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Mon, Jul 22, 2024

Best Forex Brokers to Trade in 2023

Your trading success depends on various factors. But the No.1 option for any trader’s success is “Trading with Best Forex Broker who provides Safety of funds, Low Commissions, Good Customer Care, Latest technology tools for fast and reliable trading.” The broker is like your Business Partner.

For Every Trader’s Success, There’s a Successful Broker Behind it.

How should you compare Forex brokers and find the best one for you?.

We have taken a list of Top Performing Forex brokers comparing all factors such as Spreads, Brokerage Fees, Commissions, trading platforms, Charting and Analysis Options, Deposit and withdrawal, License, Regulation, Dealing or Non-Dealing desk, Execution time, Customer Service- Everything that makes a broker tick and impacts your success as a trader.

successful forex trader rich profits

Top Forex Brokers

Here’s is the list of best forex brokers in the world.
Broker Min Deposit Max Leverage Payment Account Types Trading Platforms Regulations Founded Year
Avatrade $100 1:400 Debit or Credit card,  Skrill, OZOW,  Neteller,  QRpay or Wire transfer. Normal Account, Swap Free, VIP Account MT4, MT5, Web Trader, AvatradeGO. CBI, BVI, ASIC, FSCA, ADGM, FSAM, 2006
IC Markets $200 1:500 Card, Neteller, PayPal, Skrill, Broker to Broker Transfer, Bitcoin, Wire Transfer. Standard Account, Raw Spread, Standard Account Islamic, Raw Spread Islamic MT4, MT5, c Trader ASIC, CySEC, FSA 2007
OctaFX $25 1:500 Card, Neteller, Skrill, Local Bank Transfer, Bitcoin, Wire Transfer. Standard Account, Raw Spread, Standard Account Islamic, Swap Free Account MT4, MT5 CySEC, FSA 2011
Exness $1 1:Unlimited Card, Skrill, Neteller, Webmoney, Perfect money, Jeton Go, SticPay, Astropay card, Bitcoin, Tether (USDT), Wire Transfer Micro(Cent), Standard, Raw Spread, Zero Spread, Pro ECN Account. MT4, MT5, Web Trader. CySEC, FCA, FSA 2008
IG (US broker) $250 1:50 Card, Wire Transfer, Paypal. Forex, CFD, Options account. MT4, IG Web and Mobile Platform, ProRealTime CFTC, NFA, ASIC, AFSL, FSCA, FSP, DFSA, FCA, NFA 1974
SWISS QUOTE $1000 1:100 Card, Wire Transfer. Premium, Prime, Elite MT4, MT5 FINMA, DFSA, SFC, FCA, MFSA, MAS 1996 (US Broker) $50 1:200 Card, Wire Transfer. Standard, DMA’s own platform account, Meta Trader. MT4, MT5, WebTrader NFA, FCA, CIPF, CIMA, FFAJ 1999
NOTE: All these Forex brokers offer free demo accounts for testing their trading platforms with fake money. You can try free with some demo balance before using your own real cash for trading with them.

Best Forex Brokers with Pros and Cons

Top forex brokers with their detailed review of regulations, Experience, Spread, Commissions, Platform Reliability.

1). IC Markets

IC Markets is one of the famous global Forex and CFD broker that was founded in Sydney, Australia, in 2007. Now the company has several branches worldwide and is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

$700 Billion trading volume carried out by this broker.

The company has Newyork Equinix data centre for processing 500,000 trades per day for high volume traders and scalpers. It is one of the best forex brokers having fast execution best forex trading platform.

icmarkets broker review homepage 1536x828 1


  • Very Low Raw Spread with Institutional grade liquidity.
  • Commission-free trading
  • Wide range of tradable products with 24/7 Customer Support
  • Social Copy-trading Platforms
  • Metatrader 4, 5, c Trader available on desktop, web and mobile devices.
  • Impressive Educational videos for Learners.


