Trading forex means placing an order of buy/sell on one’s chosen trading pair using a reliable trading platform. But these orders are not automatically placed and executed. That is where an intermediary that we called forex brokers comes into the picture. Forex brokers play an important role in facilitating different trading orders successfully. This process ensures that traders can enter/exit a trading position conveniently without missing the chance to profit. Only the best forex brokers are capable of handling a huge quantity of orders from several thousands of users.
But there are so many options out there that it gets confusing to pick the best forex broker to make your trading experience smooth and rewarding. Although you can just search for brokers online without needing much experience most of the search results are littered with sponsored content. Reading a sponsored review might cloud your judgment and you could end up with the wrong kind of forex broker.
To fix the situation, we have enlisted below 5 of the top forex brokers trusted by expert forex traders that function efficiently and give users a chance to grow into professional traders.
1. SimpleFX
On a global scale, Simple FX has emerged as a renowned forex brokerage platform that has only a few geographical exceptions. When you move onto SimpleFX, it will provide different trading platforms such as MT4, WebTrader, and even capable mobile trading apps supported by Android, HarmonyOS, and iOS devices.
Pros:
- For anyone who prefers to work with the globally-famous and most-favourite trading platform called MT4 then SimpleFX is perfect for them.
- Investors of forex who are interested in leverage trading can trust SimpleFX as their partner.
- The KYC procedure is not required for this broker as users can directly sign up using email addresses.
2. Forex.com
This broker accepts users from the U.S. as it has been regulated by the CFTC and the NFA. Apart from that, Forex.com has subsidiaries that are licensed by up to 6 regulators from across the world’s major jurisdictions. If you want a plethora of tradable assets, a low minimum deposit, and an extensive trading platform then Forex.com is suitable for you.
Pros:
- The trading platform is easy-to-navigate.
- Users can benefit from its wide range of education and research tools.
3. Saxo Bank
If you are serious about forex trading and have sufficient knowledge about the techniques required to do it appropriately then Saxo Bank is the ideal option for you. This high-performance platform gives users access to over 40,000 different financial products. It means a lot for online traders who do not wish to be limited to forex pairs only.
Pros:
- This broker combines standard crypto and derivatives investment on its platform.
- Users obtain a unique market analysis and insight with Saxo Bank.
- Many useful analytics tools are available to use for both newbies and veterans.
4. AvaTrade
AvaTrade has been listed as one of the most secure trading platforms for traders around the world. This broker accepts users across 6 continents and is approved by up to 7 different regulatory agencies. Working with a properly licensed and regulated broker like AvaTrade is considered one of the best practices within the forex industry.
Pros:
- Users get an opportunity to choose their favourite trading platforms.
- Beginners can easily learn to trade using this platform by using demo accounts for free.
- This broker supports multiple trading assets to enhance traders’ experience.
5. eToro
Despite being unavailable to U.S-based traders, eToro has made a name for itself in the global online trading community ever since it was released. This platform is an ideal one for beginners who haven’t had a chance to find the type of assistance they require for trading forex conveniently. The best part of being involved with eToro is its performance track record.
Pros:
- This intuitive platform supports multiple assets and even social trading.
- This platform offers a comprehensive educational resource.
- It is popular for trading stock via mobile trading apps.
The aforementioned are the top forex brokers according to several forex experts who have amassed years of experience in trading forex pairs online.
Salman is a prolific environmental writer, and has authored more than 500 articles in reputed journals, magazines and websites. He is proactively engaged in creating mass awareness on renewable energy, waste management, sustainability and conservation all over the world.
Salman can be reached on salman@cleantechloops.com
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