Forex is a vibrant and fast-paced market. That’s a place where luck is created and lost in the blink of an eye. If you want to enter the Forex market, the first thing you need to do is to choose the top Forex broker. This will help you trade better and not lose your advantages. Reputable and high-quality Forex platforms will provide you with a safe trading environment, competitive prices, high-tech trading tools that help you execute your orders fast and reliably.
However, as a beginner, you do not have much experience in choosing for yourself such a broker. Today, I will give you some criteria for you to choose a reliable and suitable Forex platform. Along with that is a list of a few platforms that meet these criteria. Stay tuned!
Criteria for evaluating prestige and quality of a Forex platform
Management and supervision organizations
This is the most important criterion for a Forex broker. These organizations will stand out to protect your rights when there are mistakes from the platforms. Each country has its own regulatory authorities.
Below is a list of countries with their respective regulators:
+ United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC).
+ United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
+ Australia: Australian Securities and Investment Commission (ASIC).
+ Switzerland: Swiss Federal Banking Commission (SFBC).
+ Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN).
+ France: Autorité des Marchés Financiers (AMF).
+ Canada: Autorité des Marchés Financiers (AMF).
Make sure you choose a broker from the regulatory list of the above authorities.
Liquidity (deposits and withdrawals) of a Forex platform
High liquidity (fast deposits and withdrawals) is an important factor that you need to consider for a Forex platform. Forex is a fast-paced trading environment so you cannot wait for weeks to complete your deposit or make a withdrawal. The quicker and easier it is to deposit, the better it will be.
Transaction fees of a Forex platform
Remember, a platform fixed income is transaction fees from traders. No matter how good a transaction you have, if the transaction fee is high, your profits will be deducted a lot. Every time you choose a platform, be sure to consider the fees. This is an important aspect of the credibility and quality of Forex platforms. I will have a separate article about transaction fees in Forex.
Quality of a trading platform
A reputable and good broker will provide you with a modern trading platform and is available on many devices such as PC, Mac OS, Mobile, MT4. You can download it to your Mac or PC and the platform will give you access to the market, research, and analysis, etc.
The higher the technology of the trading platform is, the more it will support you. MetaTrader is a popular piece of software. It is used by more than 300 major brokers and is regularly upgraded and improved. You can pay attention to this when choosing a reputable Forex platform for yourself.
User reviews and real experience
This is the best and most effective way for you to find a good Forex platform. You can find out through forums, social networks, and trader communities. Their reviews and comments are the most objective about the quality and transparency of a trading platform.
Customer care service
Customer care service is also a criterion for the quality of a trading platform. Timely support and an enthusiastic, detailed support team are hallmarks of a good broker. Good customer care service can make all the difference, and it’s a key factor in keeping customers’ loyalty.
Top 5 reputable and high-quality Forex platforms in the world
Below is a list of the top reputable Forex brokers which I select according to the above criteria. Please refer and if you choose 1 of them, let me know in the comment section.
Top 1: FOREX.com
FOREX.com is a subsidiary of GAIN Capital Holdings (NYSE: GCAP) and ranked as the best and most reputable Forex broker.
You will only need $50 to open an account to start trading up to 80 currency pairs on the MetaTrader trading platform of FOREX.com. These are requirements for non-residents of the United States.
This broker also accepts clients in the United States. FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in six major jurisdictions around the world through its subsidiaries. I will have a detailed review on FOREX.com. Stay tuned!
Top 2: eToro – the best Forex platform for beginners
eToro specializes in social trading. This broker is ideal for beginners. Here, you can follow the transactions of professional traders. In addition to being a world-class social trading network, eToro also has excellent educational resources for Forex beginners. Intuitive multi-asset and social trading platforms and applications of eToro are immediately accessible.
eToro allows you to trade over 2,000 different assets. The minimum deposit amount at this platform is $50. The company is managed in Australia as well as the UK and Cyprus in Europe. eToro is highly valued for its transparency in these markets.
If you want to get started with Etoro you can register for an account in the box below.
Top 3: IG
IG Markets offers clients CFD trading on more than 17,000 different markets. These instruments include the following: currencies, stocks, indices, commodities, bonds, ETFs, options, and short-term CFDs. You can trade up to 80 different currency pairs via IG. The minimum deposit requirement in IG Markets is $250.
In IG, your funds are kept in separate accounts under the agreement. This helps to increase your security and safety. In addition to its proprietary trading platform, IG provides support for 3rd party Forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) transactions.
Top 4: XM
XM is one of the largest, most reputable, and transparent platforms in the world. It has more than 3.5 million customers from 196 countries. XM has grown into a large and robust international investment firm. This is truly a market-lead broker.
Licensing and management: XM is regulated by CySEC and ASIC. These are leading reputable financial regulators in Australia. With strict licensing requirements, XM is definitely the right choice for you.
Top 5: Olymp Trade
Founded in 2014, Olymp Trade has always strived to be one of the most highly regarded platforms in the world. In the past 5 years, with complete hard work and focus on the experience, Olymp Trade has won many great awards. In Olymp Trade, trading Forex and Fixed Time has never been so simple and easy.
You can be completely assured of the transparency of Olymp Trade as it is a member of Finacom. The certification from Verify My Trade in price control demonstrates this broker’s true ambitions. It serves in both the Forex market and the current online trading market. If you want to know more about Olymp Trade, please click on the following article:
If you want to get started with Forex in Olymp Trade, register now for an Olymp Trade account.
Summary of how to review if Forex platforms are reputable or not
Now, you have already known the criteria to be able to self-assess and find a reputable and high-quality Forex platform. There will be a lot more you need to reach out to and learn in this market. Don’t worry, we will assist. Wish you success