Level 4, 50 Carrington Street, Sydney, NSW 2000, NSW 2000, Australia


  • A limited number of CFDs available.
  • Beginner traders may be confused by the choice of markets and platforms.

2). OctaFX

OctaFX was established in the year 2011. It is a broker that has won several awards and enables traders all over the world with access to trade a variety of financial products that they may choose from. Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, and CFDs are all examples of these financial instruments. You should be aware that even if this appears like a lot, they only provide a small number of assets from each of these instruments, so don’t get your hopes up.

OctaFX intend to uphold high standards while ensuring that all trade situations are safe. It’s great that they’re offering the same open and honest trading circumstances to all of the different traders. They offer a good spread without disturbing the trader with excessively high rates. During the course of the previous several years, this broker has welcomed on board hundreds of thousands of new customers. And each of these customers hails from one of more than a hundred countries spread around the world.

In addition to providing you with access to leverage of up to 1:500, they do not levy any commission fees and do not charge an overnight swap cost. To provide you with the best possible opportunity of making respectable gains, hedging, scalping, and professional advisers are all supported trading strategies. Since the United States and the United Kingdom both have sizable trading markets, I hope that they will soon begin providing their services to traders from those nations as well in the near future.

octafx trading broker


  • 11 years in the market Does not accept clients from specific countries, including the U.S.
  • No swaps, no deposit/withdrawal commissions, low spreads No individual stocks available for trading
  • 1:500 Forex market leverage
  • Availability of сopy trading
  • Wide range of trading instruments (FX, indices, commodities, crypto)
    MT4, MT5 for all platforms and devices, OctaFX mobile apps
  • Free trading tools, expert analytics, educational materials


Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.


  • Does not accept clients from specific countries, including the U.S.
  • No individual stocks available for trading
  • A limited number of CFDs available.

3). Avatrade

AvaTrade was founded in 2006 and has since grown to become one of the leading trading brokers around the globe. and is regulated by the CBI, BVI, ASIC, FSCA, ADGM, FSAM.

They can accommodate traders of all skill levels by offering a diverse selection of trading instruments such as Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, and ETFs. You may trade over 1250 instruments online using user-friendly interfaces for both PC and trading applications. This also features MetaTrader 4, the world’s most popular CFD platform.

Through DupliTrade and ZuluTrade, the broker offers a large selection of free instructional resources, trading tools, and copy trading platforms. If you don’t have the time or knowledge to trade yourself, you may use these social networks to copy signals from other traders.

AvaTrade is primarily concerned with the trader’s experience, along with solid financial backing and award-winning customer support available 24 hours a day, seven days a week. I’ve always found their support staff to be responsive and helpful in answering all of my queries. The broker is based in Dublin, Ireland, and has regional offices in Australia, South Africa, China, Japan, France, Spain, and Italy.

They are regulated in six nations, including Europe, Australia, and South Africa, and have regulatory licenses on five continents. I like how they keep traders’ capital separate from their own funds for added security.

If safety and security are your top priorities, you won’t find many other brokers as tightly regulated as they are. Other well-regulated brokers comparable with AvaTrade to consider include XTB and

avatrade forex broker review


  • AvaTrade is strictly regulated by some of the top regulatory bodies in the world
  • This broker has won multiple awards for its platform’s abilities and usefulness
  • AvaTrade provides traders with some of the tightest spreads and lowest commissions
  • You will have access to a wide range of trading tools and instruments
  • Wide variety of payment options are also available to fund your account
  • AvaTrade does not charge you any fees on deposits or withdrawals
  • Their customer support has mobile numbers for each country


AvaTrade Financial Centre
Five Lamps Place, Amiens Street
Dublin 1, Ireland.


  • AvaTrade does not accept clients from the United States
  • AvaTrade charges an inactivity fee if you don’t use your account for a couple of months

3). Exness

Exness is one of the top online brokers for scalping, EA trading and was founded in Seychelles, in 2008. Company has local branches and local bank transfer and local customer service support for the traders worldwide.

