Among all the financial markets, the forex market is undoubtedly one of the most popular and heavily traded markets in existence. What was once a playground for large banks and professional traders is now within the reach of an ever-increasing number of novice traders.
A major reason for this is the influx of online brokers that provide reliable FX trading services to clients across nations.
However, just like any other market, there have been instances where fraudulent entities have masqueraded as legitimate brokers, only to steal their trading account funds.
This is one of the reasons why aspiring and experienced traders need to sign up with reliable names and brands in the industry. The following are a list of the top 10 forex brokers you can sign up with and access the forex market.
Russia-based broker Liteforex.org is based out of Russia but owned by a company situated in the British Virgin Islands called StraightHold Investment Group.
With a trade offering consisting of indices, stocks, metals, CFDs and currencies, it comes under the jurisdiction of RAFMM (Russian Association of Financial Markets).
Switzerland based Dukascopy.com offers trading in both metals and currencies.
The broker only provides a standard account which some traders may find limited.
HotForex.com is a forex broker based in Cyprus, Mauritius, South Africa and Saint Vincent and the Grenadines. It offers trading facilities in CFDs, metals, shares, indices, bonds, cryptocurrencies. The broker is regulated by CySec.
U.S. based MBtrading.com provides trading facilities. They provide trading facilities in forex pairs, stocks, futures, and options. It is regulated by the CFTC and NFA and is also an independent member of the Financial Industry Regulatory Authority(America).
5. XM Group
XM Group is a consortium of regulated online brokers started back in 2009. It provides forex trading services to its clients via a very sophisticated platform. It offers three distinct types of accounts: Micro, Standard and XM Zero Account.
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XM Group is regulated by the Cyprus Security and Exchange Commission, Australian Securities and Investments Commission and Financial Services Commission(Belize).
Based out of Toronto, Canada, Oanda.com is a registered and licensed broker that provides trading in CFDs, metals and forex pairs. They offer two types of accounts: The Standard account and the Mini account.
Oanda.com is regulated by the Financial Futures Association of Japan, Financial Services Authority of the UK and IIROC of Canada.
TradersWay.com is a Dominica-based Forex broker which specialises in two execution methods: Electronic Communication Network which allows instant execution of orders and Non-Dealing Desk, which allows straight processing of orders.
Russia-based Instaforex provides forex trading facilities along with stocks, indices, commodities and metals. It provides two types of accounts: the Eurica Account and the Standard Account. The broker uses an Electronic Communication Network or ECN for an instant execution method.
FXDD.com is a U.S.-based broker which provides trading in metals, oil and forex. The broker is regulated by the CFTC and NFA which means they implement FIFO or First in First Out. This means that traders are obliged to open trades in the same order and close trades in the same order.
Based out of Cyprus, eToro is a very well-known broker that offers to trade in metals, commodities, stocks, indices, and forex pairs. They offer only two account types which many traders feel is limited in nature.
There are a number of forex brokers that are operating in the modern forex market. However, traders should always consider the regulations and the legal implications before settling for a broker.