Forex | Forex Broker Reviews

Forex Broker Reviews – FX Broker in Comparison

FX Broker	Min. Deposit	Min. Margin	Max. Lev.	Spread EUR/$	FX Pairs	CFD	Trading	WWW
Your capital is at risk Read our Review	$200	0.25%	1:400	3 Pips	16	No	Software, Browser	etoro.com
Read our Review	$250	0.5%	1:200	3 Pips	44	Yes	Software	avatrade.com
Read our Review	$100	0.25%	1:400	2 Pips	>100	Yes	Software, Browser	easymarkets.com

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.

Forex Profit and Loss Accounting

Profit and loss, good and bad luck, elation and depression lie very close beneath each other in online Forex trading. Who has made a profit of $1,000 yesterday may lose twice as much with today’s trades.

And in practice it is so that the vast majority of the traders lose money with Forex trading. In addition to this, due to the number of trades, maybe even with different Forex brokers, one might quickly lose the overview of his own success as an online FX trader. We therefore advise all traders to keep at least some basic accounting records about their gains and losses with Forex trades.

We provide you with two versions for accounting as a Forex trader. In between many variations are conceivable. It is up to you to decide how detailed you want to track your FX trading gains and losses in a statistic. But we advise you to choose at least the variant “Mini”.

Forex Accounting Version “Mini”

If you have no overview of all your previous profits or losses in Forex trading, then the option “Mini” is a good, simple and pragmatic solution. You do not have to manually enter the individual transactions, you just keep track of your success on an excel spreadsheet at regular intervals. We recommend that you do this at least monthly. You write down the account balances manually in a row in an Excel sheet. Use the following columns:

Deposits: Enter the monthly deposits from your bank account (credit card, Moneybookers, Paypal etc) to your Forex broker account here.

Withdrawals: Here you enter the monthly cash outs of profits to your bank account or to your online ewallet provider.

Broker: Enter your account balance per broker. If you trade with several Forex brokers, then you create a column for each broker.

The Excel spreadsheet for the simple Forex trading account in the variant “Mini” could look as follows:

If you like this version “Mini”, then you can download the Excel spreadsheet Forex accounts here for free.

Note: You only need to change the blue numbers – the other figures are calculated automatically. If you want to track your monthly profits and losses with the above Excel spreadsheet, then you have just to enter four numbers per month.

Forex accounts Version “Maxi”

In contrast to the minimalist version of from above, you can track all of your transactions. You can write down every detail of every single trade you make, covering for example:

Date
Forex Broker
Currency pair
Buy / Sell
Price
Profit / loss on the transaction (in pips and well as an absolute dollar figures)
Holding period
…

Unfortunately, we don’t know any free FX trading accounting software. Even if you can look-up your profits and losses at your Forex broker, we suggest that you store at least some basic records on your own computer. This is the only way to keep an overview of your trading history and your success as a FX trader in the long run. Otherwise, you might quickly forget about past trades with brokers that you do not use for online trading anymore.

Forex Trading Risks

This is something like the golden rule in business: No risk, no profits. Imagine if you could achieve good returns without taking any risks. Or imagine you had to take high risks in order to achieve low yields. All this would make no sense. You can deposit your money absolutely safe at a bank for a fixed yearly interest. But for a safe investment, you cannot expect a return of 10% or more. You can also buy highly speculative and volatile stocks. Then you may well expect 10% return – you must even earn such a return, considering the risks you are taking.

So basically it is all about keeping the right balance between potential profits and potential risks. The same applies to Forex trading – at least in principle. What makes the Forex market so risky are the volatility and the leverage. The markets are changing incredibly fast and you will experience strong swings in the value of your trades. And when trading with a leverage of 200:1, an increase by 0.1% translates into a 20% change in value of your investment.

If you decide to enter the world of Forex trading, be sure to specify a previously defined bankroll as your venture capital. It is in fact risk capital, which implies of course that you can handle a complete loss without getting any financial problems.

A common beginner’s mistake is to risk too much and not to trade cautiously and deliberately enough. The procedure is as follows: A novice trader reads some information on the Internet, makes his first trial trades with a Forex demo account and developes the basic skills and conditions to become a successful Forex trader. Then they scan all the charts, trying to find the acquired signals, etc. Then the first trade for real money starts, but nothing happens. Almost no price movements and no big profits. Therefore, another position is opened. And another one to get enough action. Then the overview is lost and some important signals are missed and trades are closed too late and with a loss. This is a beginner’s mistake that can happen to anyone. The more vulnerable are surely Forex traders who want to gamble. Carelessly chosen trades increase the risk considerably, and it is quite possible that such traders will lose much more money than they will gain with such a FX trading strategy.

Of course you can limit your risks in Forex Trading with Stop Loss and Take Profit orders. It is important to know that in particular also take-profit orders minimize the risks. One might think: “Why? With a take-profit order I limit my potential gains but not my risks”. But the risk in financial markets is defined by volatility, so how much your returns deviate from the expected value. And without take-profit orders your returns will deviate more. But that’s not all. With a take-profit order you define what profits you want to achieve. While it is always possible that you limit your profits with a take-profit order (after all, you could make even more profit), you ensure that you make a minimum profit with your successful trades. As you will not be able to track your trades 100% of the time and as the Forex market moves quickly, a small short-term profit above your take-profit limit might be lost quickly.

Forex Broker with CFDs

Besides Forex Trading you can also trade with CFDs – Contracts for Difference. Most Forex brokers have recognized that Forex traders also want to trade with CFDs and extended their client software that CFD are also available.

With a Contract for Difference you are betting on a price difference in value from the time of purchase. You can thus bet on both rising and falling prices. Most brokers are looking for individual stocks, indices and CFDs on commodities such as oil and precious metals.

Forex Brokers with CFD in the offer

This overview shows you which Forex brokers offer trading with CFDs. Because it can be boring in the long run to trade with currencies only it can be a good decision to opt for an account at a Forex broker that also has contracts for difference in their offer.
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