Exness broker is regulated from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles. Now you can trade forex with low trading costs starting from 0.4 spread in major currency pair EUR USD, GBP USD, USD JPY. Retail CFD accounts also offer competitive spreads and low trading costs. Both Forex and CFD asset classes are available to trade with Exness platform. broker review homepage


  • Low Competitive Spreads in ECN account.
  • Segregated Accounts and Annual Reports.
  • Negative Balance Protection .
  • Minimum deposit $1.
  • Open trading account in your local currency. Example: If you are from South Africa, Your Account balance will show in your ZAR.
  • Instant Withdrawals in E-currencies
  • Social Copy Trading available
  • Supporting Local Languages with phone support


F20, 1st floor, Eden Plaza, Eden Island, Seychelles, Seychelles.


  • Only a selection of US stocks available.
  • Leverage gets reduced at Economic News times to avoid risk.
  • Offshore regulation.
  • Market Maker.

4). IG

IG is one of the Oldest forex brokers founded in 1974 in the UK. And is regulated in more countries including the USA. It is considered as the most trusted and safe broker for forex and CFD Trading. because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

IG is the most regulated brokers in forex trading and is regulated by Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC). broker review homepage 1536x844.jpg


  • Great Web Trading and High-end Platform.
  • Accept US clients.
  • Highly regulated forex broker .
  • Useful Educational Tools .


Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA, United Kingdom.


  • Spread and Commissions are more.
  • No Copy/Social Trading Platform .
  • Offshore regulation.
  • High Stock CFD fees.

5). is a US regulated Foreign Exchange Broker founded in 2001 in the United States of America. is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC), NFA, CIMA, FFAJ. is considered as safe because it has a long track record and is regulated by top-tier financial regulators in the USA and the parent company of this broker “Gain Capital” is listed on a Stock Exchange which is the huge plus for trusting this broker. broker review homepage.jpg


  • Trade over 80 currency pairs.
  • Low trading fees.
  • Highly Regulated.
  • charts built into the platform.


Bedminster One 135 US Highway 202/206 Suite 11 Bedminster, NJ 07921, United States.


  • No Negative Balance Protection .
  • First In First Out rule applicable for all US traders.
  • Limited assets outside of forex currency pairs.

Best Forex Trading Platforms

Forex trading platforms are more user friendly, the charts, trade orders are updated as fast as possible to the clients. Market price movements are updated instantly on your trading platform software.

To trade profitably through chart analysis tools, research contents, Economic Calendar, Investment Analysis, you need a reliable all in one trading platform for increasing your trading opportunities.

Some of the world’s popular trading brokers platforms are listed below:

  • Metatrader 4
  • Metatrader 5
  • C-Trader
  • Thinkorswim platform
  • XTB trading station
  • IG broker
  • Saxo Bank
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Best Forex Trading Apps

The best forex trading app offers great features. List of things you should consider for choosing the trading app.

  • Execution Speed
  • Analysis tools
  • Platform Layout
  • Easy to draw in charts
  • Economic News Event Calendar
  • Reliable (No Crashes or glitches in-app)
  • Speed of the App
  • Full range of Markets
  • Deposit and withdrawals
  • Customer Support via the App
  • Full Version (Mobile app should match with website functionalities)
  • Regular Updates and Well Maintained by the developer

Tradingview App

Tradingview stays in the No.1 top position out of all trading apps with millions of traders. Because Tradingview provides Real-time data of more than 100,000 instruments from over 50 exchanges from the United States, Russia, the East, and countries in Asia and Europe, such as NYSE, LSE, TSE, SSE, HKEx, Euronext, TSX, SZSE, FWB, SIX, ASX, KRX, NASDAQ, JSE, Bolsa de Madrid, TWSE, BM&F/B3, MOEX and many others! All International, National and Local markets price displayed in live feed.

