Foreign exchange trading industry is evolving quite fast. This has resulted in both positive and negative consequences. From the one side, some companies have managed to advance in technology and tailored their services to fully match the needs of their clients, thus became best forex brokers.
From the other side, setting up a brokerage became easier, and this has led to many scams appearing on the market. Forex Bonus Lab reviews the best forex brokers on the market and lists best-matching brokers by category.
Best Forex Brokers Showcase
Below you can see the best forex broker according to Forex Bonus Lab. When choosing the best forex broker, we are looking at the licenses, spreads, commissions, available platforms, customer support, tick history and much more. Forex Bonus Lab chooses the best forex broker, yet the best doesn’t mean the cheapest. The title is taken by the broker that can provide you with the best services, including or excluding the bonuses.
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Best Forex Brokers Comparison
Check the best forex brokers below. Compare regulations, trading platforms, conditions and more. It is hard to point out one out of the best forex brokers, as the brokers try to target different types of traders. Below you will see the best forex brokers and will be able to choose the one that matches your needs.
Best Forex Brokers vs Forex Scams
There are many forex brokers out here. Nowadays it became hard to distinguish truly the best forex brokers. While there are many outstanding forex brokers with more than 10 years of unstained reputation, these brokers may not offer the best conditions. When looking for the best forex conditions, it is possible to encounter a lot of brokers. Yet not every broker is a safe place for your money. There are quite many brokers that are just a financial scam. Such brokers may make your trading (and life in general) quite hard. Starting from constantly sending you requotes, and going as far as cancelling your withdrawal requests.
When searching for the best forex brokers, pay attention to licenses & regulations. Pick up a broker that offers you a comfortable trading platform too. Don’t assume that trading conditions from the demo platform will be the same as on the live server. While we do recommend to test drive any broker on a demo account first, note that the trading conditions may differ substantially. It is always good to find a broker that speaks your language, so look for the one that has support in your local language or even a physical representation. Beware, there are many forex scams, so don’t settle for less than an FCA or at least CySEC license.
Depending on your geographical location, even the best forex brokers may not offer licensed services in your country. It is always better to open an account with the broker under the licensed company, yet truly best forex brokers will strive to offer the same quality of services even under unregulated entities. Look for the broker with reputation!
What are the features of the Best Forex Brokers?
Forex Bonus Lab supplies you with the quick guide on choosing the best forex broker. Note that you may not require all of the features listed below to successfully choose the best forex broker. Some of the items below can be neglected, if they are not of primary importance for you.
Best Forex Brokers are regulated
Most important feature of the best forex brokers is regulation in your country. Note that nowadays you can find lots of CySEC brokers, but if you are from the UK – such a broker may not be necessarily be the best. Even though CySEC is a European Organization, Forex Bonus Lab recommends you to pick up the best best broker based on the regulation in your country. If you are from the UK – go for FCA forex brokers. Citizens of Germany are advised to pick one of the BAFiN regulated top forex brokers. Note that in some countries you are simply unable to find regulated forex brokers, such countries are India, China and other (mostly Asian) countries just do not have an institution to regulate fx brokers.
Best Forex Brokers are customer-oriented
While you may certainly look for the largest forex brokers, they may not be necessarily the be the best ones. The larger the broker is, the higher the chance you will be treated like a small fish. This is true even if your account balance is over $100,000. This is why the best forex brokers are the ones who are able to assist you in the best possible manner. When looking for your best forex broker, Forex Bonus Lab recommends you picking up one that has either a physical office in your country (or city) or at least a dedicated account manager in your language. Forex Bonus Lab advices you to open an account with a few best forex brokers and see who simply treats you better before depositing a large amount of capital.
Best Forex Brokers are transparent
Transparency is a key to the customer loyalty and honesty within the industry, and yes, best forex brokers are the ones who handle their business with a necessary degree of transparency. Not only these brokers provide reports to their clients, but they also do not hide their business model. Do not fall for an idea that the best fx brokers are NDD, STP or ECN ones, this can be false in many occasions. The best forex brokers are the ones that tell you about their business model, no matter what this model is. As an example, take a look at Oanda review, one of the best forex brokers who has been always known as a Market Maker. Even though traders don’t like Market Makers, Oanda has always been transparent about this.
Top Forex Brokers have favorable trading conditions
When it comes to trading forex, you should definitely pick a broker that allows you to get maximum gains with your trading strategy. Are low spreads a clear indicative of the best forex broker? Not necessarily. All depends on your trading strategy. If you are a professional scalper, then the spreads, commissions and speed of execution are vital for you. If you are a positional trader, then the lowest SWAPs are the main indication of the best forex broker for you. Just know that there is no universal answer to the question “What are the best forex brokers when it comes to the trading conditions?”, this purely depends on your trading strategy!
Can I get bonuses with Top Forex Brokers?
Unfortunately the majority of the top forex brokers are not providing bonus promotions, at least publicly. Still, you can definitely get a bonus with top fx brokers, especially if you are patient. Most of the best forex brokers have bonus promotions rarely, so you do need to wait before a top forex broker launches a bonus promotion. At the moment you can get 10% deposit bonus with XTB – one of the best forex brokers out there. Should you be curious about trading with the best forex brokers that don’t offer bonuses – contact us and Forex Bonus Lab will help you negotiate a good bonus deal in no time.
Best Forex Brokers Trading Platforms
Most of you are familiar with MetaTrader 4 and the majority of the best forex brokers are supplying this platform. Usually 80% of the top class fx brokers are MT4 brokers. Another 20% of the high class forex brokers are either having their own custom platform or rely on cTrader. When it comes to tailor-made forex platforms, you should just test if this platform is right for you. Open a demo account and check if such a platform is suitable before making a deposit. The main drawback of the custom broker platforms is that such platforms rarely support trading robots, so if you are into automatic trading – best to settle for MetaTrader 4, MetaTrader 5 or cTrader.
Top FX Brokers with Guaranteed Negative Balance Protection
With the latest events it becomes more and more relevant to look for the forex brokers with negative balance protection. Why is this important? Because you don’t want to end up in the situation where you owe the broker money that you don’t have. At the moment, Forex Bonus Lab recommends you to sign up with easy-forex, a broker with guaranteed negative balance protection.