Doing a FOREX Broker Classification, in which to choose the Best FOREX Brokers, is really difficult.
There are FOREX Brokers that could enter the list for being ECN or STP, others should be for their treatment to the client, and others for their low spreads; but, without a doubt, the most important thing is reliability and the treatment of the traders.
Is a FOREX Broker with low spreads worth it if when we have problems to communicate with them, or before any problem they wash their hands? I do not think so. So what should we be looking for in a broker?
Characteristics of a good FOREX Broker
- Minimum deposits. It is important that the initial deposits to open an account are low. At the beginning we are going to operate to learn, and in many moments we can feel discouraged. If the account can be opened with 100 Euros, that’s better than 500. Later, we will make the decision if it is good to operate with 100 or more. Obviously, an account with 100 euros of balance is ridiculous, but we must not forget that we are talking about a FOREX Broker with which we are going to start.
- Reliability: I will never recommend any Broker that’s not regulated. I do not doubt the effectiveness of CySEC, but they could do a better job, prioritizing FCA brokers.
- Leverage. I think that in this sense almost all the Brokers that we can address could be good. A leverage of 1:400 or 1:500 is enough to operate.
- Customer service. When I talk about customer service, I am referring to the one we are going to receive if we have some kind of problem; but we must not overlook that the best FOREX brokers turn to the training of their traders. Brokers that offer a varied schedule of events for training are welcome.
- Speed with withdrawals and income. In the current world in which we live with immense stress, speed is important. I do not understand that for a money withdrawal they have to delay with such an excess. Usually, Brokers take between 3 and 5 days to handle said operations, which we should consider good, although it is very improvable.
Based on these characteristics, these are the brokers that we consider the best in the actual market:
This is a Market Maker. It is on this list for several reasons, but perhaps most important is that there is great satisfaction for the services it provides, and that it has a very aggressive incentive program for traders, with very attractive Welcome Bonuses.
It is a Broker based in Cyprus, and therefore regulated by the CySEC. This should not be bad, many of the current FOREX Brokers are going to Cyprus because they are cheaper, the taxes charged by this country are lower and favor these companies are located there.
- Minimum deposit to open an account 5 euros. This is one of the reasons why this Broker appears on this list.
- The highest market leverage 1: 888.
- Spreads adjusted, from 1 pip.
- Operate with Metatrader 4.
- Customer service in Spanish.
- Webinars and analysis tools available.
Undoubtedly, it is one of the best FOREX Market Maker Brokers considered by the operators. Nevertheless, despite being a Market Maker, it does not have a negotiation table.
The Broker is based in Canada, and although there is a very high level of security for the funds of the investors, the accounts opened through Oanda of the United Kingdom, are subjected to European regulation and are also regulated by the FCA.
- You can open an account with 1 euro.
- Spreads from 1, 2 pips.
- Regulated by the FCA.
- Metatrader to operate.
- Good Trading tools.
They were the first to implement a trading platform capable of operating with penny accounts with a minimum deposit of $ 1. This has made FOREX accessible to hundreds of thousands of customers, providing conditions not previously proposed by anyone for online trading and, in turn, changed the history of the development of the FOREX market. The company LiteFOREX Investments Limited is registered in the Marshall Islands and regulated in accordance with Marshall Islands Business Corporation Act.
Deposits can be made using major credit cards and online payment programs, and withdrawals are made using the same methods. Automatic withdrawals give clients the chance to automatically withdraw twice in 24h for up to $100.
LiteForex offers four trading accounts with floating spread. With so much as a $10 deposit, any trader may open a CENT account aimed towards traders fresh out of their demo account.