From Beginners to Professional traders, it is a must app for doing technical analysis, news, trade ideas from other traders, etc. Real-time quotes and charts are available for wherever you are at whatever time.

At TradingView, all data is obtained by professional providers who have direct and extensive access to stock quotes, futures, popular indices, Forex, Bitcoin and CFDs.

tradingview mobile app.jpg
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1). App offers a set of financial informational tools covering a wide variety of global and local financial instruments.

Live quotes and charts for over 100,000 financial instruments, traded on over 70 global exchanges.

Track major global indices, stocks, bonds, commodities, currencies, interest rates, futures and options.

ECONOMIC CALENDAR – Live updates on global economic events customized to your personal interests.

PERSONALIZED PORTFOLIO – Add your favourite financial instruments and their holdings to your portfolio. Build your own customized watchlist and keep track of stock quotes, commodities, indices, ETFs and bonds – all synced with your account.

NEWS & ANALYSIS – Breaking news, videos, updates and analysis on global financial markets, as well as technology, politics and business. mobile app.jpg

2).Yahoo Finance

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The Yahoo Finance app allows you to track your trading performances in Forex, Commodities, Stocks, Shares, etc. This app is available for both iOS and Android Devices.

Features of yahoo finance app:
  • Adding trading instruments to a watch list, getting personalized news and real-time quotes for your favourite markets.
  • Intuitive platform for easy navigation and getting information quickly.
  • Tracking all your holdings and the historical performance of your portfolio.

Best Forex Brokers for Day Trading

The important consideration for day traders is their trading platform quality, fast execution speed, real-time price quotes, Spread, Commissions, Leverage, Analysis tools, daily levels pivot points, indicators, tools, etc.

Best Online Brokers for Day Trading in this year:

You can choose to register an account with any of this above broker for starting your successful day trading.

best forex broker for day trading

Best Cheap Forex Brokers

Forex brokers with low spreads are considered as the cheapest fx broker which is more popular among the scalping traders.

Due to low spreads, financial losses decrease. Forex broker cut their costs on forex operations to provide dealing desks account with very low spreads.

Dealing Desk account means Retail traders positions are blocked inside the broker. If a retail trader loses money, the broker makes a profit (example: if retail trader loss 100$ in dealing desk account types, the broker will get 100$ profit). If retail trader earns 100$, the broker will loss 100$ from their own pocket. Dealing desk is same as CASINO/Gambling.

Please don’t invest more money with Cheap dealing desk brokers. because, your losses are their gains, and if you win on your trades or doubled your trading account, This dealing desk broker will pay money from their own pockets to you. It is similar to gambling. If your accounts lose money, they will take all your losses as their profits because they are not a real broker.

  • FXTM

What makes a forex broker great?

  • 1) Low Spreads, Commissions, Overnight fees (swap commission) are all considered primarily to make the forex broker attractive to traders.
  • 2) License and Regulation of the forex broker are very important for your hard-earned money to stay safe.
  • 3) Great platforms, Charting tools, indicators, lot of currency pairs, indices, technical pattern in automated mode, signal provider, Auto copy trading, fast trade execution of large volume of orders.
  • From High Networth Individuals to Low Networth Individuals all looks for proper customer service, broker fees, chart tools, mobile User-friendly app, desktop platform, research calls for investments, fundamental and technical analysis, deposits and withdrawal fees should be minimum, and easy to transfer funds with popular payment methods.
  • 5) In overall, the broker should be regulated under proper financial authority.

How to choose the right forex broker for you?

Your forex broker is the first primary trading partner, You want to choose your broker carefully to make sure they are honest and will fit your requirements as a trader. Open a demo account with an online forex broker you’re thinking of using to see whether it is a good fit for you or not. Demo trading helps you to know some of the good and bad things about the broker’s trading platform.

List of things to consider for finding the best forex broker

how to choose the right forex broker without checking forex trading reviews
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Trading Fees and Conditions

Each broker requires a commission for each trade. But some forex broker charges less and some charge more depend on the market volatility. Be Aware of hidden fees, Swap commission, withdrawals fees or account inactive fees.

