after I checked to make sure forexchief was actually regulated before I registered. We should make sure to do same.

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On 8/9/2022 at 10:57 PM, Breed said:

Bonus can be a good thing, but it shouldn't be the sole thing we look at when choosing a broker. For me it was regulation first, in fact I had to verify Forexchief credibility as a regulated broker from the respective agency just to sure, they were truly regulated.

I'm not fan of bonuses because they disguise the risk you take per trade (since technically bonus money aren't yours) so you may end up blowing your account quickly which is definitely not what you want. 

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Just now, uncle gober said:

Bonuses and promos every broker will definitely provide them, traders can take advantage of all of them to add experience and insight into forex trading. That way later traders can be more prepared to use their own capital in a real account with the Tickmill broker.

It is also very important to check the terms and conditions of the broker you trade with, this helps a lot to avoid problems ahead.

I thoroughly checked with forexchief first, in fact the ones I didn't understand I asked on live chat. They responded so well and very kind, probably among the best customer service out there.

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On 11/23/2022 at 5:04 AM, pradegxs said:

I'm not fan of bonuses because they disguise the risk you take per trade (since technically bonus money aren't yours) so you may end up blowing your account quickly which is definitely not what you want. 

True, some are really fishy and some unknown conditions lying underneath, reason why I always encourage everyone to check terms and conditions before deciding.

And I haven't really noticed anything out of the ordinary with forexchief bonus, but I am still keeping my eyes open

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