In this post, we’ll be discussing the best forex brokers for everyone. In order to compile a list of the best forex brokers, I looked at a number of different factors. These factors include account types offered, trading platforms offered, spreads and commissions charged on trades, maximum leverage available to retail traders, regulation type, and more.
Criteria for best forex brokers
The criteria for choosing the best forex brokers include:
Account Types Offered
This includes the type of account available, such as a standard trading account or a margin/leveraged trading account. In addition to this, we also looked at whether accounts were available for individuals and institutional customers (with higher deposit requirements).
Trading Platforms Offered
The best forex brokers offer multiple platforms that traders can use when placing orders and conducting analysis on currency pairs. We took into consideration all of the major platforms offered by each broker like MetaTrader, Web Trader, and others.
Additionally, we made sure to note which platform(s) are free while other ones require you to pay an additional fee in order to access them. If there is no cost associated with using one of their proprietary trading platforms, we awarded them with a bonus point.
Spreads and Commissions
The spreads on different currency pairs can vary significantly from broker to broker, so it is important to know the range of spreads available at each firm you are considering for an account.
In addition, many brokers offer special pricing deals such as rebate discounts or free trades when opening a certain type of accounts (e.g., micro-accounts). We made sure that our list included only firms which offered competitive commission rates across all types of accounts in order to ensure transparency between brokers.
Maximum Leverage Available
To participate in the forex market, traders need access to leverage. There are two main forms of leveraging – margin/leveraged trading and credit financing. In margin/leveraged trading, traders are able to trade on borrowed capital which is collateralized by their own funds. The size of the position they can open depends on how much money they have available in their account (i.e., equity).
The exness review offers a margin/leveraged trading account which allows traders to trade on 30:70 leverage. In other words, they can open positions worth up to 70% of the value of their own funds (or equity).
The Final Word
The maximum leverage allowable for standard accounts at each broker was noted while credit financing refers to different forms of increasing your account’s buying power using an additional source other than cash.
This could be through borrowing from a bank or brokerage firm, obtaining non-recourse loans against existing assets like securities and futures positions, or placing contingent orders where you don’t immediately pay for an order placed with this method. Some brokers offer both types of leveraging options, but others only allow one form of leveraging.