Account Types

Micro account – it is a Cent account where the account balance displays in Cents. 1 USD = 100 Cents. If you deposit 10$, you will get a balance of 1000 cents($10 x 100) on your micro account. This micro accounts is very useful for beginners who want to practice forex trading without risking more money.

Standard account – It is a Standard currency account. Where the account balance displays in USD. 1 USD remains one Dollar in the same account. If you got confident in trading, you can start using this account.

STP or ECN account – A true ECN account has raw spread directly from the Liquidity Provider (Banks) which has a direct market access between trader and bank. Here the forex brokers make money only from the fixed commissions charged for each trade order placed by the user. This account is very safe for your high balance trading because whatever order you placed is directly passed to the bank. The leverage remains lesser for this ECN accounts.

Leverage Limit of your Trading Account

Leverage plays a big role in forex trading. Each forex broker offer leverage from 1:1 to 1: 2000

More leverage = more risk (or) more reward.

For US Forex Brokers, the maximum leverage is 1:50 with the applicable of FIFO rule(First In First Out).

Australian Broker offers leverage up to 1:500

European fx brokers offer leverage up to 1:1000

Cyprus, Mauritius, New Zealand Brokers offers leverage up to 1:2000

If you are a new trader, it is always better to use lesser than 1:100 leverage for 3 to 6 months. because if you use higher leverage without learning the forex market, you will definitely lose a lot of money easily without any proper reasons.

Market Coverage

You need to see what are all the list of currency pairs, commodities, CFD’s, Stocks, Bonds, ETF, Crypto markets covered by the broker.

Trading Platforms

The Forex trading platform and the technical analysis tools give more confirmation in predicting the market directions. Pick the platform that suits you best. All the platforms have default and customized tools. But you should choose your favourite trading platform by testing in the demo account or small balance account. Metatrader 4, Metatrader 5, Web Trader, C-trader, X Station, Activ Trader, etc. are all the different types of trading platforms. Metatrader 4 is the most popular trading platform traded over 10 Million users worldwide.

Mobile Trading Apps

Nowadays, most of them spend their time on mobile. There are a lot of developments that happened recently in mobile trading. The mobile trading platform will function similar to the web-based trading platform.

Deposits and Withdrawals

Check the minimum deposit and minimum withdrawal limit for the broker. Calculating Deposit and withdrawal fees charged by the broker and your payment gateways are very important because you may lose transaction fee from your bank to the broker in the form of a certain percentage.

Example: If you deposit 1000 USD from your card to the brokerage, you may loss 0.5 to 1% in the fee itself. Again if you withdraw from broker to your bank, you may lose some % in transaction and forex fee charged by the banks. Without trading in the forex market, you will lose 1 to 3% money easier by just depositing and withdrawing money. And also check the withdrawal fee for your broker. Most of the brokers don’t have a deposit or withdrawal fee. But still, some brokers charge a fee for it. It is better to check your total deposit and withdrawal cost before investing with your broker.

Forex Free Bonus Account

All forex companies offer more promotions such as “Cashback offer, Free deposit bonus, No commissions, No minimum deposit, Welcome bonus, Trade volume bonus, Rebate bonus, Lucky prize bonus, etc. Depends on your trading deposits your bonus program differs by the broker.

Before activating any bonus program in your forex account, always read the terms and conditions of the broker. Because some brokers don’t allow you to withdraw money until you take more trades as per their withdrawal rule target. This will cause you to do over-trade on your account. Please beware!

Forex Broker Reviews

It is better to check what other users say about their experience for your broker in third party websites like Trustpilot,, etc. Checking other people opinions, advice, recommendations in review sites are helpful for choosing the best broker for you.

Add Your Heading Text HereRegulation

Before opening an account with any broker, you must check where the company is legally registered, licensed and regulated for your fund security. Example: Financial Conduct Authority (FCA) regulation for the UK registered brokers.

