Best ECN Forex Brokers Reviews 2020
Google “best forex brokers”, you will see a ton of results. We know it isn’t very comforting, but we are here to help you choose the right broker. This forex broker review guide discusses some important factors that need to be present in the best forex brokers. To be successful in forex trading, you will need a broker who provides you the tools for success.
This article on forex broker reviews is written solely to help people choose the right trading platform to be successful while trading currencies. In the forex market, you will compare, buy, and sell currencies based on their values. The forex market changes rapidly, so you will need to act fast when trading a currency pair. A best forex broker platform will provide all the necessary information hence helping you make a calculative decision more quickly.
If you’ve experienced in forex trading, you understand the terms spread, trading platforms, analysis options, deposits, and many other forex trading factors. The forex market depends on a variety of factor’s that we need to consider when doing forex broker reviews.
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What Makes a Best Forex Broker?
In the forex market, you trade currencies; each trade is done in pairs. Hence, if you are a beginner, you need a broker, which makes understanding key information easier. We talk about some of the best brokers of 2020 in this forex review.
A good forex broker will offer you a better commission, or maybe the deposit amount will be less. One of the most important things of being an excellent legitimate broker in the forex market is how well they are regulated.
Choose forex brokers on how they are regulated. Regulated forex brokers are registered with the financial regulatory body of a country. For example: If a forex broker site is in Australia and they claim to be regulated. That means they are registered with the financial regulatory body of Australia, in this case, it is ASIC (Australian Securities and Investments Commission)
Now, if you sign up with an unregulated forex broker, there will be no one to blame if your broker steals your money and disappears. Since it is unregulated, there will be no one else monitoring their way of business. They can be doing things the right way or doing something shady. But we recommend you stay away from unregulated forex brokers.
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Important Factors to Consider for Forex Broker Reviews!
These are some of the factors that we need to keep in mind when conducting forex reviews. We discuss some of them below:
- Fees – This is one of the most important criteria you need to consider when deciding which forex broker to go with. Each forex broker will charge you a different amount in fees.
In the forex market, there is no fixed rate for fees. One broker could charge you twice the amount in fees for the same trade, which could be 50% cheaper if you used another broker. Most importantly, some brokers may charge you withdrawal fees and inactivity fees, so be aware of it. It is helpful to compare the fees of different forex broker sites and decide which one is suitable for you.
- Affordable: To sign up and start trading, you will need to make a minimum deposit. The minimum deposit you need to make depends on the forex broker. Just imagine a forex broker requires a minimum deposit of $1000, which is a steep deposit amount and can be out of reach for many. Hence, the forex broker here is not affordable.
Having affordable minimum deposits is important because not everyone can afford to pay high deposits. When you trade, there is a chance you may leave empty-handed; most importantly for beginners who are learning forex trading, need a broker that has an affordable minimum deposit, so they can learn and can afford to lose the money without any consequences.
The trading platform: In forex broker reviews, the trading platform is ranked very highly by us. This is because, in the forex market, trading platforms consist of tools that you will use for forex trading.
Different forex broker sites have different trading platforms. Some platforms can be customized. You can configure the platform to your needs.
- It all comes down to your preference at the end of the day because most trading platforms operate in the same way. If you are comfortable and get used to using a platform, do not change the trading platform unless something is wrong. You can check out our review on forex trading platforms.
- Mobile or Desktop: In this day and age, everything can be done from your smartphone. Forex trading apps are also available now. You can download and start trading right away. If you are someone who needs the forex market at their fingertips, there are some amazing forex trading apps available.
Chances are the desktop trading platform you have, also have a forex trading app for your phone. It just depends on which one is convenient for you. When doing forex reviews, we look at both the desktop and mobile functionality of a forex broker site and let our reader know how well the app and website perform.
- The Payment method: The payment method is also one thing you need to consider when choosing your forex broker. Almost every forex broker will take payment via Visa or MasterCard. But it boils down to the other payment options. For example, You want to deposit funds through your PayPal account. But the broker you chose does not support PayPal. This results in an inconvenience for you. It is the same case for withdrawals too. So, read the payment methods your broker supports before signing up. In forex broker reviews, we make sure to mention the payment method each broker supports.
- Forex Reviews: It is important to check out the reviews of a forex broker. We need to make sure the broker we are mentioning in our forex review has a good reputation.
How do we do that? Simple, we ask traders’ opinions to try it ourselves and see if it lives up to the expectation. You can learn a lot from the experience of traders on a specific forex broker.
If most of the traders have bad experiences trading with a specific forex broker, then we need to understand something might be wrong with the forex broker. In that case, we dig deeper and try to find out the reason why people have such bad experiences. Most importantly, in our forex broker reviews, it is our job to bring the truth so people can make their judgment based on the facts.
- Regulation: Regulation is one of the pillars of our forex broker reviews. We make sure the broker in the forex review is well regulated before recommending it to our readers.
We already covered why regulation matters above when signing up with forex brokers. A well-regulated forex broker is most likely to abide by the rules, and chances of them being fraudulent are near zero.
- Customer Service: Good customer service is a mandatory trait in good forex brokers. Think of you having trouble while withdrawing funds. Who are you going to call? The customer support service of your broker. If customer support is not competent and cannot solve your problem, it will be a nightmare for you to get a solution.
You want things to move smoothly, and if there are any bumps in the road, you want to solve it as soon as possible. Good customer service will help get rid of those bumps and make for a comfortable ride. So, in our forex broker reviews, we make sure our recommended brokers have competent customer support.
- Coverage: The forex market coverage means how much of the market a specific forex broker covers. For example, you want to trade your currency pair, but your forex broker does not have it. A broker with good forex market coverage will give you the freedom to exercise your options.
- History and Background: By the history and background, we mean how your broker has operated in the forex market since its inception. Because judging by their previous actions, we can tell if the broker handles the trader’s funds correctly or not. You want a broker who will keep your funds safe and will not do something shady with it.
- Educational Resources: A good forex broker will provide plenty of educational resources for their traders. This is one factor that puts a broker in our good books when conducting a forex broker review.
Having access to educational resources such as eBooks can help you gain more knowledge about the forex market and make you a better trader. A good broker will encourage their traders to learn more.
- Signing up: To start trading in the forex market, you will need to register or open a trading account with a broker. Some brokers want additional verification for security purposes. Hence, we take it into account how easy it is to open a trading account with a broker when writing our forex broker reviews.
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