Top Online Best Forex Brokers for 2023

Nevertheless, our expert researchers and traders have more than 14 years of experience, who successfully recommend the best online forex trading platform with the help of a forex broker rating.

If you visit different pages, you can easily get our findings which eventually helps the users to compare different forex reviews.

Regulations 

When selecting the forex broker, regulation is the ultimate priority for review forex brokers based on multiple forex companies. Each legit broker is regulated through the local regulatory body where the broker operates. 

There are also some brokers who operate without having a regulatory status, and these types of forex companies are risky; specifically, they are scam brokers. By checking the regulatory condition of a broker, we can measure the broker’s validity.

For each online forex brokers reviews, we look for the regulatory condition first, and we proceed to review forex broker that is regulated. So, if we find any forex companies that are not regulated, we list them as scam brokers. We look for the license number of a broker to check the regulatory status of a broker.

Understand the Trader’s Requirement

Our experts closely monitor the traders’ needs and try to fulfill their requirements. To do so, we communicate with the traders and understand their needs. However, each trader has unique requirements, and they need different types of brokers. That is the main reason we categorize the broker via forex trading reviews is that traders can easily select the broker according to their requirements. Hence, traders can compare several forex brokers reviews choose the one that matches the requirements.

Specify the Broker as Per Investment Goal

Now that we know the traders’ requirements, we shorten the best forex broker reviews and divide them according to the specific requirements. Aside from this, different forex companies also observe the traders and eventually offer forex reviews. As a result, we work on analyzing the FX broker review to bring out the best forex broker.

Fees

Depending on fees, traders might make the trading decision, but our online forex brokers review suggests that the fees actively affect the profitability of a trader; hence, if the fees are announced before the trading, traders can divide their investments online forex trading. 

To increase the trader’s profit and make the calculation effortless, we pick the best online forex trading account which offers the lowest forex-trading fees. So, the prospective traders can use the forex companies that are recommended by us.

Test the Platform

Usually, the forex companies offer the platform details to the trader before they sign up. As a result, traders will understand what they are going to experience. But traders eventually need to test the platform to measure the accessibility. However, traders cannot check all the available platforms one by one. Moreover, it will be time-consuming too. That is why we tested all the available platforms based on the best forex broker reviews. Although there are many platforms, MetaTrader 4 and MetaTrader 5 are mostly used by the brokers as well as the traders. 

Testing Devices

To compile the forex broker reviews, we have tasted all types of platforms available in the market. We have tested those platforms in different devices via the high-speed internet to get the correct data on devices for the forex reviews. Usually, wireless WIFI uses an 802.11n network. Further, we also tested on the 4G network too. Moreover, we have also tested on web platforms through the latest browser on mobile and computer devices.

Nowadays all the online forex trading company have their mobile app for the different operating systems. Our expert also looked at the accessibility of the devices.

Forex Brokers Reviews: Category

Usually, we provide forex reviews on several variables. We provide the priorities for forex companies depending on the points they earn. For example, we look at the commission and fees first, and it weighs 21%. After that, we check out the research capabilities offered by a broker, so it weighs 17%. Later the trading instruments are weighed around 17%. Like these, we check more than 200+ cratered when we do the forex brokers reviews.

Forex Brokers Reviews Education Feature

Education is another important element of a broker. So, for the forex trading reviews, we value the education feature too. So, the advanced education feature is what we look at in the education feature. Normally, the education tool allows the traders to acquire knowledge on forex and apply them in the trading activities by observing the recent trends. So, the education tool is considered one of the top essential tools for a broker. So, the score of online forex brokers reviews also depends on the offered education features too.

Deposit and Withdrawals

Deposit and withdrawal are a part of forex trading as without deposit, no one can start a trade, and without the easy accessibility of withdrawal, the profit cannot be withdrawn. So, the best forex broker reviews weigh the translation methods too. The easy transaction methods may include the debit or credit card, bank transfer, digital payment system, bitcoin, and more.

Customer Service

Having a problem accessing the forex market is inevitable. So, in that case, the customer support system can be the savior. Whether the problem is technical or non-technical, good customer support can get you the desired solution in no time. So, our forex reviews, as well as FX broker reviews emphasize the quality of the customer support of a broker. However, you may not face any problem while using the broker, and it will not harm you to trade with a broker that has excellent customer service.

The usual method of customer support commutation is a phone call, email, text, live chat, etc. Hence, the proper communication methods of the forex companies also get points from us. 

So, as per the forex broker reviews, forex trading companies with excellent customer service get priority on the list. Nevertheless, the offered service time varies on the forex trading companies. Some brokers may offer 24/7 service while maximum brokers offer 24/5 service. Hence, our forex trading reviews consider all types of services and provide final reviews. 

Feedback from Clients

The practical users of a brokerage firm can tell you the factual review of that brokerage. Only the real user can indicate if the broker is good or bad. So, we value the forex broker reviews from the real traders or the first-hand user of that broker. As a result, we check the publicly available forex reviews along with the real feedback. 

Apart from these, our expert traders open real or demo online forex trading account with a broker to get the experience and verify them with the users’ feedback. This is the way we made the ultimate forex broker reviews for the online forex.