The most well-known forex regulators worldwide are listed

    National Futures Association (NFA) in the USA
  • The Commodity Futures Trading Commissions (CFTC) in the USA
  • The Financial Conduct Authority (FCA) in the United Kingdom
  • The Australian Securities and Exchange Commissions (ASIC)
  • The Financial Services Authority (FSA) in Japan.
  • The Cyprus Securities and Exchange Commission (CySEC) The Financial Markets Authority in New Zealand (FMA) The Financial Services Board (FSB) of South Africa The Federal Financial Supervisory Authority (BaFin) in Germany
  • The British Virgin Islands (BVI) Financial Services Commission (FSC)
  • The Financial Services Commissions (FSC) in Mauritius
  • The International Financial Services Commission (IFSC) in Belize
  • The Swiss Financial Markets Supervisor Authority (FINMA) UAE – Abu Dabi Central Bank Regulated FX Brokers

Customer Support

A good forex broker must provide fast instant support to their clients. If you got any issues in deposits, withdrawals, server platform issues in trading, then broker help is required immediately. Make sure the broker should have live chat support, Email support, Ticket system, Phone Call Support, etc.

Company Background and History

If the broker is surviving for a long time with a good reputation, then you can believe that brokerage. especially if the online forex brokers survived during major crashes such as the 2008 US crash, 2015 Swiss Franc Crash, 2020 Covid-19 Crude oil Crash. Check whether your trading funds are segregated so that if any unexpected crash happens, you can get your money back through legal action against the broker.


Education is necessary for all traders. because for making profits, the latest market news, technical analysis, forex strategies are all required for New Amateur traders to Professional traders. Some brokers offer great technical analysis, tools, and education for their users. But please be aware of brokers who force you to deposit and teach you the concept of trade more to earn more. Because, if you trade more, the brokerage make more profits from your trade commissions.

Forex Trading Islamic Accounts

If you belong to the Islam Religion, there will be no Swap Commission. Forex brokers offer special Islamic trading accounts. An Islamic Forex account is a halal trading account that is offered to clients who respect the Quran and wish to invest in the principles of Islamic finance. It is also known as swap-free accounts, Islamic trading accounts differ in several ways from regular Forex accounts. As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. Sounds good?

How do I know if my forex broker is regulated?

One of the most important things to consider for traders when choosing a forex broker is the regulatory status of the broker and under which regulatory body the broker is regulated.

To check the regulation of the forex broker, you just simply need to visit the brokerage website link, check for legal documentation or About us page to find their regulated license and links for the company. If you can’t find it on the website easier, please ask them in live customer support chat or mail them asking their license number and regulation details. If the broker responds to you properly with the regulated licensed government certificate with their regulatory government website link, then you will know that this is the Regulated forex broker. If you don’t get a reply from the forex brokerage company or the legal documents not found on the website, then it is a SCAM forex broker.

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When a broker is unregulated, this means that there’s no regulatory organization or group of persons monitoring them, In other words, they can take your money and disappear. This is the reason you can find some online brokers mentioned as “Scams or Frauds” by the government. Unregulated forex brokers are risky places for traders. Because there is no safety for your investment funds.

Unregulated trading brokers do unethical and dishonest activities such as Ponzi scheme, stop loss huntings, Trading bonus scam, dealing desk, High Swap Commissions, etc.

1) Stop-loss hunting – Market suddenly touches your stop-loss price and returns back to the normal market price or the spread will get wider and touches your stop-loss price.

2) Dealing desk – Whatever loss you make, it goes to broker’s pocket 100%. Whatever profit you make, the broker needs to pay 100% from their own pockets. There will be no connection between your broker and liquidity providers or banks. Dealing desk trading accounts are similar to CASINO.

