Finding a suitable broker is very important before trading. It’s easy to be scammed as the market is full of scammers. Read our previous blogs to learn how to choose a broker.
There are different types of brokers available in the market. You can choose any broker which are suitable for you.
Following are some Top forex brokers. Each of them has some unique characteristics:
IC Markets:
IC Markets is the largest true ECN broker in the market. IC Markets is the first Australian Forex broker which was founded in 2007. It has become one of the biggest brokers in the world, also booming in recent years. IC Markets is renowned for its cutting-edge ECN technology, a factor that has enabled it to become one of the best brokers in terms of spread. Because of this reason, scalpers and day traders choose IC Market, i.e. traders with a high volume of daily operations.
They have been providing quality service to the traders for a long time. There features are:
- Lower Spreads
- Faster Execution
- Superior Technology
- Do not manipulate the market
Minimum requirement to open an account with IC market is $200. IC market provide different types of account. Some of them are:
- True ECN Account: IC Market’s True ECN account offers some of the lowest possible spreads available. Their average EUR/USD spread is 0.1 pips, with only a small commission of $3.50 per lot payable per side.
Leverage: 1:500
- Standard Account: IC Markets MetaTrader Standard account offers you unrivalled lightning fast execution speeds combined with spreads from as low as 1 pip.
Leverage: 1:500
- Islamic Account: IC Markets offers Islamic accounts (also known as swap free accounts) for clients who cannot earn or pay interest due to their religious beliefs. The swap free option is available on both of their True ECN and Standard account types on the MT4, MT5 and cTrader platforms.
Leverage: 1:500
XM Broker:
XM, founded in 2009 in Cyprus, is the largest forex brokers in Cyprus, and third in the world, with an important rate of growth in recent years. In terms of platforms, XM only offers the MT4 and MT5, but where it excels is definitely in the orders execution technology, which is why it is very popular among very active day traders (also considered the highly leveraged granted which can go up to 1:888)
XM is a popular broker among the new traders. Anyone can register an account with any amount. Some of their features are:
- Spreads as low as 0.6 pips
- Free daily technical analysis 16 platforms to choose from any Device, anywhere
- Daily access to forex trading signals
XM provides a wide variety of accounts. Some of them are:
- Standard Account: For standard broker, minimum requirement is $5. Spread on all majors is as low as 1 Pip
Leverage:
1:1 to 1:888 ($5 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001 +)
- XM Ultra Low Account: For this account minimum deposit amount 50$. Spread on all majors is as low as 0.6 pips.
Leverage:
1:1 to 1:888 ($50 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001 +)
XM broker also provide bonus based on different criteria. You can take their bonus. Before that, read out their policies regarding bonus and withdraw.
FxPro:
Founded in 2006, the English broker FxPro has always been one of the key brokers for the NDD category, a category in which many traders are particularly interested.
Minimum Deposit: $100, however, clients under the DFSA will need to deposit $500
Leverage: 1:500
IG Markets
Among the “old English brokers” in the industry, founded back in 1974, IG Markets is renowned for the reliability and the quality of service and for being one among the brokers with the highest number of CFDs an investor can have access to, more than 10,000 to be precise.
Until a few years ago this broker was among the few not supporting the MetaTrader platform, but just the ProRealTime one, even though today it also integrates the most popular MT4 and the L2 Dealer, to better meet the needs of many customers.
Minimum Deposit: £ 250 or equivalent
Leverage: 1:200
Plus500:
Another giant of the Forex sector, well known all over the world and based in Cyprus, Plus500 is a CFD Provider, market maker type. With Plus500, in addition to the major forex currency pairs, you can access around 2000 tradable CFDs. Plus500 does not offer trading through the classic MT4 or MT5 platforms, but only through its own web, desktop and mobile platforms, expressly designed to improve the CFD trading experience.
Leverage: 1:500
Minimum Deposit: € 100
