Nowadays forex trading has become very popular among the young generations. For new traders, it is difficult to choose a perfect broker. So I have collected a list of some reputed brokers with a review analysis.
1. Avatrade
AvaTrade was founded in 2006. The broker offers Forex, CFDs, Spread Betting, and Social Trading. It provides services globally. It is a top-rated broker all over the world. The head office of the broker is situated in The British Virgin Islands.
AvaTrade is regulated in Europe, Australia, the British Virgin Islands, Japan, and South Africa by ASIC, CySEC, and FCA.
Traders are allowed to offer a minimum deposit of USD 250. A demo account is available to get acquainted with the popular MT4 and MT5 forex trading platforms. It also offers mobile apps for Android and iOS.
AvaTrade is perfect for various levels of traders including beginners and all traders can trade a wide variety of instruments and currency pairs.
The benefits of AvaTrade are listed below:
- 250 plus instruments
- 80 plus currency pairs
AvaTrade Trading benefits include:
- It Allows scalping
- It Allows hedging
- It offers a low minimum deposit
AvaTrade Trading Accounts on offer include:
Demo, Micro, Mini, Standard, and Islamic.
AvaTrade allows traders to execute a minimum trade of 0.01 Lot.
Customer support is available by email, phone, and live chat.
2. Exness
Exness was founded in 2008. It is authorized by the Financial Services Authority (FSA) of Seychelles. Traders can trade on Forex and CFDs on Crypto, Metals, Energies, Stocks, and Indices. It is compatible with both MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android, and iOS, and the Exness Web Terminal.
Exness traders can trade with 5 different trading accounts. Standard Accounts include the Standard and Standard Cent. Professional Accounts include Raw Spread, Pro, and Zero. Demo accounts and Islamic swap-free accounts are also available. Exness offers over 105 different instruments to trade, including over 103 currency pairs.
Exness supports a wide range of languages including English, Chinese, Hindi, Urdu, Russian, Malay, Indonesian, Vietnamese, Thai, Arabic, Bengali, Farsi, Tamil, Korean, and Spanish via Live Chat and Email.
3. XM
XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
XM offers four account types - Standard, Micro, Ultra-Low, and Zero which all allow for up to 200 open/pending positions per client. XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR, and JPY pairs. Traders must take note that XM does not offer binary options or futures.
Customer Service is available via live chat, Phone, and email support.
4. IC Markets
IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.
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IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts. IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4, MetaTrader 5, and cTrader, all of which come standard for iOS and Android.
IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German, and more.
Customer Support is available via Phone, Live Chat, and Email.
5. HFM
HFM was established in 2007 and is well-regulated by FCA, CySEC, DFSA, FSCA, and SFSA.
The HFM MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HFM asset classes, close to 100 simultaneous charts, hedging and one-click trading, and 80+ technical indicators plus an in-built economic calendar.
The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.
HFM’s Metatrader offers a fast order execution, news feed, multiple order types, and support for EAs.
Key features include:
- Supports: MT4, MT5 for desktop, web & mobile
- Minimum deposit: US Dollar 5
- Leverage: 1:1000
- Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals
Customer support is available via phone and email.
6. Pepperstone
Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).
Pepperstone offers traders a variety of trading accounts to choose from including Razor, Standard and Swap-Free, and –
Boasts three top forex trading platforms:
- MetaTrader 4: Most Popular for Forex Trading
- MetaTrader 5: Most Popular CFDs Trading Platform
- cTrader: Best Automated Trading Platform
All three FX trading platforms come with a free demo account which will allow Nigerian traders to test out the forex broker and platform for 30 days.
Platform enhancements available for Pepperstone include:
- MetaTrader 4 smart trader tools
- cTrader Automate
- Autochartist and
- API trading
A range of options for depositing funds are available, including Bank wire transfer, MasterCard, Visa credit card, PayPal, Neteller, Skrill, and QIWI.
Pepperstone offers 24/5 multiple language support via email, phone, and live chat.
7. Orbex
Orbex is a forex broker based out of Cyprus and Mauritius and is fully regulated by the Mauritius Financial Services Commission (FSC), as well as by the Cyprus Securities and Exchange Commission (CySEC).
Trading instruments on offer include close to 40 of the most traded forex pairs, a selection of popular stock indices from around the world (currently the US, Germany, the UK, Hong Kong, Japan, and China), oil, natural gas, and the four precious metals gold, silver, platinum, palladium. Four types of trading accounts are on offer – A fixed account, a Starter account, a Premium account, and an Ultimate account. In addition to the account types mentioned above, Orbex also offers a swap-free account, as well as a free demo account.
In terms of trading platforms, the well-known MetaTrader 4 (MT4) platform is on offer. The platform is available in its traditional desktop version for Windows computers, as well as mobile apps for Apple and Android devices. Customer service is available in English 24 hours a day on trading days, and in Turkish during regular office hours in Turkey via local phone numbers, email, or live chat on its website.
8. Octafx
OctaFX is an online broker which was founded in 2011, offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.
OctaFX has won numerous industry awards over 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
Octa Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Low minimum deposit
- Guaranteed stop-loss
- Offers Negative Balance Protection
Octa Trading Accounts Offered:
- Demo account
- Micro account
- Mini account
- Standard account
- Zero spread account
- STP account
- Islamic account
OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading. Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp, and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese, and more.
9. FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offers Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of US Dollar 100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.
Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
FP Markets Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Low minimum deposit
- Offers Negative Balance Protection
FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed, and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.
Customer Service is available via email, phone, and live chat.
10. FXTM
FXTM or ForexTime is a very popular broker. It was founded in 2011 and is a registered brand name of Exinity Limited. It is regulated by the Financial Services Commission of Mauritius with license number C113012295. The broker allows users to trade with seven different account types. The execution method, range of markets, available platform, and commissions and fees may vary there. Among them, three accounts are offered under the standard category. FXTM is a MetaTrader broker that offers traders multiple account options for both MT4 and MT5 platforms.
With FXTM traders can trade in the following markets:
- Forex
- Cryptocurrencies(Note: FXTM offers crypto trading via Exinity Limited and Instruments on offer are based on a trader's country of residence.)
- CFDs for Indices and Commodities (FTSE, Nasdaq, DAX, etc)
- Spot metals (Gold, Silver)
- Shares CFDs (Apple, BP, Google etc)
FXTM has an in-house team of analysts that provides research in the form of daily technical and fundamental news analysis.
Customer Service is available by phone call, email, and online chat options – WhatsApp, live chat, Viber, Telegram, or Messenger.
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