3) High Swap Commissions – Swap commissions are interest rate difference earned between buying and selling currency. Swap rates are charged on an overnight basis for your open trade positions. Every week Wednesday, Triple swap rate applied to combine Sunday, Saturday, Wednesday swap charges. This scam brokers charge you very high swap commission and some of them always charge you negative swap for all your trade positions.

How do I know if the forex broker is a scammer?

You can identify the scam broker companies in any of those detailed list given below:

forex trading pyramid scheme

Fixed Investment Schemes

A forex broker who offers you some percentage of 10% or 20% every month for investing in their company are most likely a Scammers group who jumps from Multi-Level Marketing Ponzi Scam to this Forex broker scam.

Get Rich Quick Stories in trading

If you found a forex broker who advertises their company that their clients made a huge profit and living their dream life with Expensive house, cars, tools, machines, etc. These trader stories look real and convincing for you, but It’s a marketing technique used by the scam trading brokers. Please never believe the online broker who shows their customers living a rich life trading forex.

Trading Bonus Scam

The unregulated brokers provide you with more bonus when compared to regulated brokers. The reason is they attract new traders using their bonus program which would have more hidden terms and conditions. If you joined in the bonus program, they don’t allow you to withdraw money unless you trade high volume. If you trade high volume, you will definitely have a 99% chance to lose all your money. Your loss = Broker profit. So, these bonus trading scams make the trader fool by doing overtrades following their trading conditions.

Forex Robot Trading Scams

A forex robot is a software which uses algorithms and customized trading strategies for opening and closing trade positions automatically on your trading platforms. Some scammers promote forex robots which made a 50% return or 100% profit return in a month or daily 1% or 2% profit return or a Very high percentage of growth like 5000% in 6 months. They will show you live account trading proof with their own scam forex brokerage account.

These scammers will attract you showing the big profits in their fake broker account and if you like to earn more profits like this, you should open a live trading account with their scam forex brokerage company. Once you opened an account with this scammer, you will lose all your money in front of your eyes in a short time.

Not all the forex robots are scams, do your own research on check whether the forex robot worked well in different brokerage companies for the past 6 months to 1-year track record. Use the forex bots only if you don’t have time to trade or if you are more emotional while trading.

Signal Seller Scams

A popular latest scams in the forex trading is the signal seller scams. The forex signals are mostly provided by the individual forex traders, group of traders, financial institutions, fund managing companies, Retail firms, etc. They charge you daily, the weekly or monthly fee for providing professional trading signals with entry price, stop loss, Take profit price.

A signal scammer always shows you the fake live trading account proofs, trading at swimming pool, having attractive materialistic items such as expensive cars like Bugatti, Rolls Royce, Lamborghini, etc. and Luxurious watches, clothes, shoes, the house they live, etc.

They say their long experiences, trading abilities, and testimonials from people who express how great a trader and friend the signal provider is and they show you the wealth made using the signals. If you are inspired by the money or live trading proof created by signal sellers, then you should not believe them.

beware of fakes and scams in forex trading

Nowadays, most of the Scam Forex Brokers focus on looting the money from people faster, Scam Forex Brokers help Marketing people to create a Fake Live trading account with good profit history on their broker to bring more customers to their brokerage. Don’t fall on this trap.

If you want to believe any traders or Companies, wait and see their Live opening and closing of trades with stop loss and take profit (or) Ask the trader (or) Company for trading signals with stop loss and take profit, then check yourself by trading their signals on your demo account for few days until you get confident on their live forex signals service. Finally, in this way, You can find out the good and genuine companies in this industry.


As a forex trader, educate yourself before investing any money on the market. As World Richest Man and Trader, Warren Buffet said, “Risk is something that comes from not knowing what you do“. You should always know what you do in your life whether it’s financial investment decisions or any major decisions you took in your life.

Verify the forex broker has a proper license and regulated by any country government financial department.

Always use regulated brokers for forex trading that is well established and has 100% transparent fees and compliance policies.

Check the forex broker commissions, spread, and the list of forex pairs, instruments available for trading.

Check the broker has Non-Dealing Desk account types (ECN) for the safety of your hard-earned money.

Know the minimum deposit, Payment methods, Withdrawal time, Base Currencies Supported.

Check Customer support, trading tools, features, pricing, reliability, web platform, the professionals of their teams, market education materials, feedback or client reviews of the broker.


Do I need a broker for Forex?

Yes, you need a broker to start online trading in the forex market.

Do Forex brokers want you to lose?

Yes, B book brokers want you to lose money. Your loss = Broker profits. However, A book brokers don’t care whether you win or lose, they make profit only from trade commissions.

Are Forex Brokers honest?

Highly Regulated brokers with more regulatory licenses are honest. Because they are responsible for funds safety all the time.

Does trading experience differ with a various online broker?

Forex traders trading experience will be different for various online broker depends on trading costs, research tools, execution type, account opening options, the base currency of the account, forex spreads, desktop trading platform, forex platforms, trading environment standards, design, etc.

Is there any inactivity fee charged by the foreign exchange broker?

Yes, some brokers charge inactivity fees. Always review the disclaimers, terms and conditions of forex com before registering an account with forexbrokers com.

How forex traders accounts lose money?

If there is a lack of skills in forex trading, Online broker Accounts lose money easier. Always beware of high risk in currency markets.

Which forex trading strategy is good for scalping?

A 10 pip Engulfing candle strategy is good for scalping. Scalpers need to use raw spread, high leverage account.

What are the payment method accepted by forex brokers?

Debit card, Credit Cards, Paypal, Wire Transfer, Skrill, Webmoney, Perfect Money, bitcoin, Ethereum, Tether USD.

What are the trading accounts fees deducted by fx broker?

Spreads, Fixed commission, Swap rate, rebates, and Contracts expiry of trading options. Your low spread accounts lose money by separate fixed commissions charged by the forex company. Test yourself with small money before investing big.

Which forex broker has the lowest spread?

IC Markets, Exness, FXTM, Pepperstone, XM markets.

Who is the oldest FX broker?

Oanda, Etoro, FXCM, IG Group, Gain Capital Holdings, CMC Markets, Interactive Brokers, Saxo bank, City index, Td Ameritrade.

Which forex company do accurate investment research? provides accurate chart analysis and research content with their high experience levels and best market insights.

How to know the top brokers in forex markets?

Top brokers offer major currency pair EUR USD, USDJPY, GBP USD and different asset classes and also offers CFD accounts to trade FTSE 250, US 30, S&P 500, etc. with low spread and the trade execution is fast.

Which company offers high cash rebates for referring forex trading clients?

Instaforex, Hotforex, TD Ameritrade, Saxo Bank, CMC Markets, Interactive brokers, and most of the market makers offer high rebate commission and compensation to the referrer

Which broker offers high IB commissions in trading?

Market Makers and Dealing Desk brokers offer high IB commission depends on the trade sizes.

Which accounts lose money easier?

CFD accounts and Gold trading accounts lose more money due to high volatility movement.

Is Trading CFDs is high risk?

CFD requires high margin, a small move gives a big profit. There’s equally high risk and high reward for retail CFD trading including forex currency pair. Retail investor accounts and Retail CFD accounts lose money easier due to high margin requirements and spread charged more for CFD order types.

Is forex is high risk?

Yes, foreign exchange trading carries a high risk. Your forex platform account may become Zero if you take the high risk. Always do an in-depth market analysis before placing any new trades in the forex market.

What is stop loss hunting in forex trading?

The market suddenly touches your stop-loss price and returns back to the normal market price or the spread will get wider to hit your SL price.

Which currency pairs traded most in social trading?

EUR USD, GBP USD, XAUUSD, USD JPY are the list of forex pairs traded more daily in social trading platforms.

How to trade bitcoin futures?

Learn to predict the bitcoin price movement using technical chart analysis and latest blockchain news.

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