Qualities of a Good Forex Broker

All the online forex brokers marketize themselves as the best broker. But a few of the brokers may have good quality, actually. Our forex reviews suggest that a broker can maintain a few qualities to stand out from other brokers. Nevertheless, we check 200+ criteria while creating the reviews, but all the 200 are not important equally. 

According to the best forex broker reviews, maintaining the above-mentioned criteria is good enough for a broker to be called a good broker. So, if any broker cannot maintain the above-mentioned criteria, we don’t keep them under the top 100 forex brokers in the world. 

To keep any broker in the top list in the FX broker review, we definitely look at the top criteria we just mentioned above, and if any broker can maintain those, we list them in the top 100 regulated forex brokers.

What Is Forex Trading?

Normally forex trading is defined as buying or selling the currency. If you don’t understand forex trading, you can compare it to regular stocks. In usual stock trading, the traders buy and sell stocks with the aim to make some profit. Similarly, in forex trading, a trader buys a currency as a pair and holds them for the time being, and sells them if the price increases. 

According to different forex reviews price of a currency may fall too, and the traders may face a loss. However, traders can minimize the loss too.

Another name of forex trading is foreign exchange trading, also FX trading. It is basically the conversion of one currency to another currency. The forex market is the most active financial market with more day $5 trillion daily transactions.

Forex trading is widely known as foreign exchange trading and FX Trading, which is mainly the conversion of different currencies. Nevertheless, the forex market is considered the most active money market that has a daily $5 trillion trading volume.

Forex trading explained as the buyer and sellers who usually buy or even sell the currencies when required. Normally, forex brokers, individuals, or banks remain involved in forex trading. Usually, forex trading can be done in two ways. People can either buy or sell currencies physically in any money exchange firm. Another way of forex trading is to buy or sell forex online. In contrast, the physical currency exchange may be done for emergency purposes and might not have any intention to make a profit. On the other hand, online traders intentionally trade forex to gain some profit out of the trading.

Currencies in forex may fluctuate all the time. Hence, the proper understating of online forex trading brokers reviews along with the forex reviews is essential.

So, you can understand or get the forex knowledge from our detailed forex broker reviews as well as observing the forex trading explained here. 

So, it can be said that, no matter what, you will need to know the forex properly to choose the best broker or initiate forex trading. The FX broker review will be helpful in this case. 

What is a Forex Market?

The forex market is defined as a place to trade foreign currencies. According to numerous forex broker reviews, the forex market can work without having any physical location for trading. It works perfectly virtually, and that’s why the forex market doesn’t sleep. So, traders are allowed to buy or even sell currencies any time they want. 

Although the forex market is massive, there is no central regulation for it. Instead, the countries maintain their own regulation.

Types of Forex Brokers

There are many online forex brokers types, but we recommend trading with a broker that has a clean interface with easily understandable features. However, having knowledge of all types of forex brokers is necessary. You can get an idea of the types of forex brokers based on different FX broker review. 

Different forex reviews suggest that the forex market consists of numerous types of brokers based on the investment size. 

Online forex brokers are the only way to conduct forex trading online. 

The forex market has three types of brokers, and choosing the right broker depends on the investor’s requirements. However, you must need forex broker reviews to choose the perfect broker that meets your needs.

Usually, the forex brokers are market makers, no dealing desk, and ECN brokers. Nevertheless, each of these brokers is unique in terms of their methods of initiating forex trading. So, the traders should have knowledge about each broker type before starting trading. 

As per the forex broker reviews, the following are the details of each broker type.

Non-Dealing Desk

It is known as NDD, which allows direct access to the forex market via several interbank. Nevertheless, NDD doesn’t need any kind of dealing desk operator. Normally, the NDD brokers are used for trading hedge funds, mutual funds, etc. 

The NDD brokers usually find out the best offer for the traders and eventually recommend it. Moreover, NDD also works with the spreads and finds the best possible offering. 

Since NDD doesn’t use any dealing desk operator, you will stay on your side, and NDD will work as a middleman to complete your transaction.

Market Makers

Market makers don’t allow access to any kind of interbank network. The research on forex broker reviews shows us that market makers are popularly known as dealing desk brokers as they work with the traders directly. This type of broker provides a rate to the traders, and the traders will have the option to deny or accept the rate.

In market makers, if the trading volume is large and the broker thinks of overturning the current rate, they may start the trade quickly. 

Different forex reviews come to a conclusion that market makers can offer a two-sided market via a special broker who is also known as the in-house broker. Therefore, if two parties agree to trade on a price, the market maker will conduct the trade for both parties. The trader will buy the bid or sell the offer. The market makers intend to cover the spreads.

For the large trading size, the market maker allows trading promptly if there is any forecast to reverse the market.

ECN Brokers

ECN brokers mainly interconnect the traders; hence sometimes, they are the NDD broker. ECN works via an electronic communication network. On top of that, it also lets the traders communicate with each other. Therefore, the traders can initiate the trading through the banks, multiple retail traders, or even through the hedge funds. 

Nonetheless, ECN forex brokers don’t include the spreads, but they charge commissions from the traders they are involved with.

In ECN, the trader’s identity can hide. Therefore, if any traders want to conduct trading anonymously, ECN will be the best choice. However, this process can be complicated for few traders, especially the newbies, but once they start trading, they will get to know it. But, understanding the ECN broker’s activity is necessary, and you can take help from forex broker reviews.