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Why Should You Compare Forex Brokers?
Meanwhile, there are a lot of Forex brokers and everybody wants to attract as many traders as possible. This means that there is fierce competition between FX brokers for the favor of the trader. Everyone tries to be the best in a certain niche and therefore you can choose the best provider by comparing FX brokers. You are not limited to a single or a few brokers, you can trade wherever you want, whenever you want. But every Forex has its advantages and disadvantages. Your goal must be to find the best Forex brokers for yourself.
Forex Broker Comparison at Broker Reviews
You are probably wondering why we have only a handful of brokers to choose from even though there exist hundreds of them. The reason is quite simple: the listed Forex brokers are the best brokers in our opinion and they have the best deal for the average trader.
The Criteria to Compare Forex Brokers
We have tried to incorporate as many criteria in our evaluation that we think are the most important. We believe it is more essential that a broker offers many currency pairs than offering a payment method almost nobody uses. Thus our main criteria are:
Software – how easy is it to operate? How is the usability? How about the features?
Bonus – a trading bonus can be very attractive
Payment Options – Without payment options, no money and without any money no trade
Extras – such as CFD, commodities, etc.
What Forex Brokers Also Offer Trading with CFDs?
In our Forex Broker comparison you can find a column that indicates whether you can trade CFDs or not. At the top of the Chart FX broker, you can find a column named “CFD”. AvaTrade, eToro, Finexo, InstaForex and FX Yard all allow trading with CFDs.
What FX Trading Platforms Provide Trading in Your Browser?
It is handy when you do not have to download a separate software for each broker. Therefore, some FX platforms thought that you should be able to trade in your browser. Online trading without downloading a software becomes more and more popular. And this is also a customer need: You can thus trade currencies from any PC in the world – even from a desktop machine on which you may have no administrator rights.
What FX Brokers Offer the Best Forex Bonus?
You can find an overview in our table and you can see which FX broker offers which bonus. Click above in the summary on the broker of your choice. We have however created an article that deals only with bonuses: Forex Bonus
Which Broker Offers the Best Deposit Methods?
A lot of Forex brokers move with time and offer new and innovative payment methods. Unfortunately, there are also forex brokers who sleep a little and think that traders are still willing to pay only by bank transfer or credit card. This is of course not a good option. Therefore, we have added payment options to every listed Forex broker. Furthermore, we have created a detailed article about deposit methods. We also answer important questions you may have on the different deposit options and deposits in general. Two popular eWallets are Paypal and Moneybookers. We created a list to show you the best FX brokers, where a deposit with Paypal and Moneybookers is possible.
Which Broker Provides the Best Trading Software?
“The best” is of course relative. One trader needs certain functions another trader doesn’t need at all. One trader may prefer a clear and easy to use software and another trader needs Metatrader 4 or 5.
So this is a tough question. We at Brokerreviews.org made it as simple as possible. In every review you will find information on the broker software.
We also created a list which brokers offer Metatrader 4 . And also a list for everybody who doesn’t want to download any broker software: FX trading in browser – shows you what brokers allow you to trade in your web browser and don’t need a downloaded version.
Which FX Broker Offers the Highest Leverage?
The maximum leverage vary between 1:100 and 1:1000. With 1:1000 the broker Instaforex leaves the competition behind. No other Forex broker offers such a huge leverage. You can see in our Forex broker comparison chart what leverage the specific broker offers.
Which Forex Broker Offers the Lowest Spread?
The most used currency pair to compare spreads is EUR/USD. This is the most representative. The difference between Forex brokers is not that huge and they are close together. Most brokers offer a spread of 3 pips on EUR/USD.
What’s the Forex Broker Wwith the Lowest Minimum Deposit?
In our test, the Forex broker with the lowest requirement is clearls InstaForex with only $ 1. The other Forex broker offer minimum deposit between $ 50 – 200. But it really depends. It’s very important for Forex Beginners to keep the first investment at a minimum and thus they should look for a FX broker with very small deposit limits. Many simply want to invest and pay only 500 €. However, one must be aware that in FX Trading the risk increases when working with (too) little money. Even the $ 1 minimum deposit at InstaForex is put into perspective. This is of course not possible with every deposit method. Many deposit methods make no transfers under a certain limit, like $ 20. A positive trend is that Forex brokers move toward “micro pips” which means enabling a low-risk trading for the small wallet traders.
What’s the Best Place to Trade?
This question is impossible to answer of course. It depends on many factors. For example, if you are beginner or an advanced trader. Or what software you prefer, Metatrader or your own software, which may be easier to manage. We recommend taking a look at our Forex comparisons